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125
Standalone Financials
CORPORATE OVERVIEW (1-31)
STATUTORY REPORTS (46-122)
FINANCIALS
ANNEXURETOTHEAUDITORS’REPORT
(e)
the Company has taken loans aggregating
`
11.52 Crores from six parties covered in the Register maintained under Section
301 of the Companies Act, 1956. At the year-end, the outstanding balance of such loans taken aggregated
`
0.20 Crores and the
maximum amount outstanding during the year was
`
11.92 Crores.
(f )
the rate of interest and other terms and conditions of such loans taken are, in our opinion,
prima facie
not prejudicial to the
interests of the Company.
(g)
The principal amount is not due for repayment and the Company has been regular in payment of interest.
(v)
In our opinion and according to the information and explanations given to us, having regard to the explanations that some of the
items purchased are of special nature and suitable alternative sources do not exist for obtaining comparable quotations, there exists
an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to
purchases of inventory and fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not
observed any major weakness in such internal control system.
(vi)
In respect of contracts or arrangements entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956,
to the best of our knowledge and belief and according to the information and explanations given to us:
(a)
The particulars of contracts or arrangements referred to Section 301 that needed to be entered in the register maintained
under the said section have been so entered.
(b)
Where each of such transaction is in excess of rupees five lakhs in respect of any party, and having regard to our comments in
para (v) above, the transactions have been made at prices which are
prima facie
reasonable having regard to the prevailing
market prices at the relevant time.
(vii) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of
Sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits)
Rules, 1975 with regard to the deposits accepted from the public. According to the information and explanations given to us, no order
has been passed by the Company Law Board or the National Company Law Tribunal or the Reserve Bank of India or any Court or any
other Tribunal.
(viii) In our opinion, the Company has an adequate internal audit system commensurate with the size and the nature of its business.
(ix)
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.
(x)
According to the information and explanations given to us in respect of statutory dues:
(a)
The Company has generally been regular in depositing with the appropriate authorities undisputed dues, including provident
fund, investor education and protection fund, employees’ state insurance, income-tax, sales tax, wealth tax, service tax, customs
duty, excise duty, cess and other material statutory dues applicable to it. With regard to the contribution under the Employees’
Deposit Linked Insurance Scheme, 1976 (the Scheme), we are informed that the Company has its own Life Cover Scheme, and
consequently, an application has been made seeking an extension of exemption from contribution to the Scheme, which is
awaited.
(b)
There were no undisputed amounts payable in respect of provident fund, investor education and protection fund, employees’
state insurance, income-tax, wealth tax, service tax, customs duty, excise duty, cess and other material statutory dues applicable
to the Company that were in arrears as at March 31, 2012 for a period of more than six months from the date they became
payable.
FINANCIAL HIGHLIGHTS (32-45)