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Century Plyboards
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Auditor's Report (Century Plyboards) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the accompanying financial statements of Century
 Plyboards (India) Limited (the Company), which comprise the Balance
 Sheet as at March 31, 2013 and the Statement of Profit & Loss and Cash
 Flow Statement for the year then ended, and a summary of significant
 accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 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
 accounting principles generally accepted in India, including the
 Accounting Standards referred to in sub-section (3C) of Section 211 of
 the Companies Act, 1956 (the Act). This responsibility includes the
 design, implementation and maintenance of internal control relevant to
 the preparation and presentation of the financial statements that give
 a true and fair view and are free from material misstatement, whether
 due to fraud or error.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. Those Standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial statements are free
 from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements. The procedures
 selected depend on the auditor''sjudgement, including the assessment of
 the risks of material misstatement of the financial statements, whether
 due to fraud or error. In making those risk assessments, the auditor
 considers internal control relevant to the Company''s preparation and
 fair presentation of the financial statements in order to design audit
 procedures that are appropriate in the circumstances. An audit also
 includes evaluating the appropriateness of accounting policies used and
 the reasonableness of the accounting estimates made by management, as
 well as evaluating the overall presentation of the financial
 statements. 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 March 31, 2013;
 
 (b) in the case of the Statement of Profit & Loss, of the profit for
 the year ended on that date; and
 
 (c) in the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003 (the
 Order) issued by the Central Government of India in terms of
 sub-section (4A) of Section 227 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the Order.
 
 2.  As required by Section 227(3) of the Act, we report that:
 
 (a) We have obtained all the information and explanations which to the
 best of our knowledge and belief were necessary for the purpose of our
 audit;
 
 (b) In our opinion proper books of account as required by law have been
 kept by the Company so far as appears from our examination of those
 books and proper returns adequate for the purposes of our audit have
 been received from branches not visited by us. The Branch Auditor''s
 Report(s) in respect of Plywood units at Chennai, Karnal and Guwahati
 have been forwarded to us and have been appropriately dealt with ;
 
 (c) The Balance Sheet, Statement of Profit & Loss, and Cash Flow
 Statement dealt with by this report are in agreement with the books of
 account and with the returns received from branches not visited by us;
 
 (d) In our opinion, the Balance Sheet, Statement of Profit & Loss, and
 Cash Flow Statement comply with the Accounting Standards referred to in
 subsection (3C) ofSection 211 ofthe CompaniesAct, 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,
 none ofthe directors is disqualified as on March 31, 2013, from being
 appointed as a director in terms of clause (g) of sub-section (1) of
 Section 274 of the Companies Act, 1956.
 
 (Referred to in our report of even date to the members of the Century
 Plyboards (India) Limited as at and for the year ended 31st March,
 2013)
 
 (i) (a) The Company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed
 assets.
 
 (b) A part of the fixed assets have been physically verified by the
 management during the year, based on a phased programme of verifying
 all the assets over a period of three years, which, in our opinion, is
 reasonable having regard to the size of the Company and the nature of
 its assets. As informed, no material discrepancies were noticed on such
 verification.
 
 (c) There was no disposal of a substantial part of fixed assets during
 the year.
 
 (ii) (a) The management has conducted physical verification of
 inventory at reasonable intervals during the year.
 
 (b) 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.
 
 (c) The Company is maintaining proper records of inventory and no
 material discrepancies were noticed on such physical verification.
 
 (iii) (a) According to the information and explanations given to us,
 the Company has not granted any loans, secured or unsecured to
 companies, firms or other parties covered in the register maintained
 under Section 301 of the Companies Act, 1956. Accordingly, the
 provisions of clauses 4(iii)(a) to (d) of the Order are not applicable
 to the Company and hence not commented upon.
 
 (b) The Company has taken loans from 6 companies and a Director covered
 in the register maintained under section 301 of the Companies Act,
 1956. The maximum amount outstanding against such loans during the year
 was Rs. 2,735.50 Lacs and the year-end balance due to such parties was
 Rs. NIL.
 
 (c) In our opinion and according to the information and explanations
 given to us, the rate of interest and other terms and conditions for
 such loans are not prima facie prejudicial to the interest of the
 Company.
 
 (d) There are no stipulations for repayment of the above loans but the
 same were stated to be repayable on demand.  The above loans were fully
 repaid during the year and thus, there has been no default on the part
 of the Company.  Further, interest on the above loans, as informed, was
 regularly paid by the Company.
 
 (iv) In our opinion and according to the information and explanations
 given to us, there is an adequate internal control system commensurate
 with the size of the Company and the nature of its business, for the
 purchase of inventory and fixed assets and for the sale of goods and
 services. During the course of our audit, we have not observed any
 major weakness or continuing failure to correct any major weakness in
 the internal control system of the Company in respect of these areas.
 
 (v) (a) According to the information and explanations provided by the
 management, we are of the opinion that the particulars of contracts or
 arrangements referred to in Section 301 of the Companies Act, 1956 that
 need to be entered into the register maintained under the above
 section, have been so entered.
 
 (b) In our opinion and according to the information and explanations
 given to us, the transactions made in pursuance of such contracts or
 arrangements exceeding the value of Rupees five lakhs entered into
 during the financial year, are at prices which are reasonable having
 regard to the prevailing market prices at the relevant time.
 
 (vi) The Company has not accepted any deposit from the public within
 the preview of Section 58A and 58AA of the Companies Act, 1956 and the
 rules framed thereunder.
 
 (vii) In our opinion, the Company has an internal audit system
 commensurate with the size and nature of its business.
 
 (viii) We have broadly reviewed the books of accounts maintained by the
 Company pursuant to the rules made by the Central Government for the
 maintenance of cost records under Section 209(1) (d) of the Companies
 Act, 1956 in respect of its products and are of the opinion that prima
 facie, the prescribed accounts and records have been made and
 maintained.
 
 (ix) (a) Undisputed statutory dues including provident fund, investor
 education and protection fund, employees'' state insurance, income-tax,
 sales-tax, wealth-tax, service tax, custom duty, excise duty, and other
 material statutory dues have generally been regularly deposited with
 appropriate authorities though there had been slight delays in afew
 cases.
 
 (b) According to the information and explanations given to us, no
 undisputed amounts payable in respect of provident fund, investor
 education and protection fund, employees'' state insurance, income-tax,
 wealth-tax, service tax, sales-tax, customs duty, excise duty, cess and
 other material undisputed statutory dues were outstanding, at the year
 end, for a period of more than six months from the date they became
 payable.
 
 (c) According to the records of the Company, the dues outstanding in
 respect of sales tax, income tax, custom duty, wealth tax, service tax,
 excise duty & cess on account of any dispute, are as follows :-
 
 Name of Statute      Nature of Dues             Period to which
                                                 the amount relates 
 
 Central Excise and   Input Service Credit       2006-07
 Customs Act, 1944    reversal and SAD reversal 
 
 Central Excise and   Wrong availment &          2004-05, 2006-07
 Customs Act, 1944    utilisation of Service     to 2011-12 
                      tax on GTA
 
 Various State Sales  Sales Tax / Penalty /      1990-1992,1999-00,
 Tax/VAT Act          Interest                   2001-02,2003-04 to
                                                 2010-11
 
 Income Tax Act,1961  Various Income             1994-95,2005-06
                      Tax matters
 
 Name of Statute      Amount       Forum where
                     (Rs.in Lacs)  dispute is pending
 
 Central Excise and
 Customs Act,1944         249.66   CESTAT
 
 Central Excise and
 Customs Act, 1944        546.78   Commissioner (Appeals)/ Additional 
                                   Commissioner/ Deputy Commissioner 
 
 Various State Sales
 Tax/VAT Act            1,052.21   Asst./Additional Commissioner/Deputy
                                   Commissioner/Joint Commissioner/
                                   Revision Board
 
 Income Tax Act, 1961     216.04   Asst. commissioner/ Appellate 
                                   Tribunal/ High Court
 
 (x) The Company has no accumulated losses at the end of the financial
 year and it has not incurred cash losses in the current year and in the
 immediately preceding financial year.
 
 (xi) Based on our audit procedures and as per the information and
 explanations given by the management, we are of the opinion that the
 Company has not defaulted in repayment of dues to any financial
 institutions or banks. There were no debentures outstanding during the
 year.
 
 (xii) 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.
 
 (xiii) In our opinion, the Company is not a chit fund or a nidhi /
 mutual benefit fund / society and therefore, the provisions of clause
 4(xiii) of the Order are not applicable.
 
 (xiv) In our opinion, the Company is not dealing or trading in shares,
 securities, debentures and other investments.  Accordingly, the
 provisions of clause 4(xiv) of the Order are not applicable.
 
 (xv) According to the information and explanations given to us, the
 Company has given guarantee for loans taken by others from banks, the
 terms and conditions whereof, in our opinion, are not prima-facie
 prejudicial to the interest of the Company.
 
 (xvi) Based on information and explanations given to us by the
 management, term loans were applied for the purpose for which the loans
 were obtained.
 
 (xvii) According to the information and explanations given to us and on
 an overall examination of the balance sheet of the Company, we report
 that no funds raised on short-term basis have been used for long term
 investment.
 
 (xviii)The Company has not made any preferential allotment of shares
 during the year to parties or companies covered in the register
 maintained under section 301 of the Companies Act, 1956.
 
 (xix) The Company did not have any outstanding debentures during the
 year.
 
 (xx) The Company has not raised any money through a public issue during
 the year.
 
 (xxi) Based upon the audit procedures performed for the purpose of
 reporting the true and fair view of the financial statements and as per
 the information and explanations given by the management, we report
 that no fraud on or by the Company has been noticed or reported during
 the year.
 
                                         For S.R.Batliboi & CO. LLP
 
                                              Chartered Accountants
 
                                  Firm Registration Number: 301003E
 
                                                 per Bhaswar Sarkar
 
 Place : Kolkata                                            Partner
 
 Date : July 8, 2013                       Membership Number: 55596
Source : Dion Global Solutions Limited
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