Mar 31, 2015
We have audited the accompanying standalone financial statements of
MONNET PROJECT DEVELOPERS LIMITED, ("the Company"), which comprise the
Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss,
the Cash Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement. An audit involves performing
procedures to obtain audit evidence about the amounts and the
disclosures in the financial statements. The procedures selected depend
on the auditor's judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud
or error. In making those risk assessments, the auditor considers
internal financial control relevant to the Company's preparation of the
financial statements that give a true and fair view in order to design
audit procedures that are appropriate in the circumstances. An audit
also includes evaluating the appropriateness of the accounting policies
used and the reasonableness of the accounting estimates made by the
Company's Directors, as well as evaluating the overall presentation of
the financial statements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit
opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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 case of the Balance Sheet, of the state of affairs of the Company
as at 31st March, 2015,
b) In case of Statement of Profit & Loss of profit of the company for
the year ended 31st March 2015of its loss for the year,
c) In case of Cash Flow Statement of cash flow of the company for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by 'the Companies (Auditor's Report) Order, 2015' ("the
order"), issued by the Central Government of India in terms of sub
section 11 of Section 143 of the Companies Act, 2015, and on the basis
of such checks of the books and records of the Company as we considered
appropriate and according to the information and explanations given to
us, we give in the Annexure a statement on the matters specified in
paragraphs 3 and 4 of the Order to the extent applicable.
As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company has disclosed impact of pending litigations on its
financial position as referred in Note no 20 and 26
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
There were no amount which were required to be transferred, to the
Investor Education and Protection Fund by the Company.
ANNEXURE REFERRED TO IN THE AUDITORS' REPORT ON ACCOUNTS FOR THE YEAR
ENDED 31st MARCH, 2015
1. a) The Company has maintained proper records to show full
particulars including quantitative details and situation of fixed
assets.
b) As explained to us, major fixed assets have been physically verified
by the management during the year. We have been informed that the
discrepancies noticed on such verification as compared to book record
were not material and have been properly dealt with in the books of
account. In our opinion the frequency of verification is reasonable.
2. a) Physical verification has been conducted by the management at
reasonable intervals in respect of stock of land and development cost
thereon.
b) In our opinion and according to the information and explanation
given to us, the procedure of physical verification of these stocks
followed by the management is reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion the Company is maintaining proper records of
inventories. No discrepancies were noticed on such verification between
the physical stocks and book records.
3. According to the information and explanations given to us, the
Company has granted unsecured loan to a Company covered in the register
maintained under section 189 of the Companies Act 2013. As explained to
us the repayment terms with respect to repayment of principle and
interest are not stipulated and hence cannot be commented with regard
to overdue amount in the loan/interest.
4. 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 transactions of interest income during the year. During the course
of audit, no major weakness has been noticed in the underlying internal
controls.
5. According to the information and explanations given to us the
company has not accepted any deposits, in terms of the directives
issued by the Reserve Bank of India and the provisions of sections 73
to 76 or any other relevant provisions of the Companies Act 2013 and
the rules framed there under.
6. a) As per information and explanations given to us the Company has
been regular in depositing the undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty,
Cess, Octroi, entry tax and other statutory dues with the appropriate
Authorities. There are no undisputed statutory dues at the yearend
outstanding for a period of more than six months from the date they
become payable.
b) We have been informed that following disputed demands have not been
deposited as appeals are pending with Appellate Authorities as detailed
below
S.
No. Nature of Demand Pending Amount Forum where appeal
(Rs. In Lacs) is pending
1. Excise Duty
(Capital Goods) 9.35 Allahabad High Cou
(including
penalty)
2 Excise Duty
(Capital Goods) 3.02 CESTAT, New Delhi
7 There are no accumulated losses of the company as at the end of the
year. The Company has not incurred cash losses during the financial
year covered by our audit and during the immediately preceding
financial year.
8. Based upon the audit procedures performed and information and
explanations given by the management, we report that, no fraud on or by
the Company has been noticed or reported during the course of our audit
for the year ended 31.03.2015.
9. Clauses in Paragraph no.3 (vi),(ix),(x)&(xi) of the order are not
applicable to the Company for the year under report.
For O.P. BAGLA & CO.
CHARTERED ACCOUNTANTS
Firm Regn. No. 000018N
Place : New Delhi (RAKESH KUMAR)
Date : 28.05.2015 Partner
M. No. 87537
Mar 31, 2014
We have audited the accompanying financial statements of MONNET PROJECT
DEVELOPERS LIMITED, (the "Company"), which comprise the Balance Sheet
as at March 31, 2014 the Statement of Profit and Loss and Cash Flow
Statement for the year ended, and a summary of significant accounting
policies and other explanatory information , which we have signed under
reference to this report..
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 flows of the Company in accordance with
the Accounting Standards notified under the Companies Act, 1956 of
India (the "Act"), read with the General Circular 15/ 2013 dated
September 13, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013. This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing and other applicable authoritative
pronouncements issued by the Institute of Chartered Accountants of
India. Those Standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
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 Statement of Profit and Loss, of the PROFIT for
the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order, 2003 as amended
by the Companies (Auditor''s Report) order 2004 ("the Order") issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Act, (hereinafter referred to as the "Order"), and on the
basis of such checks of the books and records of the Company as we
considered appropriate and according to the information and
explanations given to us, we give in the Annexure a statement on the
matters specified in paragraphs 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 and Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards notified under the Act read with the General
Circular 15/ 2013 dated September 13, 2013 of the Ministry of Corporate
Affairs in respect of Section 133 of the Companies Act, 2013;
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE AUDITORS'' REPORT ON ACCOUNTS
FOR THE YEAR ENDED 31st MARCH, 2014
1. a) The Company has maintained proper records to show full
particulars including quantitative details and situation of fixed
assets.
b) As explained to us, major fixed assets have been physically verified
by the management during the year. We have been informed that the
discrepancies noticed on such verification as compared to book record
were not material and have been properly dealt with in the books of
account. In our opinion the frequency of verification is reasonable.
c) The Company has not disposed off any of its fixed assets during the
year, hence paragraph 4 (i) (c) of the said order is not applicable.
2. a) Physical verification has been conducted by the management at
reasonable intervals in respect of stock of land and development cost
thereon.
b) In our opinion and according to the information and explanation
given to us, the procedure of physical verification of these stocks
followed by the management is reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion the Company is maintaining proper records of
inventories. No discrepancies were noticed on such verification between
the physical stocks and book records.
3. According to the information and explanations given to us, the
Company has neither granted nor taken any loans, secured or unsecured
to/From Companies, firms or other Parties covered in the register
maintained under section 301 of the Companies Act 1956. Accordingly,
relevant paragraphs of the order with respect to such transactions are
not applicable.
4. 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 transactions of interest income during the year. During the course
of audit, no major weakness has been noticed in the underlying internal
controls.
5. In our opinion and according to information and explanations given
to us, there are no transactions that needed to be entered in the
register maintained under section 301 of the Act.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits within the
meaning of provisions of section 58A and 58AA of the Companies Act,
1956 and the Companies (Acceptance of Deposits) Rules, 1975.
7. In our opinion and according to the information and explanations
given to us, the Company has adequate internal audit system
commensurate with its size and nature of its business.
8. a) As per information and explanations given to us the Company has
been regular in depositing the undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty,
Cess, Octroi, entry tax and other statutory dues with the appropriate
Authorities. There are no undisputed statutory dues at the year end
outstanding for a period of more than six months from the date they
become payable.
b) We have been informed that following disputed demands have not been
deposited as appeals are pending with Appellate Authorities as detailed
below
Sr. Nature of Demand Pending Amount Forum where appeal
No. (Rs. In Lacs) is pending
1. Excise Duty (Capital 18.57 CESTAT,
Goods) (including penalty) New Delhi/Assistant
Commissioner of
Central Excise
Muzaffarnagar.
2. Excise Duty (Capital 1.62 Allahabad High
Goods) Court
9. There are no accumulated losses of the Company as at the end of the
year. The Company has not incurred cash losses during the financial
year covered by our audit and during the immediately preceding
financial year.
10. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Paragraph 4 (xii) of the order is not applicable.
11. The Company is dealing in shares, securities, debentures and other
investments and proper records have been maintained of the transactions
and contracts and timely entries have been made therein. Also the
shares, securities, debentures and other securities have been held by
the Company in its own name.
12. According to information and explanations given to us the Company
has not given any guarantees for loans taken by others from
Banks/Financial Institutions.
13. During the year the Company has not made any preferential allotment
of shares to parties and Companies covered in the Register maintained
u/s 301 of the Companies Act 1956. As such paragraph 4 (xviii) of the
order is not applicable.
14. Since the Company has not raised money by way of Public Issue
during the year paragraph 4 (xx) of the order is not applicable.
15. Based upon the audit procedures performed and information and
explanations given by the management, we report that, no fraud on or by
the Company has been noticed or reported during the course of our audit
for the year ended 31.03.2014.
16. Clauses in Paragraph no.4 (viii),(xi),(xiii),(xvi),(xvii)&(xix) of
the order are not applicable to the Company for the year under report.
For O.P. BAGLA & CO.
CHARTERED ACCOUNTANTS
Firm Regn. No. 000018N
Sd/-
Place : New Delhi (ATUL BAGLA)
Date : 29 th May, 2014 PARTNER
M.NO. 91885
Mar 31, 2011
We have audited the attached Balance Sheet of MONNET SUGAR LIMITED as
at 31st March, 2011 and Profit & Loss Account for the Year Ended 31st
March, 2011 annexed thereto and 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.
We conducted our audit in accordance with auditing standards generally
accepted in India . Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in 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.
1.As required by the Companies (Auditor's Report) order, 2003 as
amended by the Companies (Auditor's Report) (Amendment) order 2004
issued by the Central Government in terms of Section 227(4A) of the
Companies Act, 1956, we enclose in the annexure a statement on the
matters specified in the paragraphs 4 & 5 of the said order to the
extent applicable to the Company.
2.Further to our comments in the annexure referred to in paragraph 1
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 the Profit & Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
d) In our opinion, the profit and loss account and balance sheet and
Cash Flow Statement comply with the accounting standards referred to in
sub-section (3c) of section 211 of the Companies Act, 1956.
e) On the basis of written representation received from the directors
and taken on records by the Board of Directors, we report that, non of
the director is disqualified as on 31st March, 2011 from being
appointed as Director u/s 274(1)(g) of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with
Significant Accounting Policies and other Notes thereon in Schedule
give the information as required by the Companies Act, 1956 in the
manner so required and give true and fair view in conformity with
accounting principles generally accepted in India :-
i) In the case of the Balance Sheet of the State of affairs of the
Company as at 31.3.2011.
ii) In the case of the Profit & Loss Account of the PROFIT for the Year
Ended on that date.
iii) In the case of Cash Flow Statement of the cash flows for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE AUDITORS' REPORT ON
ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2011
1.a)The Company has maintained proper records to show full particulars
including quantitative details and situation of fixed assets.
b) As explained to us, major fixed assets have been physically verified
by the management during the year. We have been informed that the
discrepancies noticed on such verification as compared to book record
were not material and have been properly dealt with in the books of
account. In our opinion the frequency of verification is reasonable.
c) The Company has not disposed off any of its fixed assets during the
year, hence paragraph 4 (i) (c) of the said order is not applicable.
2. According to the information and explanations given to us, the
Company has neither granted nor taken any loans, secured or unsecured
to/From Companies, firms or other Parties covered in the register
maintained under section 301 of the Companies Act 1956. Accordingly,
relevant paragraphs of the order with respect to such transactions are
not applicable.
3. 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 transactions of interest income during the year. During the course
of audit, no major weakness has been noticed in the underlying internal
controls.
4. In our opinion and according to information and explanations given
to us, there are no transactions that needed to be entered in the
register maintained under section 301 of the Act.
5. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits within the
meaning of provisions of section 58A and 58AA of the Companies Act,
1956 and the Companies (Acceptance of Deposits) Rules, 1975.
6. In our opinion and according to the information and explanations
given to us, the Company has adequate internal audit system
commensurate with its size and nature of its business.
7. a)As per information and explanations given to us the Company has
been regular in depositing the undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty,
Cess, Octroi, entry tax and other statutory dues with the appropriate
Authorities. There are no undisputed statutory dues at the year end
outstanding for a period of more than six months from the date they
become payable.
b) We have been informed that following disputed demands have not been
deposited as appeals are pending with Appellate Authorities as detailed
below :-
Pending Amount
S.No. Nature of Demand Forum where appeal
is pending
(Rs. In Lacs)
1. Excise Duty
(Capital Goods) 14.65 CESTAT, New Delhi
2. Excise Duty
(Capital Goods) 1.29 Allahabad High Court
8. There are no accumulated losses of the company as at the end of the
year. The Company has not incurred cash losses during the financial
year covered by our audit and during the immediately preceding
financial year.
9. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Paragraph 4 (xii) of the order is not applicable.
10. According to information and explanations given to us the Company
has not given any guarantees for loans taken by others from
Banks/Financial Institutions.
11. During the year the Company has not made any preferential
allotment of shares to parties and Companies covered in the Register
maintained u/s 301 of the Companies Act 1956. As such paragraph 4
(xviii) of the order is not applicable.
12. Since the Company has not raised money by way of Public Issue
during the year paragraph 4 (xx) of the order is not applicable.
13. Based upon the audit procedures performed and information and
explanations given by the management, we report that, no fraud on or by
the Company has been noticed or reported during the course of our audit
for the year ended 31.03.2011.
14. Other clauses of the order are not applicable to the Company for
the year under report.
Mar 31, 2010
We have audited the attached Balance Sheet of MONNET SUGAR LIMITED as
at 31st March, 2010 and Profit & Loss Account for the Year Ended 31st
March, 2010 annexed thereto and Cash Flow statement for the year ended
on that date. These financial statements are the responsibility of the
CompanyÃs management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in 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.
1. As required by the Companies (Auditors Report) order, 2003 as
amended by the Companies (Auditors Report) (Amendment) order 2004
issued by the Central Government in terms of Section 227(4A) of the
Companies Act, 1956, we enclose in the annexure a statement on the
matters specified in the paragraphs 4 & 5 of the said order to the
extent applicable to the Company.
2. Further to our comments in the annexure referred to in paragraph 1
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 the Profit & Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
d) In our opinion, the profit and loss account and balance sheet and
Cash Flow Statement comply with the accounting standards referred to in
sub-section (3c) of section 211 of the Companies Act, 1956.
e) On the basis of written representation received from the directors
and taken on records by the Board of Directors, we report that, non of
the director is disqualified as on 31st March, 2010 from being
appointed as Director u/s 274(1)(g) of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with
Significant Accounting Policies and other Notes thereon in Schedule -
15 give the information as required by the Companies Act, 1956 in the
manner so required and give true and fair view in conformity with
accounting principles generally accepted in India :- i) In the case of
the Balance Sheet of the State of affairs of the Company as at
31.3.2010.
ii) In the case of the Profit & Loss Account of the PROFIT for the Year
Ended on that date.
iii) In the case of Cash Flow Statement of the cash flows for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE AUDITORSÃ REPORT ON ACCOUNTS
FOR THE YEAR ENDED 31st MARCH, 2010
1. a) The Company has maintained proper records to show full
particulars including quantitative details and situation of fixed
assets.
b) As explained to us, major fixed assets have been physically verified
by the management during the year. We have been informed that the
discrepancies noticed on such verification as compared to book record
were not material and have been properly dealt with in the books of
account. In our opinion the frequency of verification is reasonable.
c) The Company has not disposed of any of its fixed assets during the
year.
2. According to the information and explanations given to us, the
Company has neither granted nor taken any loans, secured or unsecured
to/From Companies, firms or other Parties covered in the register
maintained under section 301 of the Companies Act 1956. Accordingly,
relevant paragraphs of the order with respect to such transactions are
not applicable.
3. 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 transactions of interest income during the year. During the course
of audit, no major weakness has been noticed in the underlying internal
controls.
4. In our opinion and according to information and explanations given
to us, there are no transactions that needed to be entered in the
register maintained under section 301 of the Act.
5. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits within the
meaning of provisions of section 58A and 58AA of the Companies Act,
1956 and the Companies (Acceptance of Deposits) Rules, 1975.
6. In our opinion and according to the information and explanations
given to us, the Company has adequate internal audit system
commensurate with its size and nature of its business.
7. a) As per information and explanations given to us the Company has
been regular in depositing the undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty,
Cess, Octroi, entry tax and other statutory dues with the appropriate
Authorities. There are no undisputed statutory dues at the year end
outstanding for a period of more than six months from the date they
become payable.
b) We have been informed that following disputed demands have not been
deposited as appeals are pending with Appellate Authorities as detailed
below :-
S.
No. Nature of Demand Pending Forum where appeal
Amount is pending
(Rs. in Lacs)
1. Excise Duty (Capital Goods) 14.65 CESTAT, New Delhi
2. Excise Duty (Capital Goods) 1.29 Allahabad High Court I
8. There are no accumulated losses of the company as at the end of the
year. The Company has not incurred cash losses during the financial
year covered by our audit and during the immediately preceding
financial year.
9. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Paragraph 4 (xii) of the order is not applicable.
10. According to information and explanations given to us the Company
has not given any guarantees for loans taken by others from
Banks/Financial Institutions.
11. During the year the Company has not made any preferential allotment
of shares to parties and Companies covered in the Register maintained
u/s 301 of the Companies Act 1956. As such paragraph 4 (xviii) of the
order is not applicable.
12. Since the Company has not raised money by way of Public Issue
during the year paragraph 4 (xx) of the order is not applicable.
13. Based upon the audit procedures performed and information and
explanations given by the management, we report that, no fraud on or by
the Company has been noticed or reported during the course of our audit
for the year ended 31.03.2010.
14. Other clauses of the order are not applicable to the Company for
the year under report.
For O.P. BAGLA & CO.
Chartered Accountants
Sd/-
(RAKESH KUMAR)
Partner
Place :New Delhi M.No. 87537
Dated:10th August, 2010 Firm Regn. No. 000018N