Mar 31, 2015
We have audited the accompanying standalone financial statements of
UNITED CREDIT LIMITED ("the Company"), which comprise the Balance Sheet
as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding 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 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, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. 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 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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 20l5 ("the
Order"), issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Companies Act, 2013 ("the Act"),
and on the basis of such checks as we considered appropriate and
according to the information and explanations given to us, we give in
the Annexure a statement on the matters specified in paragraphs 3 and 4
of the said 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 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.
(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 22.1 to the
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 TO THE AUDITORS' REPORT
Referred to in paragraph 1 of the Auditors' Report on "Other Legal and
Regulatory Requirements" of even date to the members of 'UNITED CREDIT
LIMITED' on the financial statements for the year ended 31st March,
2015.
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
(b) The fixed assets were stated to have been physically verified by
the management during the year, which in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets.
As stated, no material discrepancies between book records and the
physical inventory were noticed on such verification.
(ii) There being no stock in trade, reporting requirements in terms of
clause (ii) of the aforesaid order are not applicable to the Company.
(iii) On the basis of examination of books of account of the Company
and on the basis of information and explanations given to us, the
company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
189 of the Act. Therefore, clauses (iii)(a) to (iii)(b) of the
aforesaid order are not applicable to the Company.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of fixed assets and with regard to interest and rental income.
Further, on the basis of our examination of the books and records of
the Company and according to the information and explanations given to
us, we have neither come across nor have been informed of any
continuing failure to correct major weaknesses in aforesaid internal
control system.
(v) The Company has not accepted any deposits from public during the
year, within the meaning of the directives issued by the Reserve Bank
of India and the provisions of sections 73 to 76 or any other relevant
provisions of the Companies Act and the rules framed there under.
Moreover, no order has been passed by Company Law Board or National
Company Law Tribunal or Reserve Bank of India or any other court or
tribunal.
(vi) The Central Government has not specified maintenance of cost
records under sub-section (l) of section 148 of the Companies Act for
any of the products of the Company.
(vii) (a) According to the information and explanations given to us and
from the records of the company examined by us, the Company has been
regular in depositing undisputed statutory dues including provident
fund, employees' state insurance, income-tax, sales- tax, wealth tax,
service tax, duty of customs, duty of excise, value added tax, cess and
any other statutory dues with the appropriate authorities. .
(b) According to the information and explanations given to us and the
records of the Company examined by us, there has been no dues of sales
tax or wealth tax or service tax or duty of customs or duty of excise
or value added tax or cess which have not been deposited on account of
any dispute as at the Balance Sheet date, except for the following :
1. Income Tax demand pertaining to Assessment year 2011-12 amounting
to Rs. 88,330/- lying with Deputy Commissioner Income Tax. [Refer NOTE-
22.1 (b)]
2. Income Tax demand pertaining to Assessment years 2012-13 & 2013-14
amounting to Rs.171,890/- and Rs.100,740/- respectively lying with
Assistant Commissioner of Income Tax (CPC). [Refer NOTE- 22.1 (c)]
(c) On the basis of checking of books of accounts of the Company and
according to the information and explanations given to us, in our
opinion, Rs. 452,793/- being unpaid dividend for the year ended 31st
March, 2007 have been transferred to investor education and protection
fund in accordance with the relevant provisions of the Companies Act,
1956 (1 of 1956) and rules made there under.
(viii) The Company has no accumulated losses at the end of the
financial year and it has not incurred cash losses during the financial
year and in the immediately preceding financial year.
(ix) The Company has taken term loan (car) from a bank during the year.
On the basis of records of the Company examined by us and according to
the information and explanations given to us by the management, the
Company had not defaulted in repayment of dues to the Bank. The
Company had neither taken any loan from financial institution neither
it had issued any debenture.
(x) In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from bank or financial institutions during the year.
(xi) In our opinion and according to the information and explanations
given to us, term loan raised by the Company have been applied for the
purpose for which it is raised.
(xii) During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the company noticed or reported during the year nor have
we been informed of any such case by the management.
For RAY & RAY
Chartered Accountants
Firm's Registration No. 301072E
AMITAVA CHOWDHURY
Partner
Membership No.56060
Place : Kolkata 26th May, 2015
Mar 31, 2014
We have audited the accompanying financial statements of UNITED CREDIT
LIMITED ("the Company"), which comprise the Balance Sheet as at 31st
March, 2014, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other notes to financial statements.
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 judgement, 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 31st March, 2014;
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003, as
amended by the Companies (Auditor''s Report) (Amendment) Order, 2004
("the Order"), issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act and on the basis of such
checks as we considered appropriate and according to the information
and explanations given to us, we give in the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. the Balance Sheet, 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
sub-section (3C) of section 211 of the Act read with the General
Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate
Affairs in respect of section 133 of the Companies Act, 2013;
e. on the basis of written representations received from the directors
as on 31st March, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2014, from
being appointed as a director in terms of clause (g) of sub-section (1)
of Section 274 of the Companies Act, 1956 read with corresponding
section 164(2) of the Companies Act, 2013; and
f. The Central Government has neither issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid. However, no
cess is due and payable by the Company.
3. As required by the Non-Banking Financial Companies Auditors'' Report
(Reserve Bank) Directions, 2008, we also state that we have submitted a
report addressed to the Board of Directors of the Company containing a
statement on the matters of supervisory concerns to the Reserve Bank of
India, as specified in the said Directions.
ANNEXURE TO THE AUDITORS'' REPORT
[Referred to in paragraph 1 of our Report of even date addressed to the
Members of UNITED CREDIT LIMITED on the financial statements for the
year ended 31st March, 2014]
i. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets were stated to have been physically verified by
the management during the year, which in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets.
As stated, no material discrepancies between book records and the
physical inventory have been noticed.
(c) In our opinion, a substantial part of fixed assets has not been
disposed off by the Company during the year.
ii. There being no stock in trade, reporting requirements in terms of
clause (ii) of the aforesaid Order are not applicable to the Company.
iii. (a) The Company has not granted any loans, secured or unsecured,
to companies, firms or other parties covered in the register maintained
under section 301 of the Act.
(b) In view of our comments in paragraph iii(a) above, the provisions
of clauses (iii)(b), (iii)(c) and (iii)(d) of paragraph 4 of the
aforesaid order are not applicable to the Company.
(c) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered in the register maintained
under section 301 of the Act.
(d) In view of our comments in paragraph (iii)(c) above, clauses
(iii)(f), (iii)(g) of paragraph 4 of the aforesaid order are not
applicable to the Company.
iv. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of fixed assets and with regard to interest and rental
income. Further during the course of our audit, we have neither come
across nor we have been informed of any continuing failure, to correct
major weakness in the internal control system.
v. (a) In our opinion and according to the information and
explanations given to us, the transactions made in pursuance of
contracts or arrangements that need to be entered in the register
maintained u/s 301 of the Act, have been so entered.
(b) Since the value of such transactions entered with the Company is
less than Rs.5 lakhs during the year, in our opinion, the requirements
of clause (v) (b) of the aforesaid order are not applicable to the
Company.
vi. The Company has not accepted any deposits from the public under
sections 58A and 58AA of the Act and the rules framed there under.
vii. In our opinion, the Company''s internal audit system carried out by
a firm of chartered accountants is commensurate with the size and
nature of its business.
viii. The Central Government of India has not prescribed maintenance
of cost records under Section 209(1)(d) of the Act, for the Company.
ix. According to the information and explanations given to us and the
records of the Company examined by us, in our opinion :
(a) The Company has been regular in depositing during the year the
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees'' State Insurance, Income Tax, VAT, Sales
Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, Cess and other
material statutory dues applicable to it with the appropriate
authorities.
(b) According to the information and explanations given to us and the
records of the Company examined by us, read with NOTE 23.1(a) regarding
certain demands on Income Tax matters pertaining to Assessment Year
1996-97 aggregating to Rs,6,900,919/- which has been paid by the
company and shown under Long Term Loans and Advances, there has been no
dues of Wealth Tax and Customs Duty which have not been deposited on
account of any dispute as at the Balance Sheet date, except for the
following:
1. Income Tax demand pertaining to Assessment Year 2011-12 of
Rs.85,897/- lying with Dy. Commissioner Income Tax. [Refer NOTE
23.1(b)]
2. Income Tax demand pertaining to Assessment Year 2012-13 of
Rs.169,750/- lying with Assistant Commissioner Income Tax (CPC). [Refer
NOTE 23.1(c)]
x. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred any cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
xi. According to the information and explanations given to us and the
records of the Company examined by us, the Company has not defaulted in
repayment of dues to any bank, financial institutions and debenture
holders.
xii. According to the information and explanations given to us and the
records of the Company examined by us, the Company has not granted any
loans and advances on the basis of security by way of pledge of shares,
debenture and other similar securities.
xiii. In our opinion the provisions of any special statute applicable
to chit fund / nidhi / mutual benefit fund / societies are not
applicable to the Company. Therefore the provisions of clause (xiii) of
paragraph 4 of the aforesaid order are not applicable to the Company.
xiv. Based on our examination of the records, we are of the opinion
that proper records have been maintained of shares and securities for
transactions and contracts and timely entries have been made therein.
The Company has held the shares, securities, debentures and other
investments in its own name.
xv. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
xvi. In our opinion and according to the information and explanations
given to us, term loan raised by the Company have been applied for the
purpose for which it is raised.
xvii. In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet of the
Company, we report that funds raised on short-term basis have not been
used during the year for long-term investments.
xviii. The Company has not raised any money by issue of shares during
the year. Therefore, the provisions of clause (xviii) of paragraph 4 of
the aforesaid order are not applicable to the Company.
xix. The Company has not issued any debentures during the year under
audit. Accordingly, the provisions of clause (xix) of paragraph 4 of
the aforesaid order are not applicable to the Company.
xx. The Company has not raised any money by way of public issue during
the year. Accordingly, the provisions of clause (xx) of paragraph 4 of
the aforesaid order are not applicable to the Company.
xxi. During the course of our examination of books of account and
records of the Company carried out in accordance with Generally
Accepted Auditing Practices, we have neither come across any instance
of fraud on or by the Company, nor have we been informed of such case
by the Management.
For and on behalf of
RAY & RAY
Chartered Accountants
Firm''s Registration No. 301072E
AMITAVA CHOWDHURY
Partner
Membership No.056060
Kolkata
May 23, 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of United Credit
Limited (''the Company), which comprise the Balance Sheet as at 31 st
March, 2013, and the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information (Other notes to
Financial Statements).
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 preparation of the financial statements that 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, the assessment of the risk
of material misstatements 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, ofthe state of affairs of the
Company as at 31st March, 2013;
b) in the case of the Statement of Profit and Loss, of the loss for the
year ended on that date, and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003, 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 said 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 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 Balance Sheet, the Statement of Profit and Loss
and the 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;
e. on the basis of written representations received from the Directors
as on 31st March, 2013 and taken on record by the Board of Directors,
none of the Directors is disqualified as on 31 st March, 2013 from
being appointed as a Director in terms of clause (g) of sub-section (1)
of Section 274 of the Act;
f. Since the Central Government has not issued any notification as to
the rate at which the Cess is to be paid under Section 441A of the Act,
nor has it issued any rules under the said section, prescribing the
manner in which such Cess is to be paid, no Cess is due and payable by
the Company.
3. As required by the Non-Banking Financial Companies Auditors'' Report
(Reserve Bank) Directions, 2008, we also state that we have submitted a
report addressed to the Board of Directors of the Company containing a
statement on the matters of supervisory concerns to the Reserve Bank of
India, as specified in the said Directions.
ANNEXURE TO THE AUDITORS'' REPORT
[Referred to in paragraph 1 of the Auditors'' Report of even date
addressed to the members of UNITED CREDIT LIMITED on the financial
statements for the year ended 31st March 2013]
i. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) The fixed assets were stated to have been physically verified by
the management during the year, which, in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets.
As stated, no material discrepancies between the book records and the
physical inventory have been noticed.
(c) In our opinion, a substantial part of fixed assets has not been
disposed off by the Company during the year.
ii. There being no stock in trade, reporting requirements in terms of
clause (ii) of the aforesaid Order are not applicable to the Company.
iii. (a) The Company has not granted any loans, secured or unsecured,
to Companies, firms or other parties covered in the Register maintained
under Section 301 of the Act.
(b) In view of our comments in paragraph iii(a) above, the provisions
of clauses (iii)(b), (iii)(c) and (iii)(d) of paragraph 4 of the
aforesaid order are not applicable to the Company.
(c) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered in the Register maintained
under Section 301 of the Act.
(d) In view of our comments in paragraph (iii)(c) above, clauses
(iii)(f), (iii)(g) of paragraph 4 of the aforesaid order are not
applicable to the Company.
iv. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of shares / fixed assets and with regard to the sale of
shares. Further during the course of our audit, we have neither come
across nor have we been informed of any continuing failure, to correct
major weakness in the internal control system.
v (a) In our opinion and according to information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that need to be entered in the register maintained under
section 301 of the Act, have been so entered.
(b) Since the value of such transactions entered with the Company is
less than Rs.5 lakhs during the year, in our opinion, the requirements
of clause (v) (b) of the aforesaid order are not applicable to the
Company.
vi. The Company has not accepted any deposits during the year from the
public under Sections 58A and 58AA of the Act and the rules framed
there under
vii. In our opinion, the Company''s internal audit system carried out by
a firm of chartered accountants is commensurate with the size and
nature of its business.
viii. The Central Government has not prescribed maintenance of cost
records under Section 209(1 )(d) of the Act, for the Company.
ix. (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is regular in depositing the undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees''
State Insurance, Income tax, Sales Tax/ VAT, Wealth tax, Service tax,
Customs Duty, Excise Duty, Cess and other material statutory dues as
applicable, with the appropriate authorities.
(b) According to the information and explanations given to us and the
records of the Company examined by us, read with NOTE 23.1(a) regarding
certain demands on Income Tax matters pertaining to Assessment Year
1996-97 aggregating to Rs,6,900,919/- which has been paid by the
Company and shown under Loans and Advances, there are no dues of Wealth
Tax and Customs Duty which have not been deposited on account of any
dispute as at the Balance Sheet date, except for the following:
1. Income tax demand pertaining to Assessment Year 2011-12 of
Rs.75,767/- pending hearing with Dy. Commissioner Income Tax. [Refer
NOTE 23.1(b)]
x. The Company has accumulated losses at the end of the financial year
not exceeding 50% of its networth The Company has not incurred cash
losses during the financial year covered by the audit and in the
immediately preceding financial year.
xi. Based on our audit procedure and according to the information and
explanations given to us, we are of opinion that the Company has not
defaulted in repayment of dues to any financial institutions, banks and
debenture holders.
xii. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other similar
securities.
xiii. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the aforesaid order are not applicable to the Company.
xiv. Based on our examination of the records, we are of the opinion
that proper records have been maintained of shares and securities for
transactions and contracts and timely entries have been made therein
The Company has held the shares, securities, debentures and other
investments in its own name.
xv. The Company has not given any guarantee for the loan taken by
others from bank or financial institutions during the year.
xvi. According to the information and explanations given to us, the
term loan raised by the Company have been applied for the purpose for
which they were raised.
xvii. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment.
xviii. The Company has not raised any money by issue of shares during
the year. Therefore, the provisions of clause (xviii) of paragraph 4 of
the aforesaid order are not applicable to the Company.
xix. The Company has not issued any debentures during the year under
audit. Accordingly, the provisions of clause (xix) of the aforesaid
order are not applicable to the Company.
xx. The Company has not raised any money by public issue during the
year. Therefore, the provisions of clause (xx) of paragraph 4 of the
aforesaid order are not applicable to the Company.
xxi. During the course of our examination of books of account carried
out in accordance with Generally Accepted Auditing Practices, we have
neither come across any instance of material fraud on or by the
Company, nor have we been informed of any such case by the Management.
For RAY & RAY
Chartered Accountants
Firm''s Registration No. 301072E
AMITAVA CHOWDHURY
Place of Signature : Kolkata Partner
Date : 24th May, 2013 Membership No.56060
Mar 31, 2012
1. We have audited the attached Balance Sheet of UNITED CREDIT LIMITED
("Company") as at 31st March 2012, the related Statement of Profit &
Loss and the Cash Flow Statement for the year ended on that date
(hereinafter referred to as "financial statements"), which we have
signed under the reference to this report. 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. These standards require that we plan and
perform the audit so as to obtain reasonable assurance as to whether
these financial statements are free of any 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 as
amended by the Companies (Auditor's Report) (Amendment) Order, 2004,
("Order") issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Companies Act 1956 of India (the
"Act"), and on the basis of such checks as we considered appropriate
and according to the information and explanations given to us, we
enclose in the Annexure a statement on the matters specified in
paragraphs 4 & 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3,
we report that:
4.1 The Investments in unquoted equity shares and preference shares of
United Nanotech Products Ltd have suffered diminution in value (amount
not ascertained) for which no provision has been made in the accounts
with consequential impact on profit and Net Asset position at the end
of the financial year (Refer NOTE 21.13).
4.2 Subject to our remarks in paragraph 4.1 above, 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;
4.3 Subject to our remarks in paragraph 4.1 above, 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;
4.4 These financial statements dealt with by this report are in
agreement with the books of account;
4.5 Subject to our remarks in paragraph 4.1 above, in our opinion,
these financial statements dealt with by this report comply with the
accounting standards referred to in Section 211 (3C) of the Act;
4.6 On the basis of written representations received from the
directors, as on 31st March 2012 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2012 from being appointed as a director in terms of clause
(g) of sub-section (1) of Section 274 of the Act;
4.7 In our opinion and to the best of our information and according to
the explanations given to us the said financial statements together
with the notes thereon and attached thereto give, in the prescribed
manner, the information required by the Act and subject to our comment
in paragraph 4.1 above, 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 for
the year ended on that date; and
(c) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
5. As required by the Non-Banking Financial Companies Auditor's Report
(Reserve Bank) Directions, 2008, we also state that we have submitted a
report addressed to the Board of Directors of the Company containing a
statement on the matters of supervisory concerns to the Reserve Bank of
India, as specified in the said Directions.
ANNEXURE TO THE AUDITORS' REPORT
[Referred to in paragraph 3 of the Auditors' Report of even date
addressed to the members of UNITED CREDIT LIMITED on the financial
statements for the year ended 31st March 2012]
i. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) The fixed assets, other than those given on lease, were physically
verified by the management during the year, which, in our opinion, is
reasonable having regard to the size of the Company and the nature of
its assets. No material discrepancies between the book records and the
physical inventory have been noticed.
(c) In our opinion, a substantial part of fixed assets has not been
disposed off by the Company during the year.
ii. There being no stock in trade (comprising of investments in shares
and merchandise / trading items), reporting requirements in terms of
clause (ii) of the aforesaid Order are not applicable to the Company.
iii. (a) The Company has not granted any loans, secured or unsecured,
to Companies, firms or other parties covered in the Register maintained
under Section 301 of the Act.
(b) In view of our comments in paragraph iii(a) above, the provisions
of clauses (iii)(b), (iii)(c) and (iii)(d) of paragraph 4 of the
aforesaid order are not applicable to the Company.
(c) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered in the Register maintained
under Section 301 of the Act.
(d) In view of our comments in paragraph (iii)(c) above, clauses
(iii)(f), (iii)(g) of paragraph 4 of the aforesaid order are not
applicable to the Company.
iv. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of shares / fixed assets and with regard to the sale of
shares. Further during the course of our audit, we have neither come
across nor have we been informed of any continuing failure in the
aforesaid control systems, to correct major weakness in the internal
control system.
v. On the basis of our examination of books of account and according to
information and explanations given to us, the Company has not entered
into any transaction during the year that need to be entered into the
register maintained under Section 301 of the Act and therefore the
clauses (v)(a) and (v)(b) of paragraph 4 of the aforesaid order are not
applicable to the Company.
vi. The Company has not accepted any deposits during the year from the
public under Sections 58A and 58AA of the Act and the rules framed
there under.
vii. In our opinion, the Company's internal audit system carried out by
a firm of chartered accountants is commensurate with the size and
nature of its business.
viii. The Central Government has not prescribed maintenance of cost
records under Section 209(1)(d) of the Companies Act, 1956 for the
Company
ix. (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is regular in depositing the undisputed 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, Cess and other material statutory dues as
applicable, with the appropriate authorities.
(b) According to the information and explanations given to us and the
records of the Company examined by us, read with NOTE 21.1 regarding
certain demands on Income Tax matters pertaining to Assessment Year
1996-97, which has been shown under Loans and Advances there are no
dues of Income Tax, Wealth Tax and Customs Duty which have not been
deposited on account of any dispute as at the Balance Sheet date.
x. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
xi. Based on our audit procedure and according to the information and
explanations given to us, we are of opinion that the Company has not
defaulted in repayment of dues to any financial institutions, banks and
debenture holders.
xii. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other similar
securities.
xiii. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the aforesaid order are not applicable to the Company.
xiv. Based on our examination of the records, we are of the opinion
that proper records have been maintained of shares and securities for
transactions and contracts and timely entries have been made therein.
The Company has held the shares, securities, debentures and other
investments in its own name.
xv. The Company has not given any guarantee for the loan taken by
others from bank or financial institutions during the year.
xvi. According to the information and explanations given to us, the
term loan raised by the Company have been applied for the purpose for
which they were raised.
xvii. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment.
xviii. The Company has not raised any money by issue of shares during
the year. Therefore, the provisions of clause (xviii) of paragraph 4 of
the aforesaid order are not applicable to the Company.
xix. The Company has not issued any debentures during the year under
audit. Accordingly, the provisions of clause (xix) of the aforesaid
order are not applicable to the Company.
xx. The Company has not raised any money by public issue during the
year. Therefore, the provisions of clause (xx) of paragraph 4 of the
aforesaid order are not applicable to the Company.
xxi. During the course of our examination of books of account carried
out in accordance with Generally Accepted Auditing Practices, we have
neither come across any instance of material fraud on or by the
Company, nor have we been informed of any such case by the Management.
For RAY & RAY
Chartered Accountants
Firm's Registration No. 301072E
AMITAVA CHOWDHURY
Place: Kolkata Partner
Date : 26th May, 2012 Membership No.56060
Mar 31, 2011
ANNEXURE TO THE AUDITORS' REPORT
[Referred to in paragraph 3 of the Auditors' Report of even date
addressed to the members of UNITED CREDIT LIMITED on the financial
statements for the year ended 31st March 2011]
i. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) The fixed assets, other than those given on lease, were physically
verified by the management during the year, which, in our opinion, is
reasonable having regard to the size of the Company and the nature of
its assets. No material discrepancies between the book records and the
physical inventory have been noticed.
(c) In our opinion, a substantial part of fixed assets has not been
disposed off by the Company during the year.
ii. There being no stock in trade (comprising of investments in shares
and merchandise / trading items), reporting requirements in terms of
clause (ii) of the aforesaid Order are not applicable to the Company
for the current year.
iii. (a) The Company has not granted any loans, secured or unsecured,
to Companies, firms or other parties covered in the Register maintained
under Section 301 of the Act.
(b) In view of our comments in paragraph iii(a) above, the provisions
of clauses (iii)(b), (iii)(c) and (iii)(d) of paragraph 4 of the
aforesaid order are not applicable to the Company.
(c) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered in the Register maintained
under Section 301 of the Act.
(d) In view of our comments in paragraph (iii)(c) above, clauses
(iii)(f), (iii)(g) of paragraph 4 of the aforesaid order are not
applicable to the Company.
iv. In our opinion and according to the information and explanations
given to us, there is in general an adequate internal control system
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventories (shares) / fixed assets
and with regard to the sale of shares. Further during the course of our
audit, we have neither come across nor have we been informed of any
continuing failure in the aforesaid control systems, to correct major
weakness in the internal control system.
v. On the basis of our examination of books of account and according to
explanation given to us, the Company has not entered into any
transaction during the year that need to be entered into the Register
maintained under Section 301 of the Act and therefore the clauses
(v)(a) and (v)(b) of paragraph 4 of the aforesaid order are not
applicable to the Company.
vi. The Company has not accepted any deposits during the year from the
public under Sections 58A and 58AA of the Act and the rules framed
there under.
vii. In our opinion, the Company's internal audit system carried out by
a firm of accountants is commensurate with the size and nature of its
business.
viii. The Central Government has not prescribed maintenance of cost
records under Section 209(1 )(d) of the Companies Act, 1956 for the
Company
ix. (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is generally regular in depositing the undisputed 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, Cess and other material statutory dues
as applicable, with the appropriate authorities.
(b) According to the information and explanations given to us and the
records of the Company examined by us, read with Note 3 of Schedule 16
regarding certain demands on Income Tax matters pertaining to
Assessment Year 1996-97, there are no dues of Income Tax, Wealth Tax
and Customs Duty which have not been deposited on account of any
dispute as at the Balance Sheet date.
x. The Company has no accumulated losses and has earned profit during
the financial year covered by our report and had not incurred cash loss
in the immediately preceding financial year.
xi. Based on our audit procedure and according to the information and
explanations given to us, we are of opinion that the Company has not
defaulted in repayment of dues to any financial institutions, banks and
debenture holders.
xii. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other similar
securities.
xiii. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the aforesaid order are not applicable to the Company.
xiv. Based on our examination of the records, we are of the opinion
that proper records have generally been maintained of shares,
securities and debentures for transaction and contracts and timely
entries have been made therein. The Company has held the shares,
securities, debentures and other investments in its own name.
xv. The Company has not given any guarantee for the loan taken by
others from bank or financial institutions during the year.
xvi. According to the information and explanations given to us, the
Company has not raised any term loan during the year.
xvii. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
Investment.
xviii. The Company has not raised any money by issue of shares during
the year. Therefore, the provisions of clause (xviii) of paragraph 4 of
the aforesaid order are not applicable to the Company.
xix. The Company has not issued any debentures during the year under
audit. Accordingly, the provisions of clause (xix) of the aforesaid
order are not applicable to the Company.
xx. The Company has not raised any money by public issue during the
year. Therefore, the provisions of clause (xx) of paragraph 4 of the
aforesaid order are not applicable to the Company.
xxi. During the course of our examination of books of account carried
out in accordance with Generally Accepted Auditing Practices, we have
neither come across any instance of material fraud on or by the
Company, nor have we been informed of any such case by the Management.
For RAY & RAY
Chartered Accountants
Firm's Registration No. 301072E
AMITAVA CHOWDHURY
Place : Kolkata Partner
Date : 20th May, 2011 Membership No.56060
Mar 31, 2010
1. We have audited the attached Balance Sheet of UNITED CREDIT LIMITED
("Company") as at 31st March 2010, the related Profit & Loss Account
and the Cash Flow Statement for the year ended on that date
(hereinafter referred to as "financial statements"), which we have
signed under the reference to this report. 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. These Standards require that we plan and
perform the audit so as to obtain reasonable assurance as to whether
these financial statements are free of any 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 (Auditors Report) Order 2003 as
amended by the Companies (Auditors Report) (Amendment) Order, 2004,
("Order") issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of The Companies Act 1956 of India (the
"Act"), and on the basis of such checks as we considered appropriate
and according to the information and explanations given to us, we
enclose in the Annexure a statement on the matters specified in
paragraphs 4 & 5 of the said Order.
4. We report that:
(i) As stated in note 6(b) of Schedule 17 a sum of Rs.1,363,719/-
representing unclaimed interest on unmatured debenture pertaining to
2000-01 to 2002-03 has been written back & credited to Profit & Loss
Account. Had the above adjustment not been made, the Profit After Tax
for the year would have been Rs.14,886,471/- as against the reported
amount of Rs.16,250,190/- and the Reserve & Surplus would have been
Rs.171,981,145/- as against the reported amount of Rs.173,344,864/- and
the Current Liabilities would have been Rs.11,046,794/- against the
reported amount of Rs.9,683,075/-.
(ii) Note 16(b) of Schedule 17 regarding non-furnishing of information
as required to be disclosed in terms of Accounting Standard 15 on
"Employees Benefits" and its effect, if any, due to non-availability of
related details from the insurer.
5. Further to our aforementioned comments, we also report that:
(i) 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; (ii) 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;
(iii) These financial statements dealt with by this report are in
agreement with the books of account;
(iv) In our opinion, these financial statements dealt with by this report
comply with the accounting standards referred to in Section 211 (3C) of
the Act;
(v) On the basis of written representations received from the directors,
as on 31st March 2010 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March 2010
from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Act;
(vi) In our opinion and to the best of our information and according to
the explanations given to us the said financial statements together with
the notes thereon and attached thereto give in the prescribed manner
the information required by the Act 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 2010;
(b) In the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(c) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
6. As required by the Non-Banking Financial Companies Auditors Report
(Reserve Bank) Directions, 2008, we also state that we have submitted a
report addressed to the Board of Directors of the Company containing a
statement on the matters of supervisory concerns to the Reserve Bank of
India, as specified in the said Directions.
ANNEXURE TO THE AUDITORS REPORT
[Referred to in paragraph 3 of the Auditors Report of even date
addressed to the members of UNITED CREDIT LIMITED on the financial
statements for the year ended 31st March 2010]
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) The fixed assets, other than those given on lease, were physically
verified by the management during the year, which, in our opinion, is
reasonable having regard to the size of the Company and the nature of
its assets. No material discrepancies between the book records and the
physical inventory have been noticed.
(c) In our opinion, a substantial part of fixed assets has not been
disposed off by the Company during the year.
2. There being no stock in trade (comprising of investments in shares
and merchandise / trading items), reporting requirements in terms of
clause (ii) of the aforesaid Order are not applicable to the Company
for the current year.
3. (a) The Company had granted unsecured loan to Subsidiary Companies
which have ceased to be Subsidiaries and are covered in the Register
maintained under Section 301 of the Companies Act, 1956. The year-end
balances of such loan granted to those Companies aggregated to Rs.NIL
(Previously Rs.16,475,000/-). The maximum amount outstanding on such
loan at any time during the year aggregated to Rs. 46,085,000/-.
(b) In our opinion, the rate of interest and other terms and conditions
on which such loan had been granted to Subsidiary Companies listed in
the Register maintained under Section 301 of the Act, are not, prima-
facie, prejudicial to the interest of the Company.
(c) The Loans granted to the Subsidiary Companies were repaid/settled
in full along with Interest dues.
(d) In view of our aforementioned comments, clause (iii) (d) of the
aforesaid Order is not applicable to the Company.
(e) The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
under Section 301 of the Act. Consequently, clauses (iii) (f) to (iii)
(g) of the Order are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there is in general an adequate internal control system
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventories (shares) / fixed assets
and with regard to the sale of shares. Further during the course of our
audit, we have neither come across nor have we been informed of any
continuing failure in the aforesaid control systems, to correct major
weakness in the internal control system.
5. (a) According to the information and explanations given to us, the
particulars of contracts and arrangements that need to be entered into
the register maintained under Section 301 of the Act, have been so
entered. (b) In our opinion and according to the information and
explanations given to us, the transactions made in pursuance of contracts
or arrangements entered in the registers maintained under section 301
of the Act, during the year have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
6. The Company has not accepted any deposits during the year from the
public under section 58A and 58AA of the Act and the rules framed there
under.
7. In our opinion, the Companys internal audit system carried out by
a firm of accountants is commensurate with the size and nature of its
business.
8. The Central Government has not prescribed maintenance of cost
records under section 209 (1)(d) of the Companies Act, 1956 for the
Company
9. (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is generally regular in depositing the undisputed 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, Cess and other material statutory dues
as applicable, with the appropriate authorities.
(b) According to the information and explanations given to us and the
records of the Company examined by us, read with Note 3 of Schedule 17
regarding certain demands on Income Tax matters pertaining to
Assessment Year 1996-97, there are no dues of Income Tax, Wealth Tax
and Customs Duty which have not been deposited on account of any
dispute as at the Balance Sheet date.
(c) Based on the information and explanations given to us and the
records of the Company examined by us, read with Note 19 of Schedule
17, out of an amount of Rs.195,880/- in respect of Service Tax
outstanding as on 31st March 2010, Rs.107,495/- represents amount due
for more than six months which have been paid in the current financial
year due to an amendment made in the Finance Budget 2010.
10. The Company has no accumulated losses and has earned profit during
the financial year covered by our report but had incurred cash loss in
the immediately preceding financial year.
11. According to the records of the Company examined by us and the
information and explanations given to us, the Company has not defaulted
in repayment of dues to any financial institution or bank or debenture
holders as at the balance sheet date.
12. The Company has not granted any term loans except a vehicle loan.
The Company has taken term loan for the purchase of a vehicle which has
been used for the purpose for which the loan was taken.
13. The provisions of any special statute applicable to chit
fund/nidhi/ mutual fund/ societies are not applicable to the Company.
14. Based on our examination of the records, we are of the opinion
that proper records have generally been maintained of shares,
securities and debentures for transactions and contracts and timely
entries have been made therein. The Company has held the shares,
securities, debentures and other investments in its own name.
15. The Company has not given any guarantee for the loan taken by
others from bank or financial institutions during the year.
16. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment.
17. The Company has not raised any money by issue of shares during the
year.
18. The Company has not issued any debentures during the year.
19. The Company has not raised any money by public issue during the
year.
20. The Company has not made any preferential allotment of shares to
parties or to any Companies covered in the register maintained under
Section 301 of the Act during the year.
21. During the course of our examination of books of account carried
out in accordance with generally accepted auditing practices, we have
neither come across any instance of fraud on or by the Company, nor
have we been informed of any such case by the management.
For RAY & RAY
Chartered Accountants
K. K. GHOSH
Partner
Place:Kolkata Membership No.59781
Date :28th May, 2010 Firms Registration No. 301072E
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