| We have audited the accompanying standalone Financial Statements of EL
Forge Limited ('the Company') which comprise the Balance Sheet as at
31st March, 2015, the Statement of Profit and Loss and the Cash Flow
Statement for the year ended 31st March, 2015 and a summary of
significant accounting policies and other explanatory information.
02. Management's Responsibility for the Financial Statements
The Board of Directors of the Company is responsible for the matters
stated in Section 134(5) of the Companies Act, 2013 ("the Act") with
respect to the preparation of these financial statements that give a
true and fair view of the financial position and financial performance
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 the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the 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 internal financial control, 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.
03. Auditor's Responsibility
(01) Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the standards on auditing issued by the Institute of Chartered
Accountants of India. 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.
(02) An audit involves performing procedures to obtain audit evidence
about the amounts and 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
assessments, the auditor considers internal control relevant to the
Company's preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances but not for the purpose of expressing an opinion on the
effectiveness of the company's internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by Management, as well
as evaluating the overall presentation of the financial statements.
(03) We believe that the audit evidence, we have obtained, is
sufficient and appropriate to provide a basis for our audit opinion.
04. Emphasis Matters
Without qualifying our opinion, we draw the attention to the following
(01) Item No.12 (Relating to Non-Disclosure of details under Employees
Benefit) AS-15 (reversed) in Note 28 on Financial Statements,
Non-Payment of contribution to Employees Gratuity Plan agreed upon with
Life Insurance Corporation of India, amounting to Rs. 207.29 Lakh (as
at 31-03-2015), amount determined based on the information available
with the Company. Further no Actuarial Valuation report has been
obtained by the company. Accordingly, the disclosure under AS-15,
namely, Employees' Benefit has not been made and no amount has been
charged to Statement of Profit & Loss on account of actuarial gain or
loss.
(02) Item No 13 (Relating to Penalty and Interest) in Note 28 on
Financial Statements, Interest & penalty leviable, if any, for non
remittance of statutory dues, on account of delay / short remittance of
statutory dues is not ascertainable at present.
(03) The deferred revenue expenses and deferred interest amounting to
Rs.332.75 lakh and Rs.1202.28 lakh respectively, has not been charged
to Statement of Profit and Loss but shown as assets, under the grouping
Non-Current Assets, please refer Item No.06 in Note No. 28 on Financial
Statements.
(04) The company has obtained bank loans, both long terms and short
term, from various banks, under consortium. On the basis of our
examination and according to the information and explanation given to
us, we are of the opinion that during the year the company has
defaulted in repayment of dues to the banks. A few banks (Assignor)
have assigned their loan amounts (Along with their rights, claims,
benefits, etc.) to two Asset Reconstruction Companies (ARC'S), invoking
the option under Securitization and Reconstruction of Financial Assets
and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Based on
the information available with the company, the amount due to the
Assignor has been transferred to and is shown in the respective name of
the ARC'S, under the grouping Secured Loans, Long Term Borrowings, or
the case maybe, Short Term Borrowings. Accordingly, the company has not
shown the amount defaulted to Assignor, just before assignment, under
the Note No.04 (01), on Financial Statements, regarding default of the
Loan and other related details. However, the amount due to the
remaining banks continues to be shown and the amount defaulted is Rs.
809.30 Lakh and Rs 616.34 Lakh, towards principal and interest
respectively, as at 31.03.2015.
(05) A few creditors have filed cases against the company, before the
Honourable Madras High Court, under section 433 of the Companies Act,
1956, for winding up of the company. The company has taken up the
matter; and it has been explained that company has been contesting the
case and/ or following directions given by the Honourable Madras High
Court.
(06) Item No.07 of Note No.28 on the Financial Statements, relating to
diminution in the value of Investments made by the company.
(07) The company has paid all the fixed deposits which have matured and
claimed; but the company has not paid the Fixed Deposits matured but
not claimed. The amount of such deposits works out to Rs 104.26 Lakh,
as at 31-03-2015; since the amount is due for payment, the same has
been included and/ or shown under the under the grouping Current
Liabilities.
(08) Shakespeare Forgings Ltd (SFL), a company incorporated in United
Kingdom (UK) was a wholly owned subsidiary (WOS) of the Company. During
the Financial Year under report, the UK based wholly owned subsidiary
(WOS) of the company has ceased to be 100% foreign subsidiary February
2015) and has become as Associate Company (in UK) concern within the
meaning of the Companies Act 2013. The books of account of the
aforesaid associates company, relating to the financial year 2014-15,
are yet to be audited, by the UK based Chartered Accountants.
Accordingly, any adjustment relating to carrying amount as at
31-03-2015 of the investment, made by the Company in SFL, will be
determined and accounted based on the audited financial statements. We
also invite your attention to Item No.18 in Note No.28 on Financial
Statements
(09) As said at the beginning of the paragraph, we have not qualified
or modified our opinion on the aforesaid matters, including their
impacts, on the Financial Statements.
05. Basis for Qualification of Opinion:
(01) Going Concern:
(a) The Company's operating results has been materially affected due to
various factors during earlier years and also during the financial year
ended 31st March, 2015, under report, and the Company has huge
accumulated losses as on the aforesaid date, which has eroded the
entire net worth of the company. Accordingly, the appropriateness of
the going concern assumption is dependent on the Company's ability to
establish consistent profitable operations as well as raising,
obtaining or infusing adequate/ required fund to meet its short term
and long term obligations
(b) At the end of the Financial Year 2014-15, net worth of the company
has been totally eroded and become negative of an amount of minus
Rs.5009.92 Lakh [ (01) after excluding amount of (a) Rs.1219.03 Lakh
shown under capital Reserve (other than share premium) in the Notes 02,
Reserves and Surplus, on Financial Statements; (in other words, this
capital reserve has not been considered as part of reserve, Since it
has been created on account of revaluation of fixed Assets/ conversion
of fixed assets into stock in-trade); (b) Rs.1535.56 Lakh, relating to
Deferred Interest and Deferred Revenue Expenses (Since in our opinion,
these items are not an asset that can be realized, in the ordinary
course of business, but only can be written off or charged as an
expense), Note 12, Other Non-Current Assets, on Financial Statements;
and (02) further accumulated loss of the Company amounting to Rs.
8981.89 Lakh (which includes Current year loss) as on the Balance Sheet
date; in other words, the accumulated loss has also been considered to
determine the net worth (This loss, i.e., deficit, has already been set
off with available Surplus and shown as a overall negative figure in
the Financial Statement) ].
(c) Further, the Company's Current Liabilities (as at 31st March, 2015)
have also exceeded its Current Assets by an amount of Rs. 5723.54 Lakh.
These factors also raise doubts about the ability of the Company to
continue as a going concern.
(d) In case the going concern concept is vitiated, necessary
adjustments will be required on the carrying amount of Assets and
Liabilities (as at 31st March, 2015) which are not ascertainable, at
this stage.
(02) Change in the Method of accounting
With effect from the Financial Year 2013-14 (Comprising a period of 9
months), the company has changed the method of accounting of Interest
on Bank Borrowings (both short term and long term borrowings) from
mercantile method to cash method. Accordingly, an amount (as determined
by the management, based on the information available with them, and
relied upon by the auditors) of Rs.1590.99 Lakh, relating to 12 months,
comprising the period from April, 2014 to March, 2015 (i.e., Current
Financial Year under report) has not been provided in the books of
account and the same has not been charged as an expense in the
Statement of Profit and Loss Account for the year under report. Had the
aforesaid interest been provided, as per the earlier method of
accounting, consistently followed by the company, the operating loss,
for the year under report, would have been more by an amount of
Rs.1590.99 Lakh and the Net worth, as at March 2015, of the company
would have been less by an amount (or in other words, the minus figure
of the net worth would be more by the amount of Rs.2641.82 Lakh
(including the non-provided amount of Rs.1050.83 Lakh relating to
earlier financial year 2013-14). In our opinion, the method of
accounting the aforesaid Bank Interest, is not in accordance with the
provisions of Sections 128, 129 and 134 of the Companies Act, 2013 read
with Companies (Accounts) Rules 2014.
06. Qualified Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements, except for the
possible effects of the matter described in the Basis for Qualified
Opinion paragraph, give the information required by the Act 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 31st March, 2015, the Loss for the year
ended on that date and the cash flows for the year ended on that date.
07. Reason for Qualification
As required by Section 143(4) of the Companies Act, 2013, we give
following reasons for the qualification (i.e., modified opinion) made
by us on the aforesaid financial Statements.
(01) Regarding Going Concern
(a) The company has been incurring loss for the last 7 consecutive
(immediately preceding) financial years, and has huge accumulated loss.
The net worth of the company has become negative. The company is not in
a position to meet its financial obligations.
(b) Accordingly, we are of the view that preparing the financial
statements on going concern basis may not be relevant. Hence, we have
qualified the same. However, we are not in a position to quantify the
same, since the impact of the above could not be ascertainable as on
the date.
(02) Regarding change in the accounting method:
(c) Section 128(1) of the Companies Act, 2013 requires that books of
account of a company should be kept on accrual basis and according to
the double entry system of accounting. Section 134(2)(c) and Section
134(5) of the Companies Act, 2013 cast a responsibility on the Board to
include, in the Directors' Report, among other matter, "Directors'
Responsibility Statement", in relating to the Financial Statements.
Accordingly, selection of the method of accounting (including changing
one method to another method) and following such methods, adopting
proper accounting policies and procedures are the primary
responsibility of the management of the company. Considering the
statutory obligation rest with the Management of the Company, the
reason advanced by the management in the above regard has been
considered by us and included in the following paragraphs, regarding
the change in the method of accounting.
(d) In continuation of the above, for the two financial years [Namely
current financial year 2014-15 (a period of 12 months comprising of the
months from 01-04-2014 to 31-03-2015) & 2013-14 (a period of 9 months
comprising of the months from 01-07-2013 to 31-03-2014), the company
has not paid any amount towards Bank Interest, since the company has
acute financial constraints, in meeting its short term and long term
obligations; accordingly the company has not charged any interest
(Expenses) on the bank borrowings (both Long Term and Short Term)
obtained by the company from the banks. Considering the overall level
of the financial position of the Company, during the financial year
2013- 14, and as a prudent measure, the company decided to change
method of accounting of expenses (Interest on bank borrowings) from
Mercantile Method (Accrual Basis) to Cash Method (Cash Basis), with
effect from the Financial Year 2013-14 and continued the same for the
current financial year 2014- 15 also.
(e) In our opinion, the above practice is not in accordance with the
provisions of the Companies Act 2013. Hence, we have qualified the
same together with the amount involved thereof.
08. Report on other Legal and Regulatory Requirements
(01) As required by the Companies (Auditor's Report) Order, 2015,
issued by the Central Government of India in terms of sub-section (11)
of section 143 of the Companies Act, 2013, and the basis of the such
verification of books and records of the company, as we considered
appropriate and according to information and explanations given to us,
we enclose in the Annexure a statement on the matters specified in
paragraphs 4 and 5 of the said Order, to the extent applicable, to the
company for the year under report.
(02) 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 appears from my examination of those
books
(c) The report on the accounts of the branch offices, as required by
clause (c) of sub-section (8) of section 143 of the Act, is not
applicable for the year under report, since Company has not appointed
any branch auditor, to audit the branch accounts, and accordingly
dealing with the report of Branch Auditors, in preparing our report
does not arise;
(d) The Balance Sheet and the Statement of Profit and Loss dealt with
by this Report are in agreement with the books of account.
(e) Subject to the our observations, in the aforesaid paragraph,
relating to basis for qualified opinion, in our opinion, the aforesaid
Financial Statements comply with the Accounting Standards specified
under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014.
(f) On the basis of written representations received from the directors
as on 31-03-2015, taken on record by the Board of Directors, none of
the directors is disqualified as on 31-03-2015, from being appointed as
a director in terms of Section 164(2) of the Act.
(g) 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,
(A) The company has disclosed the impact of all the pending litigations
on its financial position in its financial statement; please refer Item
No.04 and 15 of Note No.28 on Financial Statements
(B) The company does not have any long term contracts including
derivative contracts, which will have foreseeable material loss;
(C) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
company, except in the case of the Financial Year 2007- 08, amounting
to Rs.3.74 Lakh; please refer Item No 16 of Note No.28 on Financial
Statements, relating to Investor Education and Protection Fund
Annexure to the Independent Auditor's Report on the Financial
Statements (Standard alone) Addressed to the Members of El Forge
Limited, CIN: L34103TN1934PLC000669)
[Referred in Paragraph 08(01) of the aforesaid Auditors' Report]
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 Companies Act, 2013 and on the
basis of such checks as we considered appropriate, we further state, on
the matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable, that:
01. Clause 3(i) of the Order, relating to Fixed Assets
(01) The company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets;
(02) The Management has the policy of physical verification of fixed
assets once in every two years, which is, in my opinion, reasonable
intervals, considering the nature of fixed assets and size of the
company. Accordingly, the Management has carried out physical
verification of these fixed assets at the year end;
(03) No material discrepancies were noticed by the Management on such
physical verification; and
(04) Considering the observations made in the aforesaid sub-paragraph,
the remaining part of the Clause of the Order, relating to "Whether the
same (i.e., material discrepancies) have been properly dealt with in
the books of account" is not applicable to the Company for the year
under report; and accordingly, we have not made any observation
thereon.
02. Clause 3(ii) of the Order, relating to Inventory
(01) The Management has the policy of physical verification of
Inventories once in every year, which is, in our opinion, a reasonable
interval, considering the nature of inventories, volume of the
inventories, nature of business and size of the Company. Accordingly,
the Management has carried out physical verification of these
inventories at the year end;
(02) In our opinion, the procedures of physical verification of
inventory followed by the Management are reasonable and adequate in
relation to the size of the company and the nature of its business;
(03) The remaining part of the Clause of the Order, relating to
"Reporting of inadequacies in procedures of physical verification of
inventory" is not applicable for the year under report; and
accordingly, we have not made any observation thereon.
(05) The company is maintaining proper records of Inventories;
(06) No material discrepancies were noticed by the Management on such
physical verification; and
(07) Considering the observations made in the aforesaid sub-paragraph,
the remaining part of the Clause of the Order, relating to "Whether the
same (i.e., material discrepancies) have been properly dealt with in
the books of account" is not applicable to the Company for the year
under report and accordingly, we have not made any observation thereon.
03. Clause 3(iii) of the Order, relating to Loans Granted
(01) The Company has not granted, during the year under report, any
loan, secured or unsecured, to companies, firms or other parties
covered in the register maintained under Section 189 of the Companies
Act, 2013.
(02) Considering the observations made in the aforesaid sub-paragraph,
the remaining part of the Clause of the Order, given below, is not
applicable to the Company for the year under report.
(a) Whether receipt of the principal amount and interest are also
regular; and
(b) If overdue amount is more than Rupees One Lakh, whether reasonable
steps have been taken by the Company for recovery of the principal and
interest
(03) Accordingly, we have not made any observation, relating to the
above.
04. Clause 3(iv) of the Order, relating to internal control system
(01) We are of the opinion that there is an adequate internal control
system commensurate with the size of the Company and the nature of its
business, for the purchase of inventory and fixed assets and for the
sale of goods and services.
(02) The remaining part of the Clause of the Order, relating to
"Whether there is a continuing failure to correct major weaknesses in
internal control system" is not applicable to the company for the year
under report; and accordingly, we have not made any observation in this
regard.
05. Clause 3(v) of the Order, relating to Deposits
In our opinion and according to the information and explanations given
to us, the Company has accepted deposit from the public to which the
directives issued by the Reserve bank of India, provisions of sections
58A and 58AA of the Companies Act, 1956 and the Companies [Acceptance
of Deposits] Rules, 1975 are applicable. The company has filed details
of deposits, in the prescribed form, with Registrar of Companies, Tamil
Nadu, at Chennai, as required by the companies Act, 2013, relating to
the aforesaid deposits. The company has paid all the fixed deposits
which have been matured and claimed; but the company has not paid the
Fixed Deposits matured but not claimed. The amount of such deposits
works out to Rs 104.26 Lakh, as at 31-03-2015; since the amount is due
for payment the same has been included and/ or shown under the under
the grouping Current Liabilities in the Balance Sheet. The company has
not made any amount as are required to be kept as liquid assets in
respect of public deposit, since they are due now and not going to
mature in the ensuing financial year. Further, according to the
information and explanations given to us, no order has been passed by
the Company Law Board or National Company Law Tribunal or Reserve Bank
of India or any Court or any other Tribunal, on the Company in respect
of deposits accepted.
01) As required by Paragraph 4 of the order, we give reason for our
unfavorable or qualified remarks (Answers):
02) The company has not repaid the amount of deposits outstanding and
falls due. Hence, we have qualified the same together with the amount
remaining unpaid.
06. Clause 3(vi) of the Order, relating to Cost Records
The company has maintained pursuant to the rules made by the Central
Government for the maintenance of cost records under section 148(1) of
the Companies Act, 2013. We have broadly reviewed the aforesaid cost
records, maintained by the Company and are of the opinion that prima
facie, the prescribed accounts and records have been made and
maintained. We have not, however, made a detailed examination of the
same.
07. Clause 3(vii) of the Order, relating to Statutory Dues
(01) Unpaid undisputed amount:
(a) As per the records examined by us, the company is not regular in
depositing undisputed statutory dues including Provident Fund,
Employees' State Insurance, Income-tax etc., with the appropriate
authorities. As per the records examined by us, an amount of Rs 311.76
Lakh has been outstanding towards statutory dues, as at the last day of
the financial year under report, for a Period of more than six months
from the date they became payable.
(b) As required by Paragraph 4 of the order, we give reason for our
unfavourable or qualified remarks (Answers):
Since the company has not paid the undisputed statutory dues, even
though they are due, we have qualified the same together with the
amount, as per the aforesaid clause of the Order.
(02) As at the end of the financial period under report, no undisputed
amount of income tax / sales tax / Wealth tax / Service Tax / Custom
duty / Excise duty / Cess has been outstanding except those, given
below:
Sl. Nature of the
Statue Nature of the dues Amount
No (Rs. In Lacs)
1 ESI ESI Contribution 2.08
2 Income Tax Income Tax Demand 0.03
3 Income Tax Income Tax Demand 75.60
4 The Service Tax Service Excise Demand 24.77
5 The Central Excise Excise 1.47
Demand
6 The Central Excise Excise Demand 1.72
7 The Central Excise Excise Demand 5.22
8 The Central Excise Excise / Demand 8.49
Name of the Status Year to which the Forum where dispute
amounts relates is pending
ESI Year - 2001 Employees Insurance
court, Chennai
Income tax Assessment Year CIT Appeals, Chennai
2004 - 05
Income tax Assessment Year CIT Appeals, Chennai
2007 - 08
The Service Tax 2002 - 03 Commissioner Appeals
of Central Excise &
to Service Tax, Chennai
2010 - 11
The Central Excise 2003 - 04 to Commissioner of Central
Excise Chennai IV
2006 -07
Commissionerate
The Central Excise 2002 to 2005 Customs, Excise and
Service Tax Appellate
Tribunal
The Central Excise 2008 - 09 Additional
Commissioner of Central
to
Excise Div. appeal
2012 - 13 Chennai III
The Central Excise 2007 - 08 Assistance commissioner
of Central Excise
Chennai III
08. Clause 3(viii) of the Order, relating to Accumulated Loss
01. Unfavourable or qualified observations (Answer)
(a) Without considering the consequential effects, if any, of matter
described in the Basis for Qualified Opinion paragraph of our auditors'
report, the Company's accumulated losses at the end of the financial
year are more than fifty percent of its net worth. The Company has
incurred cash losses in the current and immediately preceding financial
year. The company's has accumulated loss amounting to Rs. 8981.89 Lakh
at the end of the financial year under report.
(b) As required by Paragraph 4 of the Order, we give reason for our
unfavourable or qualified remarks (Answers): Since the company has
incurred loss during the year under report and has been incurring loss
during preceding years, the aggregated amount has exceed the share
capital and reserves, resulting in erosion of networth more than 50% .
09. Clause 3(ix) of the Order, relating to Repayment of Loans
(01) Unfavourable or qualified observations (Answer)
(a) Out of consortium of banks, a few banks (Assignor) have assigned
their loan amounts (Along with their rights, claims, benefits, etc.) to
two Assets Restructuring Companies (ARC), invoking the option under
Securitization and Reconstruction of Financial Assets and Enforcement
of Security Interest Act, 2002 (SARFAESI Act). Based on the information
available with the company, the amount due to the Assignor has been
transferred to and shown in the respective name of the ARC.
Accordingly, the amount assigned by the Assignor, no longer appears in
the name of the bank; these amount have been excluded for the purpose
of this clause;
(b) In continuation of the above, based on our audit procedures and
according to the information and explanations given to us, we are of
the opinion that the company has defaulted in repayment of dues to
financial institutions / banks amounting to Rs 809.29 Lakh and Rs.
616.33 Lakh towards principal and interest respectively as at
31.03.2015
(02) As required by Paragraph 4 of the Order, we give reason for our
unfavourable or qualified remarks (Answers): As per the information and
explanations given to us, the company has not entered into any
agreement with ARC, hence it is not possible to classify the amount, in
terms of the requirement of Schedule III to the Companies Act, 2013.
Hence, the aforesaid observation.
10. Clause 3(x) of the Order, relating to Guarantee
01. Unfavourable or qualified observations (Answer)
a. The company has given a guarantee, much earlier to the 12-09-2013,
the date from which Section 185 of the Companies Act, 2013 has come
into force for loans taken by a domestic company from its banker. The
domestic company is not in a position to repay the loan amount to its
Banker. Their Banker issued notice under the provisions of
Securitization and Reconstruction of Financial Assets and Enforcement
of Security Interest Act, 2002 (SARFAESI Act). Considering the
aforesaid fcats, in our opinion, the guarantee given is prejudicial to
the interest of the company.
b. As required by Paragraph 4 of the Order, we give reason for our
unfavourable or qualified remarks (Answers): In the aforesaid
circumstance, as it appears to us, the guarantee could be invoked by
the banker at any time; hence we considered the same as prejudicial to
the interest of the Company.
11. Clause 3(xi) of the Order, relating to application of Term Loan
01. The Company has not taken any Term Loan from banks or financial
institution during the year under report.
02. Regarding the Term Loan taken by the Company from bank, during the
earlier years, the Company has applied such Term Loan for the purpose
for which the loans were obtained.
12. Clause 3(xii) of the Order, relating to Fraud
Based on the examination of the books of account and the information
and explanations/ representation given to us, no fraud on or by the
company has been noticed or reported during the year under report;
accordingly, remaining part of the Clause of the Order relating to "the
nature and the amount involved is to be indicated" is not applicable to
the company for the year under report; and accordingly, we have not
made any observation, relating to the above.
For P. Rajagopalan & Co
Chartered Accountants
Regn No. of the Firm: 003408S
Place: Chennai R.VENKATESH
Date: 13.08.2015 Partner
MNo:028368 |