The Annexure referred to in the independent auditor’s report of even date to the members of _________________Private Limited (“the Company”) on the financial statements for the year ended 31 March 2015, we report that:
i.
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(a)
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The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
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(b)
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These fixed assets have been physically verified by the management at reasonable intervals. No material discrepancies were noticed on such verification.
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ii.
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a)
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The physical verification of inventory has been conducted at reasonable intervals by the management during the year. In our opinion, the frequency of such verification is reasonable in relation to the size of the Company and nature of its business.
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b)
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In our opinion, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.
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c)
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The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.
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iii.
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a)
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The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013. If granted then answer b) (c )
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b)
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In the case of the loans granted to the companies, firms or other parties listed in the register maintained under Section 189 of the Act, the borrowers have been regular in repaying the principal amounts as stipulated and in the payment of interest, wherever applicable.
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c)
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There are no overdue amounts of more than rupees one lakh in respect of the loans granted to any of the companies, firms and other parties covered in the register maintained under section 189 of the Act.
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iv.
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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 inventories and fixed assets and with regard to the sale of goods and services. We have not observed any major weakness in the internal control system during the course of the audit.
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v.
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The Company has not accepted any deposits from the public.
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vi.
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In our opinion, the Company is not required to maintain the cost records under sub-section (1) of section 148 of the Companies Act 2013.
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vii.
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a)
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The Company is regular in depositing undisputed statutory dues including provident fund, employees' state insurance, income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities. and if not, the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable, shall be indicated by the auditor.
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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, employees’ state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues have been generally 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, employees’ state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, 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.
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b)
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According to the information and explanations given to us, there is no dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess which have not been deposited on account of any dispute.
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Q- In case dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess have not been deposited on account of any dispute, then the amounts involved and the forum where dispute is pending shall be mentioned. (A mere representation to the concerned Department shall not constitute a dispute).
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According to the information and explanations given to us, the dues set out hereunder in respect of income tax, sales tax, service tax, duty of customs, duty of excise and value added tax have not been deposited with the appropriate authorities on account of disputes. As explained to us, the Company did not have any disputed dues on account of wealth tax and cess.
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Name of statute
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Nature of dues
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Amount (Rs.)
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Forum where the dispute is pending
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Period to which the amount relates
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Income tax
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c)
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According to the information and explanations given to us, the Company is not required to transfer any amount to the investor and education fund in accordance with the relevant provisions of the Companies Act, 1956 and rules made there-under.
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viii.
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