Naval Technoplast Industries Ltd. இன் முடிவுகள்

Mar 31, 2010

We have audited the attached Balance Sheet of Naval Technoplast Industries Limited, Ahmedabad as at 31st March 2010, and the Profit & Loss Account of the Company for the year ended on that date Annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1 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.

2 In our opinion, proper books as required by law have been kept by the company, so far as appears from our examination of the books.

3 The Balance Sheet dealt with this report is in agreement with the books of account.

4 In our opinion the Balance Sheet and Profit and Loss Account complies with the mandatory Accounting Standards referred in Section 211 (3C) of the Companies Act, 1956.

5 On the basis of the written representations received from the directors as on 31st March, 2010, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2010 from being appointed as a Directors in terms of clause (g) of sub-section (1) of Section of Section 274 of the Companies Act, 1956.

6 In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view

i In the case of the Balance Sheet of the states of affairs of the company as at 31st March 2010. ii In the case of Profit & Loss Account, of the Profit of the company for the year ended on that date.

And

ii In the case of the Cash Flow Statement of the cash flows for the year ended on that date.

As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matters specified in paragraph 4 & 5 of the said order that :

1 The Company has maintained adequate records showing full particulars about the fixed assets and the management has also physically verified the fixed assets during the year. The Company has not disposed off any fixed assets during the year so as to affect the going concern assumption for the company.

2 a The management has physically verified the inventory at reasonable intervals and no discrepancies were noticed on such verification.

b In our opinion, the procedure followed by the management for such physical verification are reasonable and adequate in relation to the size of the Company and nature of its business.

c The Company is maintaining proper records of inventory and no discrepancies have been noticed by the management.

3 a As per the information and explanation given to us, the Company has not taken or granted any loan / advanced during the year to and from the parties listed in the register maintained under Section 301 of the Companies Act, 1956.

However the company had given unsecured loan / advance in the earlier years to two parties listed in the register maintained under Section 301 of the Companies Act, 1956.The amount outstanding during the year was Rs. 91,95,348/-

b In our opinion and according to the information and explanations given to us, the rate of interest, wherever applicable and other terms and conditions are prima facie not prejudicial to the interest of the Company.

c In respect of loan granted by the company, the principal amount is repayable on demand.

d In respect of loans given by the Company, these are repayable on demand and therefore the question of overdue amounts does not arise.

4 In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods. During the course of our audit no major weakness have been observed in the internal controls.

5 a Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that all transactions that need to be entered into the register in pursuance of Section 301 of the Act have been so entered.

b In our opinion and according to the information and explanations given to us, all such transactions exceeding Rs. five lakhs each have been made at prices, which are reasonable having regard to the prevailing market prices, for such goods, materials or services at the relevant time.

6 In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of Section 58A and 58AA of the Companies Act, 1956 and the rules framed thereunder.

7 The Company has an internal audit system, which in our opinion is commensurate with the size and nature of its business.

8 As informed to us, the maintenance of cost records has not been prescribed by the Central Government u/s 209(1 )(d) of the Companies Act, 1956, in respect of the activities carried on by the Company.

9 a According to the information & explanations given to us and according to the books and records as produced and examined by us, in our opinion, the undisputed statutory dues in respect of Income Tax, Cess and others as applicable have been regularly deposited by the company during the year with the appropriate authorities.

b According to the information and explanations given to us, there are no undisputed amounts payable in respect of Income tax, Wealth tax and Cess outstanding as at the year end, for a period of more than six months from the date they become payable.

c According to the information and explanations given to us, there are no dues of Income tax or Cess outstanding on account of any dispute.

10 The Company does not have accumulated losses at the end of the financial year and it has not incurred any cash losses in the current and immediately preceding financial year.

11 According to the information and explanations given to us and the records examined by us, the Company has not defaulted in repayment of dues to any of the banks or financial institution during the year. Moreover, it does not have any outstanding debentures during the year and so the question of default in repayment does not arise.

12 According to the information and explanations given to us and the records examined by us, the company has not granted any loan on the basis of security by way of pledge of shares.

13 In our opinion and according to the information and explanations given to us, the nature of the activities of the Company does not attract any special statute applicable to chit fund and nidhi/mutual benefit fund societies.

14 According to the information and explanations given to us and the records examined by us, the company have not made any investment for purchasing listed securities during the year.

15 According to the information and explanations given to us and the records examined by us, the Company has not given any guarantees for loans taken by others from banks or financial institutions, the terms and conditions whereof are prima facie prejudicial to the interest of the Company.

16. As informed to us, the Company has availed term loan facility aggregating to Rs.92,20,885/- from the Indian Overseas Bank and such loans have been utilised for their intended purpose.

17. On the basis of an overall examination of the balance sheet and cash flows of the Company and the information and explanation given to us, we report that the Company has not utilised any funds raised on short term basis for long term investments and vice- versa.

18 The Company has not made any preferential allotment of shares to parties or companies covered under Section 301 of the Act.

19 According to the information and explanations given to us, the company has not issued any debenture during the year, so the question of creating any security does not arise.

20 The Company has not raised any money through public issue during the year.

21 Based upon the audit procedures, performed and the information and explanation given by the management, we report that no fraud on or by the Company has been noticed or reported during the year.

For and on behalf of

M/s. B.M. SARAF & COMPANY

Chartered Accountants

Place : Ahmedabad.

Date : 31.08.2010 (B.M. SARAF)

Proprietor

Mem. No. : 70204

FRN No. : 109239W