Mar 31, 2014
We have audited the accompanying financial statement of PARAS PETROFILS
LTD (ÂThe Company"), which comprise the Balance Sheet as at March 31,
2014, the Statement of Profit & Loss and Cash Flow Statement for the
year then ended and a summary of significant accounting policies and
other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and Cash Flows of the company in accordance with
the Accounting Standards notified under the Companies Act,1956(Âthe
Act") 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 and in 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.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information requires by the Act in the manner so requires 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;
(c) In the case of the Cash flow Statement, of the cash flows for the
year ended on that date
Report on other Legal and Regulatory Requirements
(1) As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of Section 227 (4A) of the
Act, we give in the Annexure a statement on the matters specified in
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
audit.
(b) In our opinion, proper books of accounts 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 & Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts.
(d) In our opinion, Balance Sheet, the Statement Profit & Loss and Cash
Flow Statement comply with the accounting standards notified under 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 the written representations received from the
directors as on 31st March, 2014, and taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of Section 274 (1) (g) of
the Companies Act, 1956.
ANNEXURE TO AUDITOR''S REPORT (Referred to in Para - 1 of our report of
even date)
(1) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) All the assets have been physically verified by the management
during the year but there is a regular program of verification which in
our opinion is reasonable having regards to the size of the company and
nature of its assets. No material discrepancies were noticed on
verification.
(c) During the year, the company has not disposed off any substantial
part of fixed assets.
(2) (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.
(3) (a) The company has not granted loan to companies, firms or other
parties covered in theRegister maintained under section 301 of the
Companies Act.
(b) The company has taken unsecured loan from one company and four
other parties covered under section 301 of the Companies Act, 1956. The
maximum amount involved during the year was Rs. 1.60 Crores and yearend
balance of the loan taken from such parties was Rs. 71.31 lacs.
(c) In our opinion and according to the information and explanations
given to us, the company has not paid any interest and other terms and
conditions of loan taken are not prima facie prejudicial to the
interest of the company.
(d) In our opinion and according to the information and explanations
given to us, the company is regular in payment of principal amount as
stipulated.
(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 purchases of inventory, fixed assets and with
regard to sale of goods and service. During the course of audit, we
have not observed any continuing failure to correct major weaknesses in
internal controls.
(5) According the information and explanations given to us, we are of
the opinion that transactions that need to be entered into the register
maintained under section 301 of the Companies Act, 1956 have been so
entered. There are no transactions made exceeding the value of Rs. 5.00
lacs or more in respect of each parties.
(6) In our opinion and according to the information and explanations
given to us, the company has complied with the provisions of section
58A and 58AA and other relevant provisions of the Companies Act, 1956
and the Companies (Acceptance of Deposit) Rule, 1975 with regard to
acceptance of deposit from public.
(7) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(8) We have broadly reviewed the Books of Accounts relating to
materials, labour and other items of cost maintained by the company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under section 209(1) (d) of the Companies
Act, 1956 and we are of the opinion that prima facie the prescribed
accounts and records have been made and maintained.
(9) (a) 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, service tax, custom duty, excise duty, cess
and other material statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, custom duty, service tax, excise duty and cess were in arrears, as
at 31.03.2014 for a period of more than six months from the date they
become payable.
(c) As on 31.03.2014, according to the record of the company, the
following disputed dues have not been deposited with the appropriate
authorities.
Name of the Statute Nature of Due Amount (in lacs)
Gujarat Sales Tax Act Sales Tax 83.11
Gujarat Sales Tax Act Sales Tax 19.86
Gujarat Sales Tax Act Sales Tax 1.73
Central Excise and Excise Duty 1.98
Custom Act
Name of the Statute From, where dispute is pending Year
Gujarat Sales Tax Act Joint Sales Tax Acc. Year
Commissioner-(Appeal-)II 2002-2003
Gujarat Sales Tax Act Joint Sales Tax Acc. Year
Commissioner-(Appeal-)II 2001-2002
Gujarat Sales Tax Act Joint Sales Tax Acc. Year
Commissioner-(Appeal-)II 2000-2001
Central Excise and Commissioner-(Appeal-1) Acc. Year
Custom Act Surat 2005-2006
(10) In our opinion, the accumulated losses of the company are not more
than 50% of its net worth. The company has not incurred cash loss
during the financial year under review and however there is cash loss
in the immediate preceding financial year.
(11) In our opinion and according to the information and explanations
given to us, the company does not have any loan from Bank, financial
Institution and debenture holder.
(12) In our opinion and according to the information and explanations
given to us, the company has not granted loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
(13) In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
company.
(14) In our opinion and according to information and explanations given
to us, the company does not trade in shares or other securities.
However it has made investment in the quoted shares/mutual funds. The
company has maintained proper records of the transaction and contract
and timely entry have been made therein. All the investments are held
in the name of the company.
(15) In our opinion and according to information and explanations given
to us, the company has not given guarantees for loans taken by others
from bank and financial institutions.
(16) In our opinion, the company has not obtained term loans during the
year. Hence the provisions of clause 4(xvi) of the Companies (Auditors
Report) Order, 2003 are not applicable to the company.
(17) According to the in formations and explanations given to us and on
an overall examination of the Balance Sheet of the company, we report
that no funds raised on short term basis have been used for long term
investment.
(18) In our opinion and according to the in formations and explanations
given to us, the company has not made preferential allotment of share
to parties and companies covered in the register maintained under
section 301 of the Act.
(19) According to the in formations and explanations given to us,
during the period covered by our audit report, the company has not
issued any debentures.
(20) According to the in formations and explanations given to us,
during the period covered by our audit report, the company has not
raised any money by way of public issue.
(21) Based upon the audit procedure performed and as per the
information and explanations given to us by the management, we report
that no fraud on or by the company has been noticed during the year.
FOR R K G & CO.
Chartered Accountants,
(CA. RAMESH GOYAL)
PLACE: SURAT Partner
DATE :30-05-2014 M. No. 037747
FRN -103366W
Mar 31, 2012
We have audited the attached Balance Sheet of PARAS PETROFILS LTD. as
at 31st March, 2012 and Statement of Profit & Loss for the year ended
on that date and annexed thereto 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.
We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amount and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provided a reasonable basis for
our opinion.
(1) As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section 4(A) of
Section 227 of the Companies Act, 1956, we enclose in Annexure a
statement on the matters specified in Para - 4 & 5 of the said Order.
(2) Further to our comments in the Annexure referred to above, we state
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
audit.
(b) In our opinion, proper books of accounts as required by law have
been kept by the company so far as it appears from examination of such
books.
(c) The Balance Sheet, Statement of Profit & Loss and Cash Flow
Statement referred to in this report are in agreement with the books of
accounts.
(d) In our opinion, the Balance Sheet, Statement of Profit & Loss and
Cash Flow Statement comply with the accounting standards referred to in
sub-section 3(C) of Section 211 of the Companies Act, 1956.
(e) On the basis of the written representations received from the
directors as on 31st March, 2012, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2012 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts gives 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 31st March, 2012, and
(ii) in the case of Statement of Profit & Loss, of the Profit of the
company for the year ended on that date.
(iii) in the case of Cash Flow Statement, of the Cash Flow of the
company for the year ended on that date.
ANNEXURE TO AUDITOR'S REPORT ( Referred to in Para - 1 of our report of
even date )
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) All the assets have not been physically verified by the management
during the year but there is a regular programmed of verification, which
in our opinion is reasonable having regards to the size of the company
and nature of its assets. No material discrepancies were noticed on
verification.
(c) During the year, the company has not disposed off any part of fixed
assets.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedure of physical verification of 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) (a) The company has not granted loan to companies, firms or other
parties covered in the Register maintained under section 301 of the
Companies Act.
(b) The company has taken unsecured loan from two companies and ten
other parties covered under section 301 of the Companies Act, 1956. The
maximum amount involved during the year was ' 4.65 Crores and year end
balance of the loan taken from such parties was ' 1.47 crores.
(c) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions of
loan taken are not prima facie prejudicial to the interest of the
company.
(d) In our opinion and according to the information and explanations
given to us, the company is regular in payment of principal amount and
interest as stipulated.
(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 purchases of inventory, fixed assets and with
regard to sale of goods and service. During the course of audit, we
have not observed any continuing failure to correct major weaknesses in
internal controls.
(v) (a) According to the information and explanations given to us, we
are of the opinion that 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 and exceeding the value of rupees five lakhs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
(vi) In our opinion and according to the information and explanations
given to us, the company has complied with the provisions of section
58A and 58AA and other relevant provisions of the Companies Act, 1956
and the Companies (Acceptance of Deposit) Rule, 1975 with regard to
acceptance of deposit from public.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under section 209(1)(d) of the Companies
Act, 1956 and we are of the opinion that prima facie the prescribed
accounts and records have been made and maintained.
(ix) (a) 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, service tax, custom duty, excise duty, cess
and other material statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, custom duty, service tax, excise duty and cess were in arrears, as
at 31.03.2012 for a period of more than six months from the date they
become payable.
(c) As on 31.03.2012, according to the record of the company, the
following disputed dues have not been deposited with the appropriate
authorities.
Name of the Statute Nature of Due Amount
(in lacs) From, where dispute
is pending Year
Gujarat Sales
Tax Act Sales Tax 83.11 Joint Sales Tax Acc
Year
Commissioner-
(Appeal-)II 2002-
2003
Gujarat Sales
Tax Act Sales Tax 19.86 Joint Sales Tax Acc.
Year
Commissioner-
(Appeal-)II 2001-
2002
Gujarat Sales
Tax Act Sales Tax 1.73 Joint Sales Tax Acc.
Year
Commissioner-
(Appeal-)II 2000-
2001
Central Excise
and Excise Duty 1.98 Commissioner-
(Appeal-1) Acc.
Year
Custom Act Surat 2005-
2006
(x) In our opinion, the company has no accumulated losses and has
incurred cash loss during the financial year under review and there is
no cash loss in the immediate preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the company does not have any loan from Bank, financial
Institution and debenture holder.
(xii) In our opinion and according to the information and explanations
given to us, the company has not granted loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
(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 and according to information and explanations
given to us, the company does not trade in shares or other securities.
However it has made investment in the quoted shares/mutual funds. The
company has maintained proper records of the transaction and contract
and timely entry have been made therein. All the investment are held in
the name of the company.
(xv) In our opinion and according to information and explanations given
to us, the company has not given guarantees for loans taken by others
from bank and financial institutions.
(xvi) In our opinion, the company has not obtained term loans during
the year. Hence the provisions of clause 4(xvi) of the Companies
(Auditors Report) Order,2003 are not applicable to the company.
(xvii) According to the in formations and explanations given to us and
on an overall examination of the Balance Sheet of the company, we
report that no funds raised on short term basis have been used for long
term investment.
(xviii) In our opinion and according to the in formations and
explanations given to us, the company has not made preferential
allotment of share to parties and companies covered in the register
maintained under section 301 of the Act.
(xix) According to the in formations and explanations given to us,
during the period covered by our audit report, the company has not
issued any debentures.
(xx) According to the in formations and explanations given to us, during
the period covered by our audit report, the company has not raised any
money by way of public issue.
(xxi) Based upon the audit procedure performed and as per the
information and explanations given to us by the management, we report
that no fraud on or by the company has been noticed during the year.
for R K G & CO.
Chartered Accountants
Firm Reg. No. : 103366W
(CA RAMESH GOYAL)
Place : Surat Partner
Date : 31st August, 2012 M.No.37747
Mar 31, 2010
We have audited the attached Balance Sheet of PARAS PETROFILS LTD. as
at 31st March, 2010 and Profit & Loss Account for the year ended on
that date and annexed thereto 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.
We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan end
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 amount and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provided a reasonable basis for
our opinion.
(1) As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section 4(A) of
Section 227 of the Companies Act, 1956, we enclose in Annexure a
statement on the matters specified in Para - 4 & 5 of the said Order.
(2) Further to our comments in the Annexure referred to above, we state
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
audit.
(b) In our opinion, proper books of accounts as required by law have
been kept by the company so far as it appears from examination of such
books.
(c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
referred to in this report are in agreement with the books of accounts.
(d) In our opinion, the Profit & Loss Account, Balance Sheet and Cash
Flow Statement comply with the accounting standards referred to in
sub-section 3(C) of Section 211 of the Companies Act, 1956.
(e) On the basis of the written representations received from the
directors as on 31st March, 2010, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2010 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts gives 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 31st March, 2010, and
(ii) in the case of 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 Flow of the
company for the year ended on that date.
ANNEXURE TO AUDITORS REPORT (Referred to in Para - I of our
report of even date)
(i) (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 but there is a regular program of verification which in
our opinion is reasonable having regards to the size of the company and
nature of its assets. No material discrepancies were noticed on
verification.
(c) During the year, the company has not disposed off a major part of
the Pant & Machinery and therefore do not affect the going concern
status of the company.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of Verification is
reasonable.
(b) The procedure of physical verification of 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 stock and
the book records were not material.
(iii) (a) The company has not granted loan to companies, firms or other
parties covered in the Register maintained under section 301 of the
Companies Act.
(b) The company has taken unsecured loan from three companies, one firm
and seventeen other parties covered under section 301 of the Companies
Act, 1956. The maximum amount involved during the year was Rs. 12.69
Crores and year end balance of the loan taken from such parties was Rs.
7.82 crores.
(c) In our opinion and according to the information and explanation
given to us, the rate of interest where applicable and other terms and
conditions of loan taken are not prima facie prejudicial to the
interest of the company.
(d) In our opinion and according to the information and explanations
given to us, the company is regular in payment of principal amount and
interest as stipulated.
(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 purchases of inventory, fixed assets and with
regard to sale of goods and service. During the course of audit, we
have not observed any continuing failure to correct major weaknesses in
internal controls.
(v) (a) According the information and explanations given to us, we are
of the opinion that 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 and exceeding the value of rupees five lakhs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
(vi) In our opinion and according to the information and explanations
given to us, the company has complied with the provisions of section
58A and 58AA and other relevant provisions of the Companies Act, 1956
and the Companies (Acceptance of Deposit) Rule, 1975 with regard to
acceptance of deposit from public.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under section 209(1)(d) of the Companies
Act, 1956 and we are of the opinion that prima facie the prescribed
accounts and records have been made and maintained.
(ix) (a) 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, service tax, custom duty, excise duty, cess
and other material statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amount payable in respect of income tax, wealth tax, sales
tax, custom duty, service tax, excise duty and cess were in arrears, as
at 31.03.2010 for a period of more than six months from the date they
become payable.
(c) As on 31.03.2010, according to the record of the company, the
following disputed dues have not been deposited with the appropriate
authorities.
Name of the Nature of Due Amount From, where dispute
Statute (in lacs) is pending Year
Gujarat
Sales Tax Act Sales Tax 83.11 Joint Sales Tax Acc. Year
Commissioner-
(Appeal-)II 2002-2003
Gujarat
Sales Tax Act Sales Tax 19.86 Joint Sales Tax Acc. Year
Commissioner-
(Appeal-)II 2001-2002
Gujarat
Sales Tax Act Sales Tax 1.73 Joint Sales Tax Acc. Year
Commissioner-
(Appeal-)II 2000-2001
Central
Excise and Excise Duty 1.98 Commissioner-
(Appeal-1) Acc. Year
Custom Act Surat 2005-2006
(x) In our opinion, the company has no accumulated losses and has not
incurred cash loss during the financial year under review and in the
immediate preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the company does not have any loan from Bank, financial
Institution and debenture holder.
(xii) In our opinion and according to the information and explanations
given to us, the company has not granted loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
(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 and according to information and explanations
given to us, the company does not trade in shares or other securities.
However it has made investment in the quoted shares/mutual funds. The
company has maintained proper records of the transaction and contract
and timely entry have been made therein. All the investments are held
in the name of the company.
(xv) In our opinion and according to information and explanations given
to us, the company has given guarantees for loans taken by others from
bank and financial institutions. The terms and conditions are not
prejudicial to the interest of the company.
(xvi) In our opinion, the company has not obtained term loans during
the year. Hence the provisions of clause 4(xvi) of the Companies
(Auditors Report) Order, 2003 are not applicable to the company.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the company, we report
that no funds raised on short term basis have been used for long term
investment.
(xviii) In our opinion and according to information and explanations
given to us, the company has not made preferential allotment of share
to parties and companies covered in the register maintained under
section 301 of the Act.
(xix) According to the information and explanations given to us, during
the period covered by our audit report, the company has not issued any
debentures.
(xx) According to the information and explanations given to us, during
the period covered by our audit report, the company has not raised any
money by way of public issue.
(xxi) Based upon the audit procedure performed and as per the
information and explanations given to us by the management, we report
that no fraud on or by the company has been noticed during the year.
for R K G & CO.
Chartered Accountants
Firm Reg. No. : 103366W
(CA RAMESH GOYAL)
Place :Surat Partner
Date :15.05.2010 M.No.37747
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