Mar 31, 2015
Report on the Financial Statements
We have audited the accompanying financial statements of YANTRA NATURAL
RESOURCES LIMITED("the Company"), which comprise the Balance Sheet as
at 31stMarch, 2015, the Statement of Profit and Loss and the cash flow
statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134 (5)of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation of these financial statements that
give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding of the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these 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 thereunder.
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 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 flow for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015, ('the
Order') issued by the Central Government of India in exercise of power
conferred by sub section 11 of section 143 of the Act, we enclose in
the Annexure a statement on the matters specified in paragraphs 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 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; 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.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amount which were required to be transferred, to
the Investor Education and Protection Fund by the Company.
Annexure to the Independent Auditor's Report
The Annexure referred to in our Independent Auditor's Report to the
members of the Company on the financial statements for the year ended
31st March 2015, we report that:
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The Company has a regular programme of physical verification of its
fixed assets and have been physically verified by the management at
reasonable intervals during the year and no material discrepancies have
been 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.
(ii) (a) As per the information and explanations given to us, the
inventories have been physically verified by the management at
reasonable intervals during the year.
(b) In our opinion and as per the information and explanations given to
us, procedures of 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 inventories. In our
opinion, discrepancies noticed on physical verification of inventory
were not material in relation to the operations of the Company and the
same have been properly dealt with in the books of account.
(iii) 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 Companies Act, 2013 ('the Act')
(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 inventory and fixed assets and for the sale of inventory,
goods and services. During the course of our audit, we have not
observed any major weakness in the internal control system.
(v) The Company has not accepted any deposits from the public within
the meaning of section 73 of the Act and the rules framed there under.
(vi) In our opinion, maintenance of cost records has been specified by
the Central Government under sub- section (1) of section 148 of the
Companies Act, are not applicable to the Company.
(vii) (a) According to the information and explanation given to us and
on the basis of our examination of the records of the Company, amounts
deducted/accrued in the books of account in respect of undisputed
statutory dues including Provident Fund, Employees' State Insurance,
Income tax, Wealth tax, Sales tax, Service tax, Excise duty, Value
added tax, cess, Professional tax and other material statutory dues
have been regularly deposited during the year by the Company with the
appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Employees'
State Insurance, Income-tax, Sales tax, Excise duty, Value added tax,
Wealth tax, Cess, Professional tax were in arrears as at March 31, 2015
for a period of more than six months from the date they became payable.
(b) According to the information and explanation given to us, there are
no material dues of income tax or sales tax or wealth tax or service
tax or duty of customs or duty of excise or value added tax or cess
have not been deposited on account of any dispute.
(c) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, there were
no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company, accordingly the
provisions of clause 3(vii c) of the Order are not applicable to the
Company.
(viii) The Company does not have any accumulated losses at the end of
the financial year and has not incurred any cash losses in the current
financial year and in the immediately preceding financial year.
(ix) According to the information and explanations given to us, the
Company does not have any borrowings from any financial institution or
bank and does not issued any debentures as at the balance sheet date,
accordingly the provisions of clause 3(9) of the order are not
applicable to the company.
(x) In our opinion and according to the information and the
explanations given to us, the company has not given any guarantee for
loans taken by others from bank or financial institutions.
(xi) In our opinion and according to the information and the
explanations given to us, the Company has not raised any term loans,
according the provision of clause 3(11) are not applicable.
(xii) According to the information and explanations given to us, no
material fraud on or by the company has been noticed or reported during
the course of our audit.
For CHIRAG C.MEHTA& CO.
Chartered Accountants
FRN No. 132696W
Sd/-
CHIRAG C.MEHTA
Proprietor
M. No. 122852
Place : Hyderabad
Dated: 29.05.2015
Mar 31, 2014
1. We have audited the accompanying financial statements of Yantra
Natural Resources Limited, ("the Company"), which comprise the Balance
Sheet as at March 31, 2014, 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
2. 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
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We have 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.
4. 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.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
6. 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:
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
ii) in the case of the statement of Profit and Loss, of the profit for
the year ended on that date;
iii) 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
7. 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.
8. 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 and the statement of Profit and loss Account,
dealt with by this report are in agreement with the books of accounts;
d) in our opinion, the Balance Sheet and the statement of Profit and
loss Account, comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Act, 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 March 31, 2014, 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
Companies Act, 1956 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
ANNEXURE TO AUDITOR''S REPORT
Referred to in paragraph 4 and 5 of our report of even date on the
accounts for the year ended March 31, 2014 of Yantra Natural Resources
Limited
1. Fixed Assets:
a. The Company is generally maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. Assets have been physically verified by the management during the
year. According to the information and explanation given to us, there
is regular programme of verification which, in our opinion is
reasonable having regards to the size of the Company and the nature of
its assets. No material discrepancies were noticed on such
verification.
c. The company has not disposed off substantial part of fixed assets.
2. Inventories:
a. As explained to us, inventories have been physically verified by
the Management at regular intervals during the year.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c. The company has maintained proper records of inventories. As
explained to us, there was no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. Loans and Advances :
a. The Company, During the period covered by our audit, has not
granted secured or unsecured loans to companies covered in the Register
maintained under section 301 of the companies Act,1956. Hence
provisions of clauses (iii) (b),(c),(d) of paragraph 4 are not
applicable to the company.
b. The Company, during the period covered by our audit, has not taken
secured or unsecured loans from companies covered in the register
maintained under section 301 of the Act. Hence provisions of clause
(iii) (f),(g) of paragraph 4 are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory, fixed assets and also for the sale of goods.
During the course of audit, we have not observed any major weaknesses
in internal controls.
5. Transaction with related parties as per Register of Contracts under
Section 301 of the Companies Act,1956:
a. In our opinion and according to the information and explanations
given to us, particulars of contracts or arrangements, referred to in
section 301 of the Act have been entered in the register required to be
maintained under that section: 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. The company has not accepted any deposits from the public and
therefore section 58A, 58AA or any other relevant provisions of the
Companies Act, do not apply.
7. In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
8. The Central Government has not prescribed any maintenance of Cost
Records under section 209(1)(d) of the Companies Act, 1956 the product
of the company.
9. Statutory Dues:
a. According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other statutory dues have been
generally regularly deposited with the appropriate authorities.
b. According to the information and explanations given to us, no
disputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2014 for a period of more than six months
from the date of becoming payable. The company has neither accumulated
losses as at March 31, 2014 nor has it incurred any cash losses during
the financial year ended on that date or in the immediately preceding
financial year.
10. The Company does not have accumulated losses at the end of
financial year. The company has not incurred cash losses in the current
financial year covered by the audit and in the immediately preceding
financial year.
11. Based on our audit procedure and according to the information and
explanation given to us, we are of the opinion that the company has not
defaulted in repayment of dues to financial institutions, banks or any
other organization.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4 (xiii) of the Companies
(Auditors Report) Order 2003 is not applicable to the company.
14. According to the information and explanations given to us they
have proper record of securities, shares and other investments. And
investments in shares and securities are held in the name of company.
15. The company has not given any guarantee for loan taken by others
from bank or financial institutions.
16. According to the information and explanations given to us, no term
loans were raised during the year.
17. According to the cash flow statement and other records examined by
us, and the information and explanations given to us, on an overall
basis funds raised on short term basis have, prima facie, not been used
during period for long term investment.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the registered maintained under
section 301 of the Companies Act, 1956 during the year.
19. The company has not issued any debentures during the year.
20. The company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the year that causes the financial statements to be materially
misstate.
For CHIRAG C. MEHTA & CO.,
Chartered Accountants
Sd/-
CHIRAG C. MEHTA
Proprietor
M. No. 122852
Place: Hyderabad
Date : 30.05.2014
Mar 31, 2013
Report on the Financial Statements
1. We Imve audited the accompanying financial statements of Yantra
Natural Resources Ltd., ("the Company"), which comprise the Balance
Sheet as a I March 31. 2U13. and the statement of Profit iind loss and
Cash flow statement for the year then ended, and a summary or
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
2. Management is responsible for the preparation of these financial
statements thai 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 21L
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
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We have conducted our audit in
accordance will] the Standards in 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.
4. 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.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
6, Fn our opinion find to the best of our in form lit ion ami according
to the implications given to us, Lin: financial statements give the
information required by the Act in the manner so required and give ii
[rue find fair view in conformity with ihe accounting principles
genenilh accepted in India:
i] in the case of the Balance Sheet, of the state of affairs of the
Company as at 3 March, 2013:
ii) in the case of lhc statement of Profit and Loss, of the prodi for
the year ended on tJint date:
iii) in the ease of the Cash Flow Statement, of the Cflih flow S fbf me
J 691 ended on that date.
Report on Other 1 .cgal and Regulatory Requirements
7, As required by the Companies (Auditor''s Report) Order. 2003. ("the
Order") issued by the Central Government of India in terms of sub-seel
ion (4A- of Section 221 of the Act, we ic- in the Annexure u
statement on the matters specified in paragraphs 4 and 5 of the Urder.
8, As required by section 227(3) of the ActT 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 luw have been
kept by the Company, so far us appears from our examination of those
books:
c) the Balance Sheet and the statement of Profit and loss Account,
dealt with by this report are in agreement with the books of accounts:
d) in our opinion, the Balance Sheet and the statement of Profit and
loss Account, comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Act. and
e) on the basis of written represenlalions 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
(i)ofsection274ofthe Act,
By Order of the Board
For Yantra Natural Resources Limited
(Formerly known as Shri Ganesh Spinners Limited)
Sd/-
Place: Hyderabad. Dhiresh Miniver
Dale: 21st August, 2013 Managing Director
Mar 31, 2012
We have audited the attached Balance Sheet of Yantra Natural Resources
Limited as at March 31st, 2012 and the Statement of Profit and Loss for
the year ended on that date annexed thereto and the Cash Flow Statement
for the period ended on that date. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial statements based on our audit.
1. 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 accounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used the 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.
2. As required by the Companies (Auditor Report) order 2003 issued by
the Central Government of India in terms sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the annexure a statement
on the matters specified in paragraph 4 and 5 of the said order.
3. Further to our comment in the annexure referred to in paragraph 2
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 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
accounts.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the mandatory Accounting Standards
referred to in section 211 (3C) of the Companies Act, 1956.
e) On the basis of written representations received from the directors,
as on that none of the directors are being disqualified as on 31st
March, 2012 from being appointed as directors in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Significant Accounting Policies and other notes thereon given 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.
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012.
(ii) In the case of the Statement of Profit and Loss, of the loss for
the year ended on that date; and
(iii) In the case of Cash flow statement, of the cash flows for the
year ended on that date.
Referred to in paragraph 3 of our report of even date on the accounts
for the year ended 31,2012 of Yantra Natural Resources Limited
(Formerly known as Shri Ganesh Spinners Limited)
1. Fixed Assets:
a. The Company is generally maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. Assets have been physically verified by the management during the
year. According to the information and explanation given to us, there
is regular programme of verification which, in our opinion is
reasonable having regards to the size of the Company and the nature of
its assets. No material discrepancies were noticed on such
verification.
c. The company has not disposed off substantial part of fixed assets.
2. Inventories:
a. As explained to us, inventories have been physically verified by
the Management at regular intervals during the year.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c. The company has maintained proper records of inventories. As
explained to us, there was no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. Loans and Advances :
(a) The Company, during the period covered by our audit, has not
granted secured or unsecured loans to companies covered in the Register
maintained under section 301 of the companies Act,1956. Hence
provisions of clauses (iii) (b),(c),(d) of paragraph 4 are not
applicable to the company.
(b) The Company, during the period covered by our audit, has not taken
secured or unsecured loans from companies covered in the register
maintained under section 301 of the Act. Hence provisions of clause
(iii) (f), (g) of paragraph 4 are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory, fixed assets and also for the sale of goods.
During the course of audit, we have not observed any major weaknesses
in internal controls.
5. Transaction with related parties as per Register of Contracts under
Section 301 of the Companies Act,1956:
a. In our opinion and according to the information and explanations
given to us, particulars of contracts or arrangements, referred to in
section 301 of the Act have been entered in the register required to be
maintained under that section: 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. The company has not accepted any deposits from the public and
therefore section 58A, 58AA or any other relevant provisions of the
Companies Act, do not apply.
7. In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
8. The Central Government has not prescribed any maintenance of Cost
Records under section 209(1)(d) of the Companies Act, 1956 the product
of the company.
9. Statutory Dues:
a. According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other statutory dues have been
generally regularly deposited with the appropriate authorities.
b. According to the information and explanations given to us, no
disputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2012 for a period of more than six months
from the date of becoming payable. The company has neither accumulated
losses as at March 31,2012 nor has it incurred any cash losses during
the financial year ended on that date or in the immediately preceding
financial year.
10. Based on our audit procedure and according to the information and
explanation given to us, we are of the opinion that the company has not
defaulted in repayment of dues to financial institutions, banks or any
other organization.
11. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
12. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditors Report) Order 2003 is not applicable to the company.
13. According to the information and explanations given to us they
have proper record of securities, shares and other investments. And
investments in shares and securities are held in the name of company.
14. The company has not given any guarantee for loan taken by others
from bank or financial institutions.
15. According to the information and explanations given to us, no term
loans were raised during the year.
16. According to the cash flow statement and other records examined by
us, and the information and explanations given to us, on an overall
basis funds raised on short term basis have, prima facie, not been used
during period for long term investment.
17. The Company has not made any preferential allotment of shares to
parties and companies covered in the registered maintained under
section 301 of the Companies Act,1956 during the year.
18. The company has not issued any debentures during the year.
19. The company has not raised any money by way of public issue during
the year.
20. In our opinion and according to the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the year that causes the financial statements to be materially
misstate.
For Chirag Mehta
Chartered Accountant
Sd/-
(Chirag Mehta)
Proprietor
Place: Hyderabad. M.Ship No.: 122852
Date: 1st September, 2012. FRN : FW110000964
Mar 31, 2011
We have audited the attached Balance Sheet of Yantra Natural Resources
Limited (Formerly Known as Shri Ganesh Spinners Limited) as at March
31st, 2011 and the Profit and Loss Account for the year ended on that
date annexed thereto and the cash flow statement for the period ended
on that date. These financial statements are the responsibility of the
Company''s Management. Our responsibility is to express an opinion on
these financial statements based on our audit.
1. 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 accounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used the 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.
2. As required by the Companies (Auditor Report) order 2003 issued by
the Central Government of India in terms sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the annexure a statement
on the matters specified in paragraph 4 and 5 of the said order.
3. Further to our comment in the annexure referred to in paragraph 2
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 appears from our examination of such
books.
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement comply with the mandatory Accounting Standards referred
to in section 211 (3C) of the Companies Act, 1956.
e) On the basis of written representations received from the directors,
none of the directors are disqualified as on 31st March, 2011 from
being appointed as directors in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Significant Accounting Policies and other notes thereon given 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.
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011.
(ii) In the case of the Profit and Loss Account, of the loss for the
year ended on that date; and
(iii) In the case of Cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITOR''S REPORT
1. In respect of its fixed assets:
a. The Company had maintained proper records showing full particulars,
including quantitative details and situation of fixed assets on the
basis of available information.
b. As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the company
and nature of its assets, No material discrepancies were noticed on
such physical verification.
c. In our opinion, the company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories:
a. As explained to us, inventories have been physically verified by
the Management at regular intervals during the year.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c. The company has maintained proper records of inventories. As
explained to us, there was no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3.
(a) As per the information furnished, the company not granted any
loans, secured or unsecured, to the company, firms or other parties
covered in the register maintained under section 301 of the Companies
Act, 1956.
(b) As the Company has not granted any loans, secured or non secured to
/ from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956, the clause
(iii) (b) of the Order is not applicable.
(c) As 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 Companies Act, 1956 the clause (iii) (c) of
the Order is not applicable.
(d) As 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 Companies Act, 1956, the clause (iii) (d) of
the Order is not applicable.
(e) As per the information furnished , the company has not taken any
loans, secured or unsecured, from the company, firms or other parties
covered in the register maintained under section 301 of the Companies
Act, 1956.
(f) As the Company has not taken any secured or unsecured from
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956, the clause (iii) (f) of
the Order is not applicable.
(g) As 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 Companies Act, 1956, the clause (iii) (g) of
the order is not applicable.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory, fixed assets and also for the sale of goods.
During the course of audit, we have not observed any major weaknesses
in internal controls.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956:
a. In our opinion and according to the information and explanations
given to us, particulars of contracts or arrangements, referred to in
section 301 of the Act have been entered in the register required to be
maintained under that section 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. The company has not accepted any deposits from the public and
therefore section 58A, 58AA or any other relevant provisions of the
Companies Act, do not apply.
7. In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
8. The Central Government has not prescribed any maintenance of Cost
Records under section 209(1)(d) of the Companies Act, 1956 the product
of the company.
9. In respect of statutory dues:
a. According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other statutory dues have been
generally regularly deposited with the appropriate authorities.
b. According to the information and explanations given to us, no
disputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2011 for a period of more than six months
from the date of becoming payable. The company has accumulated losses
of Rs. 18.58 Lacs as on 31st March 2010 and the company has not
incurred cash losses during the financial year covered by our audit or
in the immediately preceding financial year.
10. Based on our audit procedure and according to the information and
explanation given to us, we are of the opinion that the company has not
defaulted in repayment of dues to financial institutions, banks or any
other organization.
11. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
12. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/ society. Therefore, clause 4(xiii) of the Companies
(Auditors Report) Order 2003 is not applicable to the company.
13. According to the information and explanations given to us they
have proper record of securities, shares and other investments and
investments in shares and securities are held in the name of company.
14. The company has not given any guarantee for loan taken by others
from bank or financial institutions.
15. According to the information and explanations given to us, no term
loans were raised during the year.
16. According to the cash flow statement and other records examined by
us, and the information and explanations given to us, on an overall
basis funds raised on short term basis have, prima facie, not been used
during period for long term investment.
17. During the year, the Company has made preferential allotment of
shares worth Rs. 40 Crores and the prices of shares are not
prejudicial to the interest of the company.
18. The company has not issued any debentures during the year.
19. The company has not raised any money by way of public issue during
the year.
20. In our opinion and according to the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the year that causes the financial statements to be materially
misstate.
For CHIRAG MEHTA
Chartered Accountant
Sd/-
CHIRAG C. MEHTA
Place : Hyderabad Proprietor
Date : 1st September , 2011. M. No. 122852
Mar 31, 2009
We have audited the attached Balance Sheet of SHRI GANESH SPINNERS
LIMITED as at March 31st, 2009and the Profit and Loss Account for the
year ended on that date annexed thereto and the cash flow statement
for the period ended on that date. These financial statements are the
responsibility of the Companys management. Our responsi- bility is to
express an opinion en these financial statements based on our audit.
1. 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 accounts
and disclosures in the financial statements. An audit also includes
assessing the account- ing principles used, and significant estimates
made by management, as well as evalu- ating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by the Companies {Auditors Report) Order 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the CompantesAct, 1956, we enclose in the annexure a
statement on the matters specified ih paragraph 4 and5 of the said
order.
3. Further to our comment in the annexure referred to in paragraph 2
above, we report that:
a) We have obtained a!l 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 appears from our examination of such
books.
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow State- ment comply with, the mandatory Accounting Standards
referred to in section 211 (3C) of the Companies Act, 1956.
e) On the basis of written representations received from the
directors, as on 31s* March, 2009, and taken on record by the Board of
Directors, we report that none ofthe directors are being disqualified
as on 31st March, 2009 from be- ing appointed as directors in terms
ofclause (g) of sub-section (1) of section 274 of the Companies Act,
1956.
f) in our opinion and to the best of our information and according to
the explana- tions given to us, the said accounts read togetherwith the
Significant Account- ing Policies and other notes thereon givte the
information required by the Com- panies Act, 1956, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
(i) in the case ofthe Balance Sheet, ofthe state of affairs of the
Company cs at 3lsi March, 2009. (ii) In the case ofthe Profit and Loss
Account, ofthe loss for the year ended on that date; and (iii) In the
case of cash flow statement, ofthe cash flows for the year ended
on that date.
1. We respect of its fixed assets: -
a. The Company had maintained proper"records showing full particulars,
including quantitative details and situation of fixed assets on the
basis of available information.
b. f s explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the company
and nature of its assets. "No Materia! discrepancies were noticed on
such physi cai verification.
c. In our opinion, the company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories:
a. As explained to us, Inventories have been physically verified by
tho Manage ment at regular intervals during the year.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the mar agement are reasonable and adequate In relation to
the size of the company and the nature of its business.
Ci The company has maintained proper records of inventories. As
explained tc us, there was no. materia! discrepancies noticed on
physical verification of Inventory as compared to the book records.
3. (a) As per the information furnished, the company not granted any
loans, sa cured or unsecured, to the company, firms or other parties
covered in the register maintained under section 301 pf the Companies
Act, 1956. (b) As ths Company has not granted any loans, secured or
unsecured to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act* 1956, the
c!ause .(iiOfb) of the Order is not applicable.
d. As the Company has not granted any loans, secured or unsecured tc
companies/ firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956, the clause (iii) (d) of
the Order is not applicable.
e. As per the information furnished, the company has not taken any
loans, secured or unsecured, from the company, firms or other parties
covered in the register main- tained undensection 301 of the Companies
Act, 1956.
f. As the Company has not taken any loans, secured or unsecured from
companies, firms o; .other parties covered In the regisier maintained
under section 301 of the Companies Act. 195b, the clause (iii)(f) of
the Order is not applicable.
no Company has not taken any loans, secured or unsecured from compa-
res, firms or other parties covered in the registei maintained under
section 301
g. Astn riies, of the Companies Act, 1956, the clause (iii)(g) of the
Order ic not applicable.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
wiih the size of the Con .pany and the nature of its business for the
purchase of inventory, fixed assets and also tor the sale of goods.
During ihe course of audit, we have not observed any major weaknesses
in internal controls.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956:
a. In our opinion and according to the information and explanations
given to us, par- ticulars of contracts orarrangements.referred to in.
section 301 of the Act 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. The compai iy has not accepted any deposits from
7. In cur opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
8. The Central Government h^.s prescribed any maintenance of Cost
Records under sec tion209(1)(d) of the Companies Act, 1956 the product
of the company.
9. In respect of statutory dues:
a. According to the records, of the Company, undisputed statutory.dues
including Prcvi dent Fund, Investor Education and Protection Fund,
Employees State Insur- ance, In come Tax, Sales Tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues
have been generally regularly deposited with the appropriate au
thorities.
b According to the information and explanations given to us. no
disputed amounts payable In respect of the aforesaid dues were
outstanding as at 31 * Marcn, 2009 for a period of more than six months
form the date of becoming payable..
10 The company has accumulated losses of Rs. 43.01 Lacs as on 31sl
March 2009 and thecompany has notlncurred cash lossesduring the
financial year covered byour auditor in theimmedtetely preceding
financial year.
11 Based on our auditprocedure and according to the Information and
explanation given to us, we are of the opinion that the company has not
defaulted in repayment of dues to financial institutions, banks, or any
oil ier organization.
12 In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way Of pledge of shares, debentures and other
securities.
13 In our Opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society, Therefore, clause 4(xiii) of the Companies
(Auditors Report) Order 2C03 is not ap- plicable to the company.
14 In our Opinion, the company has notengaged in trading of securities,
debentures and other investments etc. Therefore, ciause-4(xiv) of the
Companies (Auditors Report)
Order 2003 is not applicable to the company.
15.The company has not given any guarantee for loan taken by others
from bank or financial institutions..
16. According to trie information and explanations given to us, no term
loans were raised during the.year.
17 According to the cash flow statement and other records examined by
us, and the information and exolanations given to us, on an overall
basis, funds raised on short term basis have, prima facie, not been
used during period for long term investment
18 During the ye^r, the Company has not made any preferential allotment
of shares t
Companies Act, 1956.
19. The company has not issued any debentures during the year.
20.The company has not raised any money by way of public issue during
the year.
21 In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or
reported during the year thatcauses the financial statements to be
materially misstated.
FOR MANISH JAIN & ASSOCIATES
Chartered Accountants
MANISH JAIN
PARTNER
M. No. 96014
Panipat:MAY28,2009