Mar 31, 2015
We have audited the accompanying financial statements of M/s. Himalaya
Granites Limited ("the Company"), which com- prise the Balance Sheet as
at March 31, 2015, the Statement of Profit and Loss and Cash Flow
Statement for the year ended, and a summary of significant accounting
policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation of these financial statements that
give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the
accounting principles gen- erally 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 accord-
ance with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor con- siders 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.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial state- ments 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 31 March 2015 and its loss and its cash flows for the year ended on
that date.
Report On Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
2. As required by Section 143(3) of the Act, we report that:
(a) we have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as 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 31 March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
(f) with respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Com- panies (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 were no pending litigations which would impact the financial
position in its financial statements.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO INDEPENDENT AUDITORS' REPORT
Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements"
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.
(b) A substantial portion of the fixed assets have been physically
verified by the management during the year and there is a regular
programme 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.
2. In respect of its Inventories :
(a) As explained to us, the inventory has 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 veri- fication 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 according to the information and explanations
given to us, the Company has maintained prop- er records of its
inventory and no material discrepancies were noticed on physical
verification of inventories as compared to the book records.
3. The Company has not granted loans to a body corporate covered in
the register maintained under section 189 of the Companies Act, 2013
('the Act').
4. In our opinion and according to the information and explanations
given to us, there is 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 internal control
system;
5. The Company has not accepted any deposits from the public during
the year.
6. The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act, for any of the services
rendered by the Company.
7. According to the information and explanation given to us in respect
of statutory and other dues:
(a) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, amounts
deducted/ accrued in the books of account in respect of undisputed
statutory dues including provident fund, employees' state insurance,
income tax, sales tax, wealth tax, service tax, duty of cus- toms, duty
of excise, value added tax, cess and other material statutory dues have
been regularly deposited dur- ing the year by the Company with the
appropriate authorities. Athough there has been delay in few cases,
there are no undisputed statutory dues outstanding for a period of more
than six months from the date they become payable.
(b) According to information and explanation given to us, there was no
disputed amount to be deposited by the Company.
(c) According to the information and explanations given to us the
amounts which were required to be transferred to the investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules there under has been
transferred to such fund within time.
8. The Company's accumulated losses at the end of financial year are
not more than fifty percent of its net worth. The Company has incurred
cash losses aggregating to ' 4.86 Lacs during the financial year
covered by our audit and has not incurred cash losses during the
immediately preceding financial year.
9. Based on our audit procedures and on the information and
explanations given by the management, the Company has not issued any
debentures and has not taken any loans from the financial institutions
or Banks.
10. According to information and explanations given to us, the Company
has not given guarantees for loans taken by others from banks or
financial institutions.
11. The Company has not raised any term loan, accordingly the
provisions of Clause 3 (xi) are not applicable.
12. 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 D. DHANDARIA & COMPANY
Chartered Accountants
ICAI Firm Reg. No. 306147E
(Naveen Kumar Dhandaria)
Place of Signature : Kolkata Partner
Dated : 30th May, 2015 Membership No. 061127
Mar 31, 2014
We have audited the accompanying financial statements of M/s. Himalaya
Granites Limited ("the Company"), which comprise the Balance Sheet as
at March 31, 2014, the Statement of Profit and Loss and Cash Flow
Statement for the year ended, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Principles generally accepted in India
including Accounting Standards referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956 ("the Act") read with the
General Circular number 15/2013 dated 13th September, 2013, issued by
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.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
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 Company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
b) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows of the
Company 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") 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, 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 Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement comply with Accounting Standards referred
to in sub-section (3C) of Section 211 of the Companies Act, 1956 ("the
Act") read with the General Circular number 15/2013 dated 13th
September, 2013, issued by the Ministry of Corporate Affairs, in
respect of Section 133 of the Companies Act, 2013.
(e) On the basis of the written representations received from the
directors as on March 31, 2014, taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March,
2014, from being appointed as a director in terms of Section 274(1) (g)
of the Act.
ANNEXURE TO INDEPENDENT AUDITORS'' REPORT
Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements"
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.
(b) A substantial portion of the fixed assets have been physically
verified by the management during the year and there is a regular
programme 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) As the company has not disposed off any major part of the fixed
assets, the going concern status of the company is not affected.
2. In respect of its Inventories :
(a) As explained to us, the inventory has 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 according to the information and explanations
given to us, the Company has maintained proper records of its inventory
and no material discrepancies were noticed on physical verification of
inventories as compared to the book records.
3. (a) As informed to us, the Company has not granted any loans,
secured and unsecured, to companies, firms or other parties covered in
the register maintained under Section 301 of the Companies Act, 1956
and as such clauses 4
(iii)(a) to (iii)(d) of the Companies (Auditor''s Report) Order, 2003
(as amended) are not applicable to the Company.
(b) As informed 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 Act and as such clauses 4
(iii)(e) to (iii)(g) of the Companies (Auditor''s Report) Order, 2003
(as amended) are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there is 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 internal control
system;
5. In respect of the contracts or arrangements referred to in section
301 of the Companies Act, 1956 :
(a) According to the information and explanations given to us, we are
of the opinion that 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; and
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public during the
year. Therefore, the provisions of clause (vi) of paragraph 4 of the
order are not applicable to the company.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. In respect of the Company, no cost records have been prescribed by
the Central Government under section 209 (1) (d) of the Companies Act,
1956.
9. According to the information and explanation given to us in respect
of statutory and other dues:
(a) The Company has generally been regular in depositing with
appropriate authorities undisputed statutory dues including Provident
Fund, Investor Education and Protection Fund, Employees'' State
Insurance, Income Tax, VAT, Sales Tax, Wealth Tax, Service Tax, Custom
Duty, Excise Duty, Cess and Other Material Statutory Dues applicable to
it with the appropriate authorities though there has been a slight
delay in few cases.
Further, since the Central Government has till date not prescribed the
amount of cess payable under section 441A of the Companies Act, 1956,
we are not in a position to comment upon the regularity or otherwise of
the Company in depositing the same.
(b) According to information and explanations given to us, no
undisputed amount payable in respect of Provident Fund, Investor
Education and Protection Fund, Employees State Insurance, Income Tax,
Wealth Tax, Service Tax, VAT, Sales Tax, Custom Duty, Excise Duty, Cess
and Other Undisputed Statutory Dues were outstanding at the year end,
for a period of more than six months from the date they become payable.
(c) According to information and explanation given to us, there was no
disputed amount to be deposited by the Company.
10. The Company has accumulated losses at the year-end but has not
incurred cash losses during the financial year covered by our audit and
the immediately preceding financial year.
11. As the Company has not borrowed any funds from the Financial
Institutions or Banks or Debenture Holders, the provision of the clause
4 (xi) of the Companies (Auditor''s Report) Order, 2003 (as amended) are
not applicable to the Company.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 (as amended) 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 (Auditor''s Report) Order,
2003 (as amended) are not applicable to the Company.
15. According to information and explanations given to us, the Company
has not given guarantees for loans taken by others from banks or
financial institutions.
16. According to information and explanations given to us, no term
loans were taken by the Company during the year.
17. According to the information and explanations given to us and on
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 explanations given to us, 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 during the year and hence the question of disclosure and
verification of end use of such money does not arise.
19. According to the information and explanations given to us, the
Company has not issued any debentures.
20. The Company has not raised money by public issue during the year
and hence the question of disclosure and verification of end use of
such money does not arise.
21. According to the information an d explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For D. DHANDARIA & COMPANY
Chartered Accountants
ICAI Firm Reg. No. 306147E
(Dindayal Dhandaria)
Place of Signature : Kolkata Partner
Dated : 30th May, 2014 Membership No. 010928
Mar 31, 2013
We have audited the accompanying financial statements of M/s. HIMALAYA
GRANITES LIMITED ("the Company"), which comprise the Balance Sheet as
at March 31, 2013, and the Statement of Profit and Loss and 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 flow of the Company in accordance with
the accounting principles generally accepted in India including
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956 ("the Act"). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
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. 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 aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India :
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) in the case of Statement of Profit and Loss, of the profit of the
Company for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
(1) As required by the Companies (Auditors'' Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
(2) As required by section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(b) In our opinion, proper books of account, as required by law have
been kept by the Company so far as appears from our examination of
those books and proper returns adequate for the purposes of our audit
have been received from branches not visited by us.
(c) The Balance Sheet and the Statement of Profit and Loss, and the
Cash Flow Statement dealt with in this Report are in agreement with the
books of account and with the returns received from branches not
visited by us.
(d) In our opinion, Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
Sub-section (3C) of Section 211 of the Companies Act, 1956.
(e) On the basis of the written representations received from the
directors as on March 31, 2013, taken on record by Board of Directors,
none of the directors is disqualified as on 31st March, 2013, from
being appointed as directors in terms of clause (g) of sub section (1)
of section 274 of the Companies Act, 1956.
ANNEXURE TO INDEPENDENT AUDITORS'' REPORT
Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements"
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 on the
basis of available information.
(b) A substantial portion of the fixed assets have been physically
verified by the management during the year and there is a regular
programme 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) As the company has not disposed off any major part of the fixed
assets, the going concern status of the company is not affected.
2. In respect of its Inventories :
(a) As explained to us, the inventory has 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 according to the information and explanations
given to us, the Company has maintained proper records of its inventory
and no material discrepancies were noticed on physical verification of
inventories as compared to the book records.
3. (a) As informed to us, the Company has not granted any loans,
secured and unsecured, to companies, firms or other parties covered in
the register maintained under Section 301 of the Companies Act, 1956
and as such clauses 4 (iii)(a) to (iii)(d) of the Companies (Auditor''s
Report) Order, 2003 (as amended) are not applicable to the Company.
(b) As informed to us, the Company has not taken any loans, secured or
unsecured from companies, firms or other parties covered in the
registered maintained under section 301 of the Act and as such clauses
4 (iii)(e) to (iii)(g) of the Companies (Auditor''s Report) Order, 2003
(as amended) are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and 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 internal control
system;
5. In respect of the contracts or arrangements referred to in section
301 of the Companies Act, 1956 :
(a) According to the information and explanations given to us, we are
of the opinion that 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; and
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public during
the year. Therefore, the provisions of clause (vi) of paragraph 4 of
the order are not applicable to the company.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. In respect of the Company, no cost records have been prescribed by
the Central Government under section 209 (1) (d) of the Companies Act,
1956.
9. According to the information and explanation given to us in respect
of statutory and other dues:
(a) The Company has generally been regular in depositing with
appropriate authorities 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 Material Statutory Dues applicable to it.
Further, since the Central Government has till date not prescribed the
amount of cess payable under section 441A of the Companies Act, 1956,
we are not in a position to comment upon the regularity or otherwise of
the Company in depositing the same.
(b) According to information and explanations given to us, no
undisputed amount payable in respect of Provident Fund, Investor
Education and Protection Fund, Employees State Insurance, Income Tax,
Wealth Tax, Service Tax, Sales Tax, Custom Duty, Excise Duty, Cess and
Other Undisputed Statutory Dues were outstanding at the year end, for a
period of more than six months from the date they become payable.
(c) According to information and explanations given to us, the
following disputed amounts have not been deposited by the Company:
Statement of Disputed Dues
Period to which Forum where
Name of the
Statute Nature of
the Dues Amount (Rs.) the amount
relates dispute is
(Financial Year) pendin
Income Tax
Act 1961 Income Tax,
Surcharge, 22,46,480 2001-2002 Commissioner
Education
Cess and (Appeals)
C-III,
Interest Kolkata
Income Tax
Act 1961 Income Tax,
Surcharge, 21,47,537 2002-2003 Commissioner
Education
Cess and (Appeals)
C-III,
Interest Kolkata
Income Tax
Act 1961 Income Tax,
Surcharge, 32,43,128 2005-2006 Commissioner
Education
Cess and (Appeals)
C-III,
Interest Kolkata
10. The Company has accumulated losses at the year-end but has not
incurred cash losses during the financial year covered by our audit,
however, the Company has incurred cash losses during the immediately
preceding financial year.
11. As the Company has not borrowed any funds from the Financial
Institutions or Banks or Debenture Holders, the provision of the clause
4 (xi) of the Companies (Auditor''s Report) Order, 2003 (as amended) are
not applicable to the Company.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 (as amended) 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 (Auditor''s Report) Order,
2003 (as amended) are not applicable to the Company.
15. According to information and explanations given to us, the Company
has not given guarantees for loans taken by others from banks or
financial institutions.
16. According to information and explanations given to us, no term
loans were taken by the Company during the year.
17. According to the information and explanations given to us and on
overall examination of the balance sheet of the Company, we report that
no funds have been raised on short-term basis.
18. According to the information and explanations given to us, 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 during the year and hence the question of disclosure and
verification of end use of such money does not arise.
19. According to the information and explanations given to us, the
Company has not issued any debentures.
20. The Company has not raised money by public issue during the year
and hence the question of disclosure and verification of end use of
such money does not arise.
21. 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 D. DHANDARIA & COMPANY
Chartered Accountants
ICAI Firm Reg. No. 306147E
(Naveen Kumar Dhandaria)
Place:Kolkata Partner
Dated:30th May, 2013 Membership No. 061127
Mar 31, 2012
We have audited the attached Balance Sheet of M/s. HIMALAYA GRANITES
LIMITED as at 31st March, 2012, the Statement of Profit and Loss and
also the Cash Flow Statement for the year ended on that date annexed
hereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
(1) As required by the Companies (Auditors' Report) Order, 2003 (as
amended) issued by the Central Government of India in terms of section
227(4A) of the Companies Act, 1956, we enclose in the Annexure, a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
(2) Further to our comments in the Annexure referred to in paragraph
(1) above:
(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
Companies Act, 1956 have been kept by the Company so far as appears
from our examination of those books and proper returns, certified by
the Branch Managers, adequate for the purpose of our audit have been
received from some of the branches which have not been visited by us ;
(c) The Balance Sheet, Statement of Profit & Loss and Cash Flow
Statement dealt with in this report are in agreement with the books of
account and returns made available to us ;
(d) In our opinion, the Balance Sheet, Statement of Profit & Loss and
Cash Flow Statement, together with notes thereon, 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 and taken on record by Board of Directors, we report that
none of the said directors is disqualified as on 31st March, 2012 from
being appointed as directors in terms of clause (g) of sub section (1)
of section 274 of the Companies Act, 1956.
(f) The Financial Statements have been prepared on the basis that the
Company is a going concern, which assumes continuity of normal business
activities and the realization of assets and the settlement of
liabilities in the ordinary course of business. The production
facilities of the Company continue to remain close since 27-02-2008 and
to the best of our information and belief, the Management has not yet
drawn any future plan for revival of the closed business. These events
indicate a material uncertainty and cast significant doubt on the
Company's ability to continue as a going concern. However, the Company
has since paid the entire dues of its workers, repaid its borrowings
from banks and/or financial institutions in full and also discharged a
significant portion of its other liabilities. In the opinion of the
Management, the Company would be able to realize its assets and
discharge the remaining liabilities also in full in the normal course
of business. Accordingly, the accounts have been prepared on the
assumption that it is a going concern and as such, no adjustments have
been made to the financial statements relating to the recoverability
and classification of recorded asset amounts, or to the amounts and
classification of liabilities.
Subject to above, in our opinion, the financial statements give the
information required by the Companies Act, 1956, in the manner so
required and also give a true and fair view:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012; and
(ii) in the case of the Statement of Profit & Loss, of the Loss of the
Company for the year ended on that date.
(iii) in the case of the Cash Flow Statement of the cash flows for the
year ended on that date.
ANNEXURE TO AUDIT REPORT
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.
(b) A substantial portion of the fixed assets have been physically
verified by the management during the year and there is a regular
programme 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) As the Company has disposed off part of its fixed assets and so the
going concern status of the Company is affected.
2. In respect of its Inventories :
(a) As explained to us, the inventory has 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 according to the information and explanations
given to us, the Company has maintained proper records of its inventory
and no material discrepancies were noticed on physical verification.
3. (a) As informed to us, the Company has not granted any loans,
secured and unsecured, to companies, firms or other parties covered in
the register maintained under Section 301 of the Companies Act, 1956
and as such clauses 4 (iii)(a) to (iii)(d) of the Companies (Auditor's
Report) Order, 2003 (as amended) are not applicable to the Company.
(b) As informed 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 Act and as such clauses 4
(iii)(e) to (iii)(g) of the Companies (Auditor's Report) Order, 2003
(as amended) are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and 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 internal control
system;
5. (a) According to the information and explanations given to us, we
are of the opinion that 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; and
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public during
the year.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. In respect of the Company, no cost records have been prescribed by
the Central Government under section 209 (1) (d) of the Companies Act,
1956.
9. According to the information and explanation given to us in respect
of statutory and other dues:
(a) The Company has been regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education Protection Fund, Employees' State Insurance, Income
Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess
and Other Material Statutory Dues applicable to it.
Further, since the Central Government has till date not prescribed the
amount of cess payable under section 441A of the Companies Act, 1956,
we are not in a position to comment upon the regularity or otherwise of
the Company in depositing the same.
(b) According to information and explanations given to us, no
undisputed amount payable in respect of Provident Fund, Investor
Education And Protection Fund, Employees State Insurance, Income Tax,
Wealth Tax, Service Tax, Sales Tax, Custom Duty, Excise Duty, Cess and
Other Undisputed Statutory Dues were outstanding at the year end, for a
period of more than six months from the date they become payable.
(c) According to information and explanations given to us, the
following disputed amounts have not been deposited by the Company:
Statement of Disputed Dues
Name of the Statute Nature of the Dues Amount Period to
(Rs.) which the
amount
relates
(Financial
Year)
Income Tax Act 1961 Income Tax, 22,46,480 2001-2002
Surcharge, Education
Cess and Interest
Income Tax Act 1961 Income Tax, 21,47,537 2002-2003
Surcharge, Education
Cess and Interest
Income Tax Act 1961 Income Tax, 32,43,128 2005-2006
Surcharge, Education
Cess and Interest
Name of the Statute Forum where
dispute is
pending
Income Tax Act 1961 Commissioner (Appeals)
C-III Kolkata
Income Tax Act 1961 Commissioner (Appeals)
C-III Kolkata
Income Tax Act 1961 Commissioner (Appeals)
C-III Kolkata
10. The Company does not have accumulated losses at the year-end and
has incurred cash losses during the financial year covered by our audit
and the immediately preceding financial year.
11. As the Company has not borrowed any funds from the Financial
Institutions or Banks or Debenture Holders, the provision of the clause
4 (xi) of the Companies (Auditor's Report) Order, 2003 (as amended) are
not applicable to the Company.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor's Report) Order, 2003 (as amended) 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 (Auditor's Report) Order,
2003 (as amended) are not applicable to the Company.
15. According to information and explanations given to us, the Company
has not given guarantees for loans taken by others from banks or
financial institutions.
16. According to information and explanations given to us, no term
loans were taken by the Company during the year.
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 explanations given to us, 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 during the year and hence the question of disclosure and
verification of end use of such money does not arise.
19. According to the information and explanations given to us, the
Company has not issued any debentures.
20. The Company has not raised money by public issue during the year
and hence the question of disclosure and verification of end use of
such money does not arise.
21. 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 D. DHANDARIA & COMPANY
Chartered Accountants
ICAI Firm Reg. No. 306147E
(Naveen Kumar Dhandaria)
Partner
Membership No. 061127
Place : Kolkata
Date : 30th May, 2012
Mar 31, 2010
We have audited the attached Balance Sheet of M/s. HIMALAYA GRANITES
LIMITED as at 31st March, 2010, the Profit and Loss Account and also
the Cash Flow Statement for the year ended on that date annexed hereto.
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 of
material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
(1) As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of section 227(4A) of the
Companies Act, 1956, we enclose in the Annexure, a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
(2) Further to our comments in the Annexure referred to in paragraph
(1) above:
(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
Companies Act, 1956 have been kept by the Company so far as appears
from our examination of those books and proper returns, certified by
the Branch Managers, adequate for the purpose of our audit have been
received from some of the branches which have not been visited by us ;
(c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with in this report are in agreement with the books of account
and returns made available to us;
(d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement, together with notes thereon, 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 and taken on record by Board of Directors, we report that
none of the said directors is disqualified as on 31st March, 2010 from
being appointed as directors in terms of clause (g) of sub section (1)
of section 274 of the Companies Act, 1956.
(f) The Financial Statements have been prepared on the basis that the
Company is a going concern, which assumes continuity of normal business
activities and the realization of assets and the settlement of
liabilities in the ordinary course of business. The production
facilities of the Company continue to remain close since 27-02-2008 and
to the best of our information and belief, the Management has not yet
drawn any future plan for revival of the closed business. These events
indicate a material uncertainty and cast significant doubt on the
Companys ability to continue as a going concern. However, the Company
has since paid the entire dues of its workers, repaid its borrowings
from banks and / or financial institutions in full and also discharged
a significant portion of its other liabilities. In the opinion of the
Management, the Company would be able to realize its assets and
discharge the remaining liabilities also in full in the normal course
of business. Accordingly, the accounts have been prepared on the
assumption that it is a going concern and as such, no adjustments have
been made to the financial statements relating to the recoverability
and classification of recorded asset amounts, or to the amounts and
classification of liabilities, except that a sum of Rs 28,935/- has
been written off on account of damage / deterioration of inventory.
Subject to above, in our opinion, the financial statements give the
information required by the Companies Act, 1956, in the manner so
required and also give a true and fair view:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010; and
(ii) in the case of the Profit & Loss Account, of the Loss of the
Company for the year ended on that date.
(iii) in the case of the Cash Flow Statement of the cash flows for the
year ended on that date.
ANNEXURE TO AUDIT REPORT
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) A substantial portion of the fixed assets have been physically
verified by the management during the year and there is a regular
programme 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) As the company has disposed off part of its fixed assets and so the
going concern status of the company is affected.
2. (a) As explained to us, the inventory has 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 according to the information and explanations
given to us, the company has maintained proper records of its inventory
and no material discrepancies were noticed on physical verification.
3. (a) As informed to us, the Company has not granted any loans,
secured and unsecured, to companies,
firms or other parties covered in the register maintained under Section
301 of the Companies Act, 1956 and as such clauses (iii)(a) to (iii)(d)
are not applicable.
(b) As informed to us, the company has not taken any loans, secured or
unsecured from companies, firms or other parties covered in the
registered maintained under section 301 of the Act and as such clauses
(iii)(e) to (iii)(g) are not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and 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 internal control
system;
5. (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in section 301 of the Act have been entered in the
registered required to be maintained under that section; and
(b) In our opinion and according to the information and explanations
given to us, no transactions have been made in pursuance of such
contracts or arrangements.
6. The company has not accepted any deposits from the public during
the year.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. In respect of the company, no cost records have been prescribed by
the Central Government under section 209 (1) (d) of the Companies Act,
1956.
9. According to the information and explanation given to us in respect
of statutory and other dues:
(a) The company has been regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education protection fund, employees state insurance, income
tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess
and other material statutory dues applicable to it.
(b) According to information and explanations given to us, the
following disputed amounts have not been deposited by the company:
Statement of Disputed Dues
Name of the
Statute Nature of
the Dues Amount (Rs) Period to which Forum where
the amount relates dispute is
(Financial Year) pending
Income Tax
Act 1961 Income Tax, 22,46,480 2001-2002 Commissioner
Surcharge,
Education (Appeals) C-lll,
Cess and
Interest Kolkata
Income Tax
Act 1961 Income Tax,
Surcharge, 21,47,537 2002-2003 Commissioner
Education
Cess and (Appeals) C-lll,
Interest Kolkata
Income
Tax Act 1961 Income Tax,
Surcharge, 32,43,128 2005-2006 Commissioner
Education
Cess and (Appeals) C-lll,
Interest Kolkata
(c) According to information and explanations given to us, apart from
above, there are no other dues of income tax, sales tax, wealth tax,
service tax, customs duty, excise duty and cess which have not been
deposited on account of any dispute.
10. The company does not have accumulated losses at the year-end and
has incurred cash losses during the financial year covered by our audit
and the immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the Company has issued no debentures. According to the
records of the Company examined by us and the information and
explanations given to us, the Company has not defaulted in repayment of
dues to any financial institution or bank as at the Balance Sheet date.
12. The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provisions 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 information and explanations given to us, the company
has not given guarantees for loans taken by others from banks or
financial institutions.
16. According to information and explanations given to us, no term
loans were taken by the Company during the year. Balance brought
forward from earlier year was repaid in full.
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 explanations given to us, 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 during the year and hence the question of disclosure and
verification of end use of such money does not arise.
19. According to the information and explanations given to us, the
company has not issued any debentures.
20. The company has not raised money by public issue during the year
and hence the question of disclosure and verification of end use of
such money does not arise.
21. 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 D. DHANDARIA& COMPANY
Chartered Accountants
ICAI Firm Reg. No. 306147E
Place : Kolkata
(Dindayal Dhandaria)
Date : 30th May, 2010 Partner
Membership No. 10928