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Aravali Industries Ltd.

BSE: 521339 Sector: Agri and agri inputs
NSE: ARAVALIIND ISIN Code: INE450C01015
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Aravali Industries Ltd. (ARAVALIIND) - Auditors Report

Company auditors report

ARAVALI INDUSTRIES LIMITED ANNUAL REPORT 2007-2008 AUDITORS' REPORT TO THE MEMBERS OF ARAVALI INDUSTRIES LIMITED We have audited the attached Balance Sheet of Aravali Industries Limited as at 31.03.2008 and also the Profit and Loss Account and Cash Flow Statement of the Company 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. We have conducted the audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan & perform the audit to obtain reasonable assurance whether the financial statements prepared, in all material respects, in accordance with an identified financial reporting framework and are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion and we report that: 1. We have obtained all the information and explanations which, to the best of our knowledge and belief where necessary for the purpose of our audit. 2. 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 such books. 3. The Balance Sheet and Profit & Loss referred to in this report are in agreement with the books of account. 4. In our opinion, the Balance Sheet, the Profit and Loss Account and Cash Flow statement of the company comply with the requirements of section 211(3c) of the Companies Act, 1956 in respect of the mandatory Accounting Standards prescribed by the Institute of Chartered Accountants of India. 5. Based on the basis of written representation received from the Directors and taken on record by the Board of Directors and in accordance with the information and explanations as made available, the Directors of the Company do not, prima facie, have any disqualification in terms of clause (G) of Sub section (1) of Section 274 of the Companies Act, 1956 as on 31.03.2008. 6. Attention is invited to Note No. 3 under contingent liability for amounts that may accrue on account of case for compensation is ruled against the Company. 7. In our opinion and to the best of our information and according to the explanation given to us, the Balance Sheet and the Profit & Loss A/c subject to note on regarding gratuity and bonus liability that may arise read together with the notes appearing in schedules to the said accounts annexed thereto, give the information required by the Companies Act, 1956 in the manner so required, and give a true and fair view. a) In so far as it relates to the Balance Sheet, the state of affairs of the Company as at 31st March 2008 and. b) In so far as it relates to the Profit & Loss Account, Profit of the Company for the year ended on that date. c) In case of Cash Flow Statement, of the cash flows for the year ended on that date. As required by the manufacturing and other Companies (Auditors Report) order, 1988 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 we considered. Appropriate and according to the information and explanations given to us, we further report that: 1. The Company has maintained proper records showing full particulars including, quantitative details and situation of fixed assets. Physical verification of fixed assets carried out by the Management at regular intervals and no discrepancies were noticed on such verification. The verification carried out by the Management, on the basis of their certification, in our opinion, is reasonable having regard to the size of the Company and the nature and location of its assets. 2. In our opinion the Company has not disposed off substantial part of the Fixed Assets during the year and the going concern status of the Company is not effected. 3. None of the fixed assets have been revalued during the year. 4. No stocks could be evaluated in respect of agriculture activities of the Company. 5. The Company has not taken any loans, secured and unsecured, from companies, firm or other parties listed in Register maintained under section 301 of the Act, and / or from the companies under the same management has defined under Section 370(1-B) of companies Act, 1956. 6. 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 regards to purchase of stores, raw materials including components, plant and machinery equipments and other assets and with regard to the sale of goods. We have not observed any continuing failure to correct the major weaknesses in internal controls during the course of the audit. 7. In our opinion and according to the information and explanation given to us, there were no transactions of purchase of goods and material and sale of goods, materials and service, made in pursuance of contract or arrangement entered in the registers maintained under section 301 of the Companies Act, 1956 and aggregating during the year to Rs. 500000 or more in respect of each party. 8. As explained to us, the company has a regular procedure for the determination of unserviceable or damaged stores, raw materials and finished goods. Adequate provision has been made in the accounts for the loss arising on the items so determined. 9. The Company has not accepted any deposit within the meaning of section 58A of the companies Act, 1956 and the Companies (Acceptance of deposits) Rules, 1975 with regard to the deposits accepted from the public. 10. In our opinion, reasonable records have been maintained by the Company for the sale and disposal of realizable scrap. The Company has no by products. 11. In our opinion, the Company has an internal audit system commensurate with its size and nature of its business. 12. According to the information & explanation given to us, the Central Government has not prescribed for the maintenance of cost records under section 209 (i) (d) of the Companies Act, 1956 in respect of the product dealt with the company. 13. According to the records, information and explanations provided to us, the Company is generally not regular in depositing with the appropriate authorities undisputed amount of Employees State Insurance Provident Fund, investor education protection fund, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other material dues as applicable to it and no undisputed amounts payable were outstanding as on 31.03.2008 for a period of more than six months from the date they became payable. 14. The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current year and immediately preceding financial year. 15. In our opinion and according to information and explanations given to us, the Company has not defaulted in repayments of dues to any financial institution or bank except those reported in the notes attached with the accounts. 16. As explained to us, the Company has not granted any loans or advances in the nature of loan to any party on the basis of security by way of pledge of shares, debentures and other securities. 17. The Company is not a Chit Fund or Nidhi/Mutual Benefit/Society, therefore provisions of clause 4(xiii) of the said order are not applicable to the Company. 18. According to the information and explanations given to us the Company is not dealing in or trading in shares, securities, debentures and other investments. 19. According to the information and explanations given to us the Company has not given any guarantee for loans taken by others from the banks or financial institutions. 20. In our opinion, the term loans have been applied for the purposes for which they were raised. 21. According to the information and explanations given to us and overall examination of the of the balance sheet of the Company, we report that no fund raised on short term basis have been used for long-term investments. 22. The Company has not made any preferential allotment of shares during the year to parties and companies maintained under section 301 of the Companies Act, 1956. 23. The Company did not have any outstanding debentures during the year, therefore, clause 4(xix) of Companies (Auditor's Report) Order 2003, (as amended) is not applicable. 24. The Company is not a sick industrial company within the meaning of clause (o) of sub section (1) of section 3 of the Sick Industrial Companies (special provisions) Act, 1985. 25. The Company has explained to us that occasional use of the Company's assets and travel expenses of non whole time directors have been used/incurred for the purpose of the business of the Company. Based on the examination of books of accounts during the course of our audit conducted in accordance with the generally accepted audit practices in India, and on the basis of the information and explanations provided to us, we have not come across any personal expenses being charged to revenue account, other than those under contractual obligation in accordance with generally accepted business practices. 26. The Company has not raised money through public issue during the year, clause 4(xx) of Companies (Auditor's Report) Order 2003, (as amended) is not applicable. 27. In respect of Companies trading activities the management has certified that there are no damaged goods. 28. The Company's service activities are of such a nature, which do not call for recording of receipts, issue and consumption of materials and stores, and allocation of materials and man-hours, and consequently the authorization and control of issue of stores, materials and labor to the relative job is not applicable. 29. Based on the audit procedures performed and 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. 30. In our opinion, other points in para 4 and 5 of the order do not apply to the Company. For Ashish Rajinder & Associates CHARTERED ACCOUNTANTS PLACE: NEW DELHI DATED: 23.08.2008 Sd/- Ashish Aggarwal (PROPRIETOR) M.No.: 096941

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