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Bhuruka Gases Ltd.

BSE: 509728 Sector: Industrials
NSE: N.A. ISIN Code: INE880D01011
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Bhuruka Gases Ltd. (BHURUKAGASES) - Auditors Report

Company auditors report

BHURUKA GASES LIMITED ANNUAL REPORT 2008-2009 AUDITORS' REPORT TO THE MEMBERS OF BHURUKA GASES LIMITED 1. We have audited the attached Balance Sheet of Bhuruka Gases Limited as at March 31, 2009, and also the Profit and Loss Account, 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. 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 financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. 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 Companies Act, 1956, we enclose in the Annexure a statement of the matters specified in paragraph 4 and 5 of the Order. 4. Further to our comments in the Annexure referred to in paragraphs 3 above, we report that: I. 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. II. 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; III. The Balance Sheet and Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; IV. In our opinion, the balance sheet, profit and loss account and the 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. V. on the basis of written representations received from the directors as on March 31, 2009 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2009 from being appointed as director in terms of Clause (g) of subsection (1) of Section 274 of the Companies Act, 1956. VI. In our opinion and to the best of our information and 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 and fair view in conformity with the accounting principles generally accepted in India; VII.(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2009, (b) In case of profit and loss account of the profit of the Company for the year ended on that date; and (c) In the case of Cash Flow Statement, of the cash flows for the year ended on that date. For R.S. AGARWALA & Co., Chartered Accountants Place: Bangalore (M GANDHI) Date : 01.08.2009 Partner Membership Number : 22958 Annexure to the Auditor's report on even date to the Members of BHURUKA GASES LIMITED 5. Referred to in paragraph 3 of our report, i.(a) The Company has maintained proper records to showing full particulars including quantitative details and situation of its assets. (b) A major portion of fixed assets have been physically verified by the management during the year. In our Opinion, the frequency of verification of the fixed assets by the management is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies between the book records and the physical inventory are noticed. (c) During the year, in our opinion, a substantial part of fixed assets has not been disposed of by the Company. ii.(a) The inventory of the Company has been physically verified by the management during the year excepting material lying with third parties (which have substantially been confirmed). In our opinion, the frequency of verification is reasonable. (b) In our opinion and according the information and explanations given to us, the procedures of physical verification of inventories followed by the management were found reasonable and adequate in relation to the size of the company and the nature of business. (c) On the basis of our examination of records of inventory, in our opinion, the Company has main tained proper records of inventory and the discrepancies noticed on physical verification be tween the physical stocks and the book records were not material in relation to the operations of the Company. . iii. In respect of the loans, secured or unsecured, granted or taken by the Company to/from companies, firm or other parties covered in the Register maintained under section 301 of the Companies Act, 1956: (a) The Company has given loan to one Company. In respect of the said loan, the maximum amount outstanding at any time during the year is Rs.700.00 lakhs and year-end balance is Rs.674.73 lakhs. (b) In our opinion and according to the information and explanations given to us, the rate of interest and othee terms and conditions of aforesaid loan are not, prima facie, prejudicial to the interest of the Company. (c) There are no stipulations regarding the dates for payment of principal and interests. However, interest is being charged at the prevailing rate and recovered thereon. iv. 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, fixed assets and for the sale of goods. Further, on the basis of our examinations, and according to the information and explanations given to us, we have neither come across nor have we been informed of any instance of major weaknesses in the b aforesaid internal control systems. v.a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, the Company has not entered into transactions during the year, which needs to be entered into the Register maintained under Section 301 of the Companies Act, 1956. b) to 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 have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. vi. According to the information and explanations given to us, the Company has not accepted any deposits from public during the year. vii. In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. viii. To the best of our knowledge, the Central Government has prescribed maintenance of cost records under section 209(1) (d) of the Companies Act, 1956, for which, in our opinion, prima facie, the prescribed accounts and records have been maintained and are being made up. We are not required to and, accordingly, have not made a detailed examination of the records. ix.(a) According to the records, information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, the Company is regular in depositing undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, wealth tax, service tax, customs duty, excise duty, cess and other material statutory dues as applicable with the appropriate authorities. (b) According to the records, information and explanations provided to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty, and cess were in arrears as on 31 st March, 2009 for a period of more than six months from the date they became payable. (c) Disputed excise duty and service tax demand has not been provided for, as the same being found not justified, stands stayed by the Customs Excise and Service Tax Appellate Tribunal as under: Statue & Nature of dues Amount Period to which Forum ere Rs. Lakh it related pending Central Excise Laws - 2004-05, 2005-06, Service Tax on Sales 50.83 2006-07 & 2007-08 CESTAT Commission Input credit availed disputed by the Department Central Excise Laws - 50.64 Sep'02 to Apr'07 CESTAT Demand for reveral of cenvat credit on Finished goods sold Central Excise Laws - 3.00 2007-08 Commissioner Show Cause Notice 3.99 2008-09 Asst. Commissioner from the Commissioner alleging that the Company has availed CENVAT on input material and services pertaining to exempted product and goods cleared under Notification 10/97 without reversal Central Excise Laws - 38.93 July 2000 to Supreme Court demand of Ex. Duty Feb'05 of India on cylinder rentals challenged before CESTAT was awarded in favour of the Company now appealed by the Department. Demand for payment of 26.41 2005-06, Commissioner (App VAT on freight 2006-07 & eals) Commercial Collected through sales 2007-08 axes invoices x. The Company does not have accumulated losses as at 31st March, 2009 and has not incurred cash losses during the financial year ended on that date or in the immediately preceding financial year. xi. According to the information and explanations given to us, the company during the year has not defaulted in repayment of dues to any financial institutions, banks. There are no debentures. xii. According to the information and 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 and other securities. xiii. The provisions of any special statute as specified under paragraph 4 (xiii) of the Order are not applicable to the company. xiv. In our opinion and according to the information and explanations given to us, the Company is not a dealer or a trader of securities. xv. According to information and explanations given to us, the company has given a counter guarantee for loan amount of Rs.430.00 Lakhs taken by Bhoruka Steel & Services Limited from State Bank of India. xvi. According to the information and explanations given to us, the term loans have been applied for the purposes of which they were obtained. xvii. Based on the information and explanations given to us and on an over all examinations of the balance sheet of the company, in our opinion there are no funds raised on short-term basis which have been used for long-term investment. xviii. The company has not made any preferential allotment of shares to parties or companies covered in the Register maintained under section 301 of the Companies Act, 1956 during the year. xix. As the Company has no debentures outstanding at any time during year, paragraph (xix) of the Order is not applicable to the Company. xx. The Company has not raised any money by public issues during the year. xxi. According to the information and explanations given to us, during the year, no fraud on or by the Company has been noticed or reported. For R.S. AGARWALA & Co., Chartered Accountants Place: Bangalore (M GANDHI) Date : 01.08.2009 Partner Membership Number : 22958

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