Mar 31, 2016
TO,
THE MEMBERS OF PRAG BOSIMI SYNTHETICS LIMITED
Report on the Financial Statement
We have audited the accompanying standalone financial statements of PRAG BOSIMI SYNTHETICS LIMITED, which comprise the Balance Sheet as at 31st March, 2016, 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 Financial Statements
The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of financial position, financial performance and cash flows of the Company in accordance with accounting principles generally accepted in India, including the Accounting Standards specified u/s 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014. Thus responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit.
We have taken into account the provisions of the Act and the Rules made there under, including 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 Standard on Auditing specified u/s 143(10) of the Act and other authoritative pronouncement issued by the Institute of Chartered Accountants of India. Those Standards and pronouncements 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 judgments, including the assessment of risks of material misstatement of the financial statements, whether due to fraud or error. In making those risks 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, but not for the purpose of expressing an opinion on whether the Company has in place adequate internal financial controls systems over financial reporting and operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating 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, of the state of affairs of the Company as at 31st March, 2016 and its loss and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016 ("The Order") issued by the Central Government in terms of sub-section (11) of section 143 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 B", a statement on matters specified in the paragraph 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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 u/s. 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis on written representations received from the directors as on 31st March 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2016 from being appointed as a director in terms of section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure A". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.
g) With respect to the other matters to be included in the Auditor''s Report in accordance with the Rule 11 of the Companies (Audit and Auditor''s) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its financial position.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended 31st March, 2016.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT FOR THE YEAR ENDED 31st MARCH, 2016 OF PRAG BOSIMI SYNTHETICS LIMITED.
The Annexure referred to in our Independent Auditors Report to the members of the company on the standalone
financial statements for the year ended 31st March 2016, we report that:
(i) In respect of its Fixed Assets:
(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) The assets have been physically verified by the management in accordance with the phased programmed of verification adopted by the Company. In our opinion, the frequency of the verification is reasonable having regard to the size of the Company and nature of fixed assets. No material discrepancies have been noticed in respect of the assets physically verified during the year.
(c) Title Deeds of immovable properties are held in the name of the company.
(ii) In respect of its Inventories:
As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals. Inventory lying with the third parties and in transit have been verified by the management with reference to the confirmation received from them and/or subsequent receipt of goods.
(iii) (a) The Company has not granted any loans secured or unsecured to companies, firms, Limited Liability
Partnerships or other parties covered in the Register maintained under section 189 of the Companies Act 2013.
(b) The company has taken unsecured loans of Rs. 42, 94, 46,649/- from Managing Director and other related parties during the year. The terms of the loan repayment are not prima facie prejudicial to the interest of the Company.
(c) The Company has not taken any loans, secured or unsecured, except as stated in iii (b) above from companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013.
(iv) No deposits within the meaning of Section 73 to 76 or any other relevant provision of the Act and Rules framed there under have been accepted by the Company.
(v) The Company is required to maintain cost records pursuant to the Order of the Central Government under section 148(1) of the Companies Act, 2013. We are informed that the Company did not have any manufacturing activities; hence cost records are not maintained.
(vi) The Company has following undisputed amounts outstanding towards statutory dues for more than 6 months as on 31st March, 2016:
The Act applicable |
Details of outstanding Amount |
Amount (Rs. in Lacs) |
The Assam Professions, Trades, Callings and Employments Taxation Act, 1947 |
Professional Tax |
12.23 |
(vii) In terms of Corporate Debt Restructuring (CDR), the company issued 8% Optionally Cumulative Convertible Debentures (OCCD) of Rs. 57.52 crores in March 2011 to be redeemed by March 2013 but the company could not repay entire principal amount and interest due to various operational and financial constraints. However, the company has already settled under OTS Scheme Principal amount of Rs. 46.23 Crores (80% of Rs.57.52 crores). The details of balance overdue amount for over three years are as follows:
Name |
Principal amount of 8% OCCDs outstanding as on 31.03.2016 (Rs. in Crores) |
Amount of Interest Accrued till 31.03.2016 (Rs. in Crores) |
Total Amount (Rs. in crores) |
Allahabad Bank |
0.81 |
0.32 |
1.13 |
Bank of Baroda |
1.02 |
0.41 |
1.43 |
Central Bank of India |
0.93 |
0.38 |
1.31 |
Life Insurance Corporation of India |
2.46 |
0.99 |
3.45 |
New India Assurance Company |
0.17 |
0.07 |
0.24 |
National Insurance Company |
0.09 |
0.04 |
0.13 |
Oriental Insurance Company |
0.09 |
0.04 |
0.13 |
State Bank of India |
4.83 |
1.94 |
6.77 |
UCO Bank |
0.76 |
0.30 |
1.06 |
United India Insurance Company |
0.13 |
0.05 |
0.18 |
Total |
11.29 |
4.54 |
15.83 |
We are informed that the company is in negotiation for One Time Settlement with the aforesaid banks/ institutions.
North Eastern Development Finance Corporation Ltd: Overdue Loan Amount of Rs. 4.99 crores (Principal amount Rs. 3.50 crores plus interest of Rs. 1.49 crores) for over four years:
As per the compromise settlement with the aforesaid institution in September 2008, Rs. 3.50 crores were to be repaid after moratorium period of two years from 01/12/2008 and to be paid over a year of 4 years with equal six monthly installments and fixed interest @ 8% per annum was to be levied on balance outstanding. However, due to various operational and financial constraints it could not be repaid by December 2014.
We are informed that the company is negotiating for One Time Settlement.
(viii) During the year, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures or other securities.
(ix) The Company is not a dealer or trader in shares, securities, debentures and other investments.
(x) In our opinion and according to information and explanations given to us, the Company has not given guarantee for loans taken by others from Banks or financial institutions except reported in the accounts.
(xi) According to the information and explanations given to us, in our opinion, funds raised on short term basis have not been used for long term basis or vice versa.
(xii) During the year, the Company has not made any preferential allotment of shares to the parties and companies covered and recorded in the Register maintained under section 189 of the Act.
(xiii) The Company has not raised any money by way of public issue during the year.
(xiv) During the year, no fraud by the company or fraud on the Company by its officers or employees has been noticed or reported.
For Bharat Shroff & Co. For AMD & Associates
Chartered Accountants Chartered Accountants
(Firm Reg. No.131026W) (Firm Regn.No.318191E)
Bharat B. Shroff Debashish Bordoloi
Proprietor Partner
(Membership No. 014822) (Membership No. 068018)
Place: Mumbai Place : Guwahati
Date: 30th May 2016 Date : 30th May 2016
Mar 31, 2015
We have audited the accompanying standalone financial statements of
PRAG BOSIMI SYNTHETICS LIMITED, which comprise the Balance Sheet as at
31st March, 2015 and the Statement of Profit and Loss and Cash Flow
Statement for the period then ended, and a summary of the significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in section 134(5) of the Companies Act, 2013 ("the Act") with
respect to the preparation and presentation of these standalone
financial statements that give a true and fair view of financial
position, financial performance and cash flows of the Company in
accordance with accounting principles generally accepted in India,
including the Accounting Standards specified u/s 133 of the Act read
with Rule 7 of the Companies (Accounts) Rules, 2014. Thus
responsibility also includes maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
We have taken into account the provisions of the Act and the Rules made
there under, including 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 Standard on Auditing
specified u/s 143(10) of the Act and other authoritative pronouncement
issued by the Institute of Chartered Accountants of Inada. Those
Standards and pronouncements 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 judgments, including the assessment of
risks of material misstatement of the financial statements, whether due
to fraud or error. In making those risks 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, but not for the purpose of expressing an opinion on
whether the Company has in place adequate internal financial controls
systems over financial reporting and operating effectiveness of such
controls. An audit also includes evaluating the appropriateness of the
accounting policies unused and reasonableness of the accounting
estimates made by the Company's Directors, as well as evaluating
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 the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2015.
(b) In the case of the Statement of Profit and Loss, of the loss of the
Company for the period ended on that date.
(c) In the case of the Cash Flow Statement, of the cash flows for the
period ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("The
Order") issued by the Central Government in terms of sub-section (11)
of section 143 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 statement on matters
specified in the paragraph 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
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 u/s. 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis on 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 on 31st March 2015 from being
appointed as a director in terms of section 164 (2) of the Act.
The Annexure referred to in our Independent Auditors Report to the
members of the company on the standalone financial statements for the
period ended 31st March 2015, we report that:
(i) In respect of its Fixed Assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The assets have been physically verified by the management in
accordance with the phased programmed of verification adopted by the
Company. In our opinion, the frequency of the verification is
reasonable having regard to the size of the Company and nature of fixed
assets. No material discrepancies have been noticed in respect of the
assets physically verified during the period.
(c) No substantial part of the fixed assets has been disposed off
during the period.
(ii) In respect of its Inventories:
(a) As explained to us, the inventories were physically verified during
the period by the Management at reasonable intervals. Inventory lying
with the third parties and in transit have been verified by the
management with reference to the confirmation received from them and/or
subsequent receipt of goods.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) The Company has maintained proper records of its inventories. The
discrepancies noticed on verification between physical stocks and book
records were not material.
(iii) (a) The Company has not granted any loans secured or unsecured to
companies, firms or parties covered in the Register maintained under
section 189 of the Act.
(b) The company has taken unsecured loans of Rs.54,85,27,581/- from
Managing Director and other related parties during the period. The
terms of the loan repayment are not prima facie prejudicial to the
interest of the Company.
(c) The Company has not taken any loans, secured or unsecured, except
as stated in iii (b) above from companies, firms or other parties
covered in the register maintained under section 301 of the Act.
(iv) In our opinion and according to the information and explanations
given to us, having regard to the explanations that some of the items
purchased are of special nature and suitable alternative sources do not
exist for obtaining comparable quotation, there are adequate internal
control systems commensurate with the size of the company and the
nature of its business for the purchase of inventory and fixed assets
and for the sale of goods and services. During the course of our audit,
no major weakness has been noticed in the internal control system.
(v) No deposits within the meaning of Section 73 to 76 or any other
relevant provision of the Act and Rules framed there under have been
accepted by the Company.
(vi) We are informed that the cost records maintained by the Company
pursuant to the Order of the Central Government under section 209(1)(d)
of the Act have been checked and verified by the cost auditor and hence
we are not required to comment on it.
(vii) The Company has following undisputed amounts outstanding towards
statutory dues for more than 6 months as on 31st March, 2015:
The Act applicable Details of outstanding Amount Amount (Rs. in Lacs)
The Assam Professions, Trades, Callings and Employments Taxation Act,
1947 Professional Tax 12.23
(viii) The accumulated losses of the Company at the end of the
financial period are not more than fifty per cent of its net worth. The
Company has incurred cash losses during the financial period covered by
our audit and in the immediately preceding financial period.
(ix) In our opinion and according to the information and explanations
given to us, the Company has not made regular payments towards dues to
financial institutions, banks and debenture holders.
(x) During the period, the Company has not granted loans and advances
on the basis of security by way of pledge of shares, debentures or
other securities.
(xi) The Company is not a dealer or trader in shares, securities,
debentures and other investments.
(xii) In our opinion and according to information and explanations
given to us, the Company has not given guarantee for loans taken by
others from Banks or financial institutions except reported in the
accounts.
(xiii) According to the information and explanations given to us, in
our opinion, funds raised on short term basis have not been used for
long term basis or vice versa.
(xiv) During the period, the Company has not made any preferential
allotment of shares to the parties and companies covered and recorded
in the Register maintained under section 189 of the Act.
(xv) The Company has not raised any money by way of public issue during
the period.
(xvi) During the period, no fraud on or by the Company has been noticed
or reported during the course of our audit.
For Bharat Shroff & Co. For AMD & Associates
Chartered Accountants Chartered Accountants
(Firm Reg. No.131026W) (Firm Regn.No.318191E)
Bharat B. Shroff Debashish Bordoloi
Proprietor Partner
(Membership No. 014822) (Membership No. 068018)
Place : Guwahati
Date : 30th May, 2015
Sep 30, 2013
Report on the Financial Statement
We have audited the accompanying financial statements of PRAG BOSIMI
SYNTHETICS LIMITED, which comprise the Balance Sheet as at 30th
September, 2013, and the Statement of Profit and Loss and Cash Flow
Statement for the period then ended, and a summary of the significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in Section 211
(3C) of the Companies Act, 1956. 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 auditing standards generally accepted in India. Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as
evaluating the overall financial statement presentation.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 30th September, 2013.
(b) In the case of the Statement of Profit and Loss, of the loss of the
Company for the period ended on that date.
(c) In the case of the Cash Flow Statement, of the cash flows for the
period ended on that date.
(d) The company has not provided any depreciation on a major part of
its Plant & Machinery which is not put to use during the accounting
period under review as per the accounting policy followed by the
company.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government in terms of Section 227(4A) of
the Act, we give in the Annexure a statement on the matters specified
in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
(b) In our opinion, proper books of account as required by law have
been kept by the company so far as it appears from our examination of
those books.
(c) The Balance Sheet and the Statement of Profit and Loss dealt with
by this Report are in agreement with the books of account.
(d) In our opinion, the Balance Sheet and the Statement of Profit and
Loss, comply with the Accounting Standards referred to in Section 211
(3C) of the Act.
(e) On the basis of the written representations received from the
directors as on 30th September, 2013 taken on record by the Board of
Directors, none of the directors is disqualified as on 30* September,
2013 from being appointed as a director in terms of Section 274(1 )(g)
of the Act.
Annexure referred to in paragraph 5 (1) of Independent Auditors'' Report
of even date on the financial statements for the period ended 30th
September, 2013 of Prag Bosimi Synthetics Limited.
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
audit, we state that:
(i) In respect of its Fixed Assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The assets have been physically verified by the management in
accordance with the phased programmed of verification adopted by the
Company. In our opinion, the frequency of the verification is
reasonable having regard to the size of the Company and nature of fixed
assets. No material discrepancies have been noticed in respect of the
assets physically verified during the period.
(c) No substantial part of the fixed assets has been disposed off
during the period. (ii) In respect of its Inventories:
(a) As explained to us, the inventories were physically verified during
the period by the Management at reasonable intervals. Inventory lying
with the third parties and in transit have been verified by the
management with reference to the confirmation received from them and/or
subsequent receipt of goods.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) The Company has maintained proper records of its inventories. The
discrepancies noticed on verification between physical stocks and book
records were not material.
(iii) (a) The Company has not granted any loans secured or unsecured to
companies, firms or parties covered in the Register maintained under
section 301 of the Act.
(b) The company has taken interest free unsecured loans of Rs.
40,72,70,350/- from Managing Director and other related parties during
the period. The terms of the loan repayment are not prima facie
prejudicial to the interest of the Company.
(c) The Company has not taken any loans, secured or unsecured, except
as stated in iii (b) above from companies, firms or other parties
covered in the register maintained under section 301 of the Act.
(iv) In our opinion and according to the information and explanations
given to us, having regard to the explanations that some of the items
purchased are of special nature and suitable alternative sources do not
exist for obtaining comparable quotation, there are adequate internal
control systems commensurate with the size of the company and the
nature of its business for the purchase of inventory and fixed assets
and for the sale of goods and services. During the course of our audit,
no major weakness has been noticed in the internal control system.
(v) (a) According to the information and explanation given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in section 301 of the Act have been entered in the register
required to be maintained under that section.
(b) According to the information and explanation given to us , no
transitions were made with parties whose names are entered in the
register maintained under section 301 of the Act.
(vi) No deposits within the meaning of Section 58A or any other
relevant provision of the Act and Rules framed there under have been
accepted by the Company.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size of the Company and nature of its business.
(viii) We are informed that the cost records maintained by the Company
pursuant to the Order of the Central Government under section 209(1
)(d) of the Act have been checked and verified by the cost auditor and
hence we are not required to comment on it.
(ix) The Company has following undisputed amounts outstanding towards
statutory dues for more than 6 months as on 30th September, 2013:
The Act applicable Details of outstanding Amount Amount (Rs. in Lacs)
The Assam Professions, Trades, Callings and Professional Tax 11.30
Employments Taxation Act, 1947
(x) The accumulated losses of the Company at the end of the financial
period are not more than fifty per cent of its net worth. The Company
has incurred cash losses during the financial period covered by our
audit and in the immediately preceding financial period.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not made regular payments towards dues to
financial institutions, banks and debenture holders.
(xii) During the period, the Company has not granted loans and advances
on the basis of security by way of pledge of shares, debentures or
other securities.
(xiii) The Company is not a dealer or trader in shares, securities,
debentures and other investments.
(xiv) In our opinion and according to information and explanations
given to us, the Company has not given guarantee for loans taken by
others from Banks or financial institutions.
(xv) According to the information and explanations given to us, in our
opinion, funds raised on short term basis have not been used for long
term basis or vice versa.
(xvi) During the period, the Company has not made any preferential
allotment of shares to the parties and companies covered and recorded
in the Register maintained under section 301 of the Act.
(xvii) As per the High Court order dated 2i8t December, 2012 the
company has cancelled the Cumulative Convertible Preference Shares
(CCPS) of Rs. 10,00,00,000/- (1,00,000 shares of Rs. 100/- each) and
Redeemable Convertible Cumulative Preference Shares (RCCPS) of Rs.
71,46,25,000/- (71,46,250 shares of Rs. 100/- each) both totaling to Rs.
81,46,25,000/- on 16th February, 2013 from accounts.
(xviii)The Company has not raised any money by way of public issue
during the period.
(xix) During the period, no fraud on or by the Company has been noticed
or reported during the course of our audit.
For Bharat Shroff & Co. For AMD & Associates
Chartered Accountants Chartered Accountants
(Firm Reg. No:-131026W) (Firm Regn.No.318191E)
Bharat B. Shroff Debashish Bordoloi
Proprietor Partner
(Membership No. 014822) (Membership No. 068018)
Place : Guwahati
Date : 9th December, 2013
Mar 31, 2012
1 We have audited the attached Balance sheet of Prag Bosimi Synthetics
Limited as at 31st March, 2012; statement of Profit and Loss Account
for the eighteen months ended on that date and also Cash Flow Statement
for the eighteen months ended on that date annexed thereto. These
financial statements are responsibility of the Company's management.
Our responsibility is to express an opinion on these financial
statements based on our audit.
2 We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3 As required by the Companies (Auditor's Report) Order, 2003, issued
by the Central Government in terms of sub-section (4A) of Section 227
of the Companies Act, 1956 (hereinafter referred to as the "Act"),
we annex hereto a statement on the matters specified in paragraphs 4
and 5 of the said order, to the extent applicable.
4 Further to our comments in the Annexure referred to in paragraph 3
above and subject to the following:-
i. The Financial Statements have been prepared in accordance with the
fundamental accounting assumption that the company is a going concern,
ii. Sundry debit/credit balances are subject to confirmation pending
reconciliation as referred to in Note No.11 of Schedule 18;
5. The Company has not provided for depreciation on major part of its
plant & machinery on the ground of non user. Such depreciation, not so
provided, is computed to be Rs. 21,86,85,089/-. If the Company had
provided full depreciation on its entire paint and machinery the
net loss of the Company would be increased by the said amount.
The Company has written back depreciation on its plant and machinery on
the ground of non user. Such depreciation written back is computed to
be Rs. 2,49,000/- for the accounting period 01.04.2008 to 30.09.2009
and Rs. 11,62,80,208/- in the accounting period 01.10.2009 to
30.09.2010. If the Company had not written back depreciation on its
Plant & Machinery, the net loss of the company would be increased by
the said amount.
We report that: -
a. We have obtained all information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
Audit.
b. In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those Books.
c. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
d. In our opinion, subject to matter stated in paragraph 5 above the
Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt
with by this report comply with the accounting Standards referred to in
sub section (3C) of Section 211 of the Act, to the extent applicable,.
e. On the basis of written representations received from directors as
on 31st March, 2012 and taken on record by the Board of Directors,
wherever applicable, we report that none of the directors is
disqualified as on 31st March, 2012 from being appointed as a director
of the Company in terms of clause (g) of sub-section (1) of section 274
of the Act.
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 notes to accounts' in Note 1
and other notes appearing elsewhere in the accounts, give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
i. In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012;
ii. In the case of the statement of Profit and Loss Account, of the
Loss of the Company for the period ended on that date; and
iii. In the case of the Cash Flow Statement, of the cash flows for the
period ended on that date.
Annexure referred to in paragraph 3 of Auditors' Report of even date
on the financial statements for the period ended 31st March, 2012 of
Prag Bosimi Synthetics Limited.
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
audit, we state that:
1 a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The assets have been physically verified by the management in
accordance with the phased programmed of verification adopted by the
Company. In our opinion, the frequency of the verification is
reasonable having regard to the size of the Company and nature of fixed
assets. No material discrepancies have been noticed in respect of the
assets physically verified during the period,
q) No substantial part of the fixed assets has been disposed off during
the period.
2 a) The inventory has been physically verified by the management at
reasonable intervals during the period.
Inventory lying with the third parties and in transit have been
verified by the management with reference to the confirmation received
from them and/or subsequent receipt of goods.
b) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between physical stocks and book
records were not material.
3 a) The Company has not granted any loans, secured or unsecured to
companies, firms or parties covered in the register maintained under
section 301 of the Act.
b) The Company has taken interest free unsecured loan of Rs.
7,25,50,000.00 from Managing Directorand other related party during the
period. The rate of interest and terms of the loan repayment are not
prima facie prejudicial to the interest of the Company.
c) The Company has not taken any loans, secured or unsecured, except as
stated in 3b. above from companies, firms or other parties covered in
the register maintained under section 301 of the Act.
4 In our opinion and according to the information and explanations
given to us, having regard to the explanations that some of the items
purchased are of special nature and suitable alternative sources do not
exist for obtaining comparable quotation, there are adequate internal
control systems commensurate with the size of the company and the
nature of it's business for the purchase of inventory and fixed
assets and for the sale of goods and services. During the course of
our audit, no major weakness has been noticed in the internal control
system.
5 a) According to the information and explanations given to us, we are
of the opinion that the particulars of contracts or arrangements
referred to in section 301 of the Act have been entered in the register
required to be maintained under that section.
b) According to the information and explanation given to us, no
transactions were made with parties whose names are entered in the
register maintained under section 301 of the Act.
6 No deposits within the meaning of Section 58A or any other relevant
provision of the Act and Rules framed there under have been accepted by
the Company.
7 In our opinion, the Company has an internal audit system commensurate
with the size of the Company and nature of its business,
8 We have broadly reviewed the cost records maintained by the Company
pursuant to the Order of the Central Government under section 209(1
)(d) of the Act and are of the opinion, prima facie that the prescribed
records have been made and maintained. We are, however not required to
make detailed examination of the records with a view to determine
whether they are accurate or complete.
9 The Company has following undisputed amounts outstanding towards
statutory dues for more than 6 months as on 31stMarch, 2012
The Act applicable Details of outstanding Amount
Amount Rupees in
Lacs
The Assam Professions, Trades,
Callings and Employments
Taxation Act, 1947 Professional Tax 9.08
The Income Tax Act 1961 Tax Deducted at Source 5.25
10 During the period, the Company has not granted loans and advances on
the basis of security by way of pledge of shares, debentures or other
securities. .
11 The Company is not a dealer or trader in shares, securities,
debentures and other investments.
12 In our opinion and according to information and explanations given
to us, the Company has not given guarantee for loans taken by others
from Banks or financial institutions.
13 According to the information and explanation given to us, in our
opinion, the term loans were applied for the purpose for which they
were raised.
14 According to the information and explanations given to us, in our
opinion, funds raised on short term basis have not been used for long
term basis or vice versa.
15 During the period the Company has not made any preferential
allotment of shares to the parties and companies covered and recorded
in the Register maintained under section301 of the Act.
16 The Company has created securities in respect of debentures issued
in the past.
17 The Company has not raised any money by way of public issue during
the period.
18 During the period no fraud on or by the Company has been noticed or
reported during the course of our audit.
For Bharat Shroff & Co.
Bharat B. Shroff
Date: 01/09/2012 Proprietor
Chartered Accountants
(Firm Regn No.131026W)
M.No.014822
Sep 30, 2010
1 We have audited the attached Balance Sheet of the Prag Bosimi
Synthetics Limited as at 30th September 2010, the Profit and Loss
Account for the year ended on that date and also Cash Flow Statement
for the year ended on that date annexed thereto. These financial
statements are responsibility of the Companys management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2 We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis-statement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3 As requited by the Companies (Auditors Report) Order, 2003. as
amended by the Companies (Auditors Report) (Amendment) Order, 2004
(together the "Order") issued by the Central Government of India in
terms of sub-section (4A) of Section 227 of The Companies Act, 1956
of India (hereinafter referred to as the "Act"), we give in the
Annexure a statement or, the matters specified in paragraphs 4 and 5 of
the said order, to the extent applicable.
4 Further to our comments in the Annexure referred to In paragraph 3
above and subject to the following:-
i. The Financial Statements have been prepared in accordance with the
fundamental accounting assumption that the company is a going concern,
ii. Sundry debit/credit balances are subject to confirmation cendlng
reconciliation as referred to in Note No.11 of Schedule 13;
We report that: -
a. We have obtained all information and explanations, which to the best
of our knowledge and belief were
necessary for the purposes of our Audit.
b. In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those Books.
c. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
d. In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
Standards referred to in sub section (3C) of Section 211 of the Act, to
the extent applicable,
e. On the basis of written representations received from directors as
on 30th September 2010, and taken on record by the Board of Directors,
wherever applicable, we report that none of the directors is
disqualified as on 30th Sepiember 2010 from being appointed as a
director of the Company in terms of clause (g) of sub- section (1) of
section 274 of the Act.
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 notes to accounts in schedule 18
and other notes appearing elsewhere in the accounts, give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
i. In the case of the Balance Sheet, of the state of affairs of the
Company as at 30th September 2010;
ii. In the case of the Profit and Loss Account, of the Loss for the
year ended on that date; and
iii. In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDITORS REPORT OF EVEN DATE ON
THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30th SEPTEMBER 2010 OF THE
PRAG BOSIMI SYNTHETICS LIMITED.
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
audit. we state that:
1 a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The assets have been physically verified by the management in
accordance with the phased programme of verification adopted by the
Company. In our opinion, the frequency of the verification is
reasonable having regard to the size of the Company and nature of fixed
assets. No material discrepancies have been noticed in respect of the
assets physically verified during the year,
c) No substantial part of the fixed assets has been disposed off during
the year.
2 a) The inventory has been physically verified by the management at
reasonable intervals during the year. Inventory lying with the third
parties and in transit have been verified by the management with
reference to the confirmation received from them and/or subsequent
receipt of goods.
b) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between physical stocks and book
records were not material.
3 a) The Company has not granted any loans, secured or unsecured to
companies, firms or parties covered in the register maintained under
section 301 of the Act.
b) The Company has taken interest free unsecured loan of Rs.
106,795,300 from Managing Director and other related parties during the
year. The rate of interest and terms of the loan repayment are not
prima facie prejudicial to the interest of the Company.
c) The Company has not taken any loans, secured or unsecured, except as
stated in 3b above from companies, firms or other parties covered in
the register maintained under section 301 of the Act.
4 In our opinion and according to the information and explanations
given to us, having regard to the explanations that some of the items
purchased are of special nature and suitable alternative sources do not
exist for obtaining comparable quotation, there are adequate internal
control systems commensurate with the size of the company and the
nature of its business for the purchase of inventory and fixed assets
and for the sale of goods and services. During the course of our audit,
no major weakness has been noticed in the internal control system.
5 a) According to the information and explanations given to us. we are
of the opinion that the particulars of contracts or arrangements
referred to in section 301 of the Act have been entered in the register
required to be maintained under that section.
b) According to the information and explanation given to us. no
transactions were made with parties whose names are entered in the
register maintained under section 301 of the Act.
6 No deposits within the meaning of Section 58A or any other relevant
provision of the Act and Rules framed there under have been accepted by
the Company.
7 In our opinion, the Company has an internal audit system
commensurate with the size of the Company and nature of its business,
8 We have broadly reviewed the cost records maintained by the Company
pursuant to the Order of the Central Government under section 209(1)(d)
of the Act and are of the opinion, prima facie that the prescribed
records have been made and maintained. We are, however not required to
make detailed examination of the records with a view to determine
whether they are accurate or complete.
9 Due to suspension of production from February, 2006, the Company
could not make full payment of statutory dues. The Company has
following undisputed amounts outstanding towards statutory dues for
more than 6 months as on 30th September, 2010.
The Act applicable Details of outstanding Amount
Amount Rs. in Lacs
Employees Provident Funds and Contribution 64.95
Miscellaneous Provisions Act 1952 to Provident Fund
The Assam Sales Tax Act. Assam Sales Tax 4.87
The Assam/Mumbai Professions, Professional Tax 6.94
Trades.Callings and Employments
Taxation Act 1947
The Income Tax Act 1961 Tax Deducted at Source 46.88
The Income Tax Act 1961 Fringe Benefits Tax 11.72
Of the above, the Company has paid contribution to Professional Tax Rs.
0.11 Lacs, P.F. Rs. 5.21 Lacs and Tax Deducted at source Rs. 0.24 Lacs
as on the date of this report.
10 During the year the Company has not granted loans and advances on
the basis of security by way of pledge of shares, debentures or other
securities.
11 The Company is not a dealer or trader in shares, securities,
debentures and other investments.
12 In our opinion and according to information and explanations given
to us, the Company has not given guarantee for loans taken by others
from Banks or financial institutions.
13 According to the information and explanation given to us, in our
opinion, the term loans were applied for the purpose for which they
were raised.
14 According to the information and explanations given to us, in our
opinion, funds raised on short term basis have not been used for long
term basis or vice versa.
15 During the year the Company has not made any preferential allotment
of shares to the parties and companies covered and recorded in the
Register maintained under section 301 of the Act,
16 The Company has created securities in respect of debentures issued
in the past.
17 The Company has not raised any money by way of public issue during
the year.
18 During the year no fraud on or by the Company has been noticed or
reported during the course of our audit.
NOTES:
A. SECURED DEBENTURES: The debentures are secured by First legal
mortgage in favour of the trustees of all the companys immovable and
moveable properties present and future, ranking pari-passu with the
mortgages and charges created and/or to be created in favour of
Financial institutions, and floating charge on all the assets of the
company subject to prior charges created/to be created In favour of
Companys Bankers on the Companys stock of raw material, semi-finished
and finished goods, consumable stores and such other moveables as may
be agreed by the trustees for securing the borrowing for working
capital requirement in the ordinary course of business and also secured
by a guarantee from erstwhile Company of the Promoter excluding AIDC.
B. TERM LOANS: The Term Loans are secured by a first mortgage of ail
immoveable properties, both present and future, and first charge by way
of hypothecation of all movables (save and except debts) including
movable machinery, spares, tools & accessories, present and future,
ranking pari-passu with the mortgages and charges created and/or to be
created in favour of Financial institutions/debenture trustees, subject
to prior charges created and/or to be created in favour of Bankers on
stocks, stores and such other movables for working capital requirements
and also secured by a guarantee from erstwhile Company of the Promoter
excluding AIDC.
C. WORKING CAPITAL: Working Capital demand loans and Cash Credit are
secured by a mortgage on second charge basis by deposit of title deeds
in respect of Companys immovable properties, both present and future,
and by hypothecation of whole present and future, stock in process,
finished goods, consumables, spares, book debts etc, & other materials
and stores whether raw or in process of manufacture and all articles
manufactured therefrom whether stored at or be in or about the
Companys godowns or premises at sipajhar, District Darrang, Assam or
wherever else or in transit and Companys present and future book
debts, outstanding money receivables, claims, bills, contracts,
engagements, securities, Investments.assets and also personal guarantee
of the Managing Director.
D. OTHER SECURED LOAN: The Company has taken loan from Srei
Infrastructure Finance Ltd. during the year towards Upfront Payment for
settlement of existing secured Loan and Revival of Plant & Machinery;
secured by mortgage of all assets of the Company, charged on Escrow
Account of all State and Central Subsidies receivable and personal
guarantee of the Managing Director.
H.Khaund & Co. Bharat Shroff & Co
Chartered Accountants Chartered Accountants
(Firm Regn. No. 307031E) (Firm Regn. No. 131026W)
H.Khaund Bharat B. Shroff
Proprietor Proprietor
(M. No.011406) (M.No. 014822)
Date: 31.05.2011
Sep 30, 2009
1 We have audited the attached Balance sheet of the Prag Bosimi
Synthetics Limited as at 30th September 2009, the Profit and Loss
Account for the eighteen months ended on that date and also Cash Flow
Statement for the eighteen months ended on that date annexed thereto.
These financial statements are responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2 We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis- statement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
3 As required by the Companies (Auditors Report) Order, 2003, issued
by the Central Government in terms of sub-section (4A) of Section 227
of the Companies Act, 1956 (hereinafter referred to as the "Act"), we
annexe hereto a statement on the matters specified in paragraphs 4 and
5 of the said order, to the extent applicable.
4 Further to our comments in the Annexure referred to in paragraph 3
above and subject to the following:-
i. The Financial Statements have been prepared in accordance with the
fundamental accounting assumption that the company is a going concern,
ii. Sundry debit/credit balances are subject to confirmation pending
reconciliation as referred to in Note No. 15 of Schedule 18;
We report that: -
a. We have obtained all information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
Audit.
b. In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those Books.
c. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
d. In our opinion,-the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
Standards referred to in sub section (3C) of Section 211 of the Act, to
the extent applicable,
e. On the basis of written representations received from directors as
on 30th September 2009, and taken on record by the Board of Directors,
wherever applicable, we report that none of the directors is
disqualified as on 30th September 2009 from being appointed as a
director of the Company in terms of clause (g) of sub-section (1) of
Section 274 of the Act.
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 notes to accounts in Schedule 18
and other notes appearing elsewhere in the accounts, give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
i. In the case of the Balance Sheet, of the state of affairs of the
Company as at 30thSeptember 2009;
ii. In the case of the Profit and Loss Account of the Profit of the
Company for the period ended on that date; and
iii. The case of the Cash Flow Statement, of the cash flows for the
period ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDITORS REPORT OF EVEN DATE ON
THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30th SEPTEMBER 2009 OF
THE PRAG BOSIMI SYNTHETICS LIMITED.
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
audit, we state that:
1 a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The assets have been physically verified by the management in
accordance with the phased programme of verification adopted by the
Company. In our opinion, the frequency of the verification is
reasonable having regard to the size of trie Company and nature of
fixed assets. No material discrepancies have been noticed in respect of
the assets physically verified during the year,
c) No substantial part of the fixed assets has been disposed off during
the year.
2 a) The inventory has been physically verified by the
management at reasonable intervals during the year. Inventory lying
with the third parties and in transit have been verified by the
management with reference to the confirmation received from them and/or
subsequent receipt of goods.
b) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between physical stocks and book
records were not material.
3 a) The Company has not granted any loans, secured or unsecured to
companies, firms or parties covered in the register maintained under
Section 301 of the Act.
b) The Company has taken interest free unsecured loan of Rs.
35,588,538 from a relative of Managing Director during the period. The
rate of interest and terms of the loan repayment are not prima facie
prejudicial to the interest of the Company.
c) The Company has not taken any loans, secured or unsecured, except as
stated in 3b above from companies, firms or other parties covered in
the register maintained under Section 301 of the Act.
4 In our opinion and according to the information and explanations
given to us, having regard to the explanations that some of the items
purchased are of special nature and suitable alternative sources do not
exist for obtaining comparable quotation, there are adequate internal
control systems commensurate with the size of the company and the
nature of its business for the purchase of inventory and fixed assets
and for the sale of goods and services. During the course of our audit,
no major weakness has been noticed in the internal control system.
5 a) According to the information and explanations given to us, we are
of the opinion that the particulars of contracts or arrangements
referred to in Section 301 of the Act have been entered in the register
required to be maintained under that section. b) According to the
information and explanation given to us, no transactions were made with
parties whose names are entered in the register maintained under
Section 301 of the Act.
6 No deposits within the meaning of Section 58A or any other relevant
provision of the Act and Rules framed there under have been accepted by
the Company.
7 In our opinion, the Company has an internal audit system commensurate
with the size of the Company and nature of its business,
8 We have broadly reviewed the cost records maintained by the Company
pursuant to the Order of the Central Government under Section 209(1)(d)
of the Act and are of the opinion, prima facie that the prescribed
records have been made and maintained. We are, however not required to
make detailed examination of the records with a view to determine
whether they are accurate or complete.
9 Due to suspension of production from February, 2006 Company could not
make full payment of statutory dues. The Company has following
undisputed amounts outstanding towards statutory dues for more than 6
months as on 30th September 2009
The Act applicable Details of outstanding Amount
Amount Rupees in Lacs
Employees Provident Funds Contribution to 67.88
and Miscellaneous Provisions Provident Fund
Act 1952
The Assam Sales Tax Act. Assam Sales Tax 4.87
The Assam Professions.Trades, Professional Tax 7.33
Callings and Employments
Taxation Act 1947
The Income Tax Act 1961 Tax Deducted at Source 57.87
The Income Tax Act 1961 Fringe Benefits Tax 11.72
Of the above, the Company has paid contribution to Professional Tax
Rs.0.22 Lacs, P.F. Rs.16.32 Lacs and Tax Deducted at source Rs. 11.58
Lacs as on the date of this report.
10 During the period, the Company has not granted loans and advances on
the basis of security by way of pledge of shares, debentures or other
securities.
11 The Company is not a dealer or trader in shares, securities,
debentures and other investments.
12 In our opinion and according to information and explanations given
to us, the Company has not given guarantee for loans taken by others
from Banks or financial institutions.
13 According to the information and explanation given to us, in our
opinion, the term loans were applied for the purpose for which they
were raised.
14 According to the information and explanations given to us, in our
opinion, funds raised on short term basis have not been used for long
term basis or vice versa.
15 During the period the Company has not made any preferential
allotment of shares to the parties and companies covered and recorded
in the Register maintained under Section301 of the Act.
16 The Company has created securities in respect of debentures issued
in the past.
17 The Company has not raised any money by way of public issue during
the period.
18 During the period no fraud on or by the Company has been noticed or
reported during the course of our audit.
H.Khaund & Co.
Chartered Accountants
(Firm Regn.No.307031E)
Place: Guwahati H.Khaund
Date: 19.11.2010 Proprietor
(M. No.011406)
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