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Technocraft Industries (India)
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« Mar 12
Auditor's Report (Technocraft Industries (India)) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the accompanying financial statements of TECHNCRAFT
 INDUSTRIES (INDIA) LIMITED, which comprise the Balance Sheet as at
 March 31, 2013, and 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 true and fair view of the financial position,
 financial performance and cash flows of the Company in accordance with
 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''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 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 31st March, 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 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;
 
 c.  The Balance Sheet, 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 Balance Sheet, Statement of Profit and Loss and
 Cash Flow Statement comply with the Accounting Standards referred to in
 subsection (3C) of section 211 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,
 none of the 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.
 
 Annexure referred to in Paragraph of our Auditors'' Report on even date
 on the Financial Statements for the year ended 31st March, 2013 of
 TECHNOCRAFT INDUSTRIES (INDIA) LIMITED) on the basis of such checks as
 we considered appropriate and in terms of the information and
 explanations given to us, we state that:-
 
 1 a The Company has generally maintained proper records showing
 particulars including quantitative details and situation of fixed
 assets.
 
 b As explained to us, the said fixed assets have been physically
 verified by the Management during the year which is reasonable and no
 material discrepancies have been noticed on such verification.
 
 c In our opinion, and according to the information and explanation
 given to us, no substantial parts of Fixed Assets have been disposed of
 during the year.
 
 2 a The stock of Finished Goods, Goods-in-Process, Raw Materials and
 Stores & Spares parts have been physically verified during the year by
 the Management and is reasonable in view of the nature of products of
 the Company.
 
 b As explained to us, the procedure of physical verification of the
 above stocks followed by the Management is, in our opinion reasonable
 and adequate in relation to the size of the Company and nature of its
 business.
 
 c The Company has maintained proper records of the inventories and the
 discrepancies noticed between the physical stock and book stock were
 not significant and the same have been properly dealt with in the Books
 of Account.
 
 3 a In our opinion and according to the information and explanations
 given to us, the company has granted unsecured loans to 4 parties
 covered in the Register maintained under section 301 of the Companies
 Act, 1956. The maximum amount of Loan granted during the year was Rs
 10676.23 Lakhs and the year ended balance of Loan granted to such
 parties was Rs 1226.92 lakhs.
 
 b In our opinion, the rate of interest and other terms and conditions
 on which Loans have been granted to parties listed in the register
 maintained under section 301 of the Companies Act, 1956 are not prima
 facies, prejudicial to the interest of the company.
 
 c Payment of Principal amount and interest are regular wherever
 stipulated.
 
 d There is no overdue amount of loans granted to Companies, Firms or
 other parties listed in the register maintained under section 301 of
 the Companies Act, 1956.
 
 e The Company has not taken any loan, Secured or Unsecured from
 Companies, firms or other parties covered in the register maintained
 under section 301 of Companies Act, 1956 and accordingly, provisions of
 Paragraph 4 (iii) (e) to 4 (iii) (g) are not applicable to the Company.
 
 4 On the basis of such checks carried out during the course of Audit
 and according to the information and explanations given to us, we are
 of the opinion that there is an adequate internal control system
 commensurate with the size of the company and nature of its business
 with regard to purchase of stores, raw materials including components,
 plant & machinery, equipments and other assets and for sale of goods
 and services.
 
 5 a In our opinion, and according to the information and explanations
 given to us, the particulars of contract or arrangements referred to in
 u/s 301 of the Companies Act, 1956, have been properly entered in the
 register required to be maintained under that section.
 
 b In our opinion, and according to the information and explanations
 given to us, the transaction made in pursuance of such contract or
 arrangements have been made at prices which are reasonable having
 regard to prevailing market prices for such goods, materials or
 services or the prices at which transactions for similar goods,
 materials or services have been made with other parties.
 
 6 In our opinion, and according to the information and explanations
 given to us, the Company has not accepted any deposits from the public
 to which the provisions of section 58A of the Companies Act, 1956 and
 the rules framed there under apply.
 
 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 account and records 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 and are of opinion that prima facie the prescribed
 accounts and records have been made and maintained. We have however not
 made detailed Examination of the records with view to determining
 whether they are accurate or complete.
 
 9 a According to the information and explanation given to us and the
 records of the Company examined by us, the Company have generally been
 regular in depositing provident fund dues, state insurance, income tax,
 sales tax, wealth tax, service tax, custom duty, excise duty, cess and
 any other statutory dues with the appropriate authorities and there are
 no undisputed amounts payable for the same were outstanding as at 31st
 March, 2013, for a year exceeding six months from the date they became
 payable.
 
 b According to the information and explanation given to us and the
 records of the Company examined by us, the Particulars of disputed
 statutory dues under various act which have not been deposited with the
 appropriate authorities are as under:-
 
 
 
 Name of the        Nature of dues       Amount        Forum where
 Statute                               (in lacs)   dispute is pending
 
 Income Tax Act,    Income Tax,
 1961               Penalty & Interest
 
                    For A.Y.  2002-2003   585.24  Appeal filed with CIT 
                                                          (A)
 
                    For A.Y.  2007-2008    40.82  Appeal filed with CIT 
                                                     (A) u/s 271(1)      
                   (Penalty) (c)
 
                    For A.Y 2007-2008      40.13  Appeal filed with ITAT
 
                    For A.Y. 2008-2009     15.50  Appeal filed with CIT 
                                                         (A)
 
                    For A.Y. 2005-2006     14.72  Appeal filed with CIT 
                                                         (A)
 
                    For A.Y. 2009-2010     65.06  Appeal filed with CIT 
                                                         (A)
 
 The Central Excise Excise Duty & 
 Act 1944           pENALTY
 
                    For F.Y 1999-2002 to 1115.66  CESTAT,West Zonal 
                                                  Branch, Mumbai 
                    Sep 2008.                    (Stay Granted by CESTAT 
                                                  from Pre - Deposit of 
                                                  the dues adjudged 
                                                  during the pendency of  
                                                  these appeals) 
 
                    For Period before     195.60  CESTAT,West Zonal 
                                                  Branch, Mumbai 
                    29-9-2008                    (Stay 
                                                  Granted by CESTAT from 
                                                  Pre - Deposit of the 
                                                  dues adjudged during 
                                                  the pendency of these 
                                                  appeals) 
 
                    For period before     266.77  CESTAT,West Zonal 
                                                  Branch, Mumbai
                    29-1-2009                    (Stay Granted by CESTAT 
                                                  from Pre - Deposit of 
                                                  the dues adjudged 
                                                  during the pendency of 
                                                  these appeals) 
 
                    For period before       3.04  CESTAT,West Zonal 
                                                  Branch, Mumbai
                    29-1-2009                    (Stay Granted by 
                                                  Commissioner
                                                 (Appeals) from the 
                                                  pre-Deposit of the 
                                                  dues adjudged during 
                                                  the pendency of these 
                                                  Appeals)
 
                    Service Tax & 
                    Penalty
 
                    For F.Y 2006-07 &       3.03  CESTAT,West Zonal 
                                                  Branch, Mumbai
                    2007-08
 
 
 
 10. The company has no accumulated losses and has not incurred any cash
 losses during the financial Year covered by our audit or in the
 immediately preceding financial year.
 
 11 According to information & explanations given to us and the books
 and records examined by us, the Company has not defaulted in repayment
 of dues to Banks.
 
 12 The company has not granted any loans and advances to any parties on
 the basis of security by way of pledge of shares, debentures and other
 securities.
 
 13 The Provision of any special statute applicable to Chit
 fund/Nidhi/Mutual benefit fund/Societies is not applicable to the
 Company.
 
 14 a In respect of investment dealt or traded by the company, proper
 records are maintained in respect of transaction and contracts and
 timely entries have been made therein.
 
 b According to the information and explanations given to us, the shares
 and units of mutual fund have been held by the company in its own name.
 
 15 In our opinion and according to the information and explanations
 given to us, the terms and conditions on which the company has given
 guarantee for cash credit taken by others from banks are not prima
 facial prejudicial to the interest of the company.
 
 16 In our opinion and according to the information and explanations
 given to us, the term loans taken by the company have been applied for
 the purpose for which the term loans were obtained.
 
 17 According to information & explanations given to us, the company has
 used its funds properly according to the nature and purposes of the
 funds.
 
 18 The company has not made any preferential allotment of shares to
 parties and Companies covered in the register maintained u/s. 301 of
 the Companies Act, 1956.
 
 19 The Company has not issued any Debentures during the year and does
 not have any debenture outstanding as at the year end.
 
 20 According to information and explanations given to us, the company
 has not raised any money by way of Public issue during the year.
 
 21 According to information and explanation given to us, no fraud on or
 by the Company has been noticed or reported during the period.
 
 
 
                                                   For M.L.SHARMA & CO.
 
                                                  Chartered Accountants 
 
                                                Firm Reg.  No.  109963W
 
 
 
                                                           (C.H.  Bandi)
 
                                                                Partner 
 
 Place: Mumbai                                       Membership No.5385
 
 Dated: 22 May, 2013
Source : Dion Global Solutions Limited
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