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Annual Report

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Auditor's Report

We have audited the attached Balance Sheet of PG FOILS LIMITED as at 31st March 2007 and also the Profit & Loss Account and Cash Flow statement for the period 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. 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. (1) As required by the Companies (AuditorsReport) Order 2003 issued by the Central Government of India in terms of sub-section (4A) of the section 227 of the Companies Act, 1956, and on the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of Audit, we enclose in the annexure hereto a statement on the matter specified in paragraph 4 & 5 of the said order. (2) Further to our comments in the annexure referred to in paragraph above, we state 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 ouropinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of these books. (c) The Balance Sheet and the Profit & Loss Account & Cash Flow statement dealt with in this report are in agreement with the books of account. (d) In our opinion the Profit & Loss Account and Balance Sheet and Cash Flow statement dealt with in this report comply with the Accounting Standards referred to in sub- section (3C) of section 211 of Companies Act 1956. (e) On the basis of the written representations received from the Directors as on 31st March 2007 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2007 from being appointed as a director in terms of clause (g) of Sub-section (1) of Section 274 of the Companies Act, 1956, and (f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts subject to the point number Kg), 1(h),8& 14 of schedule P of Notes On Accounts, read together with the other notes and significant Accounting Policies give the information as required by the Companies Act, 1956 in the manner as required and present a true and fair view in confirming with the accounting principals generally accepted in India. (1) In the case of the Balance Sheet, of the state of affairs of the company as at 31 st March, 2007 (2) In the case of the Profit & Loss Account, of the Profit for the financial year ended on 31st March 2007. (3) In the case of Cash Flow statement, of the Cash Flows for the year ended on 31st March 2007. ANNEXURE TO THE AUDITORS REPORT 1. In respect of its fixed assets. a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information b) As explained to us, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification c) In our opinion, the Company has not disposed off substantial part of fixed assets, which has bearing on the going concern assumption. 2. In respect of its inventories a) As explained to us, inventories have been physically verified by the management at regular intervals during the year. b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business c) The Company has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records. 3. The company has not granted/taken any loans or advances in the nature of loans to parties covered in the register maintained under section 301 of the companies Act, 1956 during the year. Hence, the question of reporting whether the terms and conditions of such loans are prejudicial to the interest of the company, whether reasonable steps for recovery/re-payment of overdue of such loans are taken does not arise. 4. In our opinion, and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of stores, raw materials including components, packing materials, plant and machinery, equipment and other assets and with regard to sale of goods. During the course of our audit, no major weakness has been noticed in the internal control procedure. 5. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 have been so entered b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the registers maintain under section 301 and exceeding the value of five lakh rupees in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. 6. According to the information and explanation provided by the management, in our opinion the company has not accepted any depositrand has such question of compliance of sanction 58, 58 AA and other relevant provisions dont apply 7. The company has an internal audit system. 8. We have been informed by the management, no cost records have been prescribed under section 209(1) (d) of the companies Act, 1956 in respect of product manufactured by the company. 9. a) The company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Income Tax, Sales Tax, Custom Duty, Excise duty, cess and other statutory dues except Wealth Tax with the appropriate authorities. According to the information and explanations given to us, following, undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31 st March 2007 for a period of more than six months from the date of becoming payable Wealth Tax 65000 b) Following dues are not deposited on account of disputes pending at various forums. Name of the Nature Amount in statue of dues Rs. Central Sales Declarations 31949305.00 Tax Act form Rajasthan Sales Declaration 1861766.00 Tax Act Forms Period to Forum which which it relates it is pending A.Y. 2005-06 CTO, Pali A.Y. 2005-06 CTO, Pali 10. The Company has not incurred cash loss in the current year and in the immediately preceding financial year and there are no accumulated losses in the balance sheet as on 31 st March 2007. 11. Based on our audit procedures and on the information and explanation given by the management, we are of the opinion that the company has not defaulted in repayment of dues to banks. 12. According to the records of the company, in our opinion according to information and explanation given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of share, debentures and other securities. 13. As the Company is not a chit fund, nidhi, mutual benefit fund or society the provisions of clause 4(xiii) of the companies (Auditors Report) order, 2003 is not applicable to the Company. 14. As the Company is not dealing or trading in shares, securities, debentures and other investments, the provision of clause 4(xiv) of the Companies (Auditors Report) order, 2003 is not applicable to the Company. 15. According to the records of the company and the information and explanations provided by the management the company has not given any guarantee for loans taken by others from bank or financial instructions 16. According to the records of the company, the company has not obtained any term loans. Hence, comments under the clause 4(xvi) are not called for. 17. According to the information and explanations received, we report that the company has not applied short-term borrowings for long-term investments and vice versa. 18. According to the records o_f the company and the information and explanations provided by the management, the Company has not made any preferential allotment of shares during the year. 19. According to the records of the company, the Company has not issued any debentures during the year. 20. The Company has not raised any money by way of public issue during the period covered by our audit report. 21.. Asperthe information and explanations given to us, no material fraud on or by the Company hasbeen noticed during the year. For H.M.SINGHVI & CO. Chartered Accountants Camp : Jaipur ( H.M.SINGHVI) Date : 18th August, 2007 Proprietor Membership No.6962