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Apis India Ltd.

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Annual Report

For Year :
2014 2013 2011 2010 2009 2008

Auditor's Report

1. We have audited the attached Balance Sheet of Apis India Limited, as at March 31, 2008 and also the Profit and Loss account and the cash flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. 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. 3. As required by the Companies (Auditors Report) Order, 2003 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 of the company as we considered appropriate and the information and explanations given to us during the course of audit, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Further to our comments in the Annexure referred to in paragraph 3 above: we report that: i. 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; ii. 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; iii. The balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account: iv. In our opinion, the balance sheet, profit and loss account 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, to the extent applicable; v. On the basis of the written representations received from the directors, as on March 31, 2008. and taken on record by the Board of directors, we report that none of the directors is disqualified as on March 31, 2008 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. vi. Attention is invited to Note No. 1 A 3 to Schedule 18 regarding preparation of accounts on a going concern basis. Subject to the above, In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act. 1956, 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 31,2008; b) in the case of the profit and loss account, 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. REFERRED TO IN PARAGRAPH (3) OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS OF APIS INDIA LIMITED FOR THE YEAR ENDED 31st MARCH 2008: 1. In respect of its fixed assets a) The Company is compiling records showing full particulars including quantitative details and situation of fixed assets and the same are currently being updated. b) As explained to us, the major portion of fixed assets was physically verified by the management during the year, which in Our opinion is reasonable having regard to the size of the company and nature of its assets. As informed & according to our opinion its not feasible to comment whether material discrepancies were noticed, on such physical verification as records are currently being updated. c) In our opinion, the company has disposed of substantial part of fixed assets during the year, but the going concern status of the company is not affected. 2. In respect of its inventories a) Physical verification of Inventory has been conducted at reasonable intervals by the management. b) In our opinion and according to the information and explanations given to us, 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) On the basis of our examination of the records of inventory and according to the information and explanations given to us, we are of the opinion that the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records, though insignificant, have been properly dealt with in the books of account. 3. In respect of loans, secured or unsecured, granted or taken by the company to / from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956: a) The company has granted loan to following firms covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year and the year end balance of loans granted to such parties was as under: - S No Particulars Maximum Balance at the Outstanding end of the during the year year 1 Mr. Deepak Anand 1201380 0 2 Mrs. Manisha Anand 157429 157429 3 Mrs. Prem Anand 854599 0 b) According to the information and explanation given to us, we are of the opinion that the rate of interest and terms of conditions of loans given by the company are prima facia prejudicial to the interest of the company on account of following reasons: i) the company has granted loans interest free and ii) there are no covenants with regard to the repayment of loan. c) The loans granted are repayable on demand. As informed, the company has not demanded repayment of any such loan during the year, thus there has been no default on the part of the parties to whom the money has been,lent. The loan given is interest free. d) Based on our audit procedures and the information and explanations made available to us, in case where overdue amount is more than Rupees One Lakh, reasonable steps have been taken by the company. e) The company has taken loan from following firms.covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year and the year end balance of loans granted to such partieswas as under: - Maximum Balance at the Outstanding end of the during the year year 1 Mr. Amit Anand 2000000 1338391 2 Mr. Vimal Anand 90000 69815 3 Mrs. Prem Anand 271491 30942 4 M/s Modern Herbals Private Limited 15514385 15514385 5 M/s Apis Natural Products Private 19543948 19543948 Limited The unsecured loans of Rs. 3.50 crores taken from Sh. Y.C. Vaidya, Director, and M/s Associated Techno Plastics Pvt Limited, a body corporate wherein Sh. Y.C. Vaidha is a majority stake holder and a director thereof been assigned by Mr. Y. C. Vaidya and M/s Associated Techno Plastics Pvt Limited in favour of new parties namely M/s Apis Natural Products Private Limited and M/s Modern Herbals Private Limited, related and controlled by new management. The same has been duly accepted and acknowledged by the company during the year 2006-07 & been continued. f) In our opinion and according to the information and explanations given to us, the loan taken by the company is interest free and other terms and conditions are not prima facie prejudicial to the interest of the company. g) In respect of the loan taken by the company, the same is interest free and there are no stipulations as regards repayment of principal amounts. 4. 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 continuing failure to correct major weaknesses in internal control system. 5. In respect of contracts or arrangements referred to in section 301 of the Act a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section. b) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the companies act 1956 are made at price which are reasonable having regard to prevailing market prices at the relevant time. - - 6. The Company has not accepted any deposits from the public within the meaning of sections 58A, 58AA or any other relevant provisions of the Companies Act. 1956 and rules framed there under. 7. The provisions relating to internal audit are not applicable during the year to company. 8. To the best of our knowledge and as explained, the central government has not prescribed maintenance of cost records under Section 209(l)(d) of the Companies Act. 1956 for the products of the company. 9. in respect of statutory dues; a) According to the information and explanation given to us, the company is generally regular in depositing with 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 material statutory dues applicable to it during the year. b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employees state insurance, income-tax, wealth-tax, service tax, sales-tax, customs duty, cess and other undisputed statutory dues were in arrears, as at 31st March 2008, for a period of more than six months from the date-they became payable. c) According to the information and explanation given to us, no dues outstanding of sales-tax, Investor education and protection fund, income-tax, custom duty, wealth-tax, excise duty and cess on account of any dispute: 10. Based on an overall examination of the Balance Sheet, in our opinion, the accumulated losses of the company at the end of the financial year are more than fifty percent of its net-worth. The company has not incurred cash losses during the financial year covered by our audit whereas in the immediately preceding financial year the company had incurred cash loss. 11. Based on our audit procedures and as per the information and explanations given by the management, the Company has not defaulted in repayment of any dues to a financial institution, banks or debenture holders. 12. 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. 13. 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 (Auditors Report) Order, 2003 (as amended) are not applicable to the Company. 14. In our opinion and according to the information and explanations given to us, 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 (Auditors Report) Order, 2003 (as amended) are not applicable to the Company. 15. In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions. 16. The company did not have any term loans outstanding during the year. 17. 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. 18. During the year, -the- Company has made preferential allotment .of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956. In our opinion, the price at which shares have been issued is not prejudicial to the interest of the company. 19. The Company did not have any outstanding debentures during the year. 20. The Company has not raised any money through a public issue during the year. 21. 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 course of our audit. For Arora Rajesh & Associates Chartered Accountants Rajesh Arora Proprietor Membership No. 076575 Place: New Delhi Dated: 30th August 2008