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Auditor Report of Archidply Industries Ltd.
Mar 31, 2025
We have audited the accompanying Standalone financial statements of M/s. Archidply Industries Limited ("the Company")
which comprises the Standalone Balance Sheet as at March 31, 2025, the Standalone Statement of Profit and Loss (including
Other Comprehensive Income), the Standalone Statement of changes in Equity and the Standalone Statement of Cash Flows
for the year then ended and notes to the financial statements, including a summary of material accounting policies and other
explanatory information (herein after referred to as "Standalone Financial Statement)"
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone 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, of the state of affairs of the Company as at 31st March 2025, and its Profit,
total comprehensive Loss, the changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act, 2013. Our responsibilities under those SAs are further described in the Auditor''s
Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company
in accordance with the ''Code of Ethics'' issued by the Institute of Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the
Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of
Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on
the Standalone financial statement.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone
financial statements of the current period. These matters were addressed in the context of our audit of the financial statements
as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter
below, our description of how our audit addresses the matter is provided in that context.
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Descriptions of Key Audit Matter |
How we addressed the matter in our audit |
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Valuation of Inventories Refer to note 8 to the financial statements. The Company is having Inventory of Rs. 4876.24 Lakh as on Inventories are to be valued as per Ind AS 2. As described in the To ensure that all inventories owned by the entity are recorded |
We obtained assurance over the appropriateness of the ⢠Completed a walkthrough of the inventory valuation ⢠Verifying the effectiveness of key inventory controls ⢠Verify that the adequate cut off procedure has been ⢠Reviewing the document and other record related |
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⢠Verify that inventories are valued in accordance with Ind ⢠Verifying for a sample of individual products that costs ⢠Comparing the net realisable value to the cost price of ⢠Reviewing the historical accuracy of inventory provisioning Our Conclusion: Based on the audit procedures performed we did not identify any material exceptions in the Inventory valuation. |
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Revenue recognition on sale of goods and impairment Revenue is measured based on the transaction price, which An estimate of variable consideration payable to the customers In accordance with Ind AS 109 - Financial Instruments, the |
Our audit procedures included, amongst others: ⢠Tested a sample of sales transactions for compliance ⢠We read and evaluated the Company''s policies for revenue ⢠We assessed the design and tested the operating ⢠We performed the following tests for a sample of ⢠Read the terms of contract including rebates and discounts ⢠Evaluated the assumptions used in estimation of variable ⢠Performed retrospective review to identify and evaluate ⢠Tested the design, implementation and operating ⢠We evaluated management''s assessment of the ⢠For sample customers, we tested past collection history, ⢠We tested the mathematical accuracy and computation of ⢠We read and assessed the relevant disclosures made Our conclusion: Based on the audit procedures performed we did not identify any material exceptions in the recognition of revenue and incentives and discount expenses. |
Information other than the Financial Statements and Auditor''s Report Thereon
The Company''s Board of Directors is responsible for the other information. The other information comprises the information
included in the Board''s Report including Annexure to the Board''s Report, but does not include the financial statements and our
auditor''s report thereon. The Company''s annual report is expected to be made available to us after the date of this auditor''s report.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our
knowledge obtained in the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are
required to communicate the matter to those charged with governance. We have nothing to report in this regard.
Responsibility of Management and Board of Director''s for the Standalone Financial Statements
The Company''s Management and Board of Directors is responsible for the matters stated in section 134(5) of the Companies
Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of
the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the
Company in accordance with the Indian Accounting standards (Ind AS) prescribed under section 133 of the Act, read with the
Companies (Indian Accounting standards)Rules, 2015, as amended, and other accounting principles generally accepted in India.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection, application,
implementation and maintenance of appropriate of accounting policies; making judgments and estimates that are reasonable
and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation
of the standalone financial statement that give a true and fair view and are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, management and Board of Directors are responsible for assessing the Company''s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative
but to do so.
The Management and Board of Directors are also responsible for overseeing the company''s financial reporting process.
Auditor''s Responsibility for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or
in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout
the audit. We also:
⢠Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the
Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on
the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor''s report to the related disclosures in the standalone financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures,
and whether the standalone financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements
may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone
financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify
during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters.
We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by the Central Government of India in
terms of sub-section (11) of section 143 of the Companies Act,2013, we give in the "Annexure A" statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2A. As required by Section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit.
b. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our
examination of those books.
c. The Standalone Balance Sheet, the standalone Statement of Profit and Loss including other Comprehensive Income,
Standalone Statement of changes in Equity and the Standalone Statement of Cash Flow dealt with by this Report are in
agreement with the books of account.
d. In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards specified under
Section 133 of the Act, read with the Companies (Indian Accounting standards) Rules, 2015, a amended from time to time.
e. On the basis of the written representations received from the directors as on 31st March, 2025 taken on record by the Board
of Directors, none of the directors is disqualified as on 31st March, 2025 from being appointed as a director in terms of Section
164 (2) of the Act.
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating
effectiveness of such controls, refer to our separate Report in "Annexure B". Our Report expresses an unmodified opinion on
the adequacy and operating effectiveness of the company''s internal financial controls over financial reporting.
g. The modifications relating to the maintenance of accounts and other matters connected therewith in respect of audit trail are
as stated in the paragraph 2B(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.
2B. With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the
explanations given to us:
i. The Company has disclosed the impact of pending litigations which could impact its financial position as
mentioned in note no.36 to the standalone Financial Statement.
ii. The Company did not have any long-term contracts including derivatives contracts for which there were any
material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by
the company.
iv. a. The management has represented that, to the best of its knowledge and belief, no funds have been advanced
or loaned or invested (either from borrowed funds or share premium or any other source or kind of funds)
by the Company to or in any other persons or entities, including foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall:
⢠directly or indirectly lender invest inother persons or entities identified in any manner whatsoever("Ultimate
Beneficiaries") by or on behalf of the Company or
⢠provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
b. The management has represented, that, to the best of it''s knowledge and belief, no funds have been
received by the company from any person or entities, including foreign entities ("Funding Parties"), with the
understanding, whether recorded in writing or otherwise, that the company shall, whether,
⢠directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by
or on behalf of the Funding Party ("Ultimate Beneficiaries") or
⢠provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
c. Based on audit procedures as we considered reasonable and appropriate in the circumstances, nothing has
come to our notice that has caused us to believe that the representations under sub-clause iv(a) and iv(b)
contain any material mis-statement.
v. The company has not declared or paid any dividend during the year, hence the provisions of section 123 of the
Companies Act, 2013 is not applicable to the Company.
vi. Based on our examination which included test checks and in accordance with requirements of the
Implementation Guide on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors)
Rules, 2014, the Company has used accounting software for maintaining its books of account, which have a
feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the respective software.
Further, where audit trail (edit log) facility was enabled and operated throughout the year, we did not come across any
instance of audit trail feature being tampered with during the course of our audit.
Additionally, the audit trial has been preserved by the company as per the statutory requirements for records retention.
The back-up of audit trail (edit log) has been maintained on the servers physically located in India for financial year
ended 31st March, 2025.
2C. With respect to the matter to be includedin the Auditor''s Report under Section 197(16) of the Act:
In our opinion and according to the information and explanations given to us, the remuneration paid by the Company
to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration
paid to any director is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs
has not prescribed other details under Section 197(16) of the Act which are required to be commented upon by us.
For GRV & PK
Chartered Accountants
FRN:008099S
(Kamal Kishore)
Partner
Place: Delhi (Membership Number.205819)
Date: 22.05.2025 UDIN: 25205819BMKUHS5724
Mar 31, 2024
M/S. ARCHIDPLY INDUSTRIES LIMITED
Report on the Audit of the Standalone Financial Statements
We have audited the accompanying Standalone financial statements of M/s. Archidply Industries Limited ("the Company") which comprises the Standalone Balance Sheet as at March 31, 2024, the Standalone Statement of Profit and Loss (including Other Comprehensive Income), the Standalone Statement of changes in Equity and the Standalone Statement of Cash Flows for the year then ended and notes to the financial statements, including a summary of significant accounting policies and other explanatory information (herein after referred to as "Standalone Financial Statement".
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone 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, of the state of affairs of the Company as at 31st March 2024, and its Profit, total comprehensive Loss, the changes in equity and its cash flows for the year ended on that date.
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those SAs are further described in the Auditor''s Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the ''Code of Ethics'' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the Standalone financial statement.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addresses the matter is provided in that context.
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Descriptions of Key Audit Matter |
How we addressed the matter in our audit |
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Valuation of Inventories Refer to note 8 to the financial statements. The Company is having Inventory of Rs. 5194.52 Lakh as on 31st March, 2024. Inventories are to be valued as per Ind AS 2. As described in the accounting policies in note 1(9) to the financial statements, inventories are carried at the lower of cost and net realisable value. As a result, the management applies judgment in determining the appropriate provisions against inventory of Stores, Raw Material, Finished goods and Work in progress based upon a detailed analysis of old inventory, net realisable value below cost based upon future plans for sale of inventory. |
We obtained assurance over the appropriateness of the management''s assumptions applied in calculating the value of the inventories and related provisions by: ⢠Completed a walkthrough of the inventory valuation process and assessed the design and implementation of the key controls addressing the risk. ⢠Verifying the effectiveness of key inventory controls operating over inventories; including sample based physical verification. ⢠Verify that the adequate cut off procedure has been applied to ensure that purchased inventory and sold inventory are correctly accounted. ⢠Reviewing the document and other record related to physical verification of inventories done by the management during the year. ⢠Verify that inventories are valued in accordance with Ind AS 2 |
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To ensure that all inventories owned by the entity are recorded and recorded inventories exist as at the year-end and valuation has been done correctly |
⢠Verifying for a sample of individual products that costs have been correctly recorded. ⢠Comparing the net realisable value to the cost price of inventories to check for completeness of the associated provision. ⢠Reviewing the historical accuracy of inventory provisioning and the level of inventory write-offs during the year. Our Conclusion Based on the audit procedures performed we did not identify any material exceptions in the Inventory valuation. |
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Revenue recognition on sale of goods and impairment loss allowance on trade receivables Revenue is measured based on the transaction price, which is the consideration, adjusted for volume discounts, rebates, scheme allowances, price concessions, incentives and returns, if any, (''variable consideration'') as specified in the contracts with the customers. An estimate of variable consideration payable to the customers is recorded as at the year end. Such estimation is done based on the terms of contracts, rebates and discounts schemes and historical experience. In accordance with Ind AS 109 - Financial Instruments, the Company follows ''simplified approach'' for recognition of impairment loss allowance on trade receivables. In calculating the impairment loss allowance, the Company has considered its credit assessment and other related credit information for its customers to estimate the probability of default in future and has considered estimates of possible effect from increased uncertainties in economic environment. We identified estimation of variable consideration and impairment loss allowance on trade receivables as a key audit matter because the Company''s management exercises significant judgments and estimates in calculating the said variable consideration and impairment loss allowance |
Our audit procedures included, amongst others: ⢠Tested a sample of sales transactions for compliance with the Company''s accounting principles to assess the completeness, occurrence and accuracy of revenue recorded. ⢠We read and evaluated the Company''s policies for revenue recognition and impairment loss allowance and assessed its compliance with Ind AS 115 - Revenue From Contracts With Customers'' and Ind AS 109 ''Financial Instruments'', respectively. ⢠We assessed the design and tested the operating effectiveness of internal controls related to sales including variable consideration and impairment loss allowance on trade receivables. ⢠We performed the following tests for a sample of transactions relating to variable consideration: ⢠Read the terms of contract including rebates and discounts schemes as approved by authorized personnel. ⢠Evaluated the assumptions used in estimation of variable consideration by comparing with the past trends and understand the reasons for deviation. ⢠Performed retrospective review to identify and evaluate variances. ⢠Tested the design, implementation and operating effectiveness of the Company''s controls over computation of incentives and pay out against the corresponding liability ⢠We evaluated management''s assessment of the assumptions used in the calculation of impairment loss allowance on trade receivables, including consideration of the current and estimated future uncertain economic conditions. ⢠For sample customers, we tested past collection history, customer''s credit assessment and probability of default assessment performed by the management. ⢠We tested the mathematical accuracy and computation of the allowances. ⢠We read and assessed the relevant disclosures made within the standalone financial statements. Our conclusion: Based on the audit procedures performed we did not identify any material exceptions in the recognition of revenue and incentives and discount expenses. |
Information other than the Financial Statements and Auditor''s Report Thereon
The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Board''s Report including Annexure to the Board''s Report, but does not include the financial statements and our auditor''s report thereon. The Company''s annual report is expected to be made available to us after the date of this auditor''s report.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to communicate the matter to those charged with governance. We have nothing to report in this regard.
Responsibility of Management and Board of Director''s for the Standalone Financial Statements
The Company''s Management and Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Indian Accounting standards (Ind AS) prescribed under section 133 of the Act, read with the Companies (Indian Accounting standards)Rules, 2015, as amended, and other accounting principles generally accepted in India.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection, application, implementation and maintenance of appropriate of accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management and Board of Directors are responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Management and Board of Directors are also responsible for overseeing the company''s financial reporting process. Auditor''s Responsibility for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on
the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act,2013, we give in the "Annexure A" statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2A. As required by Section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
b. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
c. The Standalone Balance Sheet, the standalone Statement of Profit and Loss including other Comprehensive Income, Standalone Statement of changes in Equity and the Standalone Statement of Cash Flow dealt with by this Report are in agreement with the books of account.
d. In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with the Companies (Indian Accounting standards) Rules, 2015, a amended from time to time.
e. On the basis of the written representations received from the directors as on 31st March, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2024 from being appointed as a director in terms of Section 164 (2) of the Act.
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B" Our Report expresses an unmodified opinion on the adequacy and operating effectiveness of the company''s internal financial controls over financial reporting.
g. The modifications relating to the maintenance of accounts and other matters connected therewith in respect of audit trail are as stated in the paragraph 2B(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.
2B. With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations which could impact its financial position as mentioned in note no.36 to the standalone Financial Statement.
ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferredto the Investor Education and Protection Fund by the company.
iv. a. The management has represented that, to the best of its knowledge and belief, no funds have been
advanced or loaned or invested (either from borrowed funds or share premium or any other source or kind of funds) by the Company to or in any other persons or entities, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall:
⢠directly or indirectly lender invest in other persons or entities identified in any manner whatsoever("Ultimate Beneficiaries") by or on behalf of the Companyor
⢠provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
b. The management has represented, that, to the best of it''s knowledge and belief, no funds have been received by the company from any person or entities, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the company shall, whether,
⢠directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or
⢠provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
c. Based on audit procedures as we considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause iv(a) and iv(b) contain any material mis-statement.
v. The company has not declared or paid any dividend during the year, hence the provisions of section 123 of the Companies Act, 2013 is not applicable to the Company.
vi. Based on our examination which included test checks and in accordance with requirements of the Implementation Guide on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014, the Company has used accounting software for maintaining its books of account, which have a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the respective software.
Further, where audit trail (edit log) facility was enabled and operated throughout the year, we did not come across any instance of audit trail feature being tampered with during the course of our audit.
The back-up of audit trail (edit log) has been maintained on the servers physically located in India for financial year ended 31st March, 2024.
2C. With respect to the matter to be includedin the Auditor''s Report under Section 197(16) of the Act:
In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of the Act which are required to be commented upon by us.
For GRV & PK Chartered Accountants FRN: 008099S
(Kamal Kishore) Partner
(Membership Number.205819) UDIN:24205819BKCNGA2427
Place: Delhi Date: 20.05.2024
Mar 31, 2023
M/S. ARCHIDPLY INDUSTRIES LIMITED
Report on the Audit of the Standalone Financial Statements
We have audited the accompanying Standalone financial statements of M/s. Archidply Industries Limited (âthe Companyâ) which comprises the Balance Sheet as at March 31, 2023, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of changes in Equity and the Statement of Cash Flows for the year then ended and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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, of the state of affairs of the Company as at 31 March 2023, and its Profit, total comprehensive Loss, the changes in equity and its cash flows for the year ended on that date.
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those SAs are further described in the Auditor''s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the financial statement.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addresses the matter is provided in that context.
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Descriptions of Key Audit Matter |
How we addressed the matter in our audit |
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A. Valuation of Inventories Refer to note 8 to the financial statements. The Company is having Inventory of B5071.19 Lakh as on 31st March, 2023. Inventories are to be valued as per Ind AS 2. As described in the accounting policies in note 1(10) to the financial statements, inventories are carried at the lower of cost and net realisable value. As a result, the management applies judgment in determining the appropriate provisions against inventory of Stores, Raw Material, Finished goods and Work in progress based upon a detailed analysis of old inventory, net realisable value below cost based upon future plans for sale of inventory. To ensure that all inventories owned by the entity are recorded and recorded inventories exist as at the year-end and valuation has been done correctly |
We obtained assurance over the appropriateness of the management''s assumptions applied in calculating the value of the inventories and related provisions by: ⢠Completed a walkthrough of the inventory valuation process and assessed the design and implementation of the key controls addressing the risk. ⢠Verifying the effectiveness of key inventory controls operating over inventories; including sample based physical verification. ⢠Verify that the adequate cut off procedure has been applied to ensure that purchased inventory and sold inventory are correctly accounted. ⢠Reviewing the document and other record related to physical verification of inventories done by the management during the year. ⢠Verify that inventories are valued in accordance with Ind AS 2 ⢠Verifying for a sample of individual products that costs have been correctly recorded. |
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?- |
⢠Comparing the net realisable value to the cost price of inventories to check for completeness of the associated provision. ⢠Reviewing the historical accuracy of inventory provisioning and the level of inventory write-offs during the year. Our Conclusion: Based on the audit procedures performed we did not identify any material exceptions in the Inventory valuation. |
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B. Revenue recognition on sale of goods and impair- |
Our audit procedures included, amongst others: |
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ment loss allowance on trade receivables |
⢠Tested a sample of sales transactions for compliance |
|
Revenue is measured based on the transaction |
with the Company''s accounting principles to assess |
|
price, which is the consideration, adjusted for |
the completeness, occurrence and accuracy of revenue |
|
volume discounts, rebates, scheme allowances, price |
recorded. |
|
concessions, incentives and returns, if any, (''variable |
⢠We read and evaluated the Company''s policies for revenue |
|
consideration'') as specified in the contracts with the customers. |
recognition and impairment loss allowance and assessed |
|
its compliance with Ind AS 115 - Revenue From Contracts |
|
|
An estimate of variable consideration payable to the |
With Customers'' and Ind AS 109 ''Financial Instruments'', |
|
customers is recorded as at the year end. Such estimation |
respectively. |
|
is done based on the terms of contracts, rebates and |
⢠We assessed the design and tested the operating |
|
discounts schemes and historical experience. |
effectiveness of internal controls related to sales including |
|
In accordance with Ind AS 109 - Financial Instruments, |
variable consideration and impairment loss allowance on |
|
the Company follows ''simplified approach'' for |
trade receivables. |
|
recognition of impairment loss allowance on trade |
⢠We performed the following tests for a sample of |
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receivables. In calculating the impairment loss allowance, the Company has considered its credit |
transactions relating to variable consideration: |
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assessment and other related credit information for |
⢠Read the terms of contract including rebates and |
|
its customers to estimate the probability of default in |
discounts schemes as approved by authorized |
|
future and has considered estimates of possible effect |
personnel. |
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from increased uncertainties in economic environment. |
⢠Evaluated the assumptions used in estimation of |
|
We identified estimation of variable consideration and |
variable consideration by comparing with the past |
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impairment loss allowance on trade receivables as a key audit matter because the Company''s management |
trends and understand the reasons for deviation. |
|
exercises significant judgments and estimates in |
⢠Performed retrospective review to identify and evaluate variances. |
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calculating the said variable consideration and |
|
|
impairment loss allowance |
⢠Tested the design, implementation and operating effectiveness of the Company''s controls over computation of incentives and pay out against the corresponding liability ⢠We evaluated management''s assessment of the assumptions used in the calculation of impairment loss allowance on trade receivables, including consideration of the current and estimated future uncertain economic conditions. ⢠For sample customers, we tested past collection history, customer''s credit assessment and probability of default assessment performed by the management. ⢠We tested the mathematical accuracy and computation of the allowances. ⢠We read and assessed the relevant disclosures made within the standalone financial statements. Our conclusion: Based on the audit procedures performed we did not identify any material exceptions in the recognition of revenue and incentives and discount expenses. |
Information other than the Financial Statements and Auditor''s Report Thereon
The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Board''s Report including Annexure to the Board''s Report, but does not include the financial statements and our auditor''s report thereon. The Company''s annual report is expected to be made available to us after the date of this auditor''s report.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.
Responsibility of Management and Board of Director''s for the Standalone Financial Statements
The Company''s Management and Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Indian Accounting standards (Ind AS) prescribed under section 133 of the Act, read with the Companies (Indian Accounting standards)Rules, 2015, as amended, and other accounting principles generally accepted in India.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection, application, implementation and maintenance of appropriate of accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management and Board of Directors are responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Management and Board of Directors are also responsible for overseeing the company''s financial reporting process. Auditor''s Responsibility for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the "Annexure A" statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
b. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
c. The Balance Sheet, the Statement of Profit and Loss including other Comprehensive Income, Statement of changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the books of account.
d. In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with the Companies (Indian Accounting standards) Rules, 2015.
e. On the basis of the written representations received from the directors as on 31st March, 2023taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2023 from being appointed as a director in terms of Section 164 (2) of the Act.
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B" Our Report expresses an unmodified opinion on the adequacy and operating effectiveness of the company''s internal financial controls over financial reporting.
g. With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations which could impact its financial position as mentioned in note no.34 to Financial Statement.
ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the company.
iv. a. The management has represented that, to the best of its knowledge and belief, no funds have been
advanced or loaned or invested(either from borrowed funds or share premium or any other source or kind of funds) by the Company to or in any other persons or entities, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall:
⢠directly or indirectly lender invest in other persons or entities identified in any manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the Company or
⢠provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
b. The management has represented, that, to the best of it''s knowledge and belief, no funds have been received by the company from any person or entities, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the company shall, whether,
⢠directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or
⢠provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
c. Based on audit procedures as we considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause iv(a) and iv(b) contain any material mis-statement.
v. The company has not declared or paid any dividend during the year, hence the provisions of section 123 of the Companies Act, 2013 is not applicable to the Company.
vi. Proviso to Rule 3(1) of the Companies(Accounts) Rules, 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log)facility is applicable to the Company w.e.f. April 1, 2023, and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable for the financial year ended March 31,2023.
h. With respect to the matter to be included in the Auditor''s Report under Section197(16) of the Act:
In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act.
For GRV & PK
Chartered Accountants FRN:008099S
(Kamal Kishore)
Partner
(Membership Number.205819) UDIN:23205819BGXZUA8438
Place: Delhi Date: 17.05.2023
Mar 31, 2018
INDEPENDENT AUDITORSâ REPORT
To The Members of
M/s Archidply Industries Limited
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of M/s Archidply Industries Limited (âthe company) which comprise the Balance Sheet as at March 312018, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash flow for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone Financial Statements
The Company''s Board of Directors are responsible for the matters stated in Sec.134 (5) of the Companies Act 2013(âthe Actâ) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India.
This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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.
Auditorâs Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into account the provisions of the Act, the accounting & auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. 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 of the financial statements that give a true and fair view 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 on the financial statement.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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, of the state of affairs of the Company as at 31st March 2018 and its profit, total comprehensive income, the changes in equity and its 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,2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, We give in the Annexure ''A'' statement on the matters specified in the paragraph 3 and 4 of the order to the extent applicable.
2. As required by section 143(3) of the Act, We report that:
a. We have sought and 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 including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the books of account.
d. In our opinion, the aforesaid financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015.
e. On the basis of written representations received from the directors as on March 31, 2018, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018, from being appointed as a director in terms of Section 164(2) of the Companies Act, 2013.
f. With respect to the adequacy of the Internal Financial Controls over financial reporting of the company and the operating effectiveness of such controls, refer to our separate report in âAnnexure Bâ.
g. In our opinion and to the best of our information and according to the explanations given to us, We report as under with respect to other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014; as amended;
i. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.
ii. There were no amounts which required to be transferred by the Company to the Investor Education and Protection Fund.
iii. The company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer to Note 35 to the financial statements
(v) The company has not received any public deposits during the year. Accordingly, clause (v) of the order is not applicable.
(vi) As informed to us, the Central Government has not prescribed maintenance of cost records under subsection (1) of Section 148 of the Act, in respect of the activities carried on by the Company. Accordingly, clause (vi) of the order is not applicable.
(vii) (a) According to the records of the company and information and explanations given to us and on the basis of our examination of the records of the company, the Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees State Insurance (ESI), Investor Education and Protection Fund, Income-tax, Tax deducted at source , Tax collected at source, Professional Tax, Sales Tax, Value Added Tax (VAT), Goods & Service Tax (GST),Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it, with the appropriate authorities. As explained to us, the company did not have any dues on account of employee''s state insurance and duty of excise.
According to the information and explanations given to us, there were no undisputed amounts payable in respect of Provident fund, Income-tax, Custom Duty, Excise Duty, Sales tax, Goods & Service Tax (GST) Value Added Tax (VAT), Cess and other material statutory dues in arrears /were outstanding as at 31 March, 2018 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, details of disputed Sales Tax, Income Tax, Customs Duty, Service Tax, Excise duty and Cess which have not been deposited as on 31st March, 2 0 18 on account of any dispute are given below:
The Annexure referred to in Independent Auditors'' Report to the members of M/s. Acridly Industries Limited (âthe Companyâ) on the standalone financial statements for the year ended 31 March 2018, we report that:
(i) (a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets;
(b) These fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the company, the title deeds of immovable properties are held in the name of the company.
(ii) (a) On basis of information and explanation given to us, Physical verification of Inventory has been conducted at reasonable intervals by the management.
(b) Procedure of physical verification of Inventory followed by the management is reasonable &adequate in relation to the size of company and nature of its business.
(c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification of stocks as compared to book records.
(iii) The Company has not granted any unsecured loans to any of the parties covered in the Register maintained under Section 189 of the Companies Act, 2013. Accordingly, clause (iii) of the order is not applicable.
(iv) In our opinion and according to the information and explanations given to us, the company has not provided any loans, guarantees, and Investments to which the provision of sec 185 of the act apply. However regarding loans, guarantees, and Investments to which the provision of sec 186 apply such investment are within the limit provided under Section 186 of the act.
|
Name of Statute |
Nature of the dues |
Disputed amount pending |
Period to which the amount relates (Financial |
Forum where dispute is pending. |
|
Central Excise Act |
Excise duty |
Rs.81,01,637/- |
2000-2003 |
Honourable Supreme Court |
|
Excise duty |
Rs 12,57,472/- |
2011-2012 |
Appellate Tribunal- Karnataka |
|
|
Excise duty |
Rs.39,57,322/- |
2012-2013 |
Appellate Tribunal-Delhi |
|
|
Excise duty |
Rs 9,37,746/- |
2014-2016 |
Assistant Commissioner of Customs, Central Excise and Service Tax - Rudrapur |
|
|
Income Tax Act |
Income Tax |
Rs 2,67,890/- |
2008-2009 |
CIT Appellate - 1 |
|
Income Tax Act |
Income Tax |
Rs 4,85,350/- |
2009-2010 |
CIT Appellate - 1 |
|
Uttaranchal Vat Tax Act |
Sales Tax |
Rs. 51,35,004/- |
2006-07 & 2007-08 |
The Joint Commissioner |
(xiii) According to the information and explanations given to us and based on our examination of the records of the company, transactions with the related parties are in compliance with sections 177 and 188 of the Act, where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
(xiv) According to the information and explanations given to us and based on our examination of the records of the company, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, clause (xiv) of the order is not applicable.
(xv) According to the information and explanations given to us and based on our examination of the records of the company, the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, clause (xv) of the order is not applicable.
(viii) In our opinion and according to the information and explanations given to us, the company has not defaulted in the repayment of dues to financial institutions and banks.
(ix) No money has been raised by way of initial public offer or further public offer (including debt instruments) during the year and Term Loans has been utilized for the purposes for which they were raised during the year.
(x) To the best of our knowledge and according to the information and explanations given to us, no material fraud by the Company and no material fraud on the Company by its officers or employees has been noticed or reported during the course of our audit.
(xi) According to the information and explanations given to us and based on our examination of the records of the company the managerial remuneration has been provided in accordance with the requisite approvals mandated by the provisions of Sec 197 with respect to Managerial Remuneration.
(xii) In our opinion and according to the information and explanations given to us, the company is not a Nidhi Company. Accordingly, clause (xii) of the order is not applicable.
(xvi) The company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, clause (xvi) of the order is not applicable.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
We have audited the internal financial controls over financial reporting of M/s. Archidply Industries
Limited ("the Company") as of 31 March 2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s Board of Directors are responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (''ICAI''). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that Ire operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting are operating effectively as at 31 March 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
For Priti Jhawar & Co.
Chartered Accountants
FRN:328818E
(Priti Jhawar)
Place: Bengaluru Propreitrix
Date: 30 th May, 2018 (Membership No. 303053)
Mar 31, 2016
TO THE MEMBERS OF M/s. ARCHIDPLY INDUSTRIES LIMITED
REPORT ON THE STANDALONE FINANCIAL STATEMENTS
We have audited the accompanying standalone financial statements of M/S. Archidply Industries Limited ("the Company"), which comprises the Balance Sheet as at March 31, 2016, and the Statement of Profit & Loss and the Cash Flow Statement for the year ended, and a summary of significant accounting policies and other explanatory information.
MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS:
The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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 have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. 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 financial control relevant to the Company''s preparation of the financial statements that give true and fair view, 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 Company''s Directors, 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 on the standalone financial statements.
OPINION:
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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, of the state of affairs of the Company as at 31st March 2016 and its profit and its 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, 2016("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the "Annexure A", a statement on the matters Specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
b) In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit & Loss and the cash flow statement dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid Standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors as on 31 March, 2016, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016, from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the Internal Financial Controls over financial reporting of the company and the operating effectiveness of such controls, refer to our separate report in "Annexure B"
g) In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:
i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer to Note 29 to the financial statements.
ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.
iii. There has been no delay in transferring amounts required to be transferred to the Investor Education and Protection Fund.
Annexure -A to the Auditors'' Report
The Annexure referred to in Independent Auditors'' Report to the members of the Company on the standalone financial statements for the year ended 31st March 2016, we report that:
(i) (a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) These fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the company, the title deeds of immovable properties are held in the name of the company.
(ii) (a) On basis of information and explanation given to us,
Physical verification of Inventory has been conducted at reasonable intervals by the management.
(b) Procedure of physical verification of Inventory followed by the management is reasonable &adequate in relation to the size of company and nature of its business.
(c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification of stocks as compared to book records.
(iii) The Company has not granted any unsecured loans to any of the parties covered in the Register maintained under Section 189 of the Companies Act, 2013. Accordingly, clause (iii) of the order is not applicable.
(iv) In our opinion and according to the information and explanations given to us, the company has not provided any loans, guarantees, and Investments to which the provision of sec 185 of the act apply.
|
Name of Statute |
Nature of the dues |
Disputed amount pending |
Period to which the amount relates (Financial Years) |
Forum where dispute is pending. |
|
Central Excise Act |
Excise duty |
Excise duty 81,01,637/ - |
2000-2003 |
Honorable Supreme Court |
|
Excise duty |
6,42,03,582/- |
2006 to 2012 |
Appellete Tribunal-Delhi |
|
|
Excise duty |
Rs.. 1,86,18,471/- |
2012-2013 |
Appellete Tribunal-Delhi |
|
|
Excise duty |
Rs.. 39,57,322/- |
2012-2013 |
Appellete Tribunal-Delhi |
|
|
Uttaranchal Vat Tax Act |
Sales Tax |
Rs.. 51,35,004/- |
2006-07 & 2007-2008 |
The Joint Commissioner Appeal |
However regarding loans, guarantees, and Investments to which the provision of sec 186 apply such investment are within the limit provided under Section 186 of the act.
(v) The company has not received any public deposits during the year. Accordingly, clause (v) of the order is not applicable.
(vi) As informed to us, the Central Government has not prescribed maintenance of cost records under sub-section (1) of Section 148 of the Act, in respect of the activities carried on by the Company.
(vii) (a) According to the records of the company and
information and explanations given to us and on the basis of our examination of the records of the company, the Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, employees state insurance (ESI), Investor Education and Protection Fund, Income-tax, Tax deducted at sources, Tax collected at source, Professional Tax, Sales Tax, value added tax (VAT), Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it, with the appropriate authorities. As explained to us, the company did not have any dues on account of employee''s state insurance and duty of excise.
According to the information and explanations given to us, there were no undisputed amounts payable in respect of Provident fund, Income-tax, Custom Duty, Excise Duty, sales tax, VAT, Cess and other material statutory dues in arrears /were outstanding as at 31 March, 2016 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, details of disputed Sales Tax, Income Tax, Customs Duty, Service Tax, Excise duty and Cess which have not been deposited as on 31st March, 2016 on account of any dispute are given below:
(viii) In our opinion and according to the information and explanations given to us, the company has not defaulted in the repayment of dues to financial institutions and banks.
(ix) No money has been raised by way of initial public offer or further public offer (including debt instruments) during the year but Term Loans has been utilized for the purposes for which they were raised during the year.
(x) To the best of our knowledge and according to the information and explanations given to us, no material fraud by the Company and no material fraud on the Company by its officers or employees has been noticed or reported during the course of our audit.
(xi) According to the information and explanations given to us and based on our examination of the records of the company the managerial remuneration has been provided in accordance with the requisite approvals mandated by the provisions of Sec 197 with respect to Managerial Remuneration.
(xii) In our opinion and according to the information and explanations given to us, the company is not a Nidhi Company. Accordingly, clause (xii) of the order is not applicable.
(xiii) According to the information and explanations given to us and based on our examination of the records of the company, transactions with the related parties are in compliance with sections 177 and 188 of the Act, where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
(xiv) According to the information and explanations given to us and based on our examination of the records of the company, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, clause (xiv) of the order is not applicable.
(xv) According to the information and explanations given to us and based on our examination of the records of the company, the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, clause (xv) of the order is not applicable.
(xvi) The company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, clause (xvi) of the order is not applicable.
Annexure - B to the Auditors'' Report
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of M/s.Archidply Industries Limited("the Company") as of 31 March 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
MANAGEMENT''S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS :
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (''ICAI''). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
AUDITOR RESPONSIBILITY:
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING :
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING :
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
OPINION :
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For G R V & P K
Chartered Accountants
FRN : 008099S
Place : Bengaluru Kamal Kishore
Date : 30th May, 2016 Partner
M. No.: 205819
Mar 31, 2015
We have audited the accompanying financial statements of M/s. Archidply
Industries Limited ('the Company'), which comprise the Balance Sheet as
at 31 March 2015, 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
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation of these financial statements that
give a true and fair view of the financial position and financial
performance of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, 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 have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. 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 the 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 financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, 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 on the financial
statements.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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 March 31,2015;
(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 the 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, 2015 ("the
Order") issued by the Central Government of India in terms of sub-
section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books and proper returns adequate for the purposes of our audit have
been received from branches not visited by us;
(c) The Balance Sheet, the 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 aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014
(e) On the basis of the written representations received from the
directors as on 31 March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
(REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE)
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the financial statements for the year ended
31 March 2015, we report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management on regular intervals during the year, no material
discrepancies noticed by the Management on such verifications.
(ii) (a) On basis of information and explanation given to us, Physical
verification of Inventory has been conducted at reasonable intervals by
the management.
(b) Procedure of physical verification of Inventory followed by the
management is reasonable & adequate in relation to the size of company
and nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification of stocks as compared to book records.
(iii) The Company has not granted any secured or unsecured loans to
parties covered in the register maintained under section 189 of the
Companies Act, 2013 ('the Act'). Hence, the clause (iii a) and (iii b)
of the same order are not applicable to the company.
(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 with regard
to purchase of inventory and fixed assets and for the sale of goods and
services. We have not observed any major weakness in the internal
control system during the course of the audit.
(v) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the meaning of section 73 to 76 or any other relevant provisions
of the Act and rules framed there under. No order has been passed by
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any Court or any other Tribunal.
(vi) To the best of our knowledge and belief, The Central Government
has not prescribed maintenance of cost records for the products of the
company under Section 148(1) of the Companies Act, 2013. Consequently,
requirement of clause
(vi) of paragraph 3 of the order is not applicable.
(vii) (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, amounts
deducted/ accrued in the books of account in respect of undisputed
statutory dues including provident fund, income tax, sales tax, wealth
tax, service tax, duty of customs, value added tax, cess and other
material statutory dues have been regularly deposited during the year by
the Company with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
sales tax, wealth tax, service tax, duty of customs, value added tax,
cess and other material statutory dues were in arrears as at 31 March
2015 for a period of more than six months from the date they became
payable.
b) According to the information and explanations given to us, details
of disputed Sales Tax, Income Tax, Customs Duty, Service Tax, Excise
duty and Cess which have not been deposited as on 31st March, 2015 on
account of any dispute are given below:
Disputed amount
Name of statute Nature of the dues pending
Central Excise Act Excise duty Excise duty
Rs. 81,01,637/ -
Excise duty Rs. 6,42,03,582/-
Excise duty Rs. 1,86,18,471/-
Excise duty Rs. 39,57,322/-
Uttaranchal Vat Tax Act Sales Tax Rs. 51,35,004/-
Period to which forum where dispute is
Name of statute the amount relates pending.
(financial Years)
Central Excise Act 2000-2003 Honorable Supreme
Court
2006 to 2012 Appellete Tribunal-Delhi
2012-2013 Appellete Tribunal-Delhi
2012-2013 Commissioner Central
Excise Appeal, Meerut
Uttaranchal Vat Tax Act 2006-07 & The Joint Commissioner
2007-2008 Appeal
c) There was no amount supposed to be transferred to investor
protection and education fund in accordance with the relevant
provisions of the Companies Act, 2013 and rules made there under within
time.
(viii) The Company does not have any accumulated losses at the end of
the financial year and has not incurred cash losses in the financial
year and in the immediately preceding financial year.
(ix) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to
financial institutions and banks.
(x) In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions during the
year.
(xi) In our opinion and according to the information and the
explanations given to us, the Term loans taken by the company have been
applied for the purpose for which they were raised.
(xii) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
year.
For G R V & P K
Chartered Accountants
FRN : 008099S
Place : Bengaluru Kamal Kishore
Date : 23rd May, 2015 Partner
M. No.: 205819
Mar 31, 2014
We have audited the accompanying financial statements of M/s. Archidply
Industries Limited ("the Company"), which comprise the Balance Sheet as
at March 31st 2014, 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
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position and financial performance of the Company in accordance with
the Accounting Standard notified under the Companies Act, 1956(The Act)
read with the General Circular 15/2013 dated 13th September, 2013 of
the Ministry Of Corporate Affairs in respect of Section 133 of the
Companies Act, 2013 and in accordance with the accounting principles
generally accepted in India. 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, but not for the purpose of expressing
an opinion on the effectiveness of the Company''s Internal Control. 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 March 31,2014;
(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 the 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 and proper returns adequate for the purposes of our audit have
been received from branches not visited by us;
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 read with
General Circular 15/2013 dated 13th Sept, 2013 of the Ministry of
Corporate Affairs in respect of Sec 133 of the Companies Act, 2013; and
e. On the basis of written representations received from the directors
as on March 31,2014, and taken on record by the Board of
Directors, none of the directors is disqualified as on March 31,2014,
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS'' REPORT
(REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE)
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.
b) As explained to us, fixed assets have been physically verified by
the management on regular intervals during the year and there is
regular programme of verification which in our opinion is reasonable
having regard to the size of the company and nature of its business.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
c) The fixed Assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the Company
and such disposal has, in our opinion, not affected the going concern
status of the Company.
2. In respect of its inventories :
a) As explained to us physical verification of the Inventory has been
conducted by management at reasonable intervals.
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) The Company has maintained proper records of inventories. As
explained to us, there was no material discrepancies noticed on
physical verification of inventories as compared to the book records.
3. In respect of the 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 not granted any Loans and Advances to party covered
in the Register maintained under section 301 of the Companies Act,
1956. Hence, the clause 4(iii) (a), (b), (c) and (d) of the same order
are not applicable to the Company.
b) The Company has taken unsecured loan from two parties covered in the
Register maintained under Section 301 of the Companies Act, 1956. The
maximum balance outstanding during the year was Rs. 2,15,50,741/- and
the balance outstanding as on 31st March 2014 is Rs. 1,48,26,661/-.
c) No Interest is paid on loan taken. Other terms and conditions on
which loan taken from the company listed in the Register maintained
under Section 301 of the Companies Act, 1956 are prima facie, not
prejudicial to the interest of the Company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems 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. We have not observed any major weakness in such internal
controls.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956:
a) In our opinion and according to the information and explanations
given to us, the transactions that need to be entered into the Register
in pursuance of Section 301 of the Companies Act, 1956 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 Register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rupees five lakhs in
respect of any party during the year have been made at price which are
reasonable having regard to prevailing market price at the relevant
time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted deposits in terms of Sections
58A and Section 58AA or any other relevant provisions of the Companies
Act, 1956.
7. In our opinion, the Company has an adequate internal audit system
commensurate with its size and nature of its business.
8. 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.
9. In respect of Statutory dues:
a) According to the information and explanations given to us, the
company has generally been regular in depositing undisputed statutory
dues, including Provident Fund, Employees'' State Insurance, Income Tax,
Sales - Tax, Mandi Tax, VAT, Service Tax, Custom duty, Excise duty,
cess and any other material statutory dues with the appropriate
authorities during the year.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2014 for more than six months from the
date they became payable.
c) According to the information and explanations given to us, details
of disputed Sales Tax, Income Tax, Customs Duty, Service Tax, Excise
duty and Cess which have not been deposited as on 31st March, 2014 on
account of any dispute are given below:
Name of Statute Nature of the dues Disputed Period to which
amount the amount
pending relates
Financial Year
Central Excise Act Excise duty & Penalty Excise duty 2000-2003
Rs.81,01,637
Excise Duty 2006 to 2012
Rs.7,07,89,019
Uttranchal Vat Sales Tax Rs. 51,35,004 2006-07 &
Tax Act 2007-2008
Name of Statute Forum where dispute is pending.
Central Excise Act Honorable Supreme Court
Final order received from Commissioner of Customs
& Central Excise, Meerut-II for demand.
The Company as going for appeal to Tribunal.
Uttranchal Vat The Joint Commisioner Appeal
Tax Act
10. The company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses in the year ending 31st
March, 2014 and the immediately preceding financial Year.
11. According to the records of Company examined by us and the
information and explanations given to us, the company has not defaulted
in the repayment of dues to the financial institutions and banks.
12. In our opinion and according to explanations given to us and based
on the information available, the Company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures or 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 (xiii) of
paragraph 4 of the Order 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. All investments of the
company are held in its own name.
15. In our opinion and according to the information and explanations
given to us, the company has not given guarantees for loans taken by
others from bank or financial institutions.
16. In our opinion and according to the information and explanations
given to us, in our opinion, the term loans availed by the Company were
prima-facie applied by the Company during the year for the purposes for
which the loans were obtained.
17. According to the information and explanations given to us and on an
overall examination of the Balance sheet of the Company, funds raised
on short term basis have, prima facie, not been used during the year
for long term investments.
18. During the year under considerations, the Company has not made
preferential allotment of shares to the parties and companies covered
in the register maintained under section 301 of the Companies Act,
1956.
19. In our opinion and according to the information and explanations
given to us the company has not issued any secured debentures during
the year covered by our audit and there is no securities/charges
created at the end of financial year.
20. The company has not raised any money by way of public issue during
the financial year.
21. According to the information and explanations given to us, no fraud
on or by the company was noticed or reported during the year.
For G R V & P K
Chartered Accountants
FRN : 008099S
Place : Bangalore Kamal Kishore
Date : 28th May, 2014 Partner
M. No.: 205819
Mar 31, 2013
REPORT ON THE FINANCIAL sTATEMENTs
We have audited the accompanying fnancial statements of M/s. Archidply
Industries Limited ("the Company"), which comprise the Balance Sheet as
at March 31st 2013, and the Statement of Proft and Loss and Cash Flow
Statement for the year then ended, and a summary of signifcant
accounting policies and other explanatory information.
MANAGEMENT''s REsPONsIBILITY FOR THE FINANCIAL sTATEMENTs
Management is responsible for the preparation of these fnancial
statements that give a true and fair view of the fnancial position,
fnancial performance and cash fows 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 fnancial 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 fnancial
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 fnancial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the fnancial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the fnancial 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 fnancial 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 fnancial statements.
We believe that the audit evidence we have obtained is sufcient 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 fnancial 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 afairs of the
Company as at March 31, 2013;
(b) In the case of the Proft and Loss Account, of the proft for the
year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash fows 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 specifed 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 and proper returns adequate for the purposes of our audit have
been received from branches not visited by us;
c. The Balance Sheet, Statement of Proft and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account and with the returns received from branches not visited by us
31;
d. In our opinion, the Balance Sheet, Statement of Proft 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 disqualifed 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.
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.
b) As explained to us, fxed assets have been physically verifed by the
management on regular intervals during the year and there is regular
programme of verifcation which in our opinion is reasonable having
regard to the size of the company and nature of its business.
According to the information and explanations given to us, no material
discrepancies were noticed on such verifcation.
c) The fxed Assets disposed of during the year, in our opinion, do not
constitute a substantial part of the fxed assets of the Company and
such disposal has, in our opinion, not afected the going concern status
of the Company.
2. In respect of its inventories :
a) As explained to us physical verifcation of the Inventory has been
conducted by management at reasonable intervals.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verifcation 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) The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verifcation of inventories as compared to the book records.
3. In respect of the loans, secured or unsecured, granted or taken by
the Company to/from companies, frms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956:
a) The Company has not granted any Loans and Advances to party covered
in the Register maintained under section 301 of the Companies Act,
1956. Hence, the clause 4(iii) (a), (b), (c) and (d) of the same order
are not applicable to the Company.
b) The Company has taken unsecured loan from one party covered in the
Register maintained under Section 301 of the Companies Act, 1956. The
maximum balance outstanding during the year was Rs. 5,12,64,092/- and
the balance outstanding as on 31st March 2013 is Rs. 2,00,57,223/-.
C) No Interest is paid on loan taken. Other terms and conditions on
which loan taken from the company listed in the Register maintained
under Section 301 of the Companies Act, 1956 are prima facie, not
prejudicial to the interest of the Company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business for the
purchase of inventory and fxed assets and for the sale of goods and
services. We have not observed any major weakness in such internal
controls.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956:
a) In our opinion and according to the information and explanations
given to us, the transactions that need to be entered into the Register
in pursuance of Section 301 of the Companies Act, 1956 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 Register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rupees fve lakhs in
respect of any party during the year have been made at price which are
reasonable having regard to prevailing market price at the relevant
time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted deposits in terms of Sections
58A and Section 58AA or any other relevant provisions of the Companies
Act, 1956.
7. In our opinion, the Company has an adequate internal audit system
commensurate with its size and nature of its business.
8. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed bt 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.
9. In respect of Statutory dues:
a) According to the information and explanations given to us, the
company has generally been regular in depositing undisputed statutory
dues, including Provident Fund, Employees'' State Insurance, Income Tax,
Sales  Tax, Mandi Tax, VAT, Service Tax, Custom duty, Excise duty,
cess and any other material statutory dues with the appropriate
authorities during the year.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2013 for more than six months from the
date they became payable.
c) According to the information and explanations given to us, details
of disputed Sales Tax, Income Tax, Customs Duty, Service Tax, Excise
duty and Cess which have not been deposited as on 31st March, 2013 on
account of any dispute are given below:
Name of statute Nature of the dues Disputed amount
pending
Central Excise Act Excise duty Rs. 81,01,637/-
Rs. 4,41,92,921/-
Rs. 2,00,10,661/-
Uttranchal Vat
Tax Act Sales Tax Rs. 51,35,004/-
Name of statute Period to which Forum where dispute
the amount relates is pending.
(Financial Years)
Central Excise Act 2000-2003 Honorable Supreme Court
2006-2010 Order received from
Commissioner of
Customs & Central
Excise, Meerut-II for
demand. The Company
2010-2012 is going for appeal
to Tribunal.
Uttranchal Vat
Tax Act 2006-07 & 2007-2008 The Joint Commisioner
Appeal
10. The company does not have any accumulated losses at the end of the
fnancial year and has not incurred cash losses in the year ending 31st
March, 2013 and the immediately preceding fnancial Year.
11. According to the records of Company examined by us and the
information and explanations given to us, the company has not defaulted
in the repayment of dues to the fnancial institutions and banks.
12. In our opinion and according to explanations given to us and based
on the information available, the Company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures or other securities.
13. In our opinion, the company is not a chit fund or a nidhi/ mutual
beneft fund/society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the Order 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. All investments of the
company are held in its own name.
15. In our opinion and according to the information and explanations
given to us, the company has not given guarantees for loans taken by
others from bank or fnancial institutions.
16. In our opinion and according to the information and explanations
given to us, in our opinion, the term loans availed by the Company were
prima-facie applied by the Company during the year for the purposes for
which the loans were obtained.
17. According to the information and explanations given to us and on
an overall examination of the Balance sheet of the Company, funds
raised on short term basis have, prima facie, not been used during the
year for long term investments.
18. During the year under considerations, the Company has not made
preferential allotment of shares to the parties and companies covered
in the register maintained under section 301 of the Companies Act,
1956.
19. In our opinion and according to the information and explanations
given to us the company has not issued any secured debentures during
the year covered by our audit and there is no securities/charges
created at the end of fnancial year.
20. The company has not raised any money by way of public issue during
the fnancial year.
21. According to the information and explanations given to us, no
fraud on or by the company was noticed or reported during the year.
For G R V & P K
Chartered Accountants
FRN : 008099S
Place : Bangalore Kamal Kishore
Date : 28th May, 2013 Partner
M. No.: 205819
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s. ARCHIDPLY
INDUSTRIES LIMITED as at 31st March, 2012, the Profit & Loss Account
and cash flow statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's 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. These Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. 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, as
amended by the Companies (Auditor's Report) (Amendment) order 2004,
issued by the Central Government of India in terms of Section 227 (4A)
of the Companies Act, 1956, we give in the Annexure, a statement on the
matters specified in Paragraph 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to in Paragraph 3
above :
a) 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;
b) 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 such
books;
c) The Balance Sheet, Profit & Loss Account and cash flow statement
dealt with by this report are in agreement with the books of account;
d) In our opinion the Balance Sheet, Profit & Loss Account and cash
flow statement dealt with by this report are in compliance with the
Accounting Standards referred to in Section 211 (3C) of the Companies
Act, 1956.
e) In our opinion & to the best of our information & 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 & fair view in conformity with the accounting principles
generally accepted in India :
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012;
ii) In the case of the Profit & Loss Account, of the Profit of the
Company for the year ended on that date;
iii) In the case of Cash Flow Statement, of the Cash Flows for the year
ended on that date.
5. On the basis of written representations from the directors, as on
31st 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 Section 274 (1) (g)
of the Companies Act, 1956.
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.
b) As explained to us, fixed assets have been physically verified by
the management on regular intervals during the year and there is
regular programme of verification which in our opinion is reasonable
having regard to the size of the company and nature of its business.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
c) The fixed Assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the Company
and such disposal has, in our opinion, not affected the going concern
status of the Company.
2. In respect of its inventories :
a) As explained to us physical verification of the Inventory has been
conducted by management at reasonable intervals.
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, the company has maintained proper records of its
inventories and no material discrepancies noticed on physical
verification.
3. The Company has not granted any Loans and Advances to party covered
in the Register maintained under Section 301 of the Companies Act,
1956. Hence, the Clause 4(iii) (a), (b), (c) and Clause 4(iii) (d) not
applicable to the Company.
4. a) The Company has taken unsecured loan from one party covered in
the Register maintained under Section 301 of the Companies Act, 1956.
The maximum balance outstanding during the year was Rs. 12,53,95,310/-
and the balance outstanding as on 31st March, 2012 is Rs. 2,81,54,092/-.
b) No Interest is paid on loan taken. Other terms and conditions on
which loan taken from the company listed in the Register maintained
under Section 301 of the Companies Act, 1956 are not, prima facie,
prejudicial to the interest of the Company.
5. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems 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. We have not observed any major weakness in such internal
controls.
6. In respect of transactions covered under Section 301 of the
Companies Act, 1956 :
a) In our opinion and according to the information and explanations
given to us, the transactions that need to be entered into the Register
in pursuance of Section 301 of the Companies Act, 1956 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 Register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakhs in
respect of any party during the year have been made at price which are
reasonable having regard to prevailing market price at the relevant
time.
7. In our opinion and according to the information and explanations
given to us, the company has not accepted deposits in terms of Sections
58A and Section 58AA or any other relevant provisions of the Companies
Act, 1956.
8. In our opinion, the Company has an adequate internal audit system
commensurate with its size and nature of its business.
9. The provisions of Clause (d) of sub-section (1) of Section 209 of
the Companies Act, 1956 for maintenance of cost records prescribed by
the Central Government is not applicable to the company.
10. In respect of Statutory dues :
a) According to the information and explanations given to us, the
company has generally been regular in depositing undisputed statutory
dues, including Provident Fund, Employees' State Insurance, Income Tax,
Sales-Tax, Mandi Tax, VAT, Service Tax, Custom duty, Excise duty, Cess
and any other material statutory dues with the appropriate authorities
during the year.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2012 for more than six months from the
date they became payable.
c) According to the information and explanations given to us, details
of disputed Sales Tax, Income Tax, Customs Duty, Service Tax, Excise
duty and Cess which have not been deposited as on 31st March, 2012 on
account of any dispute are given below :
Name of Statute Nature of the dues Disputed amount
pending
Forest department, Additional Rs. 16,04,022.77
Government of Karnataka Seigniorage
Central Excise Act Excise duty & Excise duty
Penalty Rs. 81,01,637
& Penalty
Rs. 81,01,637
Excise duty of
Rs. 4,41,92,921
Uttaranchal Sales Tax Rs. 51,35,004
Vat Tax Act
Name of Statute Period to which Forum where dispute
the amount relates is pending.
(Financial Years)
Forest department
Governement of Karnataka 1980-1981 & Representation to
1981-1982 Forest department at
that point of time.
Central Excise Act 2000-2003 Commissioner of
Central Excise
2011-2012 Commissioner of
Customs & Central
Excise, Meerut-II.
Uttaranchal Vat Tax Act 2006-2007 & The Joint Commisioner
2007-2008 Appeal
11. The company does not have any accumulated losses at the end of
this year and has not incurred cash losses in the year ending 31st
March, 2012 and the immediately preceding financial Year.
12. In our opinion and according to the information and explanations
given to us, the company has not defaulted in the repayment of dues to
the financial institutions and banks.
13. In our opinion and according to explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures or other securities.
14. In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund / society.
15. 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. All investments of the
company are held in its own name.
16. In our opinion and according to the information and explanations
given to us, the company has not given guarantees for loans taken by
others from bank or financial institutions.
17. In our opinion and according to the information and explanations
given to us, in our opinion, the term loans availed by the Company were
prima-facie applied by the Company during the year for the purposes for
which the loans were obtained.
18. According to the information and explanations given to us and on
an overall examination of the Balance sheet of the Company, funds
raised on short term basis have, prima facie, not been used during the
year for long term investments.
19. During the year under considerations, the Company has not made
preferential allotment of shares to the parties and companies covered
in the register maintained under Section 301 of the Companies Act,
1956.
20. In our opinion and according to the information and explanations
given to us the company has not issued any secured debentures during
the year covered by our audit.
21. The company has not raised any money by public issue during the
financial year.
22. According to the information and explanations given to us, no
fraud on or by the company was noticed or reported during the year.
For G R V & P K
Chartered Accountants
FRN : 008099S
Place : Bangalore Kamal Kishore
Date : 29th May, 2012 Partner
M. No.: 205819
Mar 31, 2011
1. We have audited the attached Balance sheet of M/s ARCHIDPLY
INDUSTRIES LIMITED as at 31st March 2011, the Profit & Loss Account and
cash flow statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Company's
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. These Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. 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, as
amended by the Companies (Auditor's Report) Amendment Order 2004,
issued by the Central Government of India in terms of section 227 (4 A)
of the Companies Act, 1956, we give in the Annexure, a statement on the
matters specified in paragraph 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to in paragraph 3
above :
a) 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.
b) 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 such
books.
c) The Balance Sheet, Profit & Loss Account and cash flow statement
dealt with by this report are in agreement with the books of account;
d) In our opinion the Balance Sheet, Profit & Loss Account and cash
flow statement dealt with by this report are in compliance with the
Accounting Standards referred to in Section 211 ( 3 C) of the Companies
Act, 1956.
e) In our opinion & to the best of our information & 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 & fair view in conformity with the accounting principles
generally accepted in India:- I. In the case of the Balance Sheet, of
the state of affairs of the Company as at 31st March 2011.
ii. In the case of the Profit & Loss Account, of the Profit of the
Company for the year ended on that date. iii. In the case of Cash Flow
Statement, of the Cash Flows for the year ended on that date.
5. On the basis of written representations from the directors, as on
31st March, 2011 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March 2011
from being appointed as a director in terms of Section 274 ( 1 ) ( g )
of the Companies Act, 1956.
(REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE) 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.
b) As explained to us, fixed assets have been physically verified by
the management on regular intervals during the year and there is
regular programme of verification which in our opinion is reasonable
having regard to the size of the company and nature of its business.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
c) The fixed Assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the Company
and such disposal has, in our opinion, not affected the going concern
status of the Company.
2. In respect of its inventories :
a) As explained to us physical verification of the Inventory has been
conducted by management at reasonable intervals.
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, the company has maintained proper records of its
inventories and no material discrepancies noticed on physical
verification.
3. The Company has not granted any Loans and Advances to party covered
in the Register maintained under section 301 of the Companies Act,
1956. Hence, the clause 4(iii) (a), (b), (c) and Clause 4(iii) (d) not
applicable to the Company.
a)The Company has taken unsecured loan from one party covered in the
Register maintained under Section 301 of the Companies Act, 1956. The
maximum balance outstanding during the year was Rs. 45, 69,327/- and
the balance outstanding as on 31st March 2011 is Rs. 45, 69,327/- .
b) No Interest is paid on loan taken. Other terms and conditions on
which loan taken from the company listed in the Register maintained
under Section 301 of the Companies Act, 1956 are not, prima facie,
prejudicial to the interest of the Company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems 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. We have not observed any major weakness in such internal
controls.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956:
a) In our opinion and according to the information and explanations
given to us, the transactions that need to be entered into the Register
in pursuance of Section 301 of the Companies Act, 1956 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 Register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakhs in
respect of any party during the year have been made at price which are
reasonable having regard to prevailing market price at the relevant
time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted deposits in terms of Sections
58A and Section 58AA or any other relevant provisions of the Companies
Act, 1956.
7. In our opinion, the Company has an adequate internal audit system
commensurate with its size and nature of its business.
8. The provisions of clause (d) of sub - section (1) of Section 209 of
the Companies Act, 1956 for maintenance of cost records prescribed by
the Central Government is not applicable to the company.
9. In respect of Statutory dues:
a) According to the information and explanations given to us, the
company has generally been regular in depositing undisputed statutory
dues, including Provident Fund, Employees' State Insurance, Income Tax,
Sales à Tax, Mandi Tax, VAT, Service Tax, Custom duty, Excise duty,
cess and any other material statutory dues with the appropriate
authorities during the year.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2011 for more than six months from the
date they became payable.
c) According to the information and explanations given to us, details
of disputed Sales Tax, Income Tax, Customs Duty, Service Tax, Excise
duty and Cess which have not been deposited as on 31st March, 2011 on
account of any dispute are given below:
Name of
Statute Nature of the
dues Disputed Period to
which the Forum where
amount amount relates dispute is
pending.
pending (Financial
Years)
Forest
department, Additional
Seigniorage Rs.16,04,022.77 1980-81 &
1981-82 Representation to
Government of Forest department
at
Karnataka that point of time.
Excise duty 2000-2003 Commissioner of
Central
Excise Act Excise duty
& Penalty Rs.81,01,637/ & Central Excise
Penalty
Rs.81,01,637/
10. The company does not have any accumulated losses at the end of this
year and has not incurred cash losses in the year ending 31st March,
2011 and the immediately preceding financial Year.
11. In our opinion and according to the information and explanations
given to us, the company has not defaulted in the repayment of dues to
the financial institutions and banks.
12. In our opinion and according to explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures or other securities.
13. In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society.
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. All investments of the
company are held in its own name.
15. In our opinion and according to the information and explanations
given to us, the company has not given guarantees for loans taken by
others from bank or financial institutions.
16. In our opinion and according to the information and explanations
given to us, in our opinion, the term loans availed by the Company were
prima - facie applied by the Company during the year for the purposes
for which the loans were obtained, other than temporary deployment
pending application.
17. According to the information and explanations given to us and on an
overall examination of the Balance sheet of the Company, funds raised
on short term basis have, prima facie, not been used during the year
for long term investments.
18. During the year under considerations, the Company has not made
preferential allotment of shares to the parties and companies covered
in the register maintained under section 301 of the Companies Act,
1956.
19. In our opinion and according to the information and explanations
given to us the company has not issued any secured debentures during
the year covered by our audit.
20. The company has not raised any money by public issue during the
financial year.
21. According to the information and explanations given to us, no fraud
on or by the company was noticed or reported during the year.
For GRV & PK
Chartered Accountants
FRN: 008099S
(KAMAL KISHORE)
Place : Bangalore Partner
Date : 25 th May, 2011 M.No. 205819
Mar 31, 2010
1. We have audited the attached Balance sheet of M/s ARCHIDPLY
INDUSTRIES LIMITED as at 31st March 2010, the Profit & Loss Account and
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. These Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. 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, as
amended by the Companies (AuditorÃs Report) Amendment Order 2004,
issued by the Central Government of India in terms of section 227 (4 A)
of the Companies Act, 1956, we give in the Annexure, a statement on the
matters specified in paragraph 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to in paragraph 3
above :
a) 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.
b) 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 such
books.
c) The Balance Sheet, Profit & Loss Account and cash flow statement
dealt with by this report are in agreement with the books of account;
d) In our opinion the Balance Sheet, Profit & Loss Account and cash
flow statement dealt with by this report are in compliance with the
Accounting Standards referred to in Section 211 ( 3 C) of the Companies
Act, 1956.
e) In our opinion & to the best of our information & 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 & fair view in conformity with the accounting principles
generally accepted in India:- i. In the case of the Balance Sheet, of
the state of affairs of the Company as at 31st March 2010;. ii. In the
case of the Profit & Loss Account, of the Profit of the Company for the
year ended on that date. iii. In the case of Cash Flow Statement, of
the Cash Flows for the year ended on that date.
5. On the basis of written representations from the directors, as on
31st March, 2010 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March 2010
from being appointed as a director in terms of Section 274 ( 1 ) ( g )
of the Companies Act, 1956.
Annexure to the Auditors Report (REFERRED TO IN PARAGRAPH 3 OF OUR
REPORT OF EVEN DATE)
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.
b) As explained to us, fixed assets have been physically verified by
the management on regular intervals during the year and there is
regular programme of verification which in our opinion is reasonable
having regard to the size of the company and nature of its business.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
c) The fixed Assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the Company
and such disposal has, in our opinion, not affected the going concern
status of the Company.
2. In respect of its inventories :
a) As explained to us physical verification of the Inventory has been
conducted by management at reasonable intervals.
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, the company has maintained proper records of its
inventories and no material discrepancies noticed on physical
verification.
3. The Company has given Loans and Advances to One Company covered in
the Register maintained under Section 301 of the Companies Act, 1956.
The maximum amount involved during the year was Rs.2156445/- and the
year end balance of loans and advances granted to such company was Rs.
Nil/- The Company has not granted loans and advances to firms or other
parties covered in the Register maintained under Section 301 of the
Companies Act, 1956.
a) The Company has not taken any unsecured loan from the party covered
in the Register maintained under Section 301 of the Companies Act,
1956.
b) There is no interest received on loans given. Other terms and
conditions on which loan given to the company listed in the Register
maintained under Section 301 of the Companies Act, 1956 are not, prima
facie, prejudicial to the interest of the Company.
c) There is no balance due in respect of these Loans and Advances.
3. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems 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. We have not observed any major weakness in such internal
controls.
4. In respect of transactions covered under Section 301 of the
Companies Act, 1956.
a) In our opinion and according to the information and explanations
given to us, the transactions that need to be entered into the Register
in pursuance of Section 301 of the Companies Act, 1956 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 Register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakhs In
respect of any party during the year have been made at price which are
reasonable having regard to prevailing market price at the relevant
time.
5. In our opinion and according to the information and explanations
given to us, the company has not accepted deposits in terms of Sections
58A and Section 58AA or any other relevant provisions of the Companies
Act, 1956.
6. In our opinion, the Company has an adequate internal audit system
commensurate with its size and nature of its business.
7. The provisions of clause (d) of sub - section (1) of Section 209 of
the Companies Act, 1956 for maintenance of cost records prescribed by
the Central Government is not applicable to the company.
8. In respect of Statutory dues:
a) According to the information and explanations given to us, the
company has generally been regular in depositing undisputed statutory
dues, including Provident Fund, Employees State Insurance, Income Tax,
Sales à Tax, Mandi Tax, VAT, Service Tax, Custom duty, Excise duty,
cess and any other material statutory dues with the appropriate
authorities during the year.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2010 for more than six months from the
date they became payable.
c) According to the information and explanations given to us, details
of disputed Sales Tax, Income Tax, Customs Duty, Service Tax, Excise
duty and Cess which have not been deposited as on 31st March, 2010 on
account of any dispute are given below:
Name of Statute Nature of Disputed Period to Forum
the dues which the where
amount amount
relates dispute is
pending.
pending (Financial
Years)
Forest
department, Additional
Seigniorage Rs.16,04,022.77 1980-81 &
1981-82 Represent
ation to
Government of Forest
department
at
Karnataka that point
of time.
Entry tax Act
& KST Additional
Entry tax & Rs.10,79,216/. 2001-2004 Deputy
Act Additional
KST Commissioner
of
Commercial
Taxes
Central Excise
Act Excise duty
& Penalty Excise duty 2000-2003 Custom,
Excise &
Rs.81,01,637/ & Service Tax
Penalty Appellate
Tribunal
Rs.81,01,637/
9. The company does not have any accumulated losses at the end of this
year and has not incurred cash losses in the year ending 31st March,
2010 and the immediately preceding financial Year.
10. In our opinion and according to the information and explanations
given to us, the company has not defaulted in the repayment of dues to
the financial institutions and banks.
11. In our opinion and according to explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures or other securities.
12. In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society.
13. 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. All investments of the
company are held in its own name.
14. In our opinion and according to the information and explanations
given to us, the company has not given guarantees for loans taken by
others from bank or financial institutions.
15. In our opinion and according to the information and explanations
given to us, in our opinion, the term loans availed by the Company were
prima - facie applied by the Company during the year for the purposes
for which the loans were obtained, other than temporary deployment
pending application.
16. According to the information and explanations given to us and on an
overall examination of the Balance sheet of the Company, funds raised
on short term basis have, prima facie, not been used during the year
for long term investments.
17. During the year under considerations, the Company has not made
preferential allotment of shares to the parties and companies covered
in the register maintained under section 301 of the Companies Act,
1956.
18. In our opinion and according to the information and explanations
given to us the company has not issued any secured debentures during
the year covered by our audit.
19. The company has not raised any money by public issue during the
financial year.
20. According to the information and explanations given to us, no fraud
on or by the company was noticed or reported during the year.
For G R V & P K
Chartered Accountants
FRN: 008099S
(KAMAL KISHORE)
Place : Bangalore Partner
M.No. 205819
Date : 29 th May, 2010
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