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0 | Auditor's Report (NTC Industries) | Year End : Mar '12 |
We have audited the attached balance sheet of ntc industries limited as
at 31st March 2012, the related statement of profit and loss and cash
flow statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of company''s management.
Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
We report that -
1. 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.
2. 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
these books.
3. The balance sheet, statement of profit and loss and cash flow
statement dealt with by this report are in agreement with the books of
accounts.
4. In our opinion, the balance sheet, statement of profit and loss and
cash flow statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956.
5. On the basis of written representations received from the directors
as on 31 st March 2012 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March
2012 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
6. In our opinion and based on the information and according to the
explanations given to us, the said account read with notes forming part
of the financial statements give the information required by the
Companies Act, 1956 in the manner so required and give true and fair
view:
(a) in the case of balance sheet, of the state of affairs of the
Company as at 31 st March 2012;
(b) in the case of statement of profit and loss, of the profit of the
Company for the year ended on that date; and
(c) in the case of the cash flow statement, of the Cash flows for the
year ended on that date.
As required by the Companies (Auditor''s Report) Order, 2003, as
amended by the Companies (Auditor''s Report) (Amendment) Order, 2004,
issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the Companies Act, 1956 and on the basis of such
checks of the books and records as we considered appropriate and
according to information and explanations given to us, the matters
specified in the said order are given hereunder to the extent to which
they are applicable.
i) a) The Company is maintaining proper records showing, full
particulars including quantitative details and situation of fixed
assets.
b) In our opinion, the fixed assets have been physically verified by
the management at reasonable intervals. No material discrepancies were
noticed on such verification.
c) The Company has not disposed off any substantial part of its fixed
assets so as to affect its going concern.
ii) a) The inventory (excluding stock lying with third parties)
has been physically verified by the management at regular intervals. In
respect of inventory lying with third parties, these have substantially
been confirmed by them. In our opinion, the frequencies of
verifications are reasonable.
b) In our opinion, the procedures of physical verification followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
c) On the basis of our examination of inventory records, we are of the
opinion that the Company is maintaining proper records of inventory.
The discrepancies noticed on physical verification between the physical
stocks and the book records were not material.
iii) a) The Company has not granted any loan during the year to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Consequently, the
requirements of sub clauses (a), (b), (c) and (d) of clause (iii) of
paragraph 4 of the order are not applicable,
b) The Company has not taken any loan during the year from companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956. Consequently, the requirements of sub
clauses (e), (f) and (g) of clause (iii) of paragraph 4 of the order
are not applicable.
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. Further, on the basis of our examination of the books and
records of the Company and according to the information and
explanations given to us, we have neither come across nor have we been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control system.
v) a) In our opinion and according to information and explanations
given to us, the particulars of contracts or arrangements referred
to in section 301 of the Companies Act, 1956 have been so entered.
b) In our opinion and according to information and explanations given
to us, the transactions made in pursuance of contract or arrangements
entered in the register maintained under section 301 of the Companies
Act, 1956 and exceeding the value of Rupees Five Lacs in respect of any
party during the year, have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public.
Therefore the provisions of clause (vi) are not applicable to the
Company.
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 cost records maintained by the
Company pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1 )(d) of the
companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
ix) a) According to the information and explanations given to us
and records of the Company examined by us, in our opinion, no
undisputed amounts payable in respect of provident fund, employees
state insurance, income tax, sales tax, wealth tax, service tax, custom
duty, excise duty, cess and other statutory dues were outstanding, at
the year end, for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us and the
record examined by us, there are no dues (except as stated below) in
respect of sales tax, income tax, customs duty, wealth tax, excise duty
and cess which have not been deposited on account of any dispute.
Name of Nature of Amount Forum where the
the Statute the Dues (Rs in Lacs) dispute is pending
Central Excise duty 8721.83 Assistant/Additional/
Excise and interest, Deputy commissioner,
Act, 1944 penalty Commissioner,
thereon Commissioner (Appeals),
Appellate Tribunal &
Supreme Court
x) The Company does not have accumulated losses as at 31st March 2012
and it has not incurred any cash losses in the financial year ended on
that date or in the immediately preceding financial year.
xi) According to the records of the Company examined by us and the
information and explanations given to us, the Company has not defaulted
in repayment of dues to any financial institution or bank or debenture
holders during the year.
xii) In our opinion, the Company has not granted any loans and advances
on the basis of security by way of pledge of shares, debentures and
other securities.
xiii) The provisions of any special statute applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
Company.
xiv) In our opinion and according to information and explanations given
to us. Company is not dealing in or trading in shares, securities,
debentures and other investments.
xv) The Company has not given any guarantees for loans taken by others
from banks or financial institution.
xvi) According to the information and explanations given to us, the
term loans have been applied for the purpose for which they were
raised.
xvii) According to the information and explanation 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 by the Company.
xviii) The Company has not made preferential allotment of shares to
parties and companies covered in register maintained under section 301
of the Companies Act, 1956 during the year.
xix) The Company has no debentures outstanding at any time during the
year and hence question of creating security in respect thereof does
not arise.
xx) As informed to us, the Company has not raised any money by way of a
public issue during the period covered by our audit report.
xxi) During the course of our examination of the books and records of
the Company, carried out in accordance with the Generally Accepted
Auditing Practices in India and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For S. M. Daga & Co.
Chartered Accountants
Firm Registration No. 303119E
11, Clive Row, MEGH RAJ DAGA
Kolkata - 700 001 (Partner)
28th May 2012 Membership No. 013625 |
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| Source : Dion Global Solutions Limited | |
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