Mar 31, 2018
INDEPENDENT AUDITORSâ REPORT
To the Members of
NECTAR LIFESCIENCES LIMITED 1. Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of NECTAR LIFESCIENCES LIMITED (âthe Companyâ), which comprise the Balance Sheet as at 31st March, 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information (herein after referred to as âstandalone financial statementsâ).
2. Managementâs Responsibility for the Standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read with relevant rules issued thereunder.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
3. Auditorsâ Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made 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 standalone financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the standalone 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 standalone financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the standalone 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.
4. Opinion
In our opinion and to the best of our information and, according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view, in conformity with the accounting principles generally accepted in India, including;
(a) In the case of the Balance Sheet, of the State of Affairs of the Company as at 31st March, 2018;
(b) In the case of the Statement of Profit and Loss including Other Comprehensive Income, of the Profit of the Company for the year ended on that date,
(c) In the case of the Cash Flow Statement, of the Cash Flows of the Company for the year ended on that date, and
(d) In the case of Statement of Changes in Equity, changes in equity for the year ended on that date.
5. Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order, 2016 (âthe Orderâ), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the âAnnexure Aâ, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
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, the
statement of cash flows and the statement of changes in equity dealt with by this report are in agreement with the books of account,
(d) in our opinion, the aforesaid standalone 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, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018 from being appointed as a director in terms of Section 164 (2) of the Act,
(f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in âAnnexure Bâ; and
(g) 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 standalone financial statements as referred to in Note 2.32 to the standalone financial statements,
ii) the Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, and as required on long-term contracts including derivative contracts,
iii) there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
1. In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.
(b) The fixed assets were physically verified during the year by the Management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of major portion of fixed assets at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
2. In respect of its inventory:
(a) As explained to us, the inventories were physically verified during the year by the management at reasonable intervals. Inventories as at 31st March 2018 were also physically verified and valued by an independent firm of chartered accountants.
(b) As explained to us, the discrepancies noticed between the physical stocks and the books records were not material and have been properly dealt with in the books of accounts.
3. The Company has not granted any loan, secured or unsecured, to companies, firms, limited liability partnerships or other parties covered in the register maintained under Section 189 of the Companies Act, 2013. Accordingly, provisions of clause 3 (iii) of the Companies (Auditor Reports) Order 2016 are not applicable to the Company.
4 In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Act, with respect to the loans and investments made.
5. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits attracting the provisions of sections 73 to 76, or any other relevant provisions of the Companies Act, 2013.
6. We have broadly reviewed the cost records maintained by the Company, pursuant to the rules made by the Central Government U/s 148(1) of the Companies Act, 2013 and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.
7 (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee''s State Insurance, Income Tax, Sales Tax, Customs Duty, Service Tax, Excise Duty, Cess, Value Added Tax, Goods and Service Tax and other material statutory dues as applicable with the appropriate authorities in India. We are informed that there are no undisputed statutory dues as at the end of the year, which are outstanding for a period of more than six months from the date they became payable.
(b) According to the information and explanation given to us and as per records of the Company examined by us, there are no dues of, Wealth Tax, Sales Tax, Value Added Tax, Cess and Custom Duty, Goods and Service Tax, which are outstanding as at 31st March, 2018 and which have not been deposited on account of any dispute. However, according to information and explanation given to us, the following dues of Excise duty, Income Tax and Service Tax have not been deposited by the Company on account of disputes as detailed below:
Statute |
Nature of the Dues |
Amount (Rs. in Millions*) |
Period to which the amount relates |
Forum where dispute is pending |
Income Tax Act, 1961 |
Income Tax |
0.51 |
Assessment Year 2001-02 |
Commissioner of Income Tax Appeal |
Income Tax Act, 1961 |
Income Tax |
2.34 |
Assessment Year 2001-02 |
Commissioner of Income Tax Appeal |
Income Tax Act, 1961 |
Income Tax |
0.03 |
Assessment Year 2003-04 |
Income Tax Appellate Tribunal, Delhi |
Income Tax Act, 1961 |
Income Tax |
0.19 |
Assessment Year 2004-05 |
Income Tax Appellate Tribunal, Delhi |
Central Excise Act,1944 |
Excise Duty |
1.05 |
Financial Year 2007-09 |
Joint Secretary, Ministry of Finance, Delhi |
Central Excise Act,1944 |
Excise Duty |
5.58 |
Financial Year 2005-2006 |
CESTAT, Chandigarh |
Central Excise Act,1944 |
Excise Duty |
0.43 |
Financial Year 2010-2011 |
Punjab and Haryana High Court (Company is in the process of filling appeal) |
Central Excise Act,1944 |
Excise Duty |
8.92 |
Financial Year 2007-2008 |
CESTAT, Chandigarh |
Central Excise Act,1944 |
Excise Duty |
151.18** |
Financial Year 2007-2010 |
CESTAT, Chandigarh (Previous Year Punjab & Haryana High Court) |
Central Excise Act,1944 |
Excise Duty |
218.43** |
Financial Year 2007-2010 |
CESTAT, Chandigarh (Previous Year Punjab & Haryana High Court) |
Service Tax,1994 |
Service Tax |
5.78** |
Financial Year 2009-10 |
CESTAT, Chandigarh |
Service Tax,1994 |
Service Tax |
0.84 |
Financial Year 2011-12 |
CESTAT, Chandigarh |
Service Tax,1994 |
Service Tax |
0.08 |
Financial Year 2011-2012 |
CESTAT, Chandigarh |
*net of amounts deposited under protest
**In case demand is confirmed, penalty upto equivalent amount may be imposed.
8. 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.
9. In our opinion and according to the information and explanations given to us, during the year the Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and the term loans availed during the year have been applied for the purpose for which they were raised.
10. According to the information and explanation given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
11. According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act.
12. In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is not applicable.
13. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards.
14. According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
15. According to the information and explanations given to us and based on our examination of the records the Company, the Company has not entered into non-cash transactions with directors or persons connected with them. Accordingly, paragraph 3(xv) of the Order is not applicable.
16. According to information and explanations given to us, the Company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934.
We have audited the internal financial controls over financial reporting of NECTAR LIFESCIENCES LIMITED (âthe Companyâ) as on 31 March 2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (âICAI''). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors'' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that:
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of the Management and directors of the Company; and
(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company''s assets, that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become in adequate because of change in conditions, or that the degree of compliance with the policies or procedure may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For Ashwani K. Gupta & Associates
Chartered Accountants
Firm Regn. No. 003803N
Ashwani K. Gupta
Place : Chandigarh (Partner)
Dated : 28.05.2018 M. No. 082808
Mar 31, 2015
Report on the Financial Statements
We have audited the accompanying financial statements of NECTAR
LIFESCIENCES LIMITED ("the Company"),which comprise the Balance Sheet
as at 31st March, 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 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.
Auditors' 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 the 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 the 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 accounting policies used and the reasonableness of
the accounting estimates made by the Company's directors, as well as
evaluating the over all 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:
(a) In the case of the Balance Sheet, of the State of Affairs of the
Company as at 31st March,2015;
(b) In the case of the Statement of Profit and Loss, of the Profit of
the Company for the year ended on that date. and
(c) In the case of the Cash Flow Statement, of the Cash Flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order, 2015 ("the
Order"), issued by the Central Government of India in terms of sub-
section(II)ofsectionl43oftheCompaniesAct, 2013, we give in the Annexure
a statement on the matters specified in paragraphs 3 and 4 of the
Order, to the extent applicable.
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 as referred to in Note
2.34 to the financial statements.
ii) The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
and as required on long-term contracts including derivative contracts.
iii) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
1. In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
(b) The fixed assets were physically verified during the year by the
Management in accordance with a regular programme of verification
which, in our opinion, provides for physical verification of all fixed
assets at reasonable intervals. According to the information and
explanations given to us, no material discrepancies were noticed on
such verification.
2. In respect of its inventory:
(a) As explained to us, the inventories were physically verified during
the year by the management at reasonable intervals. Inventories as at
31st March 2015 were also physically verified and valued by an
independent firm of chartered accountants.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification. As explained to us, the discrepancies noticed on physical
verification between the physical stocks and the books records were not
material and have been properly dealt with in the books of accounts.
3. The Company has not granted any loan, secured or unsecured, to
company, firms or other parties covered in the register maintained
under Section 189 of the Companies Act, 2013. Accordingly, provisions
of clause 3(iii)(a)&(b) of the Companies (Auditor Reports) Order 2015
are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us and having regard to the explanation that certain items
purchased are of special nature for which suitable alternative sources
do not exist for obtaining comparative quotations, there is an adequate
internal control procedure commensurate with the size of the Company
and the nature of its business with regard to the purchase of
inventory, fixed assets and sale of goods and services. 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 the a fore said internal control system.
5. In our opinion and according to the information and explanations
given to us, the Company has not invited any deposits attracting the
provisions of sections 73 to 76, or any other relevant provisions of
the Companies Act, 2013.
6. We have broadly reviewed cost records maintained by the Company,
pursuant to the Rules made by the Central Government U/s 148(1) of the
Companies Act, 2013 and are of the opinion that, prima facie, the
prescribed accounts and records have been made and maintained. We have
not, however, made a detailed examination of the records with a view to
deter mine whether they are accurate or complete.
7. According to the information and explanations given to us in
respect Of statutory dues:
(a) The Company has been regular in depositing undisputed statutory
dues including provident fund, investor education and protection fund,
employee's state insurance, income-tax, sales-tax, wealth tax, customs
duty, service tax, excise duty, cess, value added tax and other
material statutory dues as applicable with the appropriate authorities
in India and has generally been regular in depositing undisputed
statutory dues including tax deducted at source with the appropriate
authorities. We are informed that there are no undisputed statutory
dues as at the end of the year which are outstanding for a period of
more than six months from the date they became payable.
(b) According to the information and explanation given to us and
records of the Company examined by us, there are no dues of Wealth Tax,
Sales Tax, Service Tax, Value Added Tax and Custom Duty, which are
outstanding as at 31st March, 2015, which have not been deposited on
account of any dispute. The particulars of various statutory dues as at
31st March, 2015 which have not been deposited on account of Disputes
are as follows:
Statute Nature of Amount Period to which
the Dues Rs. In the amount
Millions* relates
Income Tax Act, Income Tax 0.51 Assessment Year
1961 2001-02
Income Tax Act, Income Tax 2.34 Assessment Year
1961 2001-02
Income Tax Act, Income Tax 0.03 Assessment Year
1961 2003-04
Income Tax Act, Income Tax 0.19 Assessment Year
1961 2004-05
Central Excise Excise Duty 1.05 Financial
Act,1944 Year 2007-09
Central Excise Excise Duty 1.80 Financial
Act,1944 Year 2006-09
Central Excise Excise Duty 0.63 Financial
Act,1944 Year 2008-11
Central Excise Excise Duty 96.97 Financial
Act.1944 Year 2007-09
Service Tax,1994 Service Tax 1.18 Financial
Year 2009-12
Service Tax,1994 Service Tax 12.77 Financial
Year 2009-10
Service Tax,1994 Service Tax 0.20 Financial
Year 2011-12
Statute Forum where dispute spending
Income Tax Act, 1961 Commissioner of Income Tax Appeal
Income Tax Act, 1961 Commissioner of Income Tax Appeal
Income Tax Act, 1961 Income Tax Appellate Tribunal, Delhi
Income Tax Act, 1961 Income Tax Appellate Tribunal, Delhi
Central Excise Act, 1944 Joint Secretary, Ministry of Finance, Delhi
Central Excise Act, 1944 CESTAT, Delhi
Central Excise Act, 1944 CESTAT, Delhi
Central Excise Act, 1944 CESTAT, Delhi
Service Tax, 1994 Additional Commissioner, CE Chandigarh-II
Service Tax, 1994 CESTAT, Delhi
Service Tax, 1994 Commissioner(Appeals) Chandigarh
*net of amount deposited under protest
(c) During the year, an amount of Rs. 0.04 million (Previous year Nil)
was required to be transferred to investor education and protection
fund in accordance with the relevant provisions of the Companies Act,
1956 (lofl956) and rules made there under, the same has been duly
deposited.
8. The Company does not have accumulated losses as at 31st March, 2015
and the Company has not incurred cash losses during the financial year
ended on that date or in the immediately preceding financial year.
9. 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.
10. 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.
11. In our opinion and according to the information and explanations
given to us, on an overall basis, the term loans have been applied for
the purposes for which they were obtained.
12. 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 we
have been informed of any such cases by the management.
For DATTA SINGLA & CO.
Chartered Accountants
Firm Regn.No.006185N
(YOGESH MONGA)
PLACE: CHANDIGARH partner
DATE: 29.05.2015 M.No. 099813
Mar 31, 2014
We have audited the accompanying financial statements of NECTAR
LIFESCIENCES LIMITED ("the Company"), which comprise of 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 the
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in Section 211(3C)
of the Companies Act, 1956 ("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.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
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 auditors'' 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 the 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 the 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 of
the Company for the year ended on that date, and
(c) in the case of the Cash Flow Statement, of the Cash Flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors'' Report) Order, 2003 as
amended by the Companies (Auditors'' Report) (Amendment) Order, 2004,
("the Order") issued by the Central Government of India in terms of
Section 227(4A) of the Act, we give in the Annexure, a statement on the
matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
(b) In our opinion, proper books of accounts 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 accounts.
(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2014, 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 Act.
ANNEXURE TO INDEPENDENT AUDITOR''S REPORT
Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date
1. In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
(b) The fixed assets were physically verified during the year by the
Management in accordance with a regular programme of verification
which, in our opinion, provides for physical verification of all fixed
assets at reasonable intervals. According to the information and
explanations given to us, no material discrepancies were noticed on
such verification.
(c) The fixed assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the Company
and such disposal has, in our opinion, not affected the going concern
status of the Company.
2. In respect of its inventory :
(a) As explained to us, the inventories were physically verified during
the year by the management at reasonable intervals. Inventories as at
31st March 2014 were also physically verified and valued by an
independent firm of chartered accountants.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3. According to the information and explanations given to us, the
Company has during the year neither granted nor taken any loans,
secured or unsecured, to/from Companies, Firms or other Parties Listed
in the Register maintained under Section 301 of the Companies Act,
1956.
4. 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 inventory and fixed assets and the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control system.
5 (a) In our opinion and according to the information and explanation
given to us, the particulars of contracts or arrangements referred to
in Section 301 of the Companies Act, 1956 have been entered in the
register required to be maintained under that section.
(b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts and
arrangements referred to in point (a) above and exceeding the value of
Rs.5 lakh with any party during the year, have been made at prices
which are reasonable having regard to the prevailing market prices at
the relevant time except for the purchases of certain items of
inventories which are for Company''s specialized requirements and
similarly for sale of certain goods for the specialized requirements of
the buyers and for which suitable alternative sources are not available
to obtain comparable quotations. However, on the basis of information
and explanation provided, the same appear reasonable.
6. In our opinion and according to the information and explanations
given to us, the company has not invited any deposits from public
attracting the provisions of sections 58A and 58AA or any other
relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules,1975.
7. In our opinion and according to the information and explanations
given to us, the company has an internal audit system commensurate with
the size and nature of its business.
8. We have broadly reviewed cost records maintained by the Company,
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government U/s 209(1) (d) of the Companies
Act, 1956 and are of the opinion that, prima facie, the prescribed
accounts and records have been made and maintained. We have not,
however, made a detailed examination of the records with a view to
determine whether they are accurate or complete.
9. According to the information and explanations given to us in respect
of statutory dues:
(a) The Company has been regular in depositing undisputed statutory
dues including provident fund, investor education and protection fund,
employees'' state insurance, income- tax, sales-tax, wealth tax, customs
duty, service tax, excise duty, cess and other material statutory dues
as applicable with the appropriate authorities in India and has
generally been regular in depositing undisputed statutory dues
including tax deducted at source with the appropriate authorities. We
are informed that there are no undisputed statutory dues as at the end
of the year which are outstanding for a period of more than six months
from the date they became payable.
(b) According to the information and explanation given to us and
records of the Company examined by us, there are no dues of Wealth Tax,
Sales Tax and Custom Duty, which are outstanding as at 31st March,
2014, which have not been deposited on account of any dispute. The
particulars of various statutory dues as at 31st March, 2014 which have
not been deposited on account of disputes are as follows: -
Statute Nature of Amount
the Dues Rs. in
Millions
Income Tax Act, 1961 Income Tax 3.41
Income Tax Act, 1961 Income Tax 2.34
Income Tax Act, 1961 Income Tax 0.03
Income Tax Act, 1961 Income Tax 0.19
Income Tax Act, 1961 Income Tax 12.50
Central Excise Act, 1944 Excise Duty 1.05
Central Excise Act, 1944 Excise Duty 5.63
Central Excise Act, 1944 Excise Duty 6.51
Central Excise Act, 1944 Excise Duty 97.12
Central Excise Act, 1944 Excise Duty 1.14
Service Tax, 1994 Service Tax 1.18
Service Tax, 1994 Service Tax 12.77
Employees'' State ESI 3.54
Insurance Act, 1948
Statute Period to which Forum where
the amount relates dispute is pending
Income Tax Act, 1961 Assessment Year Commissioner of
2001-02 Income Tax Appeal
Income Tax Act, 1961 Assessment Year Commissioner of
2001-02 Income Tax Appeal
Income Tax Act, 1961 Assessment Year Income Tax Appellate
2003-04 Tribunal, Delhi
Income Tax Act, 1961 Assessment Year Income Tax Appellate
2004-05 Tribunal, Delhi
Income Tax Act, 1961 Assessment Year Commissioner of
2011-12 Income Tax Appeal
Central Excise Act, 1944 Financial Year Joint Secretary,
2007-09 Ministry of Finance,
Delhi
Central Excise Act, 1944 Financial Year CESTAT, Delhi
2006-09
Central Excise Act, 1944 Financial Year CESTAT, Delhi
2008-11
Central Excise Act, 1944 Financial Year CESTAT, Delhi
2007-09
Central Excise Act, 1944 Financial Year Commissioner (Appeal)
2011-12 CE, Chandigarh
Service Tax, 1994 Financial Year Additional
2009-12 Commissioner, CE
Chandigarh-II
Service Tax, 1994 Financial Year CESTAT, Delhi
2009-10
Employees'' State Various Years Additional Civil
Insurance Act, 1948 Judge (Sr. Division)
10. The Company does not have accumulated losses as at 31st March, 2014
and it has not incurred cash losses during the financial year ended on
that date or 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 loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi or a mutual benefit fund/
society. Therefore the provisions of clause 4(xiii) of the Companies
(Auditor''s Report) Order 2003 are not applicable to the company.
14. In our opinion and according to the information and explanations
given to us the Company is not dealing or trading in shares,
securities, debentures and other investments. Accordingly the
provisions of clause 4 (xiv) of the Companies (Auditor''s Report) Order
2003 are not applicable to the company.
15. 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.
16. In our opinion and according to the information and explanations
given to us, on an overall basis, the term loans have been applied for
the purposes for which they were obtained.
17. According to the information and explanation given to us and based
on overall examination of the Balance Sheet and Cash Flow Statement of
the Company, we report that no funds raised on short-term basis have
been used for long term investment other than temporary deployment
pending application.
18. During the year the Company has not made any preferential allotment
of shares to parties, firms and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19. The company has not issued any debentures during the year and there
are no debentures outstanding as at the year end.
20. During the year, the Company has not raised any money through
public issue.
21. 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 such case by the management.
For DATTA SINGLA & CO.
Chartered Accountants
Firm Regn. No. 006185N
(YOGESH MONGA)
Partner
M. No. 099813
PLACE : CHANDIGARH
DATE : 28.05.2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of NECTAR
LIFESCIENCES LIMITED ("the Company"), which comprise the Balance Sheet
as at 31st March, 2013, the Statement of Profit and Loss and the Cash
Flow Statement for the year then ended, and a summary of the
significantaccountingpoliciesandotherexplanatoryinformation.
Management''s Responsibilityforthe Financial Statements
The Company''s Management is responsible forthe preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in Section 211(3C)
of the Companies Act, 1956 ("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,
whetherduetofraudorerror.
Auditors''Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
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 the 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 the Management, as well as evaluatingtheoverall
presentation ofthe financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to
provideabasisforourauditopinion.
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
theCompanyasat31st March,2013;
(b) in the case of the Statement of Profit and Loss, of the Profit of
the Company for the year ended on that date, and
(c) in the case of the Cash Flow Statement, of the Cash
FlowsoftheCompanyfortheyearendedonthatdate.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report)
Order, 2003 ("the Order") issued by the Central Government of India in
terms of Section 227(4A) ofthe Act, we give in the Annexure a statement
on the matters specified in paragraphs4and5ofthe 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
necessaryforthepurposesofouraudit.
(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, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this Report are
inagreementwiththebooksofaccount.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 ofthe Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2013 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2013
from being appointed as a director in terms of clause (g) of sub-
section (l)of section 274ofthe Act.
1. In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
(b) The fixed assets were physically verified during the year by the
Management in accordance with a regular programme of verification
which, in our opinion, provides for physical verification of all fixed
assets at reasonable intervals. According to the information and
explanations given to us, no material discrepancies were noticed on
such verification
(c) The fixed assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the Company
and such disposal has, in our opinion, not affected the going concern
status of the Company.
2. In respect of its inventory:
(a) As explained to us, the inventories were physically verified during
the year by the Management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the Management were reasonable and adequate in relation to
the size of the Companyand the natureofits business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3. According to the information and explanations given to us the
Company has during the year neither granted nor taken any loans,
secured or unsecured, to/from Companies, Firms or other Parties Listed
in the Register maintained under Section 301 of the Companies Act,
1956.
4. 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 natureofits business with regard
with the size of theCompany and the nature of its business with regard
to purchase of inventory and fixed assets and the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control system.
5 (a) In our opinion and according to the information and explanation
given to us, the particulars of contracts or arrangements referred to
in Section 301 of the Companies Act, 1956 have been entered in the
register required to be maintained underthatsection.
(b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts and
arrangements referred to in point (a) above and exceeding the value of
Rs.5 lakh with any party during the year, have been made at prices
which are reasonable having regard to the prevailing market prices at
the relevant time except for the purchases of certain items of
inventories which are for Company''s specialized requirements and
similarly for sale of certain goods for the specialized requirements of
the buyers and for which suitable alternative sources are not available
to obtain comparable quotations. However, on the basis of information
and explanations provided, the same appear reasonable.
6. In our opinion and according to the information and explanations
given to us, the company has not invited any deposits from public
attracting the provisions of sections 58A and 58AA or any other
relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules,1975.
7. In our opinion and according to the information and explanations
given to us, the company has an internal audit system commensurate with
the size and nature of its business.
8. We have broadly reviewed cost records maintained by the Company,
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government U/s 209(1) (d) of the Companies
Act, 1956 and are of the opinion that, prima facie, the prescribed
accounts and records have been made and maintained. We have not,
however, made a detailed examination of the records with a view to
determine whether they are accurate or complete.
9. According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has been regular in depositing undisputed statutory
dues including provident fund, investor education and protection fund,
employees'' state insurance, income- tax, sales-tax, wealth tax, customs
duty, service tax, excise duty, cess and other material statutory dues
as applicable with the appropriate authorities in India and has
generally been regular in depositing undisputed statutory dues
including tax deducted at source with the appropriate authorities. We
are informed that there are no undisputed statutory dues as at the end
outstanding for a period of more than six months from the date they
became payable.
10. The Company does not have accumulated losses as at 31st March,
2013 and it has not incurred cash losses during the financial year
ended on that date or in the immediately precedingfinancialyear.
11. According to the records of the Company examinedbyus and the
information and explanations given to us, the Company has not defaulted
in repayment of dues to any financial institution or
bankordebentureholdersasatthebalancesheetdate.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and othersecurities.
13. The Company is not a chit fund or a nidhi or a mutual benefit
fund/society. Therefore the provisions of clause 4(xiii) of the
Companies (Auditor''s Report) Order 2003 are not applicable to the
company.
14. In ouropinion and accordingto the information and explanations
given to us the Company is not dealing or trading in shares,
securities, debentures and other investments. Accordingly the
provisions of clause 4 (xiv) of the Companies (Auditor''s Report)
Order2003arenotapplicabletothecompany.
15. In ouropinion and accordingto 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.
16. In our opinion and according to the information and explanations
given to us, on an overall basis, the term loans have been applied for
the purposes for which they were obtained.
17. According to the information and explanation given to us and based
on overall examination of the Balance Sheet and Cash Flow Statement of
the Company, we report that no funds raised on short-term basis have
been used for long term investment other than temporary deployment
pending application.
18. During the year the Company has not made any preferential
allotment of shares to parties, firms and companies covered in the
register maintained under section 301 of the Companies Act, 1956.
19. The company has not issued any debentures during the year and
there are no debentures outstanding as at the year end.
20. During the year, the Company has not raised any money through
public issue.
21. 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 such case by the management.
For DATTASINGLA & CO.
Chartered Accountants
Firm Regn. No. 006185N
PLACE: CHANDIGARH (YOGESH MONGA)
DATE: 15.05.2013 Partner
M. NO. 099813
Mar 31, 2012
We have audited the attached Balance sheet of M/S. NECTAR LIFESCIENCES
LIMITED as at 31st March, 2012 and also the Statement of Profit and
Loss Account and Cash Flow Statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
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 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
2. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Ministry of Corporate Affairs in terms of Section 227 (4A) of
the Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 & 5 of the said order :
3. Further to our comments in the annexure referred to in paragraph
(1) above, we report that: -
a) We have obtained all the information and explanation 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 the
books.
c) The Balance Sheet, Statement of Profit and Loss Account and the Cash
Flow Statement dealt with by this report are in agreement with the
books of accounts.
d) In our opinion, the balance sheet, the Statement of profit and loss
account and the Cash Flow Statement comply with the Accounting
Standards referred to in sub section (3C) of section 211 of the
companies Act, 1956, subject to Notes on Accounts forming part of
Balance Sheet.
e) On the basis of written representations received from the directors,
and taken on record by the Board of Directors, we report that none of
the directors of the company is disqualified from being appointed as a
Director in terms of clause (g) of subsection (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 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 State of affairs of the
company as at 31st March, 2012 and
ii) In the case of the Statement of Profit and Loss account, of the
Profit of the company for the year ended on that date.
iii) In case of Cash Flow Statement, of the Cash Flows of the Company
for the year ended on that date.
Annexure to the Auditors' Report
ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR REPORT TO THE MEMBERS OF
M/S. NECTAR LIFESCIENCES LIMITED FOR THE YEAR ENDED 31st MARCH 2012.
1 In respect of its fixed assets :
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) The fixed assets were physically verified during the year by the
Management in accordance with a regular programme of verification
which, in our opinion, provides for physical verification of all fixed
assets at reasonable intervals. According to the information and
explanations given to us, no material discrepancies were noticed on
such verification.
(c) The fixed assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the Company
and such disposal has, in our opinion, not affected the going concern
status of the Company.
2 In respect of its inventory:
(a) As explained to us, the inventories were physically verified during
the year by the Management at reasonable intervals.
(b) In our opinion and according to information and explanations given
to us, the procedures of physical verification of inventory followed by
the Management were reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3. According to the information and explanations given to us the
Company has during the year neither granted nor taken any loans,
secured or unsecured, to/from Companies, Firms or other Parties Listed
in the Register maintained under Section 301 of the Companies Act,
1956.
4 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 the purchase of inventory and fixed assets and the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control system.
5 (a) In our opinion and according to the information and explanation
given to us, the particulars of contracts or arrangements referred to
in Section 301 of the Companies Act, 1956 have been entered in the
register required to be maintained under that section.
(b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts and
arrangements referred to in point (a) above and exceeding the value of
Rs.5 lakh with any party during the year, have been made at prices
which are reasonable having regard to the prevailing market prices at
the relevant time except for the purchases of certain items of
inventories which are for Company's specialized requirements and
similarly for sale of certain goods for the specialized requirements of
the buyers and for which suitable alternative sources are not available
to obtain comparable quotations. However, on the basis of information
and explanations provided, the same appear reasonable.
6. In our opinion and according to the information and explanations
given to us, the company has not invited any deposits from public
attracting the provisions of sections 58A and 58AA or any other
relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules,1975.
7 In our opinion and according to the information and explanations
given to us, the company has an internal audit system commensurate with
the size and nature of its business.
8 We have broadly reviewed books of accounts maintained by the Company,
pursuant to the rules made by the Central Government for the
maintenance of cost records U/s 209(1) (d) of the Companies Act, 1956
and are of the opinion that prima facie the prescribed accounts and
records have been made and maintained. We have not, however, made a
detailed examination of the records with a view to determine whether
they are accurate or complete.
9 According to the information and explanations given to us in respect
of statutory dues :
(a) The Company has been regular in depositing undisputed statutory
dues including provident fund, investor education and protection fund,
employees' state insurance, income-tax, sales- tax, wealth tax, customs
duty, service tax, excise duty, cess and other material statutory dues
as applicable with the appropriate authorities in India and has
generally been regular in depositing undisputed statutory dues
including tax deducted at source with the appropriate authorities. We
are informed that there are no undisputed statutory dues as at the end
outstanding for a period of more than six months from the date they
became payable.
(b) According to the information and explanation given to us and
records of the company examined by us, there are no dues of Wealth Tax,
Sales Tax and Customs Duty which are outstanding as at 31st March,
2012, which have not been deposited on account of any dispute. The
particulars of various statutory dues as at 31st March, 2012 which have
not been deposited on account of a dispute are as follows:-
Statute Nature of the Amount Period to
which Forum where
dispute is
Dues Rs. In the amount pending
Millions. relates
Income
Tax Income Tax 3.41 Assessment
Year Commissioner of
Act, 1961 2001-02 Income Tax Appeal
Income Tax Income Tax 2.34 Assessment
Year Commissioner of
Act, 1961 2001-02 Income Tax Appeal
Income Tax Income Tax 0.03 Assessment
Year Income Tax
Appellate
Act, 1961 2003-04 Tribunal, Delhi
Income Tax Income Tax 0.19 Assessment
Year Income Tax
Appellate
Act, 1961 2004-05 Tribunal, Delhi
Central
Excise Excise Duty 1.05 Financial Joint Secretary,
Act,1944 Year 2007-08 Ministry of
Finance,
Delhi
Central
Excise Excise Duty 2.53 Financial CESTAT, Delhi
Act,1944 Year 2007-08
Central
Excise Service Tax 0.40 Financial Additional
Act,1944 Year 2009-10 Commissioner,
Chandigarh
Service Service Tax 13.35 Financial CESTAT, Delhi
Tax,1994 Year 2010-11
Central
Excise Service Tax 0.18 Financial Additional
Act,1944 Year 2010-11 Commissioner,
Chandigarh
10 The company does not have accumulated losses as at 31st March, 2012
and it has not incurred cash losses during the financial year ended on
that date or 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 loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13 The company is not a chit fund or a nidhi or a mutual benefit
fund/society. Therefore the provisions of clause 4(xiii) of the
Companies (Auditor's Report) Order 2003 are not applicable to the
company.
14 In our opinion and according to the information and explanations
given to us the company is not dealing or trading in shares,
securities, debentures and other investments. Accordingly the
provisions of clause 4 (xiv) of the Companies (Auditor's Report) Order
2003 are not applicable to the company.
15 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.
16 In our opinion and according to the information and explanations
given to us, on an overall basis, the term loans have been applied for
the purposes for which they were obtained.
17 According to the information and explanation given to us and based
on overall examination of the balance sheet and cash flow statement of
the Company, we report that no funds raised on short-term basis have
been used for long term investment other than temporary deployment
pending application.
18 During the year the company has not made any preferential allotment
of shares to parties, firms and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19 The company has not issued any debentures during the year and there
are no debentures outstanding as at the year end.
20 During the year, the company has not raised any money through public
issue.
21 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 such case by the management.
For Datta Singla & Co.
Chartered Accountants
Firm Regn. No. 006185N
Yogesh Monga
Place : Chandigarh Partner
Date : 09.08.2012 Membership No. 099813
Mar 31, 2011
We have audited the attached Balance sheet of M/S. NECTAR LIFESCIENCES
LIMITED as at 31st March, 2011 and also the Profit and Loss Account and
Cash Flow Statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
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 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
2. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Ministry of Corporate Affairs in terms of Section 227 (4A) of
the Companies Act, 1956 we enclose in the annexure A statement on the
matters specified in paragraph 4 & 5 of said order:
3. Further to our comments in the annexure referred to in paragraph
(1) above, we report that: -
a) We have obtained all the information and explanation 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 the
books.
c) The Balance Sheet, Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts.
d) In our opinion, the balance sheet, the profit and loss account and
the Cash Flow Statement comply with the Accounting Standards referred
to in sub section (3C) of section 211 of the companies Act, 1956,
subject to Notes on Accounts forming part of Balance Sheet.
e) On the basis of written representations received from the directors,
and taken on record by the Board of Directors, we report that none of
the directors of the company is disqualified from being appointed as a
Director in terms of clause (g) of subsection (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 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 State of affairs of the
company as at 31st March, 2011 and
ii) In the case of the Profit and Loss account, of the Profit of the
company for the year ended on that date.
iii) In case of Cash Flow Statement, of the Cash Flows of the Company
for the year ended on that date.
Annexure to the Auditors' Report
ANNEXURE A REFERRED TO IN PARAGRAPH 2 OF OUR REPORT TO THE MEMBERS OF
M/S. NECTAR LIFESCIENCES LIMITED FOR THE YEAR ENDED 31st MARCH 2011.
1 In respect of its fixed assets :
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) The fixed assets were physically verified during the year by the
Management in accordance with a regular programme of verification
which, in our opinion, provides for physical verification of all fixed
assets at reasonable intervals. According to the information and
explanations given to us, no material discrepancies were noticed on
such verification.
(c) The fixed assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the Company
and such disposal has, in our opinion, not affected the going concern
status of the Company.
2 In respect of its inventory:
(a) As explained to us, the inventories were physically verified during
the year by the Management at reasonable intervals.
(b) In our opinion and according to information and explanations given
to us, the procedures of physical verification of inventory followed by
the Management were reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3. According to the information and explanations given to us the
Company has during the year neither granted nor taken any loans,
secured or unsecured, to/from Companies, Firms or other Parties Listed
in the Register maintained under Section 301 of the Companies Act,
1956.
4 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 the purchase of inventory and fixed assets and the sale of goods and
to purchase inventory and fixed assets and the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control system.
5 (a) In our opinion and according to the information and explanation
given to us, the particulars of contracts or arrangements referred to
in Section 301 of the Companies Act, 1956 have been entered in the
register required to be maintained under that section.
(b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts and
arrangements referred to in point (a) above and exceeding the value of
Rs.5 lakh with any party during the year, have been made at prices
which are reasonable having regard to the prevailing market prices at
the relevant time except for the purchases of certain items of
inventories which are for Company's specialized requirements and
similarly for sale of certain goods for the specialized requirements of
the buyers and for which suitable alternative sources are not available
to obtain comparable quotations. However, on the basis of information
and explanations provided, the same appear reasonable.
6. In our opinion and according to the information and explanations
given to us, the company has not invited any deposits from public
attracting the provisions of sections 58A and 58AA or any other
relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules,1975.
7 In our opinion and according to the information and explanations
given to us, the company has an internal audit system commensurate with
the size and nature of its business.
8 We have broadly reviewed books of accounts maintained by the Company,
pursuant to the rules made by the Central Government for the
maintenance of cost records U/s 209(1) (d) of the Companies Act, 1956
and are of the opinion that prima facie the prescribed accounts and
records have been made and maintained. We have not, however, made a
detailed examination of the records with a view to determine whether
they are accurate or complete. 9 According to the information and
explanations given to us in respect of statutory dues :
(a) The Company has been regular in depositing undisputed statutory
dues including provident fund, investor education and protection fund,
employees' state insurance, income-tax, sales- tax, wealth tax, customs
duty, service tax, excise duty, cess and other material statutory dues
as applicable with the appropriate authorities in India and has
generally been regular in depositing undisputed statutory dues
including tax deducted at source with the appropriate authorities. We
are informed that there are no undisputed statutory dues as at the end
outstanding for a period of more than six months from the date they
became payable.
(b) According to the information and explanation given to us and
records of the company examined by us, there are no dues of Service
Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty, which are
outstanding as at 31st March, 2011, which have not been deposited on
account of any dispute. The particulars of dues of income tax as at
31st March, 2011 which have not been deposited on account of a dispute
are as follows:-
Statute Nature of the Amount Period to which Forum where dispute is
Dues Rs. In the amount pending
Millions. relates
Income
Tax Income Tax 3.41 Assessment Income Tax Appellate
Act, 1961 Year 2001-02 Tribunal, Delhi
Income
Tax Income Tax 0.19 Assessment Income Tax Appellate
Act, 1961 Year 2004-05 Tribunal, Delhi
Income
Tax Income Tax 2.34 Assessment Commissioner of
Act, 1961 Year 2001-02 Income Tax Appeal,
Delhi
Income
Tax Income Tax 0.03 Assessment Income Tax Appellate
Act, 1961 Year 2003-04 Tribunal, Delhi
Income
Tax Income Tax 20.62 Assessment Commissioner of
Act, 1961 Year 2005-06 Income Tax Appeal,
Delhi
10 The company does not have accumulated losses as at 31st March, 2011
and it has not incurred cash losses during the financial year ended on
that date or 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 loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13 The company is not a chit fund or a nidhi or a mutual benefit
fund/society. Therefore the provisions of clause 4(xiii) of the
Companies (Auditor's Report) Order 2003 are not applicable to the
company.
14 In our opinion and according to the information and explanations
given to us the company is not dealing or trading in shares,
securities, debentures and other investments. Accordingly the
provisions of clause 4 (xiv) of the Companies (Auditor's Report) Order
2003 are not applicable to the company.
15 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.
16 In our opinion and according to the information and explanations
given to us, on an overall basis, the term loans have been applied for
the purposes for which they were obtained.
17 According to the information and explanation given to us and based
on overall examination of the balance sheet and cash flow statement of
the Company, we report that no funds raised on short-term basis have
been used for long term investment other than temporary deployment
pending application.
18 During the year the company has not made any preferential allotment
of shares to parties, firms and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19 The company has not issued any debentures during the year and there
are no debentures outstanding as at the year end.
20 We have verified the end-use of money raised by public issues as
disclosed in the notes to the financial statements (Refer Note No. A 7)
21 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 such case by the management.
For Datta Singla & Co.
Chartered Accountants
Firm Regn. No. 006185N
Yogesh Monga
Place : Chandigarh Partner
Date : 12.08.2011 Membership No. 099813
Mar 31, 2010
We have audited the attached Balance sheet of M/S. NECTAR LIFESCIENCES
LIMITED as at 31st March, 2010 and also the Profit and Loss Account and
Cash Flow Statement 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.
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 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.
2. As required by the Companies (Auditors Report) Order, 2003 issued
by the Ministry of Corporate Affairs in terms of Section 227 (4A) of
the Companies Act, 1956 we enclose in the annexure A statement on the
matters specified in paragraph 4 & 5 of said order:
3. Further to our comments in the annexure referred to in paragraph
(1) above, we report that:
a) We have obtained all the information and explanation 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 the
books.
c) The Balance Sheet and 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 profit and loss account
comply with the Accounting Standards referred to in sub section (3C) of
section 211 of the companies Act, 1956, subject to Notes on Accounts
forming part of Balance Sheet.
e) As per information and explanation given to us, none of the
directors of the company is disqualified from being appointed as a
Director in terms of clause (g) of subsection (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 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 State of affairs of the
company as at 31st March, 2010 and
ii) In the case of the Profit and Loss account, of Profit of the company
for the year ended on that date.
iii) In case of Cash Flow Statement, of the Cash Flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Annexure A referred to in Paragraph 2 of our report of the Auditors to
the Members of M /s Nectar Lifesciences Limited on the accounts for the
year ended 31st March, 2010.
1. (a) The company is maintaining proper records showing full
particulars including quantitative details and situation of fixed assets.
(b) As explained to us, the fixed assets have been physically verified
by the management at the reasonable intervals during the year under
review and no material discrepancies were noticed in the said
verification.
(c) During the year, the company has not disposed off substantial part
of the fixed assets.
2. (a) Physical verification of inventory has been conducted by the
management during the year and in our opinion, the frequency of verifi
-cation was reasonable.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are adequate in relation to the
size of the company and the nature of its business.
(c) On the basis of our examination of the inventory records, in our
opinion, the company is maintaining proper records of inventory. As
explained to us, the discrepancies noticed on physical verification
between the physical stocks and the books/records were not material and
have been properly dealt in the books of accounts.
3. (a) The company has not granted any loans, secured or
unsecured to Companies, Firms and other Parties Listed in the register
maintained under Section 301 of the Companies Act 1956. (b) The
company has not taken any loans, secured or unsecured from Companies,
Firms and other Parties Listed in the register maintained under Section
301 of the Companies Act 1956.
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 with regard to the purchase of stores, raw materials including
the plant & machinery, vehicles, equipment and other assets and for the
sale of goods and services. 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 the
aforesaid internal control system.
5.(a) In our opinion and according to the information and explanation
given to us, the particulars of contracts or arrangements referred to
in Section 301 of the Companies Act, 1956 have been entered in the
register required to be maintained under that section.
(b) In our opinion and according to the information and
explanation given to us, the transactions made in pursuance of
contracts and arrangements referred to in point (a) above and
exceeding the value of Rs.5 lakh with any party during the year,
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time except for the purchases
of certain items of inventories which are for Companys specialized
requirements and similarly for sale of certain goods for the
specialized requirements of the buyers and for which suitable
alternative sources are not available to obtain comparable
quotations. However, on the basis of information and explanations
provided, the same appear reasonable.
6. In our opinion and according to the information andexplanations
given to us, the company has not invited any deposits from public
attracting the provisions of sections 58A and 58AA or any other
relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules,1975.
7 In our opinion and according to the information and explanations
given to us, the company has an internal audit system commensurate with
the size and nature of its business.
8 We have broadly reviewed books of accounts maintained by the Company,
pursuant to the rules made by the Central Government for the
maintenance of cost records U/s 209(1) (d) of the Companies Act, 1956
and are of the opinion that prima facie the prescribed accounts and
records have been made and maintained. We have not, however, made a
detailed examination of the records with a view to determine whether
they are accurate or complete.
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, customs
duty, service tax, excise duty, cess and other material statutory dues
as applicable with the appropriate authorities in India.
(b) According to the information and explanation given to us and
records of the company examined by us, there are no dues of Service
Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty, which are
outstanding as at 31st March, 2010, which have not been deposited on
account of any dispute. The particulars of dues of income tax as
at 31st March, 2010 which have not been deposited on account of
a dispute are as follows:
Statute Nature of Amount Period to
the dues Rs. in which the
Millions amount relates
Income Tax Income Tax 3.73 Assessment
Act, 1961 Year 2001-02
Income Tax Income Tax 2.23 Assessment
Act, 1961 Year 2004-05
Income Tax Income Tax 2.34 Assessment
Act, 1961 Year 2001-02
Income Tax Income Tax 1.84 Assessment
Act, 1961 Year 2003-04
Income Tax Income Tax 20.62 Assessment
Act, 1961 Year 2005-06
Income Tax Income Tax 2.91 Assessment
Act, 1961 Year 2005-06
Income Tax Income Tax 4.73 Assessment
Act, 1961 Year 2006-07
Statute Forum where
dispute is pending
Income Tax Income Tax Appellate Tribunal, Delhi
Act,1961
Income Tax Income Tax Appellate Tribunal, Delhi
Act,1961
Income Tax Commissioner of Income Tax Appeal, Delhi
Act,1961
Income Tax Income Tax Appellate Tribunal, Delhi
Act,1961
Income Tax Commissioner of Income Tax Appeal, Delhi
Act,1961 Income Tax Appellate Tribunal, Delhi
Income Tax Commissioner of Income Tax Appeal, Delhi
Act,1961
10. The company has no accumulated losses as at the March 31, 2010 and
it has not incurred cash losses during the financial year ended on that
date or 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 loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The company is not a chit fund or a nidhi or a mutual benefit
fund/society. Therefore the provisions of clause 4(xiii) of the
Companies (Auditors Report) Order 2003 are not applicable to the
company.
14. In our opinion and according to the information and explanations
given to us the company is not dealing or trading in shares,
securities, debentures and other investments. Accordingly the
provisions of clause 4 (xiv) of the Companies (Auditors Report) Order
2003 are not applicable to the company.
15. 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.
16. In our opinion and according to the information and explanations
given to us, on an overall basis, the term loans have been applied for
the purposes for which they were obtained.
17. According to the information and explanation given to us and based
on overall examination of the balance sheet and cash flow statement of
the Company, we report that no funds raised on short-term basis have
been used for long term investment other than temporary deployment
pending application.
18. During the year the company has not made any preferential
allotment of shares to parties, firms and companies covered in the
register maintained under section 301 of the Companies Act, 1956.
19. The company has not issued any debentures during the year and
there are no debentures outstanding as at the year end.
20. We have verified the end-use of money raised by public issues as
disclosed in the notes to the financial statements (Refer Note No. A 6)
21. 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 such case by the management.
For Datta Singla & Co.
Chartered Accountants
Firm Regn. No. 006185N
Yogesh Monga
Place: Chandigarh Partner
Date: 28.05.2010 Membership No. 099813