Mar 31, 2018
Report on the Standalone Indian Accounting standards (Ind AS) Financial Statements
We have audited the accompanying standalone Ind AS financial statements of UCAL Fuel Systems Limited, (âthe Companyâ), which comprises the Balance Sheet as at 31st March 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone Ind AS Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these Standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act.
This 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 standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorsâ Responsibility
Our responsibility is to express an opinion on these Standalone Ind AS financial statements based on our audit. In conducting our audit, we have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used, and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the standalone Ind AS 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 Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2018, and its Loss , total comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Emphasis of Matters
Without qualifying our opinion, we draw attention to Note 37(c). forming part of the financial results for the year, in respect of the following matters relating to the foreign subsidiary of the Company
i. During the current year receivables amounting to Rs.2,854.06 lakhs and loans and advances amounting to Rs.12,337.79 lakhs due to the Company from the foreign subsidiary â Amtec Precision Products, Inc., USA (AMTEC) has been written off, and the company has initiated the process of getting the approval from Reserve Bank of India for such write off.
ii. We also draw your attention to Note 32 forming part of the financial statements for the year, in respect of impairment of investment in the same subsidiary of Rs.20,877.28 lakhs , being technical matter, subject to uncertainty we have relied on the estimates and assumptions made by the Company. Accordingly provision for impairment/diminution as on 31st March, 2018 has not been considered.
Other Matters
1. The comparative financial information of the Company for the year ended 31st March 2017 and the transition date opening balance sheet as at 1st April 2016 included in these standalone Ind AS financial statements, are based on the previously issued statutory financial statements prepared in accordance with the Companies (Accounting Standards) Rules, 2006 ( as amended) audited by previous auditors for the year ended 31st March 2017 and 31st March 2016 dated 30/05/2017 and 30/05/2016 respectively expressed an unmodified opinion on those Standalone Financial Statements. The adjustments to those financial statements for the differences in the accounting principles adopted by the Company on transition to the Ind AS have been audited by us.
Our opinion on the Standalone Ind As financial statements and our report on other Legal and Regulatory requirements below is not modified in respect of these matters.
Report on Other Legal and Regulatory Requirements
2. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the said Order, to the extent applicable.
3. 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 including Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this report are in agreement with the books of account;
(d) in our opinion, the aforesaid Standalone Ind AS financial statements, comply with the Indian Accounting Standards prescribed under Section 133 of the Act;
(e) on the basis of written representations received from the directors as on 31st March 2018, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2018, from being appointed as a director in terms of Section 164 (2) of the Act;
(f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls refer to our separate report in Annexure B; Our Report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companyâs Internal Financial controls over financial reporting and
(g) with respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to explanations given to us:
i. the Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note No. 44 to the Standalone Ind AS financial statements.
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.
Annexure A to Independent Auditorsâ Report - 31st March 2018
(Referred to in 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) As explained to us, these fixed assets have been physically verified by the management at regular intervals; as informed to us no material discrepancies were noticed on such verification;
(c) According to the information and explanations given to us on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
ii. The inventories have been physically verified by the management during the year. In our opinion, the frequency of physical verification is reasonable. The discrepancies noticed on verification between the physical stocks and the book stocks have been properly dealt with in the books of account.
iii. According to the information and explanations given to us and on the basis of our examination of the books of account, the Company during the year has not provided any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013. Consequently, the provisions of clauses iii (a) and iii (b) are not applicable.
iv. According to the information and explanations given to us, and on the basis of our examination of the books of account, the Company during the year has not provided any loan or investment or Guarantees or Securities which falls under the purview of Section 185 and 186 of the Companies Act, 2013. in respect of grant of loans, making investments and providing guarantees and securities, as applicable.
v. According to the information and explanations given to us, the Company has not accepted any deposits from the public and consequently the directives issued by the Reserve Bank of India and provisions of Section 73 to 76 or any other relevant provisions of the Companies Act, 2013 and Companies (Acceptance of Deposits) amended Rules, 2015 are not applicable.
vi. On the basis of the records produced to us, we are of the opinion that, prima facie, the cost records prescribed by the Central Government under sub-section (1) of Section 148 of the Act have been made and maintained. However, we are not required to and have not carried out any detailed examination of such records.
vii. According to the information and explanations given to us, the Company is regular, in depositing with the appropriate authorities the undisputed statutory dues in the case of Provident Fund, Employeesâ State Insurance, Income Tax, Service Tax, Sales Tax, Customs Duty, Goods and service Tax, Excise Duty and Cess, Value Added Tax and other material Statutory dues. To the best of our knowledge and according to the information and explanations given to us, there are no arrears of outstanding statutory dues as at March 31, 2018 for a period of more than six months from the date they become payable.
As per the information and explanations given to us, following are the statutory dues which have not been deposited on account of disputes.
Statutory Dues
Nature of Dues / Statute |
Nature of the Dues |
Amount Rs. In lakhs |
Forum where dispute is pending |
Income Tax Act |
Income Tax -AY-2000-01 |
3.59 |
High Court of Madras |
Income Tax Act |
Income Tax -AY-2003-04 |
146.58 |
CIT (Appeals ), Chennai |
Central Excise Act |
Central Excise - (August 2003 -June-2004) |
1.83 |
Asst Commissioner of GST & Central Excise Maraimalainagar Division |
Central Excise Act |
Central Excise -(April, 2015-November,2016) |
37.67 |
Asst Commissioner of GST & Central Excise Maraimalainagar Division |
Sales Tax and Value Added Tax |
Central Sales Tax - FY 2006-07 - Plant 8 |
4.77 |
Additional Deputy Commissioner (Appellate), Chennai |
Sales Tax and Value Added Tax |
Haryana -VAT-AY 2014-15 |
50.93 |
ETO cum Assessing Officer, Gurgaon |
viii) On the basis of verification of records and according to the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowings to Financial Institutions/banks, Government or dues to Debenture holders.
ix) In our opinion and according to the information and explanations given to us the term loans availed by the Company have been applied for the purpose for which they were obtained. In our opinion and according to the information and explanations given to us, the Company has not raised monies by way of initial public offer (including debt instruments) during the year and hence his clause is not applicable.
x) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given to us by the Management, no fraud has been noticed or reported during the year.
xi) In respect of the financial year 2017-18, the company has paid or provided Managerial remuneration in accordance with the approvals by the Ministry of Company Affairs, Government of India, vide their letter dated 12th July, 2017.
xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company and reporting under clause 3 (xii) of the order is not applicable.
xiii) According to the information and explanations given to us and based on our examination of records of the company, transactions with related parties are in compliance with sections 177 and 188 of the Act, where applicable and details of such transactions have been disclosed in the Ind As Standalone financial statements as required by the applicable Indian accounting standards.
xiv) According to the information and explanations given to us and based on our examination of the records of the company, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and hence reporting under clause 3 (xiv) of the Order is not applicable to the Company.
xv) According to the information and explanations given to us and based on our examination of the records of the company, the Company has not entered into any non-cash transactions with its directors or persons connected with its Directors.
xvi) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
Report on the Internal Financial Controls under clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (â the Actâ)
1. We have audited the internal financial controls over financial reporting of UCAL Fuel Systems Limited (âthe Companyâ) as of March 31, 2018 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.
Managementsâ Responsibility for Internal Financial Controls
2. The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
3. Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
6. A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial control over financial reporting includes those policies and procedures that
a) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
b) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorisations of management and directors of the Company; and
c) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the Companyâs assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
7. Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
8. In our opinion, the Company has, in all material respects, an adequate internal financial control system with reference to financial statements and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India.
FOR M/s R. SUBRAMANIAN AND COMPANY LLP
Chartered Accountants
ICAI regd. No. 004137S/S200041
K JAYASANKAR
Place : Chennai Partner
Date : 21st May 2018 Membership No.014156
Mar 31, 2015
We have audited the accompanying standalone financial statements of
M/S. UCAL FUEL SYSTEMS LIMITED ("the Company") which comprise the
Balance Sheet as at 31st March 2015, the Statement of Profit and Loss,
the Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to preparation and presentation of these standalone financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under. We conducted our audit in accordance with the Standards on
Auditing specified under Section 143(10) of the Act. Those Standards
require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March, 2015, and its profit and its cash flows for the year
ended on that date.
Emphasis of Matter
Without qualifying our opinion, we draw attention to Note No. 31 of the
Notes forming part of Financial Statements for the year, in respect of
impairment of investment in the foreign wholly owned subsidiary company
M/s Amtec. Being a technical matter, we have relied on the estimates
and assumptions made by the Company for not considering any provision
for impairment/ diminution as at 31st March, 2015.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
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 under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
(e) on the basis of the written representations received from the
directors as on 31st March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
(f) with respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. the Company has disclosed the impact of pending litigations on its
financial position in its financial statements
* Refer Note 30 to the financial statements;
ii the Company has made provision, as required under the applicable law
or accounting standards, for material foreseeable losses, if any, on
long-term contracts including derivative contracts - Refer Note 7 and
11 to the financial statements; and
iii. there has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
(g) Attention is invited to Note No.41, of Notes to Accounts, regarding
managerial remuneration to directors, which is in excess of the limits
prescribed by the Companies Act, 2013.
ANNEXURE TO THE AUDITOR'S REPORT
The Annexure referred to in our report to the members of UCAL FUEL
SYSTEMS LIMITED ('the Company') for the year ended 31 March 2015.
We report that:
(1) In respect of its Fixexd Assets
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets. The
company is in the process of updating its Fixed Asset register.
b) The Company has a programme of physical verification of its fixed
assets by which fixed assets are verified in a phased manner over a
period of 3 years. No material discrepancies were noticed on such
verification. In our opinion, this periodicity of physical verification
is reasonable having regard to the size of the Company and the nature
of its assets
(2) In respect of its Iventories
a) Physical verification of inventory has been conducted at reasonable
intervals by the management.
b) The procedures for physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and nature of its business.
c) The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
(3) The Company has not granted during the year, loans to bodies
corporate covered in the register maintained under section 189 of the
Companies Act, 2013 ('the Act').
(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, for the purchase of inventory and fixed assets and for the
sale of goods and services. There is no continuing failure to correct
major weaknesses in the internal control system of the Company.
(5) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
and hence compliance with directives issued by the reserve Bank of
India and the provisions of Section 73 to 76 or any other relevant
provisions of the Act and the rules framed there under are not
applicable.
(6) As per the books and records produced to us and explanations
offered thereon, we are of the opinion that, prima facie, the cost
records and accounts prescribed by the Central Government under Sec 148
of the Companies Act, 2013, have been made and maintained. However we
are not required and have not made any detailed examination of the said
records, with a view to determine whether they are accurate or
complete.
(7) a) According to the records produced, the company is generally
regular in depositing with appropriate authorities
the undisputed applicable statutory dues including Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise
Duty and Cess.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Investor
Education and Protection Fund, Employees State Insurance, Income Tax,
Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty and Cess
were outstanding at the year end, for a period of more than six months
from the date they became payable.
c) As per the information and explanations given to us, following are
the statutory dues which have not been deposited on account of dispute.
Name of the Amount
Statute Nature of the Dues (Rs. in
Lakhs)
Income Tax Act Income Tax AY 2000-01 3.59
Income Tax Act Income Tax AY 2003-04 146.58
Income Tax Act Income Tax AY 2005-06 73.66
Income Tax Act Income Tax AY 2010-11 258.35
Income Tax Act Income Tax AY 2012-13 389.22
Central Excise Act Service Tax FY 2011-12 1.23
Central Excise Act Central Excise FY 2008-09 16.80
Central Excise Act Central Excise FY 2006-07 120.43
Central Excise Act Central Excise FY 2007-08 3.56
Central Excise Act Central Excise (August 1.83
2003 - June 2004)
Central Excise Act Central Excise (January 34.93
2001 - August 2003)
Central Excise Act FY 2002-03 44.14
Central Excise Act Service Tax-FY-2011-12 1.95
Central Sales Tax CST Plant-1 1.04
Central Sales Tax CST Plant 8 4.77
VAT Act VAT plant (7 and 8) 83.07
Indian Stamp Act Stamp Duty 31.37
Name of the Forum where dispute is pending
Statute
Income Tax Act High Court of Madras
Income Tax Act CIT Appeals, Chennai
Income Tax Act ITAT, Chennai
Income Tax Act ITAT, Chennai
Income Tax Act CIT Appeals, Chennai
Central Excise Act Additional Commissioner of Service Tax
Central Excise Act Commissioner of Central Excise, Pondicherry
Central Excise Act Joint Commissioner of Central Excise
Central Excise Act Joint Commissioner of Central Excise, Delhi
Central Excise Act Assistant Commissioner of Central Excise,
Tambaram Division
Central Excise Act Chief Commissioner Excise (Appeals)
Central Excise Act Additional Commissioner, Gurgaon.
Central Excise Act Commissioner Appeals (Gurgoan)
Central Sales Tax Appellate Deputy Commissioner
Central Sales Tax Appellate Deputy Commissioner, Chennai
VAT Act Appellate Deputy Commissioner, Chennai
Indian Stamp Act Inspector General of Registration (Appeals)
Chennai, Tamil Nadu
d) According to the information and explanations given to us the
amounts which were required to be transferred to the investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules there under has been
transferred to such fund within time
(8) The company does not have accumulated losses as at the end of the
Financial Year and has not incurred cash losses in the current
financial year and in the immediately preceding financial year.
(9) The company has not defaulted in repayment of dues to any financial
institutions or bank or debenture holders
(10) In our opinion and according to the information and explanations
given to us, the terms and conditions on which the company has given
guarantees for loans taken by others from bank and financial
institutions are not prima facie prejudicial to the interests of the
company.
(11) In our opinion and according to the information and explanations
given to us, the term loans were applied for the purposes for which
they were obtained.
(12) Based upon the audit procedures performed and on the basis of the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the year.
For G BALU ASSOCIATES,
Chartered Accountants
FRN: 000376S
RAJAGOPALAN B
Place : Chennai Partner
Date : 28.05.2015 Membership No. 217187
Mar 31, 2014
We have audited the accompanying financial statements of UCAL FUEL
SYSTEMS Limited ("the Company") which comprise the Balance Sheet as at
31st March 2014, the Statement of Profit and 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 referred to in sub-section (3C) of Section 211
of the Companies Act, 1956 ("the Act") read with the General Circular
15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs
in respect of Sec 133 of the Companies Act, 2013. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the State of affairs of the
Company as at March 31st, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Emphasis of Matter
We draw attention to Note No. 31 of the Notes to Accounts with regard
to the diminution in the value of investment in the subsidiary company
M/s Amtec Precision Products Inc. Our opinion is not qualified in
respect of this matter.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub-section (4A) of section 227 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 purpose of our
audit;
b. In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956 read
with the General Circular 15/2013 dated 13th September 2013 of the
Ministry of Corporate Affairs in respect of Sec 133 of the Companies
Act, 2013; and
e. On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f. Attention is invited to Note No.40, of Notes to Accounts, regarding
managerial remuneration to directors, which is in excess of the limits
prescribed by the Companies Act, 1956.
(1) a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets. The company is in the process of updating its Fixed Asset
register.
b) The fixed assets have been physically verified by the management at
reasonable intervals and no material discrepancies were noticed on such
verification.
c) No substantial parts of fixed assets have been disposed off during
the year.
(2) a) Physical verification of inventory has been conducted at
reasonable intervals by the management.
b) The procedures for physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and nature of its business..
c) The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
(3) The company has taken unsecured loan from few parties covered in
the Register maintained under Sec. 301 of the Act to the extent of Rs.
4.33 Crores (outstanding as on 31.03.2013 is Rs. 7.69 Crores). The rate
of interest and other terms and conditions of the loan taken is
prima-facie not prejudicial to the interest of the company. There is no
stipulation regarding the repayment of the loan.
(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, for the purchase of inventory and fixed assets and for the
sale of goods and services. There is no continuing failure to correct
major weaknesses in the internal control system of the Company.
(5) In our opinion and according to the information and explanations
given to us
a) the particulars of contracts or arrangements referred to in Section
301 of the Companies Act, 1956, have been entered in the register
required to be maintained under that section, and
b) the transactions made in pursuance of such contracts or arrangements
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
(6) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
and hence compliance with directives issued by the Reserve Bank of
India and the provisions of Sec. 58 A, 58 AA or any other relevant
provisions of the Act and the rules framed thereunder are not
applicable.
(7) In our opinion, the company has adequate internal audit system
commensurate with its size and nature of its business.
(8) As per the books and records produced to us and explanations
offered thereon, we are of the opinion that, prima facie, the cost
records and accounts prescribed by the Central Government under Sec.
209 (1) (d) of the Companies Act, 1956, have been made and maintained.
However we are not required and have not made any detailed examination
of the said records, with a view to determine whether they are accurate
or complete.
(9) a) According to the records produced, the company is generally
regular in depositing with appropriate authorities the undisputed
applicable statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Customs Duty, Excise Duty and Cess.
b) As per the information and explanations given to us, following are
the statutory dues which have not been deposited on account of dispute.
Nature of Nature of the Dues Amount
Dues/Statute Rs. in Lakhs
Income Tax Act Income Tax AY 1996-97 14.02
Income Tax Act Income Tax AY 1999-00 4.12
Income Tax Act Income Tax AY 2000-01 3.59
Income Tax Act Income Tax AY2005-06 2.55
Income Tax Act Income Tax AY 2005-06 101.91
Income Tax Act Income Tax AY 2006-07 171.43
Income Tax Act Income Tax AY 2007-08 2.09
Central Excise Service Tax FY 2005-06 1.93
act
Central Excise Act Service Tax FY 2011-12 0.69
Central Excise Act Service Tax FY 2011-12 1.23
Central Excise Act Service Tax FY 2010-11 4.81
Central Excise Act Central Excise FY-2008-09 16.80
Central Excise Act Central Excise FY 2006-07 120.43
Central Excise Act Central Excise FY 2007-08 3.56
Central Excise Act Central Excise (August 2003-
June-2004) 1.83
Central Excise Act Central Excise (January 2001 -
August 2003) 34.93
Central Excise Act FY 2002-03 44.14
Central Sales Tax CST Plant-1 1.04
act
Central Sales Tax CST Plant 8 4.77
VAT Act VAT plant (7 & 8) 83.07
Indian Stamp Act Stamp Duty 31.37
Nature of Dues/ Forum where dispute is pending
Income Tax Act High Court of Madras
Income Tax Act High Court of Madras
Income Tax Act High Court of Madras
Income Tax Act CIT Appeals III, Chennai
Income Tax Act CIT Appeals III, Chennai
Income Tax Act CIT Appeals III, Chennai
Income Tax Act CIT Appeals III, Chennai
Central Excise Act Commissioner of Central
Excise Appeals
Central Excise Act Deputy Commissioner of Service Tax
Central Excise Act Commissioner (Appeals) Central Excise
Central Excise Act Deputy Commissioner, Tambaram
Central Excise Act Commissioner of Central Excise,
Pondicherry
Central Excise Act Joint Commissioner of Central Excise
Central Excise Act Joint Commissioner of Central Excise,
Delhi
Central Excise Act Assistant Commissioner of Central
Excise, Tambaram Division
Central Excise Act Chief Commissioner Excise (Appeals)
Central Excise Act Additional Commissioner, Gurgaon.
Central sales tax Act Appellate Deputy Commissioner
Central sales tax Act Appellate Deputy Commissioner,
Chennai
VAT Act Appellate Deputy Commissioner,
Chennai
Indian Stamp Act Inspector General of Registration
(Appeals) Chennai, Tamil Nadu
(10) The company does not have accumulated losses as at the end of the
Financial Year and has not incurred cash losses in the current
financial year and in the immediately preceding financial year.
(11) The company has not defaulted in repayment of dues to any
financial institutions or bank or debenture holders.
(12) The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(13) The company is not a Chit Fund, Nidhi or Mutual Fund or Society.
(14) The company is not dealing or trading in shares, securities,
debentures and other investments.
(15) In our opinion and according to the information and explanations
given to us, the terms and conditions on which the company has given
guarantees for loans taken by others from bank and financial
institutions are not prima facie prejudicial to the interests of the
company.
(16) In our opinion and according to the information and explanations
given to us, the term loans were applied for the purposes for which
they were obtained.
(17) On the basis of an overall examination of the accounts of the
company, no funds raised on short term basis have been used for long
term investments.
(18) The company has not made any preferential allotment of shares
during the year to parties and companies covered in the Register
maintained under Section 301 of Companies Act,1956.
(19) The company has not issued any debentures during the year
(20) The company has not raised any money through public issues during
the year.
(21) Based upon the audit procedures performed and on the basis of the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the year.
For G. BALU ASSOCIATES,
Chartered Accountants
FRN: 000376S
G. BALASUBRAMANYAN
Place: Chennai Partner
Date:09.05.2014 Membership Number: 007628
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of UCAL FUEL
SYSTEMS Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2013, and the Statement of Profit and 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 referred to in sub-section (3C) of Section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the 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. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
(b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Emphasis of Matter
We draw attention to Note No. 31 of the Notes to Accounts with regard
to the diminution in the value of investment in the subsidiary company
M/s Amtec Precision Products Inc. Our opinion is not qualified in
respect of this matter.
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 of India in terms of
sub-section (4A) of Section 227 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 purpose of our
audit.
b. In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
C. The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d. In our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956.
e. On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f. Attention is invited to Note No.40, of Notes to Accounts, regarding
managerial remuneration to directors, which is in excess of the limits
prescribed by the Companies Act, 1956.
The Annexure referred to in our report to the members of UCAL FUEL
SYSTEMS LIMITED (''the Company'') for the year ended 31 March 2013. We
report that:
(1) a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets. The company is in the process of updating its Fixed Asset
register.
b) The fixed assets have been physically verified by the management at
reasonable intervals and no material discrepancies were noticed on such
verification.
c) No substantial parts of fixed assets have been disposed off during
the year.
(2) a) Physical verification of inventory has been conducted at
reasonable intervals by the management.
b) The procedures for physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and nature of its business.
c) The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
(3) The company has taken unsecured loan from few parties covered in
the Register maintained under Sec. 301 of the Act to the extent of Rs.
7.69 Crores (outstanding as on 31.03.2012 is Rs. 8.84 Crores). The rate
of interest and other terms and conditions of the loan taken is
prima-facie not prejudicial to the interest of the company. There is no
stipulation regarding the repayment of the loan.
(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, for the purchase of inventory and fixed assets and for the
sale of goods and services. There is no continuing failure to correct
major weaknesses in the internal control system of the Company.
(5) In our opinion and according to the information and explanations
given to us
a) the particulars of contracts or arrangements referred to in Section
301 of the Companies Act, 1956, have been entered in the register
required to be maintained under that section, and
b) the transactions made in pursuance of such contracts or arrangements
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
(6) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
and hence compliance with directives issued by the Reserve Bank of
India and the provisions of Sec. 58 A, 58 AA or any other relevant
provisions of the Act and the rules framed there under are not
applicable.
(7) In our opinion, the company has adequate internal audit system
commensurate with its size and nature of its business.
(8) As per the books and records produced to us and explanations
offered thereon, we are of the opinion that, prima facie, the cost
records and accounts prescribed by the Central Government under Sec.
209 (1) (d) of the Companies Act, 1956, have been made and maintained.
However we are not required and have not made any detailed examination
of the said records, with a view to determine whether they are accurate
or complete.
(9) a) According to the records produced, the company is generally
regular in depositing with appropriate authorities the undisputed
applicable statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Customs Duty, Excise Duty and Cess.
b) As per the information and explanations given to us, following are
the statutory dues which have not been deposited account of dispute.
Nature of Period Amount Forum where dispute
Dues/Statute Rs. in
Lakhs is pending
Income Tax
Act Asst Year
- 1996-97 14.02 High Court of Madras
Income Tax
Act Asst Year
- 1999-00 4.12 High Court of Madras
Income Tax
Act Asst Year
- 2000-01 3.59 High Court of Madras
Income Tax
Act Asst Year
- 2005-06 2.55 CIT Appeals III, Chennai
Income Tax
Act Asst Year
- 2005-06 101.91 CIT Appeals III, Chennai
Income Tax Act Asst Year
- 2006-07 171.43 CIT Appeals III, Chennai
Income Tax Act Asst Year
- 2007-08 2.09 CIT Appeals III, Chennai
Central
Excise Act Financial
year-2005-06 1.93 Commissioner of Central
- Service Tax Excise Appeals
Central Excise
Act Financial
year-2011-12 4.36 Deputy Commissioner of
- Service Tax Service Tax
Central
Excise Act Financial
year-2011-12 24.81 Additional Commissioner of
- Service Tax Service Tax
Central
Excise Act Financial
year-2010-11 4.81 Deputy Commissioner,
- Service Tax Tambaram
Central
Excise Act Financial
year-2007-08 17.00 Commissioner of Central
Excise, Pondicherry
Central
Excise Act Financial
year-2006-07 120.43 Joint Commissioner of
Central Excise
Central
Excise Act Financial
year-2007-08 3.56 Joint Commissioner of
Central Excise, Delhi
Central
Excise Act Central Excise
(August 2003-
June-2004) 1.83 Assistant Commissioner of
Central Excise, Tambaram Division
Central
Excise Act Central Excise
(January 2001 -
August 2003) 34.93 Chief Commissioner Excise
(Appeals)
Central
Excise Act Financial
year-2002-03 44.14 Additional Commissioner,
Gurgaon.
Central
Sales Tax Act Financial
year-2005-06 1.04 Appellate Deputy
Commissioner
Central
Sales Tax Act Financial
year-2006-07 4.77 Appellate Deputy
Commissioner, Chennai
VAT Act Financial
year-2007-08 83.07 Appellate Deputy
Commissioner, Chennai
ESI Act ESI (01.04.
2000-30.06.
2002) 1.27 Regional Director,
Gurgaon
Indian
Stamp Act Stamp Duty 31.37 Inspector General of
Registration (Appeals)
Chennai, Tamil Nadu
(10) The company does not have accumulated losses as at the end of the
Financial Year and has not incurred cash losses in the current
financial year and in the immediately preceding financial year.
(11) The company has not defaulted in repayment of dues to any
financial institutions or bank or debenture holders.
(12) The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(13) The company is not a Chit Fund, Nidhi or Mutual Fund or Society.
(14) The company is not dealing or trading in shares, securities,
debentures and other investments.
(15) In our opinion and according to the information and explanations
given to us, the terms and conditions on which the company has given
guarantees for loans taken by others from bank and financial
institutions are not prima facie prejudicial to the interests of the
company.
(16) In our opinion and according to the information and explanations
given to us, the term loans were applied for the purposes for which
they were obtained.
(17) On the basis of an overall examination of the accounts of the
company, no funds raised on short term basis have been used for long
term investments.
(18) The company has not made any preferential allotment of shares
during the year to parties and companies covered in the Register
maintained under Section 301 of Companies Act,1956.
(19) The company has not issued any debentures during the year.
(20) The company has not raised any money through public issues during
the year.
(21) Based upon the audit procedures performed and on the basis of the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the year.
For G. BALU ASSOCIATES,
Chartered Accountants
FRN: 000376S
R. RAVISHANKAR
Place : Chennai Partner
Date : 16.05.2013 Membership number: 26819
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s. UCAL FUEL
SYSTEMS LIMITED, Chennai, as at 31 st March 2012, the Statement of
Profit and Loss and Cash Flow Statement of the Company for the year
ended on that date annexed thereto. These financial statements are the
responsibility of the Company's Management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in 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. a. Attention is invited to Note no.31 of Notes to Accounts with
regards to the diminution in the value of investment in subsidiary
company M/s Amtec Precision Products Inc.
b. As required by the Companies (Auditor's Report) Order, 2003, as
amended, issued by the Central Government of India in terms of
sub-section (4A) of section 227 of Companies Act, 1956, we enclose in
the Annexure a statement on the matters specified in paragraph 4 and 5
of the said Order.
4. Further to our comments referred above, we report that:
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion, proper books of accounts as required by law have
been kept by the company so far as it appears from the examination of
the books.
c. The Balance Sheet and Profit and Loss Account dealt with by the
report are in agreement with the books of account.
d. In our opinion the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the accounting standards referred to in
sub section (3c) of Section 211 of the Companies Act, 1956.
e. On the basis of written representations from the Directors and
taken on record by the Board of Directors of the Company, we report
that, none of the director is disqualified as on 31st March 2012 from
being appointed as Director of the Company, in terms of Clause (g) of
subsection (1) of Section 274 of Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the notes
thereon, give the information required by the Companies Act, 1956, in
the manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India;
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2012,
b) in the case of the Statement of Profit and Loss, of the profit of
the company for the year ended on that date, and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT STATEMENT REFERRED TO IN PARAGRAPH 3
OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF M/s. UCAL FUEL SYSTEMS
LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2012
(1) a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The fixed assets have been physically verified by the management at
reasonable intervals and no material discrepancies were noticed on such
verification.
c) No substantial parts of fixed assets have been disposed off during
the year.
(2) a) Physical verification of inventory has been conducted at
reasonable intervals by the management.
b) The procedures for physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and nature of its business.
c) The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
(3) The company has taken unsecured loan from few parties covered in
the Register maintained under Sec. 301 of the Act to the extent of Rs.
8.94 Crores (outstanding as on 31.03.2011 is Rs. 9.57 Crores). The rate
of interest and other terms and conditions of the loan taken is
prima-facie not prejudicial to the interest of the company. There is no
stipulation regarding the repayment of the loan.
(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, for the purchase of inventory and fixed assets and for the
sale of goods and services. There is no continuing failure to correct
major weaknesses in the internal control system of the Company.
(5) In our opinion and according to the information and explanations
given to us
a) the particulars of contracts or arrangements referred to in Section
301 of the Companies Act, 1956, have been entered in the register
required to be maintained under that section, and
b) the transactions made in pursuance of such contracts or arrangements
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
(6) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
and hence compliance with directives issued by the Reserve Bank of
India and the provisions of Sec. 58 A, 58 AA or any other relevant
provisions of the Act and the rules framed there under are not
applicable.
(7) In our opinion, the company has adequate internal audit system
commensurate with its size and nature of its business.
(8) As per the books and records produced to us and explanations
offered thereon, we are of the opinion that, prima facie, the cost
records and accounts prescribed by the Central Government under Sec.
209 (1) (d) of the Companies Act, 1956, have been made and maintained.
(9) a) According to the records produced, the company is generally
regular in depositing with appropriate authorities the undisputed
applicable statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Customs Duty, Excise Duty and Cess.
b) As per the information and explanations given to us, following are
the statutory dues which have not been deposited on account of dispute.
Name of the Statute Nature of the Dues Amount Forum where dispute
in Lakhs is pending
Income Tax Act Income Tax AY 1996-97 14.02 High Court of Madras
Income Tax Act Income Tax AY 1999-00 4.12 High Court of Madras
Income Tax Act Income Tax AY 2000-01 3.59 High Court of Madras
Income Tax Act Income Tax AY 2005-06 2.55 CIT Appeals III,
Chennai
Income Tax Act Income Tax AY 2005-06 101.91 CIT Appeals III,
Chennai
Income Tax Act Income Tax AY 2006-07 171.43 CIT Appeals III,
Chennai
Finance Act Service Tax 1.93 Commissioner of
Central Excise
Appeals
Finance Act Service Tax
(07.07.1997-
15.08.2002) 145.99 High Court of Madras
Finace Act Service Tax 0.10 Tribunal, Chennai
Central Excise Act Central Excise 17.00 Commissioner of
Central Excise,
Pondicherry
Central Excise Act Central Excise 2197.04 Joint Commissioner
of Central Excise,
Delhi
Central Excise Act Central Excise 120.43 Joint Commissioner
of Central Excise
Central Excise Act Central Excise 15.21 Tribunal Excise
Forum, Gurgaon
Central Excise Act Central Excise 3.56 Joint Commissioner
of Central Excise,
Delhi
Central Excise Act Central Excise
(August 2003-June 2004) 1.83 Assistant Commiss
-ioner of Central
Excise, Tambaram
Division
Central Excise Act Central Excise
(January 2001 - August
2003) 34.93 Chief Commissioner
Excise (Appeals)
ESI Act ESI (01.04.2000-
30.06.2002) 1.27 Regional Director,
Gurgaon
Commercial Tax Sales Tax (31.05.2002
to 30.05.2011) 44.14 Additional
Commissioner,
Gurgaon
Indian Stamp Act Stamp Duty 31.37 Inspector General of
Registration
(Appeals) Chennai,
Tamil Nadu
(10) The company does not have accumulated losses as at the end of the
Financial Year and has not incurred cash losses in the current
financial year and in the immediately preceding financial year.
(11) The company has not defaulted in repayment of dues to any
financial institutions or bank or debenture holders.
(12) The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(13) The company is not a Chit Fund, Nidhi or Mutual Fund or Society.
(14) The company is not dealing or trading in shares, securities,
debentures and other investments.
(15) In our opinion and according to the information and explanations
given to us, the terms and conditions on which the company has given
guarantees for loans taken by others from bank and financial
institutions are not prima facie prejudicial to the interests of the
company.
(16) In our opinion and according to the information and explanations
given to us, the term loans were applied for the purposes for which
they were obtained.
(17) On the basis of an overall examination of the accounts of the
company, no funds raised on short term basis have been used for long
term investments.
(18) The company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of Companies Act, 1956.
(19) The company has not issued any debentures during the year.
(20) The company has not raised any money through public issues during
the year.
(21) Based upon the audit procedures performed and on the basis of the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the year.
For G. BALU ASSOCIATES,
FRN: 000376S
Chartered Accountants
R. RAVISHANKAR
Place: Chennai Partner
Date : 10.08.2012 Membership number: 26819
Mar 31, 2011
1. We have audited the attached Balance Sheet of M/s. UCAL FUEL
SYSTEMS LIMITED, Chennai, as at 31st March 2011, the Profit and Loss
Account and Cash Flow Statement of the Company for the year ended on
that date annexed thereto. These financial statements are the
responsibility of the Company's Management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in 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. a. Attention is invited to note no. 6 of schedule 19, i.e. notes
to accounts with regard to the diminution in value of investment in
subsidiary company M/s Amtec Precision Products Inc.
b. As required by the Companies (Auditor's Report) Order, 2003, as
amended, issued by the Central Government of India in terms of
sub-section (4A) of section 227 of Companies Act, 1956, we enclose in
the Annexure a statement on the matters specified in paragraph 4 and 5
of the said Order.
4. Further to our comments referred above, we report that:
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion, proper books of accounts as required by law have
been kept by the company so far as it appears from the examination of
the books.
c. The Balance Sheet and Profit and Loss Account dealt with by the
report are in agreement with the books of account.
d. In our opinion the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the accounting standards referred to in
sub section (3c) of Section 211 of the Companies Act, 1956.
e. On the basis of written representations from the Directors and
taken on record by the Board of Directors of the Company, we report
that, none of the director is disqualified as on 31st March 2011 from
being appointed as Director of the Company, in terms of Clause (g) of
subsection (1) of Section 274 of Companies Act, 1956.
f. In our opinion and to the best the of our information and according
to the explanations given to us, the said accounts read with the notes
thereon, give the information required by the Companies Act, 1956, in
the manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India;
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2011,
b) in the case of the Profit and Loss Account, of the profit of the
company for the year ended on that date, and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
STATEMENT REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF M/s. UCAL FUEL SYSTEMS LIMITED ON THE ACCOUNTS FOR THE YEAR
ENDED 31st MARCH 2011
(1) a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The fixed assets have been physically verified by the management at
reasonable intervals and no material discrepancies were noticed on such
verification.
c) No substantial parts of fixed assets have been disposed off during
the year.
(2) a) Physical verification of inventory has been conducted at
reasonable intervals by the management.
b) The procedures for physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and nature of its business.
c) The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
(3) The company has taken unsecured loan from one party covered in the
Register maintained under Sec. 301 of the Act, outstanding balance as
on 31.03.2011 is Rs. 9.58 Crores (Previous Year Rs.9.58 Crores) The
rate of interest and other terms and conditions of the loan taken is
prima-facie not prejudicial to the interest of the company. There is no
stipulation regarding the repayment of the loan.
(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, for the purchase of inventory and fixed assets and for the
sale of goods and services. There is no continuing failure to correct
major weaknesses in the internal control system of the Company.
(5) In our opinion and according to the information and explanations
given to us
a) the particulars of contracts or arrangements referred to in Section
301 of the Companies Act, 1956, have been entered in the register
required to be maintained under that section, and
b) the transactions made in pursuance of such contracts or arrangements
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
(6) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
and hence compliance with directives issued by the reserve Bank of
India and the provisions of Sec. 58 A, 58 AA or any other relevant
provisions of the Act and the rules framed there under are not
applicable.
(7) In our opinion, the company has adequate internal audit system
commensurate with its size and nature of its business.
(8) As per the books and records produced to us and explanations
offered thereon, we are of the opinion that, prima facie, the cost
records and accounts prescribed by the Central Government under Sec.
209 (1) (d) of the Companies Act, 1956, have been made and maintained.
(9) a) According to the records produced, the company is generally
regular in depositing with appropriate authorities the undisputed
applicable statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Customs Duty, Excise Duty and Cess.
b) As per the information and explanations given to us, following are
the statutory dues which have not been deposited on account of dispute.
Name of the
Statute Nature of the Dues Amount Forum where dispute
in Lakhs is pending
Income TaxAct Income Tax AY 1996-97 14.02 High Court of Madras
Income Tax Act Income Tax AY 1999-00 4.12 High Court of Madras
Income Tax Act Income Tax AY 2000-01 3.59 High Court of Madra
Income Tax Act Income Tax AY 2005-06 2.55 CIT Appeals III,
Chennai
Income Tax Act Income Tax AY 2005-06 30.61 CIT Appeals HI,
Chennai
Service Tax Act Service Tax 5.00 Supreme Court
Service Tax Act Service Tax
(07.07.1997-15.08.2002) 145.99 High Court of Madras
Service Tax Rules Service Tax
(01.04.2004-09.09.2004) 96.00 Commissioner of
Service Tax
Central Excise
Act Central Excise 17.00 Commissioner of
Central Excise,
Pondicherry
central Excise
Act Central Excise 2.00 Commissioner Appeal,
Chennai
Central Excise
Act Central Excise 2197.04 Joint Commissioner
of Central
Excise, Delhi
Central Excise
Act Central Excise 120.43 Joint Commissioner
of Central Excise
Central Excise
Act Central Excise 15.21 Tribunal Excise
Forum, Gurgaon
Central Excise
Act Central Excise 2.23 Tribunal,Delhi
Central Excise
Act Central Excise 3.56 Joint Commissioner
of Central Excise,
Delhi
Central Excise
Act Central Excise 3.79 Tribunal,Delhi
Central Excise
Act Central Excise 0.59 Joint Commissioner
of Central Excise,
Delhi
Central Excise
Act Central Excise 22.21 Additional Commissi
-oner of Central
Excise, Delhi
ESI Act ESI ( 01.04.2000 -
30.06.2002) 1.27 Regional Director,
Gurgaon
Central Excise
Act Central Excise
(August 2003 -
June 2004) 1.83 Assistant Commiss
-ioner of Central
Excise, Tambaram
Division
Central Excise
Act Central Excise
(January 2001 -
August 2003) 34.93 Chief Commissioner
Excise (Appeals)
Indian Stamp
Act Stamp Duty 31.37 Inspector General of
Registration
(Appeals) Chennai,
Tamil Nadu
(10) The company does not have accumulated losses as at the end of the
Financial Year and has not incurred cash losses in the current
financial year and in the immediately preceding financial year.
(11) The company has not defaulted in repayment of dues to any
financial institutions or bank or debenture holders.
(12) The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(13) The company is not a Chit Fund, Nidhi or Mutual Fund or Society.
(14) The company is not dealing or trading in shares, securities,
debentures and other investments.
(15) In our opinion and according to the information and explanations
given to us, the terms and conditions on which the company has given
guarantees for loans taken by others from bank and financial
institutions are not prima facie prejudicial to the interests of the
company.
(16) In our opinion and according to the information and explanations
given to us, the term loans were applied for the purposes for which
they were obtained.
(17) On the basis of an overall examination of the accounts of the
company, no funds raised on short term basis have been used for long
term investments.
(18) The company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Companies Act, 1956.
(19) The company has not issued any debentures during the year.
(20) The company has not raised any money through public issues during
the year.
(21) Based upon the audit procedures performed and on the basis of the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the year.
Notes
1. The above Statement has been prepared in the indirect method except
in the case of Dividend, Interest received and paid, Purchase and Sale
of Investments,Sale of Fixed Assets and Direct taxes which have been
considered on the basis of actual movement of cash, with corresponding
adjustments in assets and liabilities.
2. Cash and Cash Equivalent represents Cash and Bank Balances only.
3. Proceeds from Borrowings are shown net of repayments and without
Exchange fluctuation.
4. Additions to Fixed Assets are stated exclusive of Capital
Work-in-Progress between the beginning and end of the year and is
treated as part of Investing Activities.
For G. BALU ASSOCIATES,
Chartered Accountants
G.BALASUBRAMANYAN
Partner
Place : Chennai Membership number: 7628
Date : 27.05.2011 FRN: 000376S
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/s. UCAL FUEL
SYSTEMS LIMITED, Chennai, as at 31st March 2010, the Profit and Loss
Account and Cash Flow Statement of the Company for the year ended on
that date annexed thereto. These financial statements are the
responsibility of the Companys Management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in 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. a. Attention is invited to note no. 6 and note no. 10 to notes to
accounts respectively with regard to the diminution in value of
investment in subsidiary company M/s Amtec Precision Products, Inc. and
accounting for amalgamation of UCAL Machine Tools Ltd. as per court
order.
b. As required by the Companies (Auditors Report) Order, 2003, as
amended, issued by the Central Government of India in terms of
sub-section (4A) of section 227 of Companies Act, 1956, we enclose in
the Annexure a statement on the matters specified in paragraph 4 and 5
of the said Order.
4. Further to our comments referred above, we report that:
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion, proper books of accounts as required by law have
been kept by the company so far as it appears from the examination of
the books.
c. The Balance Sheet and Profit and Loss Account dealt with by the
report are in agreement with the books of account.
d. In our opinion the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the accounting standards referred to in
sub section (3c) of Section 211 of the Companies Act, 1956.
e. On the basis of written representations from the Directors and
taken on record by the Board of Directors of the Company, we report
that, none of the director is disqualified as on 31st March 2010 from
being appointed as Director of the Company, in terms of Clause (g) of
subsection (1) of Section 274 of Com- panies Act, 1956.
f. In our opinion and to the best the of our information and according
to the explanations given to us, the said accounts read with the notes
thereon, give the information required by the Companies Act, 1956, in
the manner so required and give a true and fair view in conformity with
the accounting principles gener- ally accepted in India;
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2010,
b) in the case of the Profit and Loss Account, of the profit of the
company for the year ended on that date, and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
STATEMENT REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE
TO THE MEMBERS OF UCAL FUEL SYSTEMS LIMITED ON THE ACCOUNTS
FOR THE YEAR ENDED 31st MARCH 2010.
(1) a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets. The Company is in the process of updating the Fixed Assets
Register.
b) The fixed assets have been physically verified by the management at
reasonable intervals and no material discrepancies were noticed on such
verification.
c) No substantial parts of fixed assets have been disposed off during
the year.
(2) a) Physical verification of inventory has been conducted at
reasonable intervals by the management.
b) The procedures for physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and nature of its business.
c) The Company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
(3) The Company has taken unsecured loan from one party covered in the
Register maintained under Sec. 301 of the Act to the extent of Rs. 24
Crores (outstanding as on 31.03.2010 is Rs. 9.57 Crores). The rate of
interest and other terms and conditions of the loan taken is
prima-facie not prejudicial to the interest of the Company. There is no
stipulation regarding the repayment of the loan.
(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, for the purchase of inventory and fixed assets and for the
sale of goods and services. There is no continuing failure to correct
major weaknesses in the internal control system of the Company.
(5) In our opinion and according to the information and explanations
given to us
a) the particulars of contracts or arrangements referred to in Section
301 of the Companies Act, 1956, have been entered in the register
required to be maintained under that section, and
b) the transactions made in pursuance of such contracts or arrangements
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
(6) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
and hence compliance with directives issued by the reserve Bank of
India and the provisions of Sec. 58 A, 58 AA or any other relevant
provisions of the Act and the rules framed there under are not
applicable.
(7) In our opinion, the Company has adequate internal audit system
commensurate with its size and nature of its business.
(8) As per the books and records produced to us and explanations
offered thereon, we are of the opinion that, prima facie, the cost
records and accounts prescribed by the Central Government under Sec.
209 (1) (d) of the Companies Act, 1956, have been made and maintained.
(9) a) According to the records produced, the Company is generally
regular in depositing with appropriate authorities the undisputed
applicable statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Customs Duty, Excise Duty and Cess.
b) As per the information and explanations given to us, following are
the statutory dues which have not been deposited on account of dispute.
Name of the
Statute Nature of
the dues Amount in Forum where dispute
Rs. Lakhs is pending
Income Tax Act Income Tax AY
1996-97 14.02 High Court of Madras
Income Tax Act Income Tax AY
1999-00 4.12 High Court of Madras
Income Tax Act Income Tax AY
2000-01 3.59 High Court of Madras
Income Tax Act Income Tax AY
2005-06 2.55 CIT Appeals III, Chennai
Income Tax Act Income Tax AY
2005-06 0.42 CIT Appeals III, Chennai
Income Tax Act Income Tax AY
2004-05 2.30 CIT Appeals III, Chennai
Service Tax Act Service Tax 5.00 Supreme Court
Service Tax Act Service Tax
(07.07.1997-
15.08.2002) 145.99 High Court of Madras
Service Tax
Rules Service Tax
(01.04.2004 -
09.09.2004) 96.00 Commissioner of Service
Tax
Central
Excise Act Central Excise 17.00 Commissioner of Central
Excise, Pondicherry
Central
Excise Act Central Excise 2.00 Commissioner Appeal,
Chennai
Central
Excise Act Central Excise 2,197.04 Joint Commissioner of
Central Excise, Delhi
Central
Excise Act Central Excise 120.43 Joint Commissioner of
Central Excise
Central
Excise Act Central Excise 15.21 Tribunal Excise Forum,
Gurgaon
TNGST Act Sales Tax
(1998-1999 & Joint Commissioner of
Commercial
1999-2000) 10.53 Taxes, Chennai
Haryana
VAT Act VAT 2004-05 70.96 Assessing Authority,
Gurgaon
ESI Act ESI (01.04.2000 -
30.06.2002) 1.27 Regional Director ,
Gurgaon
Central
Excise Act Central Excise
(August 2003 - 1.83 Assistant Commissioner of
June 2004) Central Excise,
Tambaram Division
Central
Excise Act Central Excise
(January 2001) 34.93 Chief Commissioner
Excise (Appeals)
Indian
Stamp Act Stamp Duty 31.37 Inspector General of
Registration
(Appeals)
Chennai,
Tamil Nadu
(10) The Company does not have accumulated losses as at the end of the
Financial Year and has not incurred cash losses in the current
financial year and in the immediately preceding financial year.
(11) The Company has not defaulted in repayment of dues to any
financial institutions or bank or debenture holders.
(12) The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(13) The Company is not a Chit Fund, Nidhi or Mutual Fund or Society.
(14) The Company is not dealing or trading in shares, securities,
debentures and other investments.
(15) In our opinion and according to the information and explanations
given to us, the terms and conditions on which the Company has given
guarantees for loans taken by others from bank and financial
institutions are not prima facie prejudicial to the interests of the
Company.
(16) In our opinion and according to the information and explanations
given to us, the term loans were applied for the purposes for which
they were obtained.
(17) On the basis of an overall examination of the accounts of the
Company, no funds raised on short term basis have been used for long
term investments.
(18) The Company has made preferential allotment of shares to parties
and companies covered in the Regis- ter maintained under Section 301 of
the Act and price at which shares have been issued is not prejudicial
to the interest of the Company.
(19) The Company has not issued any debentures during the year.
(20) The Company has not raised any money through public issues during
the year.
(21) Based upon the audit procedures performed and on the basis of the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
For M/s.G.BALU ASSOCIATES
Chartered Accountants
G. BALASUBRAMANYAN
Place: Chennai PARTNER
Date : 31.08.2010 Membership Number: 7628
FRN: 000376S