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FGP
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« Mar 13
Auditor's Report (FGP) Year End : Mar '14
We have audited the accompanying financial statements of FGP Limited
 (the Company), which comprise the Balance Sheet as at March 31,2014,
 the Statement of Profit and Loss and Cash Flow Statement for the year
 then ended and a summary of significant accounting policies and other
 explanatory information.  Management''s Responsibility for the Financial
 Statements: 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 principles generally accepted in India
 including 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.
 
 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 of
 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 judgments, 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 our 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 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 31,2014;
 
 (b) In the case of the Statement of Profit and Loss, of the Loss 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 Matters:
 
 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) of the Act, we give in the Annexure a statement on the matters
 specified in paragraphs 4 & 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 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 the Cash
 Flow Statement dealt with by this Report are in agreement with the
 books of account.
 
 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 section 211(3C) of the Act;
 
 e) On the basis of the written representations received from the
 directors as on March 31, 2014, taken on record by the Board of
 Directors, none of the directors is disqualified as on March 31, 2014,
 from being appointed as a director in terms of Section 274(1)(g) of the
 Act.
 
 ANNEXURE REFERRED TO IN OUR AUDIT REPORT OF EVEN DATE
 
 (i) (a) The Company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed
 assets.
 
 (b) All the fixed assets of the Company have been physically verified
 by the management at reasonable intervals. No material discrepancies
 were noticed on such verification. In our opinion, having regard to
 size of the Company and the nature of its business, the frequency of
 verification is reasonable.
 
 (c) During the year, the Company has not disposed off substantial part
 of the Fixed Assets.
 
 (ii) The provisions of clause 4(ii) of the Companies (Audit Report)
 Order, 2003 is not applicable to the Company.
 
 (iii) (a) 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.
 
 (b) The Company has not taken any loans, secured or unsecured, from
 companies, firms or other parties covered in the register maintained
 under section 301 of the Companies Act, 1956.
 
 (iv) In our opinion and according to the information and explanations
 given to us, there are 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, no major weakness was noticed
 in the internal control system.
 
 (v) The provisions of clause 4(v) of the Companies (Audit Report)
 Order, 2003 is not applicable to the Company.
 
 (vi) The Company has not accepted any deposits from the public within
 the meaning of Section 58A and 58AA of the Act and the rules framed
 thereunder.
 
 (vii) In our opinion, the Company has an internal audit system
 commensurate with the size and the nature of its business.
 
 (viii) The provisions of clause 4 (viii) of the Company (Audit Report)
 Order, 2003 are not applicable to the Company.
 
 (ix) (a) According to the records of the Company, the Company is
 regular in depositing with the appropriate authorities undisputed
 statutory dues including provident fund, investor education and
 protection fund, employees'' state insurance, income tax, sales-tax,
 wealth tax, service tax, customs duty, excise duty, cess and other
 statutory dues applicable to it. According to the information and
 explanations given to us, no undisputed amounts payable in respect of
 income tax, wealth tax, sales tax, service tax, customs duty, excise
 duty and cess were outstanding as at 31st March, 2014 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
 are no dues of income-tax, wealth-tax, service-tax, customs duty and
 excise duty which have not been deposited on account of any dispute,
 except as stated below:
 
 Nature of      Amount       Period to         Forum where
 the Dues       (Rs. In      which the      dispute is pending
                Lacs )         Amount
                              Relates
 
 The Income Tax Act, 1961
 
 Income Tax     211.77      A.Y1999-2000     High Court Mumbai
 
 Penalty        310.00      A.Y1999-2000     High Court Mumbai
 
 Income Tax      25.79      A.Y2003-2004     High Court Mumbai
 
 Penalty         55.79      A.Y2003-2004     High Court Mumbai
 
 Income Tax      86.29      A.Y2004-2005     High Court Mumbai
 
 Income Tax     113.45      A.Y2005-2006     High Court Mumbai
 
 Income Tax      16.73      A.Y2006-2007     High Court Mumbai
 
 Income Tax      35.08      A.Y2007-2008     High Court Mumbai
 
 Income Tax      12.72      A.Y2008-2009     High Court Mumbai
 
 Income Tax       9.85      A.Y2009-2010     Commissioner of
                                             Income - Tax
                                             (Appeals), Mumbai
 
 Income Tax      15.35      A.Y2010-2011     Commissioner of
                                             Income - Tax
                                             (Appeals), Mumbai
 
 Income Tax      10.11      A.Y2011-2012     Commissioner of
                                             Income - Tax
                                             (Appeals), Mumbai
 
 (x) The Company has accumulated losses in excess of fifty percent of
 its net worth as on 31st March, 2014. The Company has incurred cash
 losses during the financial year covered by our audit and the
 immediately preceding financial year.
 
 (xi) The Company has not taken any loan from financial institutions,
 banks or debenture holders. Further, no loan has been taken by way of
 issuance of debentures.
 
 (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. Therefore, the provisions of clause
 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not
 applicable to the Company.
 
 (xiv) In our opinion, the Company is not dealing in 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.
 
 (xv) In our opinion and according to the information and explanations
 given to us, the Company has not given guarantees for loans taken by
 others from banks or financial institutions.
 
 (xvi) The Company has not obtained any term loans during the year.
 
 (xvii) On the basis of overall examination of the balance sheet of the
 Company, in our opinion and according to the information and
 explanations given to us, there are no funds raised on a short-term
 basis which have been used for long-term investment.
 
 (xviii) During the year, the Company has not made any preferential
 allotment of shares to parties and companies covered in the Register
 maintained under section 301 of the Companies Act, 1956.
 
 (xix) The Company has not issued any debentures during the year.
 
 (xx) The Company has not raised any money through public issue during
 the year.
 
 (xxi) Based on the information and explanations furnished by the
 management, which have been relied upon by us, there were no fraud on
 or by the Company noticed or reported during the year.
 
                                                    For AGARWAL & MANGAL
                                           Firm Registration No. 100061W
                                                   Chartered Accountants
 
                                                            Vinit Mangal
                                                                 Partner
                                                    Membership No.146912
 
 Place : Mumbai,
 Dated : 23rd May 2014
Source : Dion Global Solutions Limited
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