Mar 31, 2018
INDEPENDENT AUDITOR''S REPORT
To the Members of
RIBA TEXTILES LIMITED
NEW DELHI
1. Report on the Financial Statements
We have audited the accompanying financial statements M/s RIBA TEXTILES LIMITED ("the Company"), which comprise the Balance Sheet as at March 2018, Statement of Profit and Loss the Cash Flow Statement for the year then ended, and a summart^ieofignificant accounting policies and other explanatory information.
2. Management''s Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section B4(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of the standalone financial statements that give a true and fair view of the financial position, financial performance cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specific under Section B3 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 safeguarding the assets of the Company and for preventing and detecting frauds and other irregular 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 control that were operating effectively for ensuring the accuracy and completeness of the accounting records, rele to the preparation and presentation of the financial statements that give a true and fair view and are fre material misstatement, whether due to fraud or error.
3. Auditor''s Responsibility
Our responsibility is to express 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 mat which are required to be included in the audit report under the provisions of the Act and the Rules made under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143i(D) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the aud obtain reasonable assurance above whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures 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 those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that appropriate in the circumsteaas, An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the account estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for audit opinion on the financial statements.
4. Opinion
In our opinion and to the best of our information and according to the explanations consent foresaid financial statements give the information required by the Act in the manner so required and give a true fair view in conformity with the accounting principles generally accepted in India
a) In the case of the Balance Sheet, of take of affairs of the Company as at March 31, 2018
b) In the case of Statement of Profit and Loss, of the Profit for the year ended date; and
c) In the case of Cash Flow Statement, of the cash flows for the year extended on that date.
5. Emphasis of Matters
We draw attention to the following matters in the Notes to the financial statements:
Our opinion is not modified irespect of these matters.
6. Others Matter
Our opinion is not modified in respect of these matters.
7. Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order, 2016 ("the Order"), as amended, issued by the Central Government of India in terms of section (11) of section 143 of the Companies Act, 2015, (I give in the "Annexure A" 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 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 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 Report are in agreement with the books of account
d) In our opinon, the a for financial statements comply with the Accounting Standards specified under section B3 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014..
e) The going concern matter described in graph (b) under the Emphasis of Matters paragraph above, in our opinion, may have an adverse effect on the functioning of the Company.
f) On the basis of written representations received from the directors as on March 2018 take on record by the Bard of Directors, none of the directors is disqualified as on March 2018. being appointed as a director in terms of Section 154 (2) of the Act.
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 an according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its financial position.
ii. The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There has been not delay in transferring amounts, required to be transferred, to the Inve Education and Protection Fund by the Company.
ASHWANI K SINDWANI & CO. |
|
Chartered Accountants |
|
Sd/- |
|
(Ashwani Kumar Sindwani) |
|
Place: Karnal |
Partner |
Date: 29.05.2018 |
M. No 506380 |
Firm Reg. No. : 021529N |
ANNEXURE TO THE AUDITORS'' REPORT
RE: M/S RIBA TEXTILES LIMITED NEW DELHI Referred to paragraph (3) of our report of even date
Referred to in Paragraph (3) of our report under the heading ''Report on Other Legal & Regulatory Requirement'' of our report of even date to the financial statements of the Company for the year ended March 31, 2018:
1) (a) The Company has maintained proper records showing full particulars, including year details and situation of fixed assets;
(b) The Fixed Assets have been physically verified by the management in a phased manner, designed cover all the items over a period of three years, which in our opinion, is reasonable having regards the size of the company and nature of its business. Pursuant to the program, a portion of the fixed has been physically verified by the management during the year and no material discrepancies bet we the books records and the physical fixed asset has been noticed.
(C) The title deeds of immovable properties are held in the name of the company
2) The management has conducted the physical verification of inventory at reasonable intervals. The discrepancies noticed on physical verification to inventory as compared to books records which has been properly dealt with in the books of account were not material.
3) The Company has not granted any loans, secured or unsecured to companies, firms, Limited Liabilties partnerships or other part covered in the Register maintained under section 189 of the Act. Accordingly, the provisions of clause 3 (iii) (a) to (C) of the Order are not applicable to the Company and hence not commented upon.
4) In our opinion and according to the information explaanations given to us, the company has complied with the provisions of section 185 and 186 of the Companies Act, 2013 In respect of loans, investments, guarantees, and security.
5) The Company has not accepted depositbring the year and does not the any unclaimed deposits as
at March 31, 2018 and therefore, the provisions of the clause 3 (V) of the Order are not applicable the Company
6) As informed to us, the maintenance of Cost Records been specified by the Central Government under sub-section (1) of Section 148 of the Act, in respect of the activities carried on by the company.
7) (a) The Company has generally been regular in depositing undisputed statutory dues, including Provide
Fund, Employees'' State Insurance, Income Tax, Sale Tax, Service Tax, Goods and Service Tax, Value Added Tax, Customs Duty, Excise Duty, Cess and other material statutory dues applicable to it v appropriate authorities.
(b) According to information and explanations given to no undisputed amounts payable in respect of the above were in arrears as at March 31, 2018 for a period of more than six months from the date when they become payable. There is no of dues of Income Tax, Sale Tax, Wealth Tax, Service The Custom Duty, Excise Duty & Cess which have not been deposited as on March 2018
8) In our opinion and according to the information and explanations given to us, the Company has not Default edin the repayment of dues to banks.
9) Based upon the audit procedures performed and the information and explanations given by them management, the company has not raised moneys by way of initial public offer or further public of including debt instruments and term Loans. Accordingly, the provisions of clause of (the Order are not applicable to the Company and hence not commented upon.
D) Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud by the Company or on the company by ficer or employees has been noticed or reported during the year.
11) Based upon the audit procedures performed and the information and explanations given by the management, the managerial remuneration has been paid or provided in accordance with queite approvals mandated by the provisions of section P7 read with Schedule V to the Companies Act;
12) In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause 4 (xii) of Order are not applicable to the Company.
13) In our opinion, and the information and explanations given by the management, the provisions c section 177 of the Companies Act, 2013 is not applicable. All transactions with the related parties ar in compliance with section 188 of Companies Act, 203 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.
14) Based upon the audit procedures performed and the information and explanations given by the management, the company has not maden preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions clause 3 (xiv) of the Order are not applicable to the Company and hence not commented upon.
15 ) Based upon the audit procedures performed and the information and explanations given by the management, the company has not entered into any cash transactions with directors or persons connected with him. Accordingly, the provisions of clause 3 (of v)the Order are not applicable to the Company and hence not commented upon.
16) In our opinion, the company is not required to be registered under section 45 IA of the Reserve B of India Act, P34 and accordingly, the provisions of clause 3 (xvi)the Order are not applicable to the Company and hence not commented upon.
ASHWANI K SINDWANI & CO. |
|
Chartered Accountants |
|
Sd/- |
|
(Ashwani Kumar Sindwani) |
|
Place: Karnal |
Partner |
Date: 29.05.2018 |
M. No 506380 |
Firm Reg. No. : 021529N |
Mar 31, 2016
To the Members of
RIBA TEXTILES LIMITED
NEW DELHI Report on the Financial Statements
We have audited the accompanying financial statements of M/s RIBA TEXTILES LIMITED which comprise the Balance Sheet as at March 31st, 2016, the Statement of Profit and Loss, Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these 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.
Auditorâs Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2016, and its Profit/Loss and its Cash Flow for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ), as amended, issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the âAnnexure Aâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143 (3) of the Act, we report that:
a. we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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 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 written representations received from the directors as on March 31, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016 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, there is no adverse remarks in the Internal Auditors report..
g. With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its financial position.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
ANNEXURE Aâ TO THE INDEPENDENT AUDITORSâ
REPORT Referred to in our Audit Report of even date RE: M/S RIBA TEXTILES LIMITED NEW DELHI
Referred to in paragraph 1 under the heading âReport on Other Legal & Regulatory Requirementâ of our report of even date to the financial statements of the Company for the year ended March 31, 2016:
1)(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets;
(b) The Fixed Assets have been physically verified by the management in a phased manner, designed to cover all the items over a period of three years, which in our opinion, is reasonable having regard to the size of the company and nature of its business. Pursuant to the program, a portion of the fixed asset has been physically verified by the management during the year and no material discrepancies between the books records and the physical fixed assets have been noticed.
2) (a) The management has conducted the physical verification of inventory at reasonable intervals.
(b) The discrepancies noticed on physical verification of the inventory as compared to books records which has been properly dealt with in the books of account were not material.
3) The Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability partnerships or other parties covered in the Register maintained under section 189 of the Act. Accordingly, the provisions of clause 3 (iii) (a) to (C) of the Order are not applicable to the Company and hence not commented upon.
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 Companies Act, 2013 In respect of loans, investments, guarantees, and security.
5) The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.
6) As informed to us, the maintenance of Cost Records has been specified by the Central Government under sub-section (1) of Section 148 of the Act, in respect of the activities carried on by the company.
7) (a) According to information and explanations given to us and on the basis of our examination of the books of account, and records, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income-Tax, Sales tax, Service Tax, Duty of Customs, Duty of Excise, Value added Tax, Cess and any other statutory dues with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the above were in arrears as at March 31, 2016 for a period of more than six months from the date on when they become payable.
b) There is no of dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty & Cess which have not been deposited as on March 31st, 2016
8) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks. The Company has not taken any loan either from financial institutions or from the government and has not issued any debentures.
9) Based upon the audit procedures performed and the information and explanations given by the management, the company has not raised moneys by way of initial public offer or further public offer including debt instruments and term Loans. Accordingly, the provisions of clause 3 (ix) of the Order are not applicable to the Company and hence not commented upon.
10) Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud by the Company or on the company by its officers or employees has been noticed or reported during the year.
11) Based upon the audit procedures performed and the information and explanations given by the management, the managerial remuneration has been paid or provided 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, the Company is not a Nidhi Company. Therefore, the provisions of clause 4 (xii) of the Order are not applicable to the Company.
13) In our opinion, and the information and explanations given by the management, the provisions of section 177 of the Companies Act, 2013 is not applicable. All transactions with the related parties are in compliance with section 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.
14) Based upon the audit procedures performed and the information and explanations given by the management, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of clause 3 (xiv) of the Order are not applicable to the Company and hence not commented upon.
15) Based upon the audit procedures performed and the information and explanations given by the management, the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, the provisions of clause 3 (xv) of the Order are not applicable to the Company and hence not commented upon.
16) In our opinion, the company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3 (xvi) of the Order are not applicable to the Company and hence not commented upon.
For Midha & Khurana
Chartered Accountants
Firm RegistrationNo.03903
Sd/-
(R.K.Midha)
Place: Karnal Partner
Date: 27.05.2016 M. No 017912.
Mar 31, 2015
We have audited the accompanying financial statements of RIBA TEXTILES
LIMITED ("the company"), which comprise the Balance Sheet as at 31
March 2015, the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management's Responsibility for the Financial Statement
The Company's Board of Directors is responsible for the matters in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to
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 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 the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the 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 internal financial control, that were operating eff
ectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that give true and fair view in
order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by Company's Directors, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements, give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
b) in the case of the Statement of Profit and Loss Account, of the
Profit for the year ended on that date;
c) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Report on the other Legal and regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Companies Act 2013, We give in
the Annexure statement on the matters specified in paragraph 3 & 4 of
the order.
2. As required by section 143(3) of the Act, we report that:
a) we have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) the Balance Sheet, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) on the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the other matters included in the Auditor's Report
and to our best of our information and according to the explanations
given to us:
i. The Company does not have any pending litigations which would
impact its financial position.
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses.
iii. No amount is required to be transferred to the Investor Education
and Protection Fund by the Company as on 31 March, 2015.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of RIBA TEXTILES LIMITED on the accounts of the company
for the year ended 31st March, 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
(i) In respect of Fixed Assets:-
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of information available.
(b) As explained to us, fixed assets have been physically verified by
the management reasonable intervals; no material discrepancies were
noticed on such verification.
(c) During the year Company has sold/discarded assets under the head
Plant & Machinery WDV as on 01/04/2014 of Rs 4.02 Lac (Original Cost Rs
233.80 lac and accumulated depreciation Rs 229.78 lacsold at Rs 3.34
Lac at a loss of Rs. 0.77 Lac. Loss on sale/discard of fixed assets has
been recognized in profit and loss account.
In our opinion and according to the information and explanations given
to us, no substantial part of fixed asset has been disposed off during
the year and therefore does not affect the going concern assumption.
(ii) In respect of its inventories:
(a) As explained to us, the inventories of finished and semi- finished
goods and raw material at works, Godown was physically verified during
the year by the management. In respect to stores and spares parts, the
company has programme of verification of stocks, hence the stock in
trade are only reconciled/verified by the management at reasonable
intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedure for verification of demat stock followed by
the management is reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its stocks. No
discrepancies have been noticed on verification of stocks as compared
to book records.
(iii) (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties covered in the register maintained under Section 189 of
the Companies Act, 2013. Consequently, the provisions of clauses iii(a)
and iii(b) of the order are not applicable to the Company.
(iv) In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and for the
sale of goods and services. During the course of our audit, no major
instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
(v) In our opinion, and according to the information and explanation
given to us, the company has not accepted any deposits; hence, clause
(v) is not applicable to the company. Accordingly, directives issued
by the Reserve Bank of India and the provisions of section 73 to 76 or
any other relevant provisions of the Companies Act and the rules framed
there under are not applicable.
(vi) The Company is not required to maintain cost records pursuant to
the Rules made by the Central Government for maintenance of cost
records under sub-section (1) of section 148 of the Act.
(vii) (a) According to the records of the Company, undisputed statutory
dues including Provident Fund, Employees' State Insurance, Income-tax,
Sales-tax, Wealth Tax, Service Tax, Duty of Custom, Duty of Excise,
Value added tax, cess to the extent applicable and any other statutory
dues have generally been regularly deposited with the appropriate
authorities. According to the information and explanations given to us
there were no outstanding statutory dues as on 31st of March, 2015 for
a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, sales tax, wealth tax,
service tax, duty of customs, duty of excise or value added tax or cess
which have not been deposited on account of any disputes.
(c) Company does not have any amount required to be transferred to
investor education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made there
under.
(viii) The Company does not have any accumulated loss at the end of the
financial year and has not incurred cash losses in the financial year
and in the financial year immediately preceding such financial year.
(ix) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
(x) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by other from bank
or financial institutions.
(xi) According to the information and explanations given to us, the
Company has not raised any term loans during the year.
(xii) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
year.
For Midha & Khuranna,
Chartered Accountants
FRN: 003903N
(R.K. Midha)
(Partner)
Membership No. : 017912
Place: Karnal
Date: 30.05.2015
Mar 31, 2014
1. We have audited the attached Balance Sheet of M/s Riba Textiles
Limited as at 31.03.2014, 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.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that wc plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis-statement. An audit
includes examining, on the 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 managements, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in terms of sub section (4A) of
section 227 of the Companies Act, we enclose in the annexure a
statement on the matters specified in paragraphs 4 and 5 of the order.
4. Further to our comments in the Annexure referred to in para 3 and,
wc 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 appears from our examination of
those books.
c) The Balance Sheet, Profit and Loss account and Cash Flow Statement
and dealt with by this report are in agreement with the Books of
Accounts.
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement and dealt with by this report, comply with the
accounting standards referred to in section 211 (3c) of the companies
Act, 1956.
e) On the basis of written representations received from the directors,
as on MardH, 2014, and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on March 31,2014
from being appointed as a director in terms of section 274(1) (g) of
Companies Act, 1956.
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 b^he companies Act, 1956, in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India.
i) In the case of Balance Sheet, of the State of the affairs of the
Company, as on 31.03.2014.
ii) . In the case of the Profit and Loss Account, of the profit of the
company for the year ended on 31.03.2014.
iii) In the case of the Cash Flow Statement, of the profit of the
company for the year ended on 31.03.2014.
Annexure referred to in paragraph (3) of our report of even date:
1. The Company has maintained proper records to show full particulars,
including quantitative details and situation of its fixed assets. The
fixed assets have been physically verified by the management during the
year and no material discrepancies have been noticed on such vetifina
In our opinion, the frequency of physical verification of fixed assets
is reasonable having regard to the size of the company and the nature
of its business.
2. The management has conducted physical verification of inventory at
reasonable intervals. The procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business. The
company is maintaining proper records of inventory except for work in
progress, which has been determined on the physical verification at the
year end. No material discrepancies in inventory were noticed on
physical verification.
As infonned to us, the company has neither granted nor taken any loan,
secured or unsecured from companies, firms or other parties covered 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, for the purchase of inventory and fixed assets and for the
sale of goods. Accordingly, the issue of continuing failure to correct
major weakness in internal control in these areas does not apply.
5. According to the information and explanations provided by the
management, there are no transactions that need to be entered into the
register maintained under section 301 and exceed the value of Rupees
5.00 lacs in respect of any one party in the financial year.
6. The company has not accepted any deposits from the public within the
meaning of section 58A of the companies Act, 1956 and the rules made
thereunder.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. We have been informed that the Central Government has not prescribed
maintenance of cost records under section 209 (1) (d) of the companies
Ael. I 956, in respect to the company''s products.
9. According to the records of the Company, the Company is generally
regular in depositing undisputed statutory dues including, investor
education and protection Fund, Employees State Insurance, Tncome-tax,
Sales-Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other
statutory dues applicable to it with the appropriate authorities.
According to the information and explanations given to us there are no
undisputed amounts payable in respect of Income Tax, Wealth tax, Sales
Tax, Custom duty and Excise duty outstanding as at 31st March''2014
for a period of more than Six Months from the date they became payable.
10. According to the records of the company, there are no dues
outstanding of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise
Duty, Cess on account of any dispute.
11. The company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the current preceding
financial year.
12. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to bank during the year.
13. According to the information and explanations given to us and based
on the documents and records produced to us, the company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
14. In our opinion and according to the information and explanations
given to us, the nature of activities of the company does not attract
any special statute applicable to chit fund, nidhi/mutual benefit fund
and societies.
15. In respect of dealing/trading in securities and other investments,
in our opinion and according to the information and explanations given
to us, proper records have been maintained of the transactions and
contracts and timely entries have been made therein.
16. Based on the audit procedure applied by us & according to the
information & explanations provided by the management, the term loans
taken by the company during the year have been applied for the purpose
for which the loans were obtained.
17. We have been informed by the management that the funds raised on
short-term basis have not been used for long-term investment and vice
versa.
18. The company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the companies Act, 1956.
19. The company has not raised any money through a public issue during
the year.
20. Based upon the audit procedure performed by us for expressing our
opinion on these financial statements and information and explanations
given by the management, we report that no fraud on or by the company
has been noticed or reported during the course of our audit.
Place: Panipat For Midha & Khurana
Date : 12.08.2014 Chartered Accountants
(FRN 003903N)
Sd/-
Partner
(R.K.Midha)
M. N.017912
Mar 31, 2013
1. We have audited the attached Balance Sheet of M/s Riba Textiles
Limited as at 31.03.2013, 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.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis-statement. An audit
includes examining, on the 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 managements, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in terms of sub section (4A) of
section 227 of the Companies Act, 1956, we enclose in the annexure a
statement on the matters specified in paragraphs 4 and 5 of the order.
4. Further to our comments in the Annexure referred to in Para 3 and,
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 appears from our examination of
those books.
c) The Balance Sheet, Profit and Loss account and Cash Flow Statement
and dealt with by this report are in agreement with the Books of
Accounts.
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement and dealt with by this report, comply with the
accounting standards referred to in section 211 (3c) of the companies
Act, 1956.
e) On the basis of written representations received from the directors,
as on March 31, 2013, and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on March 31,2013
from being appointed as a director in terms of section 274(1) (g) of
Companies Act, 1956.
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 in conformity with the accounting principles
generally accepted in India.
i) In the case of Balance Sheet, of the State of the affairs of the
Company, as on 31.03.2013.
ii). In the case of the Profit and Loss Account, of the profit of the
company for the year ended on 31.03.2013.
iii) In the case of the Cash Flow Statement, of the profit of the
company for the year ended on 31.03.2013.
Annexure referred to in paragraph (3) of our report of even date:
1. The Company has maintained proper records to show full particulars,
including quantitative details and situation of its fixed assets. The
fixed assets have been physically verified by the management during the
year and no material discrepancies have been noticed on such
verification. In our opinion, the frequency of physical verification of
fixed assets is reasonable having regard to the size of the company and
the nature of its business.
2. The management has conducted physical verification of inventory at
reasonable intervals. The procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business. The
company is maintaining proper records of inventory except for work in
progress, which has been determined on the physical verification at the
year end. No material discrepancies in inventory were noticed on
physical verification.
3. As informed to us, the company has neither granted nor taken any
loan, secured or unsecured from companies, firms or other parties
covered 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, for the purchase of inventory and fixed assets and for the
sale of goods. Accordingly, the issue of continuing failure to correct
major weakness in internal control in these areas does not apply.
5. According to the information and explanations provided by the
management, there are no transactions that need to be entered into the
register maintained under section 301 and exceed the value of Rupees
5.00 lacs in respect of any one party in the financial year.
6. The company has not accepted any deposits from the public within
the meaning of section 58A of the companies Act, 1956 and the rules
made there under.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. We have broadly reviewed the books of accounts maintained by
company pursuit to the rule made by the Central Government for the
maintenance of Cost Accounting Records under section 209(1) (d) of the
Act, 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 records with a view to determine whether they
are accurate or complete.
9. According to the records of the Company, the Company is generally
regular in depositing undisputed statutory dues including, investor
education and protection Fund, Employees State Insurance, Income-tax,
Sales-Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other
statutory dues applicable to it with the appropriate authorities.
According to the information and explanations given to us there are no
undisputed amounts payable in respect of Income Tax, Wealth tax, Sales
Tax, Custom duty and Excise duty outstanding as at 31st March''2013 for
a period of more than Six Months from the date they became payable.
10. According to the records of the company, there are no dues
outstanding of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise
Duty, Cess on account of any dispute.
11. The company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the current preceding
financial year.
12. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to bank during the year.
13. According to the information and explanations given to us and
based on the documents and records produced to us, the company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
14. In our opinion and according to the information and explanations
given to us, the nature of activities of the company does not attract
any special statute applicable to chit fund, nidhi/mutual benefit fund
and societies.
15. In respect of dealing/trading in securities and other investments,
in our opinion and according to the information and explanations given
to us, proper records have been maintained of the transactions and
contracts and timely entries have been made therein. No securities have
been held by the company, at the year-end.
16. Based on the audit procedure applied by us & according to the
information & explanations provided by the management, the term loans
taken by the company during the year have been applied for the purpose
for which the loans were obtained.
17. According to the information and explanations given to us, the
company has Pari Passu charge over the fixed assets and given corporate
guarantee for loans takenby M/s Adanya Impex from State Bank of India,
okhla branch Delhi.
18. We have been informed by the management that the funds raised on
short-term basis have not been used for long-term investment and vice
versa.
19. The company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the companies Act, 1956.
20. The company has not raised any money through a public issue during
the year.
21. Based upon the audit procedure performed by us for expressing our
opinion on these financial statements and information and explanations
given by the management, we report that no fraud on or by the company
has been noticed or reported during the course of our audit.
Place: Panipat For Midha Khurana Guglani & Co.
Date : 13.08.2013 Chartered Accountants
Sd/
Partner
(R.K.Midha)
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s Riba Textiles
Limited as at 31.03.2012, 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.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis-statement. An audit
includes examining, on the 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 managements, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sub section (4A) of
section 227 of the Companies Act, 1956, we enclose in the annexure a
statement on the matters specified in paragraphs 4 and 5 of the order.
4. Further to our comments in the Annexure referred to in para 3 and,
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 appears from our examination of
those books.
c) The Balance Sheet, Profit and Loss account and Cash Flow Statement
and dealt with by this report are in agreement with the Books of
Accounts.
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement and dealt with by this report, comply with the
accounting standards referred to in section 211 (3c) of the companies
Act, 1956.
e) On the basis of written representations received from the directors,
as on March 31, 2012, and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on March 31,2012
from being appointed as a director in terms of section 274(1) (g) of
Companies Act, 1956.
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 in conformity with the accounting principles
generally accepted in India.
i) In the case of Balance Sheet, of the State of the affairs of the
Company, as on 31.03.2012.
ii). In the case of the Profit and Loss Account, of the profit of the
company for the year ended on 31.03.2012.
iii) In the case of the Cash Flow Statement, of the profit of the
company for the year ended on 31.03.2012.
Annexure referred to in paragraph (3) of our report of even date:
1. The Company has maintained proper records to show full particulars,
including quantitative details and situation of its fixed assets. The
fixed assets have been physically verified by the management during the
year and no material discrepancies have been noticed on such
verification. In our opinion, the frequency of physical verification of
fixed assets is reasonable having regard to the size of the company and
the nature of its business.
2. The management has conducted physical verification of inventory at
reasonable intervals. The procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business. The
company is maintaining proper records of inventory except for work in
progress, which has been determined on the physical verification at the
year end. No material discrepancies in inventory were noticed on
physical verification.
3. As informed to us, the company has neither granted nor taken any
loan, secured or unsecured from companies, firms or other parties
covered 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, for the purchase of inventory and fixed assets and for the
sale of goods. Accordingly, the issue of continuing failure to correct
major weakness in internal control in these areas does not apply.
5. According to the information and explanations provided by the
management, there are no transactions that need to be entered into the
register maintained under section 301 and exceed the value of Rupees
5.00 lacs in respect of any one party in the financial year.
6. The company has not accepted any deposits from the public within
the meaning of section 58A of the companies Act, 1956 and the rules
made thereunder.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. We have been informed that the Central Government has not
prescribed maintenance of cost records under section 209 (1) (d) of the
companies Act, 1956, in respect to the company's products.
9. According to the records of the Company, the Company is generally
regular in depositing undisputed statutory dues including, investor
education and protection Fund, Employees State Insurance, Income-tax,
Sales-Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other
statutory dues applicable to it with the appropriate authorities.
According to the information and explanations given to us there are no
undisputed amounts payable in respect of Income Tax, Wealth tax, Sales
Tax, Custom duty and Excise duty outstanding as at 31st March'2012 for
a period of more than Six Months from the date they became payable.
10. According to the records of the company, there are no dues
outstanding of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise
Duty, Cess on account of any dispute.
11. The company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the current preceding
financial year.
12. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to bank during the year.
13. According to the information and explanations given to us and
based on the documents and records produced to us, the company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
14. In our opinion and according to the information and explanations
given to us, the nature of activities of the company does not attract
any special statute applicable to chit fund, nidhi/mutual benefit fund
and societies.
15. In respect of dealing/trading in securities and other investments,
in our opinion and according to the information and explanations given
to us, proper records have been maintained of the transactions and
contracts and timely entries have been made therein. No securities have
been held by the company, at the year-end.
16. Based on the audit procedure applied by us & according to the
information & explanations provided by the management, the term loans
taken by the company during the year have been applied for the purpose
for which the loans were obtained.
17. According to the information and explanations given to us, the
company has not given any guarantee for loans taken, by others.
18. We have been informed by the management that the funds raised on
short-term basis have not been used for long-term investment and vice
versa.
19. The company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the companies Act, 1956.
20. The company has not raised any money through a public issue during
the year.
21. Based upon the audit procedure performed by us for expressing our
opinion on these financial statements and information and explanations
given by the management, we report that no fraud on or by the company
has been noticed or reported during the course of our audit.
Place: Panipat For Midha Khurana Guglani & Co.
Date: 06.08.2012 Chartered Accountants
Sd/-
Partner
(R.K.Midha)
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/s Riba Textiles
Limited as at 31.03.2010, 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.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis-statement. An audit
includes examining, on the 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 managements, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub section (4A) of
section 227 of the Companies Act, 1956, we enclose in the annexure a
statement on the matters specified in paragraphs 4 and 5 of the order.
4. Further to our comments in the Annexure referred to in para 3 and,
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 appears from our examination of
those books.
c) The Balance Sheet, Profit and Loss account and Cash Flow Statement
and dealt with by this report are in agreement with the Books of
Accounts.
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement and dealt with by this report, comply with the
accounting standards referred to in section 211 (3c) of the companies
Act, 1956.
e) On the basis of written representations received from the directors,
as on March 31, 2010, and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on March 31,2010
from being appointed as a director in terms of section 274(1) (g) of
Companies Act, 1956.
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 in conformity with the accounting principles
generally accepted in India.
i) In the case of Balance Sheet, of the State of the affairs of the
Company, as on 31.03.2010.
ii). In the case of the Profit and Loss Account, of the profit of the
company for the year ended on 31.03.2010;
iii) In the case of the Cash Flow Statement, of the profit of the
company for the year ended on 31.03.2010.
Annexure referred to in paragraph (3) of our report of even date Riba
Textiles Limited.
1. The Company has maintained proper records to show full particulars,
including quantitative details and situation of its fixed assets. The
fixed assets have been physically verified by the management during the
year and no material discrepancies have been noticed on such
verification. In our opinion, the frequency of physical verification of
fixed assets is reasonable having regard to the size of the company and
the nature of its business.
2. The management has conducted physical verification of inventory at
reasonable intervals. The procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business. The
company is maintaining proper records of inventory except for work in
progress, which has been determined on the physical verification at the
year end. No material discrepancies in inventory were noticed on
physical verification.
3. As informed to us, the company has neither granted nor taken any
loan, secured or unsecured from companies, firms or other parties
covered 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, for the purchase of inventory and fixed assets and for the
sale of goods. Accordingly, the issue of continuing failure to correct
major weakness in internal control in these areas does not apply.
5. According to the information and explanations provided by the
management, there are no transactions that need to be entered into the
register maintained under section 301 and exceed the value of Rupees
5.00 lacs in respect of any one party in the financial year.
6. The company has not accepted any deposits from the public within
the meaning of section 58A of the companies Act, 1956 and the rules
made thereunder.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. We have been informed that the Central Government has not
prescribed maintenance of cost records under section 209 (1) (d) of the
companies Act, 1956, in respect to the companys products.
9. According to the records of the Company, the Company is generally
regular in depositing undisputed statutory dues including, investor
education and protection Fund, Employees State Insurance, Income- tax,
Sales-Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other
statutory dues applicable to it with die appropriate authorities.
According to the information and explanations given to us there are no
undisputed amounts payable in respect of Income Tax, Wealth tax, Sales
Tax, Custom duty and Excise duty outstanding as at 31st March2009 for
a period of more than Six Months from the date they became payable.
10. According to the records of the company, there are no dues
outstanding of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise
Duty, Cess on account of any dispute.
11. The company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the current preceding
financial year.
12. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to bank during the year.
13. According to the information and explanations given to us and
based on the documents and records produced to us, the company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
14. In our opinion and according to the information and explanations
given to us, the nature of activities of the company does not attract
any special statute applicable to chit fund, nidhi/mutual benefit fund
and societies.
15. In respect of dealing/trading in securities and other investments,
in our opinion and according to the information and explanations given
to us, proper records have been maintained of the transactions and
contracts and timely entries have been made therein. No securities have
been held by the company, at the year-end.
16. Based on the audit procedure applied by us & according to the
information & explanations provided by the management, the term loans
taken by the company during the year havebeen applied for the purpose
for which the loans were obtained.
17. According to the information and explanations given to us, the
company has not given any guarantee for loans taken, by others.
18. We have been informed by the management that the funds raised on
short-term basis have not been used for long-term investment and vice
versa.
19. The company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the companies Act, 1956.
20. The company has not raised any money through a public issue during
the year.
21. Based upon the audit procedure performed by us for expressing our
opinion on these financial statements and information and explanations
given by the management, we report that no fraud on or by the company
has been noticed or reported during the course of our audit.
Place: Panipat For Midha & Associates
Date: 09.08.2010 Chartered Accountants
Sd/
(R.K.Midha)