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RPG Cables

BSE: 517056|NSE: RPGCABLES|ISIN: INE145A01015|SECTOR: Cables - Power & Others
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RPG Cables is not traded in the last 30 days
RPG Cables is not traded in the last 30 days
Mar 08
Auditor's Report (RPG Cables) Year End : Mar '09
1.  We have audited the attached Balance Sheet of RPG CABLES LIMITED as
 at March 31, 2009, the Profit and Loss Account and also the Cash Flow
 Statement of the Company for the year ended on that date. 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 standards on auditing
 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 the 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 (The
 Order) as amended by the Companies (Auditors 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, 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 the
 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;
 
 (v) on the basis of written representations received from the
 directors, as on March 31, 2009, and taken on record by the Board of
 Directors, none of the directors are disqualified as on March 31, 2009
 from being appointed as a director in terms of clause (g) of
 sub-section (1) of Section 274 of the Companies Act, 1956;
 
 (vi) The company has not received the consideration for the assignment
 of loans and advances in the earlier years from its erstwhile
 subsidiary company.  The net worth of that company is negative as per
 the latest available audited financial statements of March 31, 2008. In
 the absence of sufficient further information on the financial position
 of that company, we are unable to ascertain recoverability of
 non-provided amount of Rs.5717 lacs outstanding as on the Balance Sheet
 date. The impact of such non-provision on the financial statements is
 presently not ascertainable
 
 (vii) 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
 subject to our observation in para (vi) above, 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, 2009;
 
 (b) in the case of the Profit and Loss Account, of the loss 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.
 
 (Referred to in paragraph 3 of our report of even date)
 
 (i) (a) The Company has maintained proper records showing full
 particulars including quantitative details and situation of its fixed
 assets.
 
 (b) The Company has a phased program for verification of fixed assets
 over a period of three years. According to the information and
 explanations given to us, the Company has verified certain assets
 pursuant to the said programme. In our opinion, the frequency of
 verification is reasonable having regard to the size of the Company and
 nature of its assets. The discrepancies noticed on physical
 verification were not material and have been properly dealt with in the
 books of accounts.
 
 (c) During the year, substantial parts of the fixed assets have not
 been disposed off and therefore it does not affect going concern
 assumption.
 
 (ii) (a) The inventory has been physically verified during the year by
 the Management. In our opinion, the frequency of verification is
 reasonable.
 
 (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 were reasonable and adequate in relation to
 the size of the Company and the nature of its business.
 
 (c) In our opinion and according to the information and explanations
 given to us, during the year the Company has maintained proper records
 of inventory. The discrepancies noticed on verification between the
 physical stocks and the book records were not material and have been
 properly dealt with in the books of account.
 
 (iii) The company has neither taken nor given any loans, secured or
 unsecured from/to companies, firm 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 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 with regards to the sale of
 goods and services. During the course of our audit, we have not
 observed any major weakness in the internal controls.
 
 (v) Based on the audit procedures applied by us and the information and
 explanations provided by the management, we are of the opinion that
 there were no to be entered into the register maintained under section
 301 of the Companies Act, 1956.
 
 (vi) The company has not accepted any deposits from the public.
 
 (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 books of account maintained by the
 Company pursuant to the Order made by the Central Government for the
 maintenance of Cost Records under section 209(1 )(d) of the Companies
 Act, 1956, and in our opinion, the prescribed accounts and records have
 prima facie been made and maintained by the Company. We have not,
 however, made a detailed examination of the records with a view to
 determine whether they are accurate or complete.
 
 (ix) (a) According to the information and explanations provided 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, custom duty, excise
 duty, cess and other material statutory dues, applicable to it.
 According to the information and explanations given to us, no
 undisputed amounts payable were in arrears, as at March 31, 2009 for a
 period of more than six months from the date they became payable.
 
 (b) According to the information and explanations given to us, the
 details of statutory dues of sales tax, income tax, wealth tax, service
 tax, entry tax, custom duty and excise duty/cess which have not been
 deposited on account of disputes are given below:
 
 Nature of                Financial 
 statutory                 year to
 dues                      which
                          it pertains
 
 Central                  1995-96 to
 Excise                   2003-04
                          1995-96 to
                          2004-05
                          Custom Duty 2002-03
 
 Sales Tax                2001 -02
                          1996-97
 Entry Tax                1997-98
                          1999-2002
 
                         (Rs. in Lacs)
 
 Forum where             Amount
 dispute is
 pending
 
 Central Excise &
 Service Tax Appellate
 Tribunal.                65.30
 Commissioner
 (Appeals)                 2.41
 Commissioner (Appeals)    3.00
 Commissioner (Appeals)   31.05
 Sales Tax Appellate
 Tribunal                  2.60
 Commissioner
 (Appeals)                53.80
 
 (x) The accumulated losses of the Company exceed 50% of its networth as
 at the balance sheet date. Further the Company has incurred cash loss
 in the current year and also in the immediately preceding financial
 year.
 
 (xi) Based on our audit and on the basis of information and
 explanations given to us, there were no defaults by the Company in
 respect of repayment of principal and interest to banks / financial
 institutions.
 
 (xii) According to the information and explanations given 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) The Company is not a chit fund or a nidhi/mutual benefit
 fund/society. Therefore, the provisions of clause 4 (xiii) of the Order
 are not applicable to the Company.
 
 (xiv) In our opinion and according to the information and explanations
 given to us, the company is not dealing in shares, securities and
 debentures and other investments and therefore, the provisions of
 clause 4(xiv) of the order are not applicable to the company.
 
 (xv) According to the information and explanation given to us, the
 Company has not given any guarantee for loans taken by others from
 banks and financial institutions.
 
 (xvi) According to the information and explanations given to us, during
 the year the Company has not raised term loan.
 
 (xvii) In our opinion and 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
 utilised for long-term investment.
 
 (xviii) According to the information and explanations given to us, 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) According to the information and explanations given to us, the
 Company has not issued any secured debentures during the year and there
 are no outstanding for the earlier years.
 
 (xx) During the year, the Company has not raised any money by way of a
 public issue.
 
 (xxi) To the best of our knowledge and belief and according to the
 information and explanations given to us, no material fraud on or by
 the Company has been noticed or reported during the course of our
 audit.
 
 
                                             For N. M. RAIJI & CO. 
                                            Chartered Accountants
 
                                                     J. M. GANDHI
                                                          Partner
                                            Membership No.: 37924
 
 Place: Mumbai
 Date: June 30, 2009
 
Source : Dion Global Solutions Limited
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