Mar 31, 2014
We have audited the accompanying financial statements of INTEGRA
SWITCHGEAR LIMITED, (Company Limited by Shares) Vadodara as at 31st
March 2014, which comprises the Balance Sheet as at March 31,2014,
Statement of Profit and Loss for the year ended and a summary of
significant accounting policies and other explanatory information.
ManagementÂs 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 of the Company in accordance with the 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.
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 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 auditorÂs 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
CompanyÂs 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 obtain is sufficient and
appropriate to provide a basic for our audit opinion.
Opinion:
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India.
(a) In the case of the balance Sheet, of the state of affairs of the
Company as at March 31,2014
(b) In the case of the Profit and loss Statement of the loss for the
year ended on that date.
Report on other Legal and Regulatory Requirements:
1. As required by the Companies (AuditorÂs Report) order, 2003 (the
Order) issued by the Central Government in terms of section 227 (4A)
of the Companies Act 1956 are not applicable to the Company.
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 the
books of the Company.
(c) The Balance Sheet and the Profit & Loss Statements dealt with by
this report are in agreement with the Books of accounts of the
Company.
(d) In our opinion, the Profit & Loss Account and Balance Sheet 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 of the Company as on 31st march 2014 and taken on record by
the Board of Directors of the Company we report that none of the
Directors is disqualified as on 31st March, 2014 from being appointed
as a Director in terms of Clause (g) of Sub Section (1)of Section 274
of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanation given to us, the said accounts read with the notes on
accounts in Note 14 to 31 annexed to and forming part of accounts give
the information required by the Companies Act, 1956 in the manner so
required give a true and fair view subject to:
1. Non provision of depreciation on fixed assets for the Company of
Rs. 6.41 Lacs read with note no. 16 forming part of the Other notes to
Accounts.
I. In the case of Balance sheet, of the state affairs of the Company
as at 31 st Mach 2014;
ii In the Case of Profit and Loss account, the Loss 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.
1. In the case of the Balance Sheet, of the state of affairs of the
Company as at 31 st March 2014.
and
2. In the Case of the Profit & Loss Account, of the LOSS for the year
ended on that date.
ANNEXURE TO THE AUDITOR''S REPORT
ANNEXURE REFERRED TO IN PARAGRAPH-2 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF
INTEGRA SWITCHGEAR LIMITED.
(i) In respect of fixed assets.
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) All the assets have been physically verified by the management
during the year 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) None of the fixed assets have been disposed off during the year.
(ii) In respect of Inventories
(a) The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
(b) 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. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) In respect of secured or unsecured loans to / from companies,
firms or other parties listed under section 301 of the Companies Act,
1956,
The company has not granted or taken any loan, secured or unsecured to
/ from companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act, 1956 hence
sub-clauses (iii a) to (iii g) are not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and
with regard to the sale of goods and services. During the course of
our audit, we have not observed any continuing failure to correct
major weakness in internal controls.
(v) In respect of particulars of contract or arrangements referred to
in section 301 of the Companies Act, 1956.
(a) According to the information and explanation 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 explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 have been made at prices which are reasonable
having regard to prevailing market prices as available with the
Company.
(vi) The Company has not accepted deposit from public and hence
directives issued by the Reserve Bank of India and the provision
section 58A and 58AA or any other relevant provisions of the Companies
Act, 1956 and the rules framed there under are not applicable for the
year under report.
(vii) We have been informed that the company has not appointed any
Internal Auditor for the year under report because the company is
incurring losses since last many years.
(Viii) The Central Government has not prescribed the maintenance of
Cost Records under Section 209 (1) (d) of the Companies Act, 1956 for
the products of the Company hence need no comments.
(ix) According to the information and explanations given to us in
respect of statutory and other dues:
(a) The company is regular in depositing the statutory dues as
applicable to the company for the year under report.
(b) There are no undisputed statutory dues payable in respect of
provident fund, investor education and protection fund, employee state
insurance, income tax, sales tax, service tax, wealth tax, customs
duty, excise duty and cess, which are outstanding and in arrears, as
at 31st March, 2014 for a period of more than six months from the date
they become payable
(c) There are no dues of sales tax, income tax, customs duty, service
tax, wealth tax, excise duty and cess which have not been deposited on
account of any dispute. except for Income Tax demand of Rs. 3.01 Lacs
for the A. Y. 2006-07 raised under section 143(3) / 147 of the I.T.
act, 1961 by the Department & the same demand is contested in Appeal.
(x) The accumulated loss (including non provision of depreciation) at
the end of financial year is more than fifty percent of its net worth.
The company has incurred cash losses during the financial year covered
by our audit.
(xi) 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.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) 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.
(xiv) 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.
(xv) In our opinion, the company has not given any guarantees for
loans taken by others from banks or financial institutions.
(xvi) The company has not taken any term loans and hence requirement
of reporting regarding application of term loans does not arise.
(xvii) The company has not taken any short term loans and hence
requirement of reporting regarding application of short term loans
does not arise.
(xviii) 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 Companies Act, 1956.
(xix) According to the information and explanations given to us,
during the period covered by our audit report, the company had not
issued debentures.
(xx) The company has not raised any money by public issues during the
year under report
(xxi) 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.C. PARIKH & CO.
Chartered Accountants
Firm Reg. No. 107537W
Sd/-
PLACE : VADODARA (D.C. PARIKH)
DATE : 30/05/2014 Partner
M. No. 037212
Mar 31, 2013
We have audited the attached Balance Sheet of INTEGRA SWITCHGEAR
LIMITED Vadodara as at 31st March 2013, the profit & Loss account and
cash flow statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Company''s
management. our responsibility is to express an opinion on these
financial statements based on our Audit.
1. We have 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 statement 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 management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by the Companies (Auditor''s report) Order, 2003 issued
by the Central Government in terms of section 227 (4A) of the Companies
Act, 1956, we annex hereto a statement on the matters specified in
paragraphs 4 & 5 the said order to the extent applicable to company.
3. Further to our comments in the annexure referred to in paragraph 2
above, we report that :
(a) We have obtained all the information and explanations which, to the
best of our knowledge and beliefs, 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 of account of the Company.
(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the Books of account of
the Company.
(d) In our opinion, the Balance Sheet, Profit & Loss Account and cash
flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of Companies Act, 1956 so far as they
are applicable to the Company.
(e) On the basis of the written representations received from the
Directors of the Company as on 31st March, 2013 and taken on record by
the Board of directors of the Company, we report that none of the
directors is disqualified as on 31st March, 2013 from being appointed
as a Director in terms of Clause (g) of Sub Section (1) of Section 274
of the companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanation given to us, the balance sheet and profit & loss
account read together with the notes thereon and attached thereto given
in the prescribed manner, the information required by the Companies
Act, 1956 in the manner so required and give a true and fair view
subject to :
1. Non-provision of interest on advances for Rs. 12.83 Lacs (Approx)
given by the Company read with notes no. 3 of schedule 15 forming part
of the accounts.
2. Non Provision of Depreciation on fixed assets for the company of
Rs. 6.41 Lacs read with note no. 4 of schedule 14 forming part of the
accounts.
The aggregate affect due to above qualification, the Loss of the
company is understated by Rs. 6.42 Lacs.
i. In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March 2013.
ii. In the case of Profit & Loss account, the Loss of the Company for
the year ended on that date; and
iii. In the case of cash flow statement, of the cash flows of the
company for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH-2 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF INTEGRA SWITCHGEAR LIMITED.
(i) In respect of fixed assets.
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) All the assets have been physically verified by the management
during the year and there is a regular programe of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No. material discrepancies were noticed
on such verification.
(c) None of the fixed assets have been disposed off during the year.
(ii) In respect of Inventories
(a) The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
(b) 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. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) In respect of secured or unsecured loans to / from companies,
firms or other parties listed under section 301 of the Companies Act,
1956,
The company has not granted or taken any loan, secured or unsecured to
/ from companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act, 1956 hence
sub-clauses (iii a) to (iii g) are not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weakness in internal controls.
(v) In respect of particulars of contract or arrangements referred to
in section 301 of the Companies Act, 1956.
(a) According to the information and explanation 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 explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 have been made at prices which are reasonable
having regard to prevailing market prices as available with the
Company.
(vi) The Company has not accepted deposit from public and hence
directives issued by the Reserve Bank of India and the provision
section 58A and 58AA or any other relevant provisions of the Companies
Act, 1956 and the rules framed there under are not applicable for the
year under report.
(vii) We have been informed that the company has not appointed any
Internal Auditor for the year under report because the company is
incurring losses since last many years.
(Viii) The Central Government has not prescribed the maintenance of
Cost Records under Section 209 (1) (d) of the Companies Act, 1956 for
the products of the Company hence need no comments.
(ix) According to the information and explanations given to us in
respect of statutory and other dues :
(a) The company is regular in depositing the statutory dues as
applicable to the company for the year under report.
(b) There are no undisputed statutory dues payable in respect of
provident fund, investor education and protection fund, employee state
insurance, income tax, sales tax, service tax, wealth tax, customs
duty, excise duty and cess, which are outstanding and in arrears, as at
31st March, 2013 for a period of more than six months from the date
they become payable
(c) There are no dues of sales tax, income tax, customs duty, service
tax, wealth tax, excise duty and cess which have not been deposited on
account of any dispute.
(x) The accumulated loss (including non provision of depreciation) at
the end of financial year is more than fifty percent of its net worth.
The company has incurred cash losses during the financial year covered
by our audit.
(xi) 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.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) 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.
(xiv) 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.
(xv) In our opinion, the company has not given any guarantees for loans
taken by others from banks or financial institutions.
(xvi) The company has not taken any term loans and hence requirement of
reporting regarding application of term loans does not arise.
(xvii) The company has not taken any short term loans and hence
requirement of reporting regarding application of short term loans does
not arise.
(xviii) 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 Companies Act, 1956.
(xix) According to the information and explanations given to us, during
the period covered by our audit report, the company had not issued
debentures.
(xx) The company has not raised any money by public issues during the
year under report
(xxi) 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.C. PARIKH & CO.
Chartered Accountants
Firm Reg. No. 107537W
Sd/-
PLACE : VADODARA (D.C. PARIKH)
DATE : 30/05/2013 Partner
M. No. 037212
Mar 31, 2010
We have audited the attached Balance Sheet of INTEGRA, SWITCHGEAR
LIMITED Vadodara as at 31st March 2010, the profit & loss account and
cash flow statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our Audit.
1. We have 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 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 management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government in terms of section 227 (4A) of the Companies
Act, 1956, we annex hereto a statement on the matters specified in
paragraphs 4 & 5 the said order to the extent applicable to company.
3. Further, to our comments in the annexure referred to in paragraph 2
above, we report that:
(a) We have obtained all the information and explanations which, to the
best of our knowledge and beliefs, 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 of account of the Company.
(c) The Balance Sheet. Profit and Loss account and Cash Flow Statement
dealt with by this report are in agreement with the Books of account of
the company.
(d) In our opinion, the Balance sheet, Profit & Loss Account and Cash
Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of Companies Act. 1956 so far as they
are applicable to the company.
(e) On the basis of the written representations received from the
Directors of the Company as on 31 st March, 2010 and taken on record by
the Board of Directors of the Company, we report that none of the
Directors is disqualified as on 31st March - 2010 from being appointed
as a Director in terms of Clause (g) of Sub Section (1) of Section 274
of the Companies Act 1956.
(f) In our opinion and to the best of our information and according to
the explanation given to us, the balance sheet and profit & loss
account read together with the notes thereon and attached thereto given
in the prescribed manner, the information required by the Companies
Act. 1956 in the manner so required and give a true and fair view
subject to:
1.Non provision of interest on advances for Rs. 12.83 Lacs (Approx.)
given by the company read with notes no. 3 of schedule 14 forming part
of the accounts.
2. Non provision of depreciation on fixed assets for the company of Rs.
6.41 Lacs read with note no. 4 of schedule 14 forming part of the
accounts. The aggregate effect due to above qualification, the profit
of the company is understated by Rs. 6.42 Lacs.
i. In the case of Balance Sheet, of the state of affairs of the Company
as at 31st March, 2010;
ii. In the case of Profit & Loss account, the Profit of the company for
the year ended on that date; and
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
ANNEXURE REFERRED TO IN PARAGRAPH-2 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF INTEGRA SWITCHGEAR LIMITED.
(i) In respect of fixed assets.
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) All the assets have been physically verified by the management
during the year 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) None of the fixed assets have been disposed off during the year.
(ii) In respect of Inventories
(a) The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
(b) 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. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) In respect of secured or unsecured loans to/from companies,
firms, or other parties listed under section 301 of the Companies Act,
1956,
The company has not granted or taken any loan, secured or unsecured
to/from companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act, 1956 hence
sub-clauses (iii a) to(iii g) are not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal controls.
(v) In respect of particulars of contract 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 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 explanations
given to us. the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act. 1956 have been made at prices which are reasonable
having regard to prevailing market prices as available with the
Company.
(vi) The company has not accepted deposit from public and hence
directives issued by the Reserve Bank of India and the provision
section 58A and 58AA or any other relevant provisions of the Companies
Act 1956 and the rules framed thereunder are not applicable for the
year under report.
(vii) We have been informed that the company has not appointed any
Internal Auditor for the year under report because the company is
incurring losses since last many years.
(viii) The Central Government has not prescribed the maintenance of
Cost Records under Section 209 (1) (d) of the Companies Act. 1956 for
the products of the Company hence need no comments.
(ix) According to the information and explanations given to us in
respect of statutory and other dues:
(a) The company is regular in depositing the statutory dues as
applicable to the company for the year under report.
(b) There are no undisputed statutory dues payable in respect of
provident fund, investor education and protection fund. employee state
insurance, income tax, sales tax, service tax, wealth tax, customs
duty, excise duty and cess, which are outstanding and in arrears, as at
31st March, 2010 for a period of more than six months from the date
they became payable.
(c) There are no dues of sales tax, income tax, customs duty, service
tax, wealth tax, excise duty and cess which have not been deposited on
account of any dispute.
(x) The accumulated loss (including non provision of depreciation) at
the end of financial year is more than fifty percent of its net worth.
The Company has not incurred cash losses during the financial year
covered by our audit.
(xi) 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.
(xii) The company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) 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.
(xiv) 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.
(xv) In our opinion, the company has not given any guarantees for loans
taken by others from banks or financial institutions.
(xvi) The company has not taken any term loans and hence requirement of
reporting regarding application of term loans does not arise.
(xvii) The company has not taken any short term loans and hence
requirement of reporting regarding application of short term loans does
notarise.
(xviii) 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 Companies Act, 1956.
(xix) According to the information and explanations given to us, during
the period covered by our audit report, the company had not issued
debentures.
(xx) The Company has not raised any money by public issues during the
year under report.
(xxi) 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.C. PARIKH & CO.,
Chartered Accountants
Firm Reg. No. 107537W
Sd/-
(D.C. PARIKH)
Partner
M. No. 37212
PLACE : VADODARA
DATE : 10/08/2010
Mar 31, 2009
We have audited the attached Balance Sheet of INTEGRA, SWITCHGEAR
LIMITED Vadodara as at 31st March 2009, the profit & loss account and
cash flow statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our Audit.
1. We have 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 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 management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government in terms of section 227 (4A) of the Companies
Act, 1956, we annex hereto a statement on the matters specified in
paragraphs 4 & 5 the said order to the extent applicable to company.
3. Further, to our comments in the annexure referred to in paragraph 2
above, we report that:
(a) We have obtained all the information and explanations which, to the
best of our knowledge and beliefs, 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 of account of the Company.
(c) The Balance Sheet. Profit and Loss account and Cash Flow Statement
dealt with by this report are in agreement with the Books of account of
the company.
(d) In our opinion, the Balance sheet, Profit & Loss Account and Cash
Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of Companies Act. 1956 so far as they
are applicable to the company.
(e) On the basis of the written representations received from the
Directors of the Company as on 31 st March, 2009 and taken on record by
the Board of Directors of the Company, we report that none of the
Directors is disqualified as on 31 st March - 2009 from being appointed
as a Director in terms of Clause (g) of Sub Section (1) of Section 274
of the Companies Act 1956.
(f) In our opinion and to the best of our information and according to
the explanation given to us, the balance sheet and profit & loss
account read together with the notes thereon and attached thereto given
in the prescribed manner, the information required by the Companies
Act. 1956 in the manner so required and give a true and fair view
subject to:
1. Non provision of interest on advances for Rs. 12.83 Lacs (Approx.)
given by the company read with notes no. 3 of schedule 14 forming part
of the accounts.
2. Non provision of depreciation on fixed assets for the company of
Rs. 6.38 Lacs read with note no. 4 of schedule 14 forming part of the
accounts.
The aggregate effect due to above qualification, the profit of the
company is understated by Rs. 6.42 Lacs.
i. In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2009;
ii. In the case of Profit & Loss account, the Profit of the company
for the year ended on that date; and
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 ANNEEXURE REFERRED TO IN PARAGRAPH-2
OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF INTEGRA SWITCHGEAR
LIMITED.
(i) In respect of fixed assets.
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) All the assets have been physically verified by the management
during the year 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) None of the fixed assets have been disposed off during the year.
(ii) In respect of Inventories
(a) The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
(b) 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. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) In respect of secured or unsecured loans to/from companies,
firms, or other parties listed under section 301 of the Companies Act,
1956,
The company has not granted or taken any loan, secured or unsecured
to/from companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act, 1956 hence
sub-clauses (iii a) to(iii g) are not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal controls.
(v) In respect of particulars of contract 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 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 explanations
given to us. the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act. 1956 have been made at prices which are reasonable
having regard to prevailing market prices as available with the
Company.
(vi) The company has not accepted deposit from public and hence
directives issued by the Reserve Bank of India and the provision
section 58A and 58AA or any other relevant provisions of the Companies
Act 1956 and the rules framed thereunder are not applicable for the
year under report.
(vii) We have been informed that the company has not appointed any
Internal Auditor for the year under report because the company is
incurring losses since last many years.
(viii) The Central Government has not prescribed the maintenance of
Cost Records under Section 209 (1) (d) of the Companies Act. 1956 for
the products of the Company hence need no comments.
(ix) According to the information and explanations given to us in
respect of statutory and other dues:
(a) The company is regular in depositing the statutory dues as
applicable to the company for the year under report.
(b) There are no undisputed statutory dues payable in respect of
provident fund, investor education and protection fund. employee state
insurance, income tax, sales tax, service tax, wealth tax, customs
duty, excise duty and cess, which are outstanding and in arrears, as at
31st March, 2009 for a period of more than six months from the date
they became payable.
(c) There are no dues of sales tax, income tax, customs duty, service
tax, wealth tax, excise duty and cess which have not been deposited on
account of any dispute.
(x) The accumulated loss (including non provision of depreciation) at
the end of financial year is more than fifty percent of its net worth.
The Company has not incurred cash losses during the financial year
covered by our audit.
(xi) 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.
(xii) The company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) 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.
(xiv) 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.
(xv) In our opinion, the company has not given any guarantees for loans
taken by others from banks or financial institutions.
(xvi) The company has not taken any term loans and hence requirement of
reporting regarding application of term loans does not arise.
(xvii) The company has not taken any short term loans and hence
requirement of reporting regarding application of short term loans does
notarise.
(xviii) 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 Companies Act, 1956.
(xix) According to the information and explanations given to us, during
the period covered by our audit report, the company had not issued
debentures.
(xx) The Company has not raised any money by public issues during the
year under report.
(xxi) 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.C.PARIKH & CO.,
Chartered Accountants
Sd/-
PLACE : VADODARA (D.C. PARIKH)
DATE : 30/06/2009 Proprietor
M. No. 37212