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FGP
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« Mar 12
Auditor's Report (FGP) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the accompanying fnancial statements of FGP Limited
 (the Company), which comprise the Balance Sheet as at March 31, 2013,
 the Statement of Proft and Loss and Cash Flow Statement for the year
 then ended and a summary of signifcant accounting policies and other
 explanatory information.
 
 Management''s Responsibility for the Financial Statements:
 
 Management is responsible for the preparation of these fnancial
 statements that give a true and fair view of the fnancial position,
 fnancial performance and cash fows 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 fnancial 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 fnancial
 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 fnancial statements are free of
 material misstatement.
 
 An audit involves performing procedures to obtain audit evi- dence
 about the amounts and disclosures in the fnancial statements. The
 procedures selected depend on the auditor''s judgments, including the
 assessment of the risks of material misstatement of the fnancial
 statements, whether due to fraud or error. In making those risk
 assessments, the auditor consid- ers internal control relevant to the
 Company''s preparation and fair presentation of the fnancial statements
 in order to design audit procedures that are appropriate in the
 circumstances. An audit also includes evaluating the appropriateness of
 account- ing policies used and the reasonableness of the accounting es-
 timates made by management, as well as evaluating the overall
 presentation of the fnancial statements.
 
 We believe that our audit evidence we have obtained is suffcient 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 fnancial 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 Proft 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 fows 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
 specifed 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 Proft 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 Proft 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, 2013, taken on record by the Board of
 Directors, none of the directors is disqualifed as on March 31, 2013,
 from being appointed as a director in terms of Section 274(1)(g) of the
 Act.
 
 (i) (a) The Company has maintained proper records show- ing full
 particulars, including quantitative details and situation of fxed
 assets.
 
 (b) All the fxed assets of the Company have been physi- cally verifed
 by the management at reasonable in- tervals. No material discrepancies
 were noticed on such verifcation. In our opinion, having regard to size
 of the Company and the nature of its business, the frequency of
 verifcation 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, frms 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, frms 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 fxed 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 Re-
 port) 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, 2013 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 which    Forum where 
 the Dues      (Rs. In        the Amount         dispute is
                Lacs )        Relates            pending
 
 The Income Tax Act, 1961
 
 Income Tax     211.77        A.Y. 1999 –2000    High Court Mumbai 
 
 Penalty        310.00        A.Y. 1999 – 2000   High Court Mumbai
 
 Income Tax      25.79        A.Y. 2003 – 04     High Court Mumbai 
 
 Penalty         55.79        A.Y. 2003 – 04     Income–Tax
                                                 Appellate Tribunal,
                                                 Mumbai 
 
 Income Tax      86.29        A.Y. 2004 – 05     High Court Mumbai 
 
 Income Tax     113.45        A.Y. 2005 – 06     High Court Mumbai 
 
 Income Tax      16.73        A.Y. 2006 – 07     High Court Mumbai 
 
 Income Tax      35.08        A.Y. 2007 – 08     High Court Mumbai 
 
 Income Tax      12.72        A.Y. 2008 – 09     I n c o m e – T a x
                                                 Appellate Tribunal,
                                                 Mumbai 
 
 Income Tax       9.85        A.Y. 2009 – 10     Commissioner
                                                 of Income–Tax
                                                 (Appeals), Mumbai
 
 Income Tax      15.35        A.Y. 2010 – 11     Commissioner
                                                 of Income – Tax 
                                                 (Appeals), Mumbai
 
 
 
 (x) The Company has accumulated losses in excess of ffty percent of its
 net worth as on 31st March, 2013. The Company has incurred cash losses
 during the fnancial year covered by our audit and the immediately
 preceding fnancial year.
 
 (xi) The Company has not taken any loan from fnancial 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 beneft 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 fnancial 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
 
                                                 Chartered Accountants 
 
                                                 Firm Reg. No. 100061W
 
 
 
                                                        Pankaj K. Jain
 
                                                               Partner 
 
                                                 Membership No. 108108
 
 
 
 Place : Mumbai 
 
 Date : 29th May, 2013.
Source : Dion Global Solutions Limited
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