Mar 31, 2015
We have audited the accompanying financial statements of ABC GAS
INTERNATIONAL) LTD ("the Company"), previously known as Brassco
Extrusions Ltd, which comprise the Balance Sheet as at 31st March 2015,
the statement of Profit and Loss and the Cash Flow Statement for the
year then ended, and a summary of significant accounting policies and
other explanatory information.
Management's Responsibility for the Standalone 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 the 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 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 the 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 theAct 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 2015 and its profit and its cash flows for the year ended
on that date.
Emphasis of Matter:
We would like to draw the attention on the Company's policy of
providing for gratuity and other long term employee benefits on the
payment basis and not on the actuarial valuation as per AS 15. The same
has been stated in Notes NO. 24.
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;
(c) the balance sheet, the statement of profit and 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 the written representations received from the
directors as on 31st March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
(f) 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, in our opinion and to the best of our information and
according to the explanations given to us:
(i) the Company does not have any pending litigations and therefore no
impact or disclosure in relation to the same has been made in the
financial statement;
(ii) the Company does not see any foreseeable losses on long-term
contracts as on the balance sheet date and the Company has not entered
into any derivative contracts, therefore no provision has been made in
relation to the same;
(iii) the Company has not declared any dividend in the current year and
there was no unclaimed dividend outstanding as on 31.03.2015 of any
previous years hence therefore transferring of the amounts in the
Investor Education and Protection Fund by the Company does not arise,
however company having Rs.9500/- refund of shares application money
since long back.
Annexure to the Independent Auditors' Report
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) The Company has a programme of physical verification of its fixed
assets by which fixed assets are verified. In accordance with this
programme, fixed assets were verified during the year and no material
discrepancies were noticed on such verification. In our opinion, the
periodicity of physical verification is reasonable having regard to the
size of the Company and the nature of its assets.
(ii) In respect of the inventories :
a) As per the information furnished, the inventories have been
physically verified during the year by the management. In our opinion,
having regard to the nature and location of stocks, the frequency of
the physical verification is reasonable.
b) In our opinion and according to the information and explanations
given to us, procedures of physical verification of inventory followed
by the management are reasonable and adequate in relation to the size
of the company and nature of its business.
c) The company has maintained proper records of inventory. In our
opinion, discrepancies noticed on physical verification of stocks were
not material in relation to the operations of the Company and the same
have been properly dealt with in the books of account.
(iii) In respect of loans granted, secured or unsecured, to the
companies, firms or other parties covered in the Register maintained
under section 301 of the Companies Act, 1956 during the year, we
report, as per the information and explanations provided to us, that
the Company has not granted any loans, to the referred party & hence
other sub clauses are not applicable for the year under review
(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
service. We have not observed any continuing major weakness in the
internal control system during the course of the audit.
(v) The Company has not accepted any deposits from the public and thus,
paragraph 3(v) of the Order is not applicable.
(vi) The Central Government has prescribed maintenance of the cost
records under section 148(1) of the Companies Act, 2013 in respect of
manufacturing/ extrusion activity of the company. We have broadly
reviewed the books of accounts and record maintained by the company in
this connection and are of the opinion that, prima facie, the
prescribed accounts and records have been made and maintained. We have
however not made a detail examination of the records with a view to
determining whether they are accurate or complete.
(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 such as provident fund, income tax, and others as
applicable, have been regularly deposited during the year by the Company
with the appropriate authorities.
b) According to the records of the Company, and information and
explanations given to us there are no dues of Income tax / Sales Tax/
Wealth Tax/ Service Tax/ Custom Duty/ Excise Duty/ Cess which has not
been deposited on account of disputes.
c) According to the audit carried by us and the information and
explanations given to us, the Company has not declared any dividend in
the current year and there was no unclaimed dividend outstanding as on
31.03.2015 of any previous years hence therefore transferring of the
amounts in the Investor Education and Protection Fund by the Company
does not arise, however company having Rs.9500/- refund of shares
application money since long back.
(viii) The Company does not have any accumulated losses at the end of
the financial year and has not incurred any cash losses in the current
financial year and in the immediately preceding financial year.
(ix) As per the information and explanations given to us and based on
our audit, the Company has not defaulted in repayment of dues to
financial institution or bank.
(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.
(xi) To the best of our knowledge and belief and according to the
information and explanations given to us, in our opinion, 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.
(xii) According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For Bhuwania & Agrawal Associates
Chartered Accountants
Registration No.101483W
(Abhishek Jain)
Partner
Membership No.509839
Place: Mumbai
Date: 30.05.2015
Mar 31, 2012
1. We have audited the attached Balance Sheet of ABC Gas
(International) Ltd ("the Company'), previously known as Brassco
Extrusions Ltd, as at 31 st March 2012, and the related Profit and Loss
Account and Cash Row Statement of the Company for the year ended on
that date annexed thereto, which we have signed under reference to this
report. 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. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes, examining on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by Management, as well as evaluating the overall presentation of the
financial statements. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 (CARO),
and as amended by the Companies (Auditors Report) (Amendment) Order,
2004 (together the "Order"), issued by the Central Government of India
in terms of sub section (4A) of section 227 of the Companies Act, 1956,
we give in the Annexure hereto a statement on the matters specified in
paragraphs 4 & 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
a) we have obtained ail 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 accounts 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 Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) in our opinion, the attached Balance Sheet, Profit and Loss Account
dealt with by this report are in compliance with the Accounting
Standards referred to in Section 211 (3C) of the Companies Act, 1956 to
the extent applicable except non provision of long term defined
employee benefits as referred in point no. 23 of notes on account.
e) On the basis of written representations received from the directors,
as on 31st March 2012 and taken on record by Board of Directors, none
of the Directors are disqualified as on 31st March 2012 from being
appointed as Directors in term of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanation 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 principle
generally accepted in India:
j. in the case of Balance Sheet of the state of affairs of the Company
as at 31 st March 2012;
ii. in the case of the Profit and Loss Account of the Profits for the
year ended on that date and
iii. in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
(Referred to in paragraph 3 of our report of even date to the members
of ABC Gas (International) Ltd on the accounts for the year ended 31 st
March, 2012)
i. In respect of the Fixed Assets,
a) The company has maintained proper records showing fuH particulars,
including quantitative details and situations of fixed assets.
b) As per the information and explanations given to us, physical
verification of fixed assets has been carried out by the Company and no
material discrepancies were noticed on such verification. In our
opinion, the frequency of verification is
4 reasonable, having regard to the size ofthe Company and nature of its
business.
c) No substantial part of fixed assets has been disposed off during the
year under review, which could affect the going concern status of the
company.
ii. In respect of the inventories:
a) As per the information furnished, the inventories have been
physically verified during the year by the management. In our opinion,
having regard to the nature and location of stocks, the frequency of
the physical verification is reasonable.
b) In our opinion and according to the information and explanations
given to us, procedures of physical verification of inventory followed
by the management are reasonable and adequate in relation to the size
of the company and nature of its business.
c) The company has maintained proper records of inventory. In our
opinion, discrepancies noticed on physical verification of stocks were
not material in relation to the operations of the Company and the same
have been properly dealt with in the books of account.
iii. In respect of loans granted, secured or unsecured, to the
companies, firms or other parties covered in the Register maintained
under section 301 of the Companies Act, 1956, we report, as per the
information and explanations provided to us, that the Company has
granted interest free unsecured loans, details of which have been
provided as under
(Amt in Rs. Lac)
No. of
Accounts Amount of
Loan Given Maximum
Outstanding CI. Balance
2 159.76 215.21 151.78
In our opinion, and according to the information and explanations given
to us, other terms and conditions of above loan given is prima facie
not prejudicial to the interest of the company. In absence of any
stipulated term for receipt of principal amount we are unable to
comment whether the principal amount is due for receipt Similarly we
are unable to comment on whether there has been any overdue amount of
Rs. 1 Lac.
In respect of loans taken, secured or unsecured, from the companies,
firms or other parties covered in Register maintained under Section 301
of Companies Act, 1956, we report that there are six such interest free
unsecured loans taken, details of which is as under
(Amt. In Rs. Lac)
No. of
Accounts Amount of
Loan Taken Maximum
Outstanding CI. Balance
5 43.00 46.44
In our opinion, and according to the information and explanations given
to us, other terms and conditions of above loan taken is prima fade not
prejudicial to the interest of the company. In absence of any
stipulated term for repayment of principal amount we are unable to
comment on whether the principal amount is due for repayment.
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. During the course of our audit, we have not come across any
continuing failure to correct major weaknesses in internal control
system.
v a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we report that
the transactions that need to be entered into a register in pursuance
of section 301 of the Act, have been so entered.
b) In our opinion and according to the information and explanations
give to us, the transactions made in pursuance of contracts or
arrangements entered in the Register maintained under Section 301 and
exceeding the value of five lacs rupees in respect of any party during
the year, have been made at prices which are reasonable having regard
to prevailing market prices at the relevant time.
vL According to the information and explanations given to us, the
Company has not accepted any deposits during the year from the public,
within the meaning of the provisions of Sections 58A and 58AA of the
Companies Act, 1956 and rules made there under. Therefore, the
provisions of clause (vi) of paragraph 4 of the said Order are not
applicable to the Company.
vii. In our opinion, the Company has an internal audit system
commensurate with the size of the Company and the nature of its
business.
vni. The Central Government has prescribed maintenance of the cost
records under section 209(1 )(d) of the Companies Act, 1956 in respect
of manufacturing/ extrusion activity of the company. However there has
been no manufacturing activity during the year and therefore such Order
for the maintenance of books of accounts and is not applicable during
the year under review.
ix. a) According to the information and explanations given to us and
the records examined by us, the company has been regular in depositing
with appropriate authorities undisputed statutory dues including Income
Tax, Provident Fund, Sales Tax and any other statutory dues wherever
applicable. According to the information and explanations given to us,
no undisputed arrears of statutory dues were outstanding as at 31st
March, 2012 for a period of more than six months from the date they
became payable, except PF and ESIC which is not deducted and deposited
during the year.
b) According to the records of the Company, and information and
explanations given to us there are no dues of Income tax / Sales Tax/
Wealth Tax/ Service Tax/ Custom Duty/ Excise Duty/Cess which has not
been deposited on account of disputes.
x. The Company has accumulated losses which is less than fifty per cent
of its net worth. The Company has not incurred any cash losses during
the financial year covered by our audit and the immediately preceding
financial year.
xi. As per the information and explanations given to us and based on
our audit, the Company has not defaulted in repayment of dues to
financial institution or bank
xii. Based on our examination of the records and the information given
to us, the Company has not granted any loans and/or advances on the
basis of security by way of pledge of shares, debentures and other
securities. Therefore, the provisions of clause (xii) of paragraph 4 of
the said Order are not applicable to the Company.
xiii. In our opinion, the Company is not a chit fund or a nkJhi /
mutual benefit fund / society. Therefore, the provisions of clause
(xiii) of paragraph 4 of the said Order are not applicable to the
Company.
xfv. Based on our examination of the records and the information given
to us, the Company has not dealt or traded in shares, securities,
debentures and other investments. Therefore, the provisions of clause
(xfv) of paragraph 4 of the said Order are not applicable to the
Company.
xv. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
xvi. The company has not taken any term loans during the year.
Therefore, the provisions of clause (xvi) of paragraph 4 of the said
Order are not applicable to the Company.
xvii. In our opinion and according to information and explanations made
available to us, no short term funds have been utilized for long term
purposes during the year.
xviii.During the year, the Company has not made any preferential
allotment of shares to the parties and companies covered in the
Register maintained under Section 301 of the Companies Act, 1956.
xix. The Company has not issued any debentures. Therefore, the
provisions of clause (xix) of paragraph 4 of the said Order are not
applicable to the Company.
xx. The Company has not raised any money by public issues during the
year covered by our report Therefore, the provisions of clause (xx) of
paragraph 4 of the said Order are not applicable to the Company.
xxi. Based on our audit procedures performed for the purpose of
reporting the true and fair view of financial statements and as per the
information and explanations given to us by the management, we report
that no fraud on or by the Company has been noticed or reported during
the course of our audit.
For Bhuwania & Agrawal Associates
Chartered Accountants
AbhishekJain
Registration No.101483W
Partner
Membership No. 509839
Place : Mumbai
Date : 01.09.2012
Mar 31, 2011
I) We have audited the attached Balance Sheet of M/S ABC GAS
(INTERNATIONAL) LTD., as at 31st March 2011, and the Profit and Loss
Account 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.
ii) We conduct our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An Audit
includes, examining on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An Audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation of
the financial statements. We believe that our audit provides a
reasonable basis for our opinion.
iii) As required by the Companies (Auditor's Report) Order, 2003,
issued by the Central Government of India in terms of sub section (4A)
of section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 & 5 of the said
order.
iv) Further to our comments in the annexure referred to above, 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 accounts as required by Law have
been kept by the Company so far as appears from our examination of
those books.
c. The Balance Sheet, Profit and Loss Account dealt with by this
report are in agreement with the books of account.
d. In our opinion, the attached Balance Sheet, Profit and Loss Account
and Cash Flow statement dealt with by this report comply with the
Accounting Standards referred to in Section 211 (3C)of the Companies
Act, 1956 except non-provision of Gratuity as referred in Poiht.No.4 of
notes of Accounts.
e. On the basis of written representations received from the
directors, and taken on record by the Board of Directors, we report
that none of the directors are disqualified as on 31st March 2011 from
being appointed as Directors in term of clause (g) of sub-section (1)
of Section 274 of the Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanation 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 principle
generally accepted in India, subject to note No.4 .of Notes of account
regarding non provision of gratuity and the exact quantum of such non
provision is not ascertainable.
i. In the case of Balance Sheet of the state of affairs of the Company
as at 31st March 2011;
ii. In the case of the Profit and Loss Account of the Profit for the
year ended on that date.
iii. In the case of Cash Flow statement of the cash flow for the year
ended on that date
ANNEXURE TO THE AUDITOR'S REPORT
Statement referred to in paragraph iii) of the Auditors Report of even
date to the Members of M/S ABC GAS (INTERNATIONAL) LTD on the accounts
for the year ended 31st March 2011
As required by the Companies (Auditor's Report) Order 2003, issued by
the Company Law Board in terms of Section 227 (4A) of the companies
Act, 1956, and on the basis of such checks as consider appropriate and
as per the information and explanations given to us during the course
of the. audit.
1. In respect of its fixed assets:
a) The company has maintained proper records showing full particulars,
including quantitative details and situations of fixed assets.
b) As per 'he information and explanations given to us, physical
verification of fixed assets has been carried out by the Company and no
material discrepancies were noticed on such verification. In our
opinion, the frequency of verification is reasonable, having regard to
the size of the Company and nature of its business.
c) None of the fixed assets have been disposed off during the year.
2. In respect of its inventory:
i. As explain to us, the inventories were physically verified during
the year by management at reasonable intervals.
ii. In our opinion and according to information and explanation given
to us , the procedure of physical verification of inventories followed
by management were reasonable and adequate in relation to the size of
the company and the nature of business.
iii. In our opinion and according to information and explanation given
to us , the company has maintained proper records of its inventory and
no material discrepancies were noticed on physical verification.
3. In respect of the loans, secured or unsecured, granted by the
company to companies, firms, and other parties covered in register
under section 301 of the companies Act. 1956 according to information
and explanation given to us
I) The Company has granted loan unsecured to the companies, firm &
other parties covered in register maintained u/s.301 of the companies
act, 1956,during this year under review, details are as under
No. of Account Amount Maximum Closing Of Loan. Outstanding Balance
166.77 Lacs 61.32 Lacs 61.32 Lacs
i) The rate of interest and the other terms and conditions of loan
given by the company are not prima- facle prejudicial to the interest
of the company.
ii) Receipts of principal amount are on regular basis.
iii) As informed to us ho amount In excess of Rs.One Lac are overdue
for payment of the principal and interest.
II) The company has taken unsecured loan from companies covered in the
register maintained U/s.301 of companies act, 1956, during the year
under review. Details are as under:
No. of Account Amount Maximum Closing Of-Loan - Outstanding Balance
5 13.55 Lacs 40.98 Lacs 3.44 Lacs
i) The rate of interest and the other terms and conditions of loan
taken are not prima-facie prejudicial to the interest of the company.
ii) The company is regular in paying the principal amount and interest
as stipulated, if any.
iii) As informed to us no amount in excess of Rs.One Lac are overdue
for payment of the principal and . interest.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory and fixed assets and for
the sale of goods. During the course of our audit, we have not come
across with the continuing major weakness in the internal control
procedure.
5. i) Based on the audit procedures applied by us and according to the
information and explanations provided
by the management, we are of the opinion that the transactions that
need to be entered into the Register maintained under Section 301 have
been so entered.
ii) In our opinion and according to the information and explanations
give to us, there was no transaction made in pursuance exceeding the
value of five lacs rupees in respect of any parties during the year
6. The Company has not accepted any deposits during the year from the
public, within the meaning of the provisions of Sections 58A and 58AA
of the Companies Act, 1956 and rules made there under. Hence, the
Clause (vi) of the order is not applicable.
7. In our opinion, the Company has an internal audit system
commensurate with the size of the Company and the nature of its
business.
8. The Central Government has not prescribed maintenance of the cost
records under section 209 (1) (d) of the Companies Act, 1956 in respect
of the company's product
9. i) According to the information and explanations given to us and
the records examined by us, the company
is regular in depositing with appropriate authorities undisputed
statutory dues including Provident Fund, Income Tax, Sales Tax, Custom
Duty, Excise Duty, Cess and any other statutory dues except provident
fund and ESIC which was not deducted and deposited. According to the
information and explanations given to us, no undisputed arrears of
statutory dues were outstanding as at 31st March 2011 for a period of
more than six months from the date they became payable .
ii) According to the records of the Company, the dues of Sales Tax /
Income Tax / Custom Duty / Service Tax /Wealth Tax / Excise Duty /
Cess, which has not been deposited on account of disputes and the forum
where the dispute is pending, are as under Nil
10. The Company having accumulated loss of Rs 3514733/-.as on 31st
March 2011. The Company has not incurred any cash losses during the
financial year covered by our audit and the immediately preceding
financial year.
11. There is no default in repayment of dues to financial institution
or bank during the year.
12. Based on our examination of the records and the information given
to us, the Company has not granted any loans and/or advances on the
basis of security by way of pledge of shares, debentures and other
securities.
13. Clause (xiii) of the Order is not applicable to the company as the
Company is not a chit fund Company or nidhi / mutual benefit fund /
societies.
14. The clause (xiv) of the order is not applicable to the Company. as
the company is not dealing in shares, securities, debentures and other
investment during the year under review.
15. According to the information and explanations given to us, the
Company has given corporate guarantee for loans taken by others from
banks or financial institution.
16. According to the information and explanations given to us, the
company has not been raised any term loan during the year
17. In our opinion and according to information and explanations, no
short-term fund has been used for long-term investment.
18. The Company has not made any preferential allotment of shares
during the year.
19. During the year covered by our audit report, the Company has not
issued secured debentures.
20. The Company has hot raised any money by public issues during the
year covered by our report
21. As per the information and explanations given to us, no fraud on
or by the Company has been noticed or reported during the year.
For Bhuwanla & Agrawal Associates
(Chartered Accountants)
(Regn.No.101483W)
(Partner)
(Nlranjankumar Agrawal)
M.NO. 34659
Place.- Mumbai
Date- 22(10/2011
Mar 31, 2010
A. We have audited the attached Balance sheet of M/S ABC Gas
{International) Ltd. (Previously known as Brassco Extrusions Ltd.) as
at 31st March 2010 and also the Profit and Loss Account for and the Cash
Flow statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
B. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material 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 presentation of the
financial state- ment. We believe that our audit provides a reasonable
basis for our opinion.
C. As required by the Companies (Auditors Report) Order, 2003, as
amended by the Companies (Auditors Report Amendment) Order 2004 issued
by he Central Government of India in terms of Sub Section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraph 4 & 5 of the said
order.
D. Further to our comments in the annexure referred to above, we
report that:
i) We have obtained all the information and explanation, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
ii) 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 the
books.
iii) The Balance Sheet, the Profit & Loss Account and Cash flow
Statement dealt with by this report are in agreement with Books of
Account.
iv) In our opinion the attached Balance Sheet, Profit & Loss Account
and Cash Flow statement dealt with by this report comply with the
Accounting Standards referred to in Sub-Section (3C) of section 211 of
the Companies Act, 1956 to the extent applicable except non provision
of gratuity as refer in point no.4 of notes on account.
v) On the basis of written representations received from the Directors,
and taken on record by the Board of Directors, we report that none of
the directors are disqualified as on March 31st 2010 from being
appointed as Directors in term of Clause (g) of Sub-Section (1) of
Section 274 of the Companies Act, 1956.
E. In our opinion and to the best of our information and according to
the explanation given to us, the said accounts read with the notes in
schedule 12 regarding non provision of gratuity, exact amount are not
acertainable and other notes, give the information required by the
Companies Act, 1956 (as amended) in the manner so required and give a
free and fair view in conformity with the accounting principles
generally accepted in India.
i) In case of Balance Sheet of the state of affairs of the Company as
at 31st March 2010
ii) In the case of Profit & Loss Account of the PROFIT for the year
ended on that date and.
iii) In the case of Cash flow statement of the Cash Flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Statement referred to in paragraph (C) of the Auditors Report of even
date to the Members of M/S ABC Gas (International) Ltd. (Previously
known as Brassco Extrusions Ltd.) on the accounts for the year ended
31st March 2010. As required by the Companies (Auditors Report) Order
2003, issued by the Company Law Board in terms of Section 227 (4A) of
the companies Act, 1956, and on the basis of such checks as consider
appropriate and as per the information and explanation given to us
during the course of the audit.
1. i) As inform to us, the company has maintained proper records
showing full particulars, including quantitative details and Situation
of fixed assets.
ii) As per the information and explanations given to us, physical
verifications of fixed assets have been carried out by the Company and
no material discrepancies were noticed on such verification. In our
opinion, the frequency of verification is reasonable and adequate in
relation to the size of the Company and nature of its business.
iii) As informed to us Fixed Assets disposed during the year having no
substantial effect on business going concept of the company.
2. i) As per the information furnished, the inventories have been
physically verified during the year by the management. In our opinion,
having regard to the nature and location of stocks, the frequency of
the Physical verification is reasonable.
ii) In our opinion and according to the information and explanations
given to us, procedures of physical Verification of inventory followed
by the management are reasonable and adequate in relation to the size
of the company and nature of its business.
iii) The company is maintaining proper records of inventory. In our
opinion discrepancies noticed on physical Verification of stocks were
not material in relation to the operation of the Company and the same
have been properly dealt with in the books of account.
3. i) The company has not granted any loan secured or unsecured to the
companies or other parties covered in the register maintained under
Section 301 of the Companies Act during the year. Hence other sub
clauses of the section are not applicable for the year under review.
ii) The Company has taken interest free Unsecured loans from the
companies & other parties covered under section 301 of the companys
Act during the year under review. Details are as follow:-
(Rs. in Lacs)
No. of account Amount of
loan taken Maximum outstanding Closing balance
4 43.03 40.38 33.53
iii) Other term & condition of the loan taken by the company is not
prima facie prejudicial to the interest of the company.
iv) The company is paying principal regularly for the loan taken as
stipulated if any
v) There is no overdue amount of Rs.1 Lac outstanding more than one
year as stipulated if any.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory and fixed assets and for
the sale of goods. During the course of our audit, no major continuing
weakness has been noticed in the internal controls system;.
5. i) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the Register
maintained under Section 301 have been so entered.
ii) 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 and
exceeding the value of five lacs rupees in respect of any party during
the year have been made at prices wnich are reasonable having regard to
prevailing market prices at the relevant time.
6. The company has not accepted any deposits during the year from the
public, within the meaning of the provisions of Section 58 A and 58 AA
of the companies Act, 1956 and rules made there under. Hence, the
clause (vi) of the order is not applicable.
7. In our opinion, the company has an internal audit system
commensurate with the size of the Company and the nature of its
business.
8. We have been informed that maintenance of cost value records has
not been prescribed by the Central Government under Section 209 (1) (d)
of the Companies Act, 1956 in respect of the Companys Product.
9. i) According to the information and explanations given to us and
the records examined by us, the company is regular in depositing with
appropriate authorities undisputed statutory dues including, Income
tax, Sales Tax, Custom Duty, Excise Duty, cess and any other statutory
dues applicable except provident fund and ESIC which was not deducted
and deposited. According to the information and explanations given to
us, there is no undisputed arrears of statutory dues were outstanding
as at 31st March 2010 for a period of more than six months from the date
they became payable.
ii) According to the records of the Company, the dues of sales tax/
income tax/ custom duty/ wealth tax/ excise duty/ cess have not been
deposited on account of disputes and the forum where dispute is pending
are NIL
10. The Company having accumulated loss of Rs.49.77 Lacs as on 31st
March 2010. The company has not incurred any cash losses during the
financial year covered by our audit and immediately preceding financial
year.
11. There is no default in repayment of dues to a financial
institution or bank during the year.
12. Based on our examination of the records and the information given
to us, the Company has not granted any loans and/or advances on the
basis of security by way of pledge of shares, debentures and other
securities.
13. Clause (xiii) of the Order in not applicable to the company as the
company is not a chit fund company or nidhi / mutual benefit fund /
societies.
14. The clause (xiv) of the order is not applicable to the company, as
the company is not dealing in shares, securities, debenture and othejr
investment during the year under review.
15. According to the information and explanations given to us, the
Company has been not given any Guarantee for loans taken by others from
banks of financial institution.
16. According to the information and explanations given to us, the
company has not raised term loan during the Year.
17. In our opinion and according to information and explanations, no
short-term fund has been used for long-term investment.
18. The company has not made any preferential allotment of shares
during the year.
19. During the year covered by our audit report, the company has not
issued secured debentures.
20. The Company has not raised any money by public issues during the
year covered by our report.
21. As per the information and explanations given to us, no frauds or
by the Company has been noticed or reported during the year.
For Bhuwanla & Agrawal Associates
Chartered Accountant
Firm registration no. 101483W
N. K. AGRAWAL
PARTNER
M.NO. 34659
Place - Mumbai
Date - 01/09/2010