Mar 31, 2018
Report on the Ind AS Financial Statements:
We have audited the accompanying Ind AS financial statements of M/S Inani Marbles & Industries Limited, which comprise the Balance Sheet as at March 31, 2018, the Statement of Profit & Loss (including other comprehensive income), cash flow statement and the statement of change in Equity for the year ended and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the IND AS Financial Statements:
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act 2013 with respect to the preparation of these Ind AS financial statements that give a true and fair view of the state of affairs financial position), Profit & loss (financial performance including other comprehensive income), cash flow and change in Equity of the company in accordance with the accounting principles generally accepted in India including the Indian Accounting Standard (Ind AS) specified in section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015 as amended.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting polices; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial controls, that are operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility:
Our responsibility is to express an opinion on these Ind AS financial statements based on our audit.
We have taken into account the provision of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provision of the Act and Rules made there under. We conducted our audit of the Ind AS financial statements in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India as 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 Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amount and disclosures in the Ind AS financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risk of material misstatement of the Ind AS financial statements, whether due to fraud or error. In making those risk assessment; the auditor considers internal control relevant to the Companyâs preparation and fair presentation of the Ind AS financial statements that give a true and fair view in order to design audit procedure that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the Ind AS financial statements. We believe that the audit evidences we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Ind AS financial statement
Opinion:
In our opinion and to the best of our information and according to explanations given to us, the aforesaid Ind AS financial statements give the information required by the Act, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, including Ind AS of the state of affairs of the Company as at 31st March, 2018, and its profit (financial performance including other comprehensive income) its cash flow and the change in equity for the year ended on that date.
Other Matters:
The comparative financial information of the Company for the year ended 31st March 2017 and the transition date opening balance sheet as at 1st April 2016 included in these Ind AS financial statements are based on the previously issued statutory financial statements prepared in accordance with the Companies (Accounting Standards) Rules, 2006 and audited by the predecessor auditor. Whose audit report for the year ended 31st March, 2017 and 31st March, 2016 dated 06th June, 2017 and 30th May, 2016 respectively expressed an unmodified opinion on those financial statements as adjusted for the differences in the accounting principles adopted by the company on transition to the Ind AS, which have been audited by us.
Our opinion is not modified in respect of above matter.
Report on Other Legal and Regulatory Requirements:
1. As required by the Companies (Auditorâs Report) Order, 2016 (the order) issued by the Central Government of India in terms of sub-section (11)of section 143 of the Act , and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, we give in the annexure A, statement on matters specified in paragraph 3 and 4 of the order.
2. As required by section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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 (including Other Comprehensive Income) and Statement of Cash Flow and Statement of Change in Equity dealt with by this report are in agreement with the books of Accounts.
(d) In our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting Standards specified section 133 of the Act.
(e) On the basis of written representation received from the directors as on March 31, 2018 and taken on record by the Board of Director, none of the directors is disqualified as on March 31, 2018 from being appointed as a director in terms of section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such control, refer to our separate report in âAnnexure Bâ and
(g) With respect to the other matters to be included in the auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,2014, in our opinion and to the best of our information and according to the explanation given to us:
(i) The Company has disclosed the impact of pending litigation on its financial position in its Ind AS financial statements. (Refer Note- 28 of Financial Statement on Contingent Liability)
(ii) The Company did not have any long term contracts including derivatives contract hence the question of any foreseeable losses does not arise
(iii) There has been no delay in transferring amounts, required to be transferred, to the Investors Education and Protection Fund by the Company.
ANNEXURE âAâ TO THE AUDITORSâ REPORT
Referred to of our report of even date to the members of the Company on the Ind AS financial statements for the year ended 31st March 2018, we report that;
(1) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed asset (Property, Plant & Equipment).
(b) The fixed assets (Property, Plant & Equipment) have been physically verified by the Management at reasonable intervals, no material discrepancies have been noticed on such verification.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
(2) As explained to us, the inventory has been physically verified at reasonable intervals during the year by the management. In our opinion, the frequency of verification is reasonable. The discrepancies between the physical stocks and the book stocks were not material in relation to the operation of the Company and the same have been properly dealt with in the books of account.
(3) The Company has not granted any loans secured or unsecured to Companies, firms or parties covered in the register maintained under section 189 of the Companies Act, 2013.
(4) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Act, with respect to the loans and investments made, if any.
(5) The Company has not accepted any deposits from the public.
(6) We have broadly reviewed the books of account maintained by the Company in respect of products where the maintenance of cost records has been specified by the Central Government under sub-section (1) of Section 148 of the Act and the rules framed there under and we are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.
(7) (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 in the books of account in respect of undisputed statutory dues like income tax, tax deduct at source and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues were in arrears as at 31 March 2018 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, the following particulars of statutory dues that have not been deposited by the Company on account of disputes a/c Nil:
(8) According to the records of the company examined by us and the information and explanation given to us, the company has not defaulted in repayment of loans or borrowings to any financial institution of bank or Government as at balance sheet date.
(9) The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) According to the information and explanations given to us and on basis of the records examined by us, we state that the Company has prima facie applied the term loan for the purpose for which it was obtained.
(10) According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
(11) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid /provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
(12) In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.
(13) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with Sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
(14) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
(15) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, the provisions of clause 3(xv) of the Order is not applicable.
(16) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act 1934. Accordingly the provisions of clause 3(XVI) of the order are not applicable to the company.
âAnnexure Bâ to the Auditorsâ Report
Referred to in paragraph 2(f) under âReport on other Legal and Regulatory Requirementsâ to the Independent Auditorâs Report of even date to the members of Company on the Ind AS financial statements for the year ended 31 March 2018, we report that;
Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section 143 of the Companies Act. 2013 (âthe Actâ)
We have audited the internal financial controls with reference to Ind AS financial statements of Inani Marbles & Industries Ltd. (âthe Companyâ) as of 31 March 2018 in conjunction with our audit of the Ind AS financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls w.r.t. Ind AS Financial Statements based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (âICAIâ). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls w.r.t. Ind AS Financial Statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls w.r.t. Ind AS Financial Statements was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system w.r.t. Ind AS Financial Statements and their operating effectiveness. Our audit of internal financial controls w.r.t. Ind AS Financial Statements included obtaining an understanding of internal financial controls w.r.t. Ind AS Financial Statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorsâ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system w.r.t. Ind AS Financial Statements.
Meaning of Internal Financial Controls w.r.t. Ind AS Financial Statements
A companyâs internal financial control w.r.t. Ind AS Financial Statements is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles. A companyâs internal financial
control w.r.t. Ind AS Financial Statements includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of the Management and directors of the Company; and
(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Companyâs assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls w.r.t. Ind AS Financial Statements
Because of the inherent limitations of internal financial controls w.r.t. Ind AS Financial Statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls w.r.t. Ind AS Financial Statements to future periods are subject to the risk that the internal financial control w.r.t. Ind AS Financial Statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls w.r.t. Ind AS Financial Statements were operating effectively as at 31 March 2018, based on the internal controls w.r.t. Ind AS Financial Statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For: Giriraj Garg & Company For: B.K. Dad & Associates
Chartered Accountants Chartered Accountants
(Firmâs Registration No. 017783C) (Firmâs Registration No. 018840C)
CA Giriraj Garg CA B. K. Dad
Proprietor Proprietor
M.N. 415796 M.N. 424791
Place: Chittorgarh
Date: 30.05.2018
Mar 31, 2015
We have audited the accompanying financial statements of M/S Inani
Marbles & Industries Limited, which comprise the Balance Sheet as at
March 31, 2015, the Statement of Profit & Loss and cash flow statement
for the year ended and a summary of the 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 with respect to 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 Standard specified in section
133 of the Act, read with rule 7 of the companies (Accounts)
Rules,2014. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for
safeguarding of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of
appropriate accounting polices; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of
internal financial controls, that are operating effectively foe
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility:
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the provision
of the Act, the accounting and auditing standards and matters which are
required to be included in the audit report under the provision of the
Act and Rules made there under. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India as 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 amount
and disclosures in the financial statements. The procedures selected
depend on the auditor's judgment, including the assessment of the risk
of material misstatement of the financial statements, whether due to
fraud or error. In making those risk assessment; the auditor considers
internal control relevant to the Company's preparation and fair
presentation of the financial statements in order to design audit
procedure that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of the accounting policies used
and the reasonableness of the accounting estimates made by the Company's
Directors, as well as evaluating the overall presentation of the
financial statements. We believe that the audit evidences we have
obtained is sufficient and appropriate to provide a basis for our audit
opinion on the financial statement
Opinion:
In our opinion and to the best of our information and according to
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 of the state of affairs of the Company as at 31st March, and its
profit/loss and its cash flow for the year ended on that date.
(i) In the case of Balance Sheet of the state of affairs of the company
as at March 31, 2015; and
(ii) In the case of the Profit & Loss AJc of the profit for the year
ended on that date
(iii) In the case of the Cash Flow Statement, of the cash flow 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, 2015 (the
order) issued by the Central Government of India in terms of section
(ll)of section 143 of the Act we give in the annexure a statement on
matters specified in of paragraph 3 and 4 of the order.
As required by section 143(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 requjred by Law have been
kept by the company so far as appears from our examination of those
books.
(c) The company do not have any branch hence Section 143(8) of the Act
is not applicable to the company.
(d) The Balance sheet, the Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
Accounts.
(e) In our opinion, the financial statement comply with the Accounting
Standards referred to in the section 133 of the Act, read with the rule
7 of the Companies (Accounts) Rules, 2014.
(f) On the basis of written representation received from the directors
as on March 31, 2015 and taken on record by the Board of Director, none
of the directors is disqualified as on March 31, 2015 from being
appointed as a director in terms of section 162 (2) of the Act.
(g) With respect to the other matters to be included in the auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules,2014, in our opinion and to the best of our information and
according to the explanation given to us:
(i) The Company has disclosed the impact of pending litigation on its
financial position in its financial statements.
(ii) The did not have any long term contracts including derivatives
contract for which there were any material foreseeable losses.
(iii) There were no amount which were required to be transferred, to
the Investors Education and Protection Fund by the Company.
Annexure referred to in paragraph 1 under, the heading of "report on
the legal and regulatory requirements of our report of even date
1. (a) The Company has maintained proper records showing full
particulars including quantitative details & situations of the fixed
assets.
(b) The fixed Assets are physically verified by the management
according to a phased programme cover all items over a period of three
years which, in our opinion is reasonable having regard to the size of
the Company and the nature of its assets. Pursuant to the programme, a
portion of the fixed assets has been physically verified by the
management during the year and no material discrepancies were noticed
on such physical verification.
2. (a) The inventory has been physically verified at reasonable
intervals by the management during the year.
(b) In our opinion and according to the information given to us, the
procedure of physical verification of such 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 given to us, the
company has maintaining proper records of inventory. No material
discrepancies noticed on physical verification between the physical
stock and the book records.
3. (a) The Company has not granted loans, secured or unsecured to
companies, firm or other parties covered in the register maintained
under section 189 of the Act. Hence, the question of reporting under
sub clause (a) & (b) of the clause 3(iii) of the order does not arise.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods and
services. Further, on the basis of our examination of, the books and
record of the Company, and according to the information and explanation
given to us, we have neither come across nor have been informed of, any
continuing failure to correct major weakness in the aforesaid internal
control system.
5. In our opinion and according to the information and explanations
given to us, the Company has complied with the directives issued by the
Reserve Bank of India . and the provisions of section 73 to 76 or any
other .relevant provisions of the Act and the rules framed there under,
to the extent applicable. We are informed by the Management that no
order has been passed by the Company Law Board or National Company Law
Tribunal or Reserve Bank of India or any court or any Tribunal in this
regard.
6. We have broadly reviewed the books of account maintained by the
Company in respect of products where the maintenance of cost records
has been specified by the Central Government under, sub section (1) of
Section 148 of the Act and the rules framed there under and we are of
the opinion that prima facie, the prescribed accounts and records have
been made and maintained.
7. (a) According to the records, information and explanations provided
to us, the Company is generally regular in depositing the undisputed
statutory dues including Provident Fund, Employee's State Insurance
Income tax, Sales tax, Wealth tax, Service tax, Value Added Tax,
Customs duty, Excise duty, Cess and other material statutory dues
applicable to it with appropriate authorities except following dues:
Particulars Financial Year Rs . In Lacs
Entry Tax 2013-14 4.22
Entry Tax 2014-15 1.28
(b) According to the information and explanations given to us and
records of the Company examined by us there are no dues of Wealth Tax,
Sales Tax, Service Tax and Value added Tax which have not been
deposited by the Company on account of disputes.
(c) According to the information and explanations given to us, there
were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
8. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses in the financial year
and in the immediately preceding financial year.
9. The Company did not have any outstanding dues to financial
institutions, banks or debenture holders during the year.
10. In our opinion and according to the information and explanation
given to us, the Company has not given any guarantee for loans taken by
others from bank or financial institutions.
11. According to the information and explanations given to us, the
term loans have been applied for the purpose for which the loans were
obtained.
12. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to' the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company noticed or reported during the year, nor
have been informed of any such case by the Management.
For: Nyati Mundra & CO. For: Mahesh C. Solanki & Co.
Chartered Accountants Chartered Accountants
(Reg.No. 008153C) (Reg.No. 06228C)
CA R. K. NYATI CA Jagdish Rathi
(Partner) (Partner)
M.N. 070692 M.N. 039303
Place: Chittorgarh
Date: 30.05.2015
Mar 31, 2014
We have audited the accompanying financial statements of M/S Inani
Marbles & Industries Limited, which comprise the Balance Sheet as at
March 31, 2014, the Statement of Profit & Loss and cash flow statement
for the year the 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 and
financial performance and cash flow of the company in accordance with
the Accounting Standard referred to in of section 211 (3C) of the
Companies Act, 1956 read with the General Circular 15/2003 dated 13th
September 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
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 amount and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risk of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessment; the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedure that are appropriate in the circumstances but not for the
purpose of expressing an 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
evidences 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
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 Balance Sheet of the state of affairs of the company
as at March 31, 2014; and
(ii) In the case of the Profit & Loss A/c of the profit for the year
ended on that date.
(iii) In the case of the Cash Flow Statement, of the cash flow 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 issued
by the Central Government of India in terms of section 227 (4A) of the
Act, we give in the annexure a statement on matters specified in of
paragraph 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 Cash Flow
Statement dealt with by this report are in agreement with the books of
Accounts.
(d) In our opinion, the Balance sheet Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
the section 211 (3C) of the Companies Act, 1956 read with the General
Circular 15/2013 dated 13th September, 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013.
(e) On the basis of written representation received from the directors
as on March 31, 2014 and taken on record by the Board of Director, none
of the directors is disqualified as on March 31, 2014 from being
appointed as a director in terms of section 274 (1) (g) of companies
Act, 1956.
ANNEXURE TO THE AUDITORS'' REPORT
Annexure referred to in paragraph 1 under the heading of "report on the
legal and regulatory requirements" of our report of even date.
1. (a) The Company has maintained proper records showing full
particulars including quantitative details & situations of the fixed
assets. The situation of the moveable assets used in the mining
activity keeps on changing from Mines sites depending upon requirements
for a particular contract.
(b) A substantial portion of the Fixed Assets have been physically
verified by the management during the year and in our opinion the
frequency of verification is reasonable having regard to the size of
the Company, the nature of its assets. According to the information
given to us and to the best of our knowledge, no material discrepancies
were noticed on such physical verification.
(c) The Company has not disposed off a substantial part of the fixed
assets during the year.
2. (a) As explained to us the inventory has been physically verified
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 its business.
(c) The Company is maintaining proper records of inventory. No material
discrepancies noticed on physical verification between the physical
stock and the book records.
3. (a) The Company has not granted nor taken any loans, secured or
unsecured to/from companies, firm or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly, sub clause (b), (c) and (d) are not applicable.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and nature of its business
with regard to purchase of inventory, Fixed Assets and with regards to
the sale of goods. During the course of our audit we have not observed
any continuing failure to correct major weaknesses in internal
controls.
5. (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered in to
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
(b) In our opinion and according to the information and explanation
given to us such transactions made in pursuance of contracts or
arrangements entered in registers maintained under section 301 of the
Company Act, 1956 and exceeding value of Rs. 500000/- during the year
in respect of each party, 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 in terms
of Section 58A and 58AA of the Act and the rules framed there under.
7. In our opinion the company has an internal audit system commensurate
with the size and nature of its business.
8. According to the information and explanations given to us, the
Company is in the process of preparing cost records in respect of its
products for which the maintenance of cost records has been prescribed
under clause (d) of sub-section 1 of section 209 of the Act pursuant to
The Companies (Cost Accounting Records) Rules, 2011 notified by the
Central Government of India vide notification dated June 3 2011.
9. (a) According to the record of the company is 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, custom duty, excise duty,
cess and other material, statutory dues applicable to it.
(b) According to the information & explanation given to us, no
undisputed amounts payable in respect of income-tax, wealth tax, sales
tax, custom duty, excise duty and cess were in arrears, as at the last
day of the financial year for a period of more than six month from the
date they became payable.
(c) As per records produced before us the dues of Income Tax, Sates
Tax, Customs Duty, Wealth Tax, Excise Duty and Cess which have not been
deposited on account of any dispute are stated hereunder:
Name of Period to which Forum Where dispute is Amount
Statute amount relates pending (Rs. in
Lacs)
Income Tax F.Y. 2002-03 Income Tax Appellate
Tribunal, Mumbai 8.89
Entry Tax F.Y. 2002-03 Rajasthan High Court, Jodhpur 2.57
10. The Company does not have any accumulated losses and has not
incurred any cash losses during the financial year covered by our audit
or in the immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
12. The Company has not granted loans and advances on the basis of
securities by way of pledge of shares, debentures and other securities.
There is no question of maintaining adequate records.
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 are not applicable to the
company.
14. In our opinion, the company is not dealing in or trading in shares,
securities, debentures and other investment, accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) order
2003 are not applicable to the company.
15. In our opinion the company has not given any guarantee for loans
taken by others from bank or financial institutions.
16. The Company has raised new term loans during the year. The terms
loans outstanding at the beginning of the year and those raised during
the year have been applied for the purpose for which they were raised.
17. According to the information and explanation given to us and on an
overall examination of the Balance Sheet of the Company we report that
the no funds raised on short-term basis have been used for long term
investment. No long-term funds have been used to finance short-term
assets except permanent working capital.
18. According to the information and explanation given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
19. According to the information and explanations given to us, during
the period covered by our audit report, the Company has not created any
security in respect of debentures issued.
20. The Company has not raised any money by way of public issues during
the year; therefore there is no need for any disclosure required in
clause 4(XX).
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: Nyati Mundra & CO. For: Mahesh C. Solanki & Co.
Chartered Accountants Chartered Accountants
(Reg.No. 008153C) (Reg.No. 06228C)
CA R. K. NYATI CA Jagdish Rathi
(Partner) (Partner)
M.N. 070692 M.N. 039303
Place: Chittorgarh
Date: 30.05.2014
Mar 31, 2013
Report on the Financial Statements:
We have audited the accompanying financial statements of M/S Inani
Marbles & Industries Limited, which comprise the Balance Sheet as at
March 31, 2013, the Statement of Profit & Loss for the year the ended
and a summary of significant accounting policies and other explanatory
information.
Management''s Responsibility for the Financial Statements:
The company Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position and financial performance of the company in accordance with
the Accounting Standard referred to in of section 211 (3C) of the
Companies Act, 1956.and accordance with the accounting principles
generally accepted in India. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
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 amount and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risk of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessment; the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedure that are appropriate in the circumstances but not for the
purpose of expressing an 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, aswell as evaluating the overall
presentation of the financial statements.
We believe that the audit evidences we have obtained is sufficient and
appropriate to provide a basis for ouraudit opinion.
Opinion:
In our opinion and to the best of our information and according to
explanations given to us, the financial statements give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India
(i) In the case of Balance Sheet of the state of affairs of the company
as at March 31,2013; and (ii) In the case of the Profit & Loss A/c of
the profit 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 issued
by the Central Government of India in terms of section 227 (4A) of the
Act, we give in the annexure a statement on matters specified in of
paragraph 4 and 5 of the order.
2. Asrequiredbysection227{3)oftheAct,wereportthat:
(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 and Statement of Profit and Loss dealt with by
this report are in agreement with the books of Accounts.
(d) In our opinion, the Balance sheet Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
the section 211 (3C) of the Companies Act, 1956.
(e) On the basis of written representation received from the directors
as on March 31, 2013 and taken on record by the Board of Director, none
of the directors is disqualified as on March 31, 2013 from being
appointed as a director in terms of section 274 (1) (g) of companies
Act, 1956.
Referred to in paragraph 3 of our report of even date
1. (a) The Company has maintained proper records showing full
particulars including quantitative details & situations of the fixed
assets. The situation of the moveable assets used in the mining
activity keeps on changing from Mines sites depending upon requirements
for a particular contract.
(b) A substantial portion of the Fixed Assets have been physically
verified by the management during the year and in our opinion the
frequency of verification is reasonable having regard to the size of
the Company, the nature of its assets. According to the information
given to us and to the best of our knowledge, no material discrepancies
were noticed on such physical verification.
(c) The Company has not disposed off a substantial part of the fixed
assets during the year.
2. (a) As explained to us the inventory has been physically verified
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 its business.
(c) The Company is maintaining proper records of inventory. No material
discrepancies noticed on physical verification between the physical
stock and the book records.
3. (a) The Company has not granted nor taken any loans, secured or
unsecured to/from companies, firm or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly, sub clause (b), (c) and (d) are not applicable.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and nature of its business
with regard to purchase of inventory, Fixed Assets and with regards to
the sale of goods. During the course of our audit we have not observed
any continuing failure to correct major weaknesses in internal
controls.
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 and according to the
information and explanation given to us such transactions made in
pursuance of contracts or arrangements entered in registers maintained
under section 301 of the Company Act, 1956 and exceeding value of Rs.
500000/- during the year in respect of each party, have been made at
prices which are reasonable having regard to the prevailing market
prices attherelevanttime.
6. The Company has not accepted any deposits from the public in terms
of Section 58A and 58AA of the Act and the rules framed there under.
7. In our opinion the company has an internal audit system
commensurate with the size and nature of its business.
8. According to the information and explanations given to us, the
Company is in the process of preparing cost records in respect of its
products for which the maintenance of cost records has been prescribed
under clause (d) of sub-section 1 of section 209 of the Act pursuant to
The Companies (Cost Accounting Records) Rules, 2011 notified by the
Central Government of India vide notification dated June 3,2011.
9. According to the record of the company is 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, custom duty, excise duty,
cess and other material, statutory dues applicable to it.
According to the informations explanation given to us, no
undisputed amounts payable in respect of income-tax, wealth tax, sales
tax, custom duty, excise duty and cess were in arrears, as at the last
day of the financial year for a period of more than six month from the
date they became payable.
10. The Company does not have any accumulated losses and has not
incurred any cash losses during the financial year covered by our audit
or in the immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
12. The Company has not granted loans and advances on the basis of
securities by way of pledge of shares, debentures and other securities.
There is no question of maintaining adequate records.
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 are not applicable to the
company.
14. In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investment, accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) order
2003 are not applicable to the company.
15. In our opinion the company has not given any guarantee for loans
taken by others from bank or financial institutions.
16. The Company has not taken any term loans and hence, our
requirement of reporting regarding application of term loans in terms
of Clause (xvi) of the order does not arise.
17. According to the information and explanation given to us and on an
overall examination of the Balance Sheet of the Company we report that
the no funds raised on short-term basis have been used for long term
investment. No long-term funds have been used to finance short-term
assets except permanent working capital.
18. According to the information and explanation given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
19. According to the information and explanations given to us, during
the period covered by our audit report, the Company has not created any
security in respect of debentures issued.
20. The Company has not raised any money by way of public issues
during the year; therefore there is no need for any disclosure required
in clause 4(XX).
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 : Nyati Mundra & CO. For: Jagdish Rathi & Associates
Chartered Accountants Chartered Accountants
(Reg.No. 008153C) (Reg.No. 004623C)
CA R. K. NYATI CA J. C. Rathi
(Partner) (Proprietor)
M.N. 070692 M.N. 039303
Place : Chittorgarh Date : 30.05.2013
Mar 31, 2011
1. We have Audited the attached Balance Sheet of INANI MARBLES &
INDUSTRIES LTD as at 31st MARCH 2011 and also the annexed Profit & Loss
Account and the Cash Flow Statement for the year ended on that date.
These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
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 misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in Financial Statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the 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) Order2003, 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 here to a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments in the Annexure referred to above, we report
that:-
a) We have obtained all the information and explanations which, to the
best of our knowledge and belief, were necessary for the 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 such
books ;
c) The Balance Sheet and Profit & Loss account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts ;
d) In our opinion, the Balance Sheet and Profit & Loss account and cash
flow statement dealt with by this report comply with the mandatory
Accounting Standards referred in sub-section (3C) of section 211 of the
Companies Act, 1956 ;
e) On the basis of written representations received from the directors
as on 31 st March 2011, and taken on record by the Board of Directors,
we report that none df the Directors is disqualified as on 31st March
2011, from being appointed as a director in term 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
explanation given to us, the said accounts together with the notes in
schedule 19, give the information required by the Companies Act, 1956,
in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India;
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2011;
ii) In the case of the Profit & Loss Account of the Profit of the
Company for the year ended on that date.
iii) In the case of Cash Flow Statement of the cash flows of the
Company for the year ended on that date.
Referred to in paragraph 3 of our report of even date.
1. (a) The Company has maintained proper records showing full
particulars including quantitative details & situations of the fixed
assets. The situation of the moveable assets used in the mining
activity keeps on changing from Mines sites depending upon
requirements for a particular contract.
(b) A substantial portion of the Fixed Assets have been physically
verified by the management during the year and in our opinion the
frequency of verification is reasonable having regard to the size of
the Company, the nature of its assets. According to the information
given to us and to the best of our knowledge, no material discrepancies
were noticed on such physical verification.
(c) The Company has not disposed off a substantial part of the fixed
assets during the year.
2. (a) As explained to us the inventory has been physically verified
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 its business.
(c) The Company is maintaining proper records of inventory. No material
discrepancies noticed on physical verification between the physical
stock and the book records.
3. (a) The Company has not granted nor taken any loans, secured or
unsecured to/from companies, firm or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly, sub clause (b), (c) and (d) are not applicable.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and nature of its business
with regard to purchase of inventory, Fixed Assets and with regards to
the sale of goods. During the course of our audit we have not observed
any continuing failure to correct major weaknesses in internal
controls.
5. (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered in to
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
(b) In our opinion and according to the information and explanation
given to us such transactions made in pursuance of contracts or
arrangements entered in registers maintained under section 301 of the
Company Act, 1956 and exceeding value of Rs.500000/- during the year in
respect of each party, 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 in terms
of Section 58A and 58AA of the Act and the rules framed there under.
7. In our opinion the company has an internal audit system commensurate
with the size and nature of its business.
8. No cost records have been prescribed by the Central Govt.
9. (a) According to the record of the company is 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, custom duty, excise duty,
cess and other material, statutory dues applicable to it.
(b) According to the information & explanation given to us, no
undisputed amounts payable in respect of income-tax, wealth tax, sales
tax, custom duty, excise duty and cess were in arrears, as at the last
day of the financial year for a period of more than six month from the
date they became payable.
(c) As per records produced before us the dues of Income Tax, Sales
Tax, Customs Duty, Wealth Tax, Excise Duty and Cess which have not been
deposited on account of any dispute are stated hereunder:
Name of
Statute Period to
which Forum Where dispute Amount
amount
relates is pending (Rs. in Lacs)
Income
Tax F.Y. 2002-03 Commissioner Of Income Tax
(Appeal),Mumbai 8.89
10. The Company does not have any accumulated losses and has not
incurred any cash losses during the financial year covered by our audit
or in the immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
12. The Company has not granted loans and advances on the basis of
securities by way of pledge of shares, debentures and other securities.
There is no question of maintaining adequate records.
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 are not applicable to the
company.
14. In our opinion, the company is not dealing in or trading in shares,
securities, debentures and other investment, accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor's Report) order
2003 are not applicable to the company.
15. In our opinion the company has not given any guarantee for loans
taken by others from bank or financial institutions.
16. The Company has not taken any term loans and hence, our requirement
of reporting regarding application of term loans in terms of Clause
(xvi) of the order does not arise.
17. According to the information and explanation given to us and on an
overall examination of the Balance Sheet of the Company we report that
the no funds raised on short-term basis have been used for long term
investment. No long-term funds have been used to finance short-term
assets except permanent working capital.
18. According to the information and explanation given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
19. According to the information and explanations given to us, during
the period covered by our audit report, the Company has not created any
security in respect of debentures issued.
20. The Company has not raised any money by way of public issues during
the year; therefore there is no need for any disclosure required in
clause 4(XX).
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: Jagdish Rathi & Associates For: Nyati Mundra & CO.
Chartered Accountants Chartered Accountants
(Reg.No. 04623C ) (Reg.No. 008153C)
CA J. C. Rathi CA R. K. NYATI
Place : Chittorgarh (Proprietor) (Partner)
Date : 30th May, 2011 M.N. 39303 M.N. 070692
Mar 31, 2010
1. We have Audited the attached Balance Sheet of INANI MARBLES &
INDUSTRIES LTD as at 31st MARCH 2010 and also the annexed Profit & Loss
Account and the Cash Flow Statement for the year ended on that date.
These financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with 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 misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in Financial Statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the 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 Gover- nment of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure
hereto a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
4. Further to our comments in the Annexure referred to above, we
report that :-
a) We have obtained all the information and explanations which, to the
best of our knowledge and belief, were necessary for the 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 such
books ;
c) The Balance Sheet and Profit & Loss account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts ;
d) In our opinion, the Balance Sheet and Profit & Loss account and cash
flow statement dealt with by this report comply with the mandatory
Accounting Standards referred in sub section (3C) of section 211 of the
Companies Act, 1956;
e) On the basis of 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 31 st March
2010, from being appointed as a director in term of clause (g) of
sub-section(l) of section 274 of the Companies Act, 1956 ;
f) In our opinion and to the best of our information and according to
explanation given to us, the said accounts together with the notes in
schedule 19, give the information required by the Companies Act, 1956,
in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India;
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2010;
ii) In the case of the Profit & Loss Account of the Profit, of the
Company for the year ended on that date.
iii) In the case of Cash Flow Statement of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Referred to in paragraph 3 of our report of even date.
1. (a) The Company has maintained proper records showing full
particulars including quantitative details & situations of the fixed
assets. The situation of the moveable assets used in the mining
activity keeps on changing from Mines sites depending upon requirements
for a particular contract.
(b) A substantial portion of the Fixed Assets have been physically
verified by the management during the year and in our opinion the
frequency of verification is reasonable having regard to the size of
the Company, the nature of its assets. According to the information
given to us and to the best of our knowledge, no material discrepancies
were noticed on such physical verification.
(c) The Company has not disposed off a substantial part of the fixed
assets during the year.
2. (a) As explained to us the inventory has been physically verified
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 its business.
(c) The Company is maintaining proper records of inventory. No material
discrepancies noticed on physical verification between the physical
stock and the book records.
3. (a) The Company has not granted nor taken any loans, secured or
unsecured to / from companies, firm or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly, sub clause (b), (c) and (d) are not applicable.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and nature of its business
with regard to purchase of inventory, Fixed Assets and with regards to
the sale of goods. During the course of our audit we have not observed
any continuing failure to correct major weaknesses in internal
controls.
5. (a) According to the information and explanations given tous, we
are of the opinion that the transactions that need to be entered in to
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
(b) In our opinion and according to the information and explanation
given to us such trans- actions made in pursuance of contracts or
arrangements entered in registers maintained under section 301 of the
Company Act, 1956 and exceeding value of Rs. 500000/- during the year
in respect of each party, 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 in terms
of Section 58A and 58AA of the Act and the rules framed there under.
7. In our opinion the company has an internal audit system
commensurate with the size and nature of its business.
8. No cost records have been prescribed by the Central Govt.
9. (a) According to the record of the company is regular in depositing
with appropriate auth- orities undisputed statutory dues including
provident fund, investor education protection fund, employees state
insurance, income tax, sales tax, wealth tax, custom duty, excise duty,
cess and other material, statutory dues applicable to it.
(b) According to the information & explanation given to us, no
undisputed amounts payable in respect of income-tax, wealth tax, sates
tax, custom duty, excise duty and cesa were in arrears, as at the last
day of the financial year for a period of more than six month from the
date they became payable.
(c) As per records produced before us the dues of Income Tax, Sales
Tax, Customs Duty, Wealth Tax, Excise Duty and Cess which have not been
deposited on account of any dispute are stated hereunder:_
Name of Statute Period to which Forum Where dispute Amount
amount relates is pending (Rs. in Lacs)
Entry Tax F.Y. 2002-03 Rajasthan High
Court, Jodhpur 2.25
10. The Company does not have any accumulated losses and has not
incurred any cash losses during the financial year covered by our audit
or in the immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
12. The Company has not granted loans and advances on the basis of
securities by way of pledge of shares, debentures and other securities.
There is no question of maintaining adequate records.
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 investment, accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report) order
2003 are not applicable to the company.
15. In our opinion the company has not given any guarantee for loans
taken by others from bank or financial institutions.
16. The Company has not taken any term loans and hence, our
requirement of reporting regarding application of term loans in terms
of Clause (xvi) of the order does not arise.
17. According to the information and explanation given to us and on an
overall examination of the Balance Sheet of the Company we report that
the no funds raised on short-term basis have been used for long term
investment. No long-term funds have been used to finance short-term
assets except permanent working capital.
18. According to the information and explanation given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
19. According to the information and explanations given to us, during
the period covered by our audit report, the Company has not created any
security in respect of debentures issued.
20. The Company has not raised any money by way of public issues
during the year; therefore there is no need for any disclosure required
in clause 4(XX).
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: Nyati Mundra & CO. For: Jagdish Rathi & Associates
Chartered Accountants Chartered Accountants
(Reg.No. 008153C) (Reg.No. 04623C )
CA R. K. NYATI CA J. C. Rathi
Place: Chittorgarh (Partner) (Proprietor)
Date : 31.05.2010 M.N. 070692 M.N. 39303