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Energy Products (I) Ltd.

BSE: 531620 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE718D01013
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Energy Products (I) Ltd. (ENERGYPRODUCTS) - Auditors Report

Company auditors report

ENERGY PRODUCTS (INDIA) LIMITED ANNUAL REPORT 2010-2011 AUDITORS' REPORT To, The Members of ENERGY PRODUCTS (INDIA) LIMITED Surat. We have audited the attached Balance Sheet of ENERGY PRODUCTS (INDIA) LIMITED., Surat as at 31st MARCH, 2011 and also 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 this Financial Statement based on our audit. 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 Statement. 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. 1. 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, we enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said order. 2. Further to our comments in the Annexure referred to in paragraph 1 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 purposed 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, and proper returns adequate for the purpose of our audit have been received from the branches not visited by us; c) The Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with the books of accounts; d) In our opinion, the Profit and Loss Account and Balance Sheet mentioned above complied with the mandatory accounting standards referred to in Sub- section (3c) of Section 211 of the Companies Act, 1956. e) On the basis of written representations received from the Director as on 31.03.2011 and taken on record by the Board of Directors, we report that none of the Directors of the company are disqualified from being appointed as Directors of the company under clause (g) of sub section (1) of section 274 of Companies Act, 1956 as on 31.03.2011 f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts together with required by the Companies Act, 1956 in the manner so required and give a true and fair view: i. In the case of the Balance Sheet, of the state of affairs of the Company as at 31 March, 2011 AND ii. In the case of the Profit and Loss Account, of the Loss of the Company for the year ended on that date. For, ADIL AIBADA & ASSOCIATES, Chartered Accountants Sd/- PROPRIETOR MEMBERSHIP NO. 045310 Place: Surat. Date : 06th JULY, 2011 ANNEXURE: 'A' TO AUDITORS' REPORT YEAR ENDED ON 31-03-2011. [1] In respect of Fixed Assets. During the year under audit the fixed assets of the company is Nil The working of the Company will become-Nil. [2] In respect of its inventories. As informed to us no inventories during the year under audit are involved and hence verification of inventories is not applicable. [3] The Company has taken secured or unsecured loans to Companies, firms or other parties listed in the Register(s) maintained U/s 301 of the companies act, 1956. In our opinion terms and conditions of these loans are not prima Facie prejudicial to the interest of the Company. As explained to us there are companies under the same management as defined under sub section (1B) of Section 370 of the Companies Act., 1956. [4] The Company has not made any advances to other parties during the year. The advances In the nature of loans to the employees free of interest and the same have been recovered generally as per stipulations wherever applicable or terms as listed in Register maintained under section 301 of Companies Act, 1956. [5] There are no sale of goods, materials and service made in pursuance of contracts and arrangements entered in the Register maintained under Section 301 of the Companies Act, 1956 and aggregating during the year to Rs.500000/- or more. [6] Provision of Section 58A of the Companies Act, 1956 read with the Companies (Acceptance of deposits) Rules, 1975 have not been complied by the Company. [7] In our opinion the internal audit system of the company is commensurate with its size and nature of its business. [8] As per the information given to us, the Central Government has not prescribed the maintenance of cost records under section 209 (i)(d) of the Companies Act, 1956. [9] According to the information and explanation give to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, custom duty and excise duty were outstanding at 31st March, 2011 for a period of more than six months form the date the same become payable. [10] The Company has no activities Expenses which are compulsorily incurred, entered in profit and loss Account. The same were not paid due to lack of funds. So all expenses are payable as sundry creditors for expenses. [11] Based on our audit procedures and according to the information and explanation given to us. We are of the opinion that the Company has not defaulted in repayment of dues to financial institutions and banks. [12] In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares, debentures and other securities. [13] In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund society. Therefore clause 4(xii) of the Companies (Auditors Report) order 2003 is not applicable to the company. [14] The Company has no transactions and contracts in respect of trading in securities, debentures and other investments. [15] The Company has not given any guarantee for loans taken by others from banks or financial institutions. [16] The Company has not raised any new term loans during the year. [17] According to the information and explanations given to us, no short term funds utilized for the long term borrowing during the year under audit. [18] During the year, the company has not made any preferential allotment of Shares. [19] The Company has no debentures, issue and hence creation of securities is not applicable. [20] The Company has not raised any money by public issue during the year and hence clause (xx) of the Companies (Auditor's Report) Order 2003 is not applicable to the Company. [21] In our opinion and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year. For, ADIL AIBADA & ASSOCIATES, Chartered Accountants Sd/- PROPRIETOR MEMBERSHIP NO. 045310 Place: Surat. Date : 06th JULY, 2011