| We have audited the accompanying Financial Statements of Samtel Color
Limited("the Company") which comprises the Balance Sheet as at 31st
March, 2015, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors 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, financial performance and cash flows 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 maintenance of adequate
accounting records in accordance with the provisions of the Act for
safeguarding of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgements and estimates that
are reasonable and prudent; and design, implementation, and maintenance
of adequate internal financial controls 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
misstatements, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. 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 materia! misstatement.
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 the material misstatement of the financial statements,
whether due to error or fraud. In making those risk assessments, the
auditor considers interna! control relevant to the Company's
preparation of the financial statements that give a true and fair view
in order to design audit procedures that are appropriate in the
circumstancesjmt not for the purpose of expressing an
opinion on whether the Company has in place an adequate internal
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and reasonableness of the
accounting estimates made by the Company's Directors as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our qualified audit opinion on
standalone financial statements.
Basis for Qualified Opinion
Auditor's Responsibility
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.
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 the material misstatement of the financial statements,
whether due to error or fraud. In making those risk 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 effectiveness of
the entity's internal controls. An audit also includes evaluating the
appropriateness of accounting policies used and reasonableness of the
accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our qualified audit opinion.
Basis for Qualified Opinion
(A) The financial statements have been prepared by the Company on the
going concern basis as fully elaborated in Note 37 of the financial
statements even though the Board of Industrial and Financial
Reconstruction under section 3(1) of the Sick Industrial
Companies(Speciai Provisions) Act 1985 has declared the Company as a
sick industrial company via order dated 3rd December, 2014 against case
no. 58/2012.
(B) We had reported in our audit report for the year ended 31st March
2012 as under:-
(i) The entire net worth of the Company has eroded completely; (ii) the
Company has initiated the bidding process for the disposal of
production lines 1 and 4(non -core assets) out of 4 production lines at
plant situated at Gautam Budh Nagar(Uttar Pradesh) after obtaining
approval of CDR lenders and consequently impaired those production
lines by Rs. 3,866.91 Lacs and related stores 8i spares by Rs. 512.28
Lacs; (iii) the manufacturing operations at other production lines at
plants situated at Ghaziabad (Uttar Pradesh) & Parwanoo (Himachal
Pradesh) could not be resumed in the financial year due to
non-participation of labour in production process reasoning to their
over-dues; (iv) the Company has defaulted in repayment of loans as per
CDR scheme and borrowings of other lenders, as elaborated in note no.
38 of the financial statements; (v)there is diminution in the value of
long term investments; (vi) reconciliation and confirmations of
balances of certain major creditors and acceptances are pending; (vii)
non- redemption of 969,163, 0% redeemable preference shares of RslOO
each amounting to Rs. 969.16 lacs already due for redemption; and
(viii) non payment of preference dividend for the period from 31st
March 2008 to 31st March 2012 aggregating^ Rs. 773.61 Lacs on
21,10,116 8% Non Convertible Cumulative Redeemable Preference Shares.
(C) We further reported in our audit report for the year ended on 31st
March, 2013 as under:-
(i) In view of the continued failure of the Company to disburse the
legitimate dues of the workmen, Hon'ble High Court of Himachal Pradesh
(Shimla) has settled the dispute by passing an order for the closure of
Deflection Yoke unit at Parwanoo (H.P) and thereby, pay off the
corresponding outstanding dues by selling the industrial
undertaking/Company assets etc., (ii) the operations have been
suspended in all locations by the mid of November 12, S have not been
resumed till date and consequently, management has impaired the
production lines 3 & 5, located at Gautam Buddh Nagar (UP) & Deflection
Yoke unit located at Parwanoo (HP) by Rs.27,977.06 lacs and related
stores & spares by Rs. 410.35 lacs etc.; (Hi) the impairment of assets
of production line 2, located at GautamBuddh Nagar (U.P.), and gun
division at Meerut has not been considered by the management on the
rationale of its revival plan of running the operations by
restructuring them even though in our opinion considering the liquidity
crunch, the probability of running these lines seems remote; (iv) the
balances outstanding as on 31st March, 2013 of receivables & inventory
are subject to confirmation & physical verification respectively due to
temporary suspension of operations & non access to inventories, (v) raw
material & finished goods inventory amounting to Rs. 311.90 lacs and
Rs. 55 lacs respectively have been seized by the excise authorities due
to non-payment of excise dues; (vi) there is nonsubmission of various
statutory returns acknowledged by the respective authorities, non
provision/deposition of various overdue statutory liabilities iike
PF/Service Tax/TDS/Excise/Vat & CST/WCT/TCS/ESi/Gratuity/Bonus/
Preference dividend & related over dues (interest and penalty), non
deduction of TDS on provisional expenses; and as explained by
management exact amount of which could not be ascertained in present
scenario; (viii)there is increase in diminution of investments in
current year of Rs.841.48 lac;, (ix) Assets lying with the Provident
Fund trust have been transferred to Regional Provident Fund
Commissioner and those related to Gratuity Trust have been settled by
adjustment of employees dues. However, as per the management, related
liability has been accounted for completely and there will be no
demand over and above the same; (x) Company has accounted for its
gratuity and leave encashment liability on actual basis rather than on
actuarial valuation method which has been prescribed in Accounting
Standard AS-15, "Employee Benefits".
(D )We further report that during the year ended 31st March, 2014 the
facts and situation mentioned above continues:-
Further the Company has not complied with the provisions of clause 35
of listing agreement (submission of shareholding pattern) and
requirements of SEBI circular no. D & CC/ FITTC/CIR-16/2002 dated
31.12.2002 regarding Reconciliation of Share Capital Audit Report, for
the quarter ended 31st December 2013. This default was made good on 23
June, 2014.However due to delay NSE has imposed a penalty of Rs. 9.32
lacs vide notice no. FINES/2013-14/230721-T dated 17 February, 2014
which is still unpaid.
(E) We further reports that during the year ended 31st March, 2015 the
facts and situation mentioned above continues
Further (i) the Company has not appointed any Chief financial officer as
per the requirement of section 203 of the Companies Act 2013, in respect
of the key managerial personnel; (ii) the balances outstanding in banks
(except one operative bank) are subject to confirmation; (Hi) during the
financial year 2013-14, the Company had provided further diminution in
long term investment in Samtel Glass Limited of Rs. 937.87 lacs,
diminution of investment in current year has not been considered by the
management since, as explained to us, the realisation value of land
during disposal of Samtel Glass Limited will be higher after setting off
all liabilities [refer note no. 37(g)]; (iv) the shares against
subscription money received from Promoters Group Company of Rs. 3000
lacs, in terms of CDR Scheme, could not be issued due to non approval
from Stock Exchange. After the lapse of extended period as provided in
MCA N/N the Company may be in default of provision of section 73 to 76
of the Companies Act, 2013 read with Companies (Acceptance of Deposits)
Rules, 2014 and relevant Amendment Rules 2015
These factors raise substantial doubts as to the Company's ability to
continue as going concern and therefore, the Company may not be able to
realise its assets and discharge its liabilities in the normal course
of business. The financial statements do not include any adjustment
relating to the recoverability and classification of recorded assets
amounts.
Based on the above facts we are of the opinion that going concern
assumption has been affected and the financials should have been stated
at net realisable value.
0pinton
In our opinion and to the best of our information and according to the
explanations given to us, except for the effects of the matter
described in the Basis for Qualified Opinion paragraph regarding
erosion of net-worth coupled with other events and inability in
realization of assets and discharge of liabilities based on going
concern assumptions and clauses (1), (2), (5), (6), (7), (8) and (9) of
annexure to Auditor's Report referred in paragraph 1 of "Report on
Other Legal and Regulatory Requirements" below being non provision of
physical verification due to restricted access of fixed assets and
inventories, unpaid public deposit, maintenance of cost records, unpaid
statutory dues, cash loss in the current financial year and default in
the payment of dues to financial institutions and banks, the financial
statement give the information required by the Act in the manner so
required and gives a true and fair view in conformity with the
accounting principles generally accepted in India of the state of
affairs of the Company as on 31st March, 2015, and its loss and its
cash flow for the year ended on that date.
Other Matter
Without qualifying, we draw attention to note no. 48 of the financial
statement stating the reason for variation in useful life of fixed
assets from those as specified in schedule II of the Companies Act,
2013
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ('the
Order') issued by the Central Government of india in terms of section
143 of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 3 and 4 of the Order;
2. 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
purpose 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 our examination of those
books;
c. The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. 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.
e. On the basis of written representations received from the directors
as on 31 March 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f. 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:
i) The Company has disclosed the impact of pending litigation on its
financial position in its financial statements- Refer Note 27to the
financial statements;
ii) As there is notany material foreseeable losses, on long term
contracts, therefore the Company has not made any provision, required
under the applicable law or accounting standards;
iii) As informed to us, there is no outstanding balance to be
transferred to the Investor Education and Protection Fund, hence this
clause is not applicable.
ANNEXURE TO THE AUDIT REPORT TO THE SAMTEL COLOR LIMITED
Referred to in paragraph 1 of report on other legal and regulatory
requirement's paragraph of our report on the financial statement of
even date,
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) During the year, due to suspension of the operations and non-access
of the fixed assets at all plant locations, the physical status of the
assets as at the reporting date and till the date of signing of this
report could not be confirmed by the management. Consequently, we are
unable to comment on the accounting of any material discrepancy noticed
on physical verification, if any.
(ii) (a)The inventory could not be physically verified by the
management during the year, as the factories at all locations were
closed due to temporary suspension and access to inventories were not
available. Thus the inventories have been taken on the basis of
management certification.
(b) We are unable to comment on the procedures of physical
verification of inventory followed by the management for the reason
2(a) above.
(c) Due to the reasons mentioned in 2(a) above, we are unable to
comment on the inventory records and discrepancies thereto.
(iii) (a) The Company has not given any loan, secured or unsecured to
Companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013.
(b) Since there are no such loans during the current financial year,
comments on repayment of the principal amount and overdue amount at the
yea rend are not required. However overdue interest of Rs. 77 lacs on
loan given in earlier years is recovered in current year.
(iv) in our opinion and according to the information and explanations
given to us, having regard to the explanation that certain items
purchased are of special nature for which suitable alternative sources
does not exist for obtaining comparative quotations, there are an
adequate internal control systems 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. Further, on the
basis of our examination of the books and records of the Company carried
out in accordance with the generally accepted auditing practices in
India and according to the information and explanations given to us, we
have neither come across nor have been informed of any instance of a
continuing failure to correct major weaknesses in the aforesaid internal
control system.
(v) The Company has fail to repaid or issue the shares against the
subscription money received of Rs. 3,000 lacs and hence the provisions
of provisions of section 73 to 76 of Companies Act 2013 and Companies
(Acceptance of Deposit) Rules 2014, read with Amendment rules 2015 has
not been complied with.
(vi) Pursuant to the rules made by the Central Government of India, the
maintenance of cost records has been prescribed under clause (d) of
sub-section (1) of Section 209 of the Act, we are of the opinion that
the prescribed accounts and records have not been maintained. Therefore
we are unable to comment on the accuracy and completeness of these
records.
(vii) (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
had been irregular in depositing undisputed statutory dues in respect
of provident fund, employees' state insurance, income tax, sales tax,
wealth tax, service tax, customs duty, excise duty, value added tax,
cess and other material statutory dues as applicable with the
appropriate authorities. Further, there were no undisputed amounts
outstanding at the year-end for a period of more than six months from
the date they became payable except Rs. 258.74 lacs of Provident Fund,
Rs. 95.13 lacs of ESI, Rs. 141.16 lacs of VAT and CST, Rs. 122.37 lacs
of TDS, Rs. 0.40 lacs of TCS, Rs. 259.93 lacs of Excise, Rs. 0.50 lacs
of WCT and Rs. 481.07 lacs as interest on unpaid / delayed payment of
various statutory dues.
(b) According to the information and explanations given to us and the
records of the Company examined by us, the particulars of dues of
income tax, sales tax, custom duty, wealth tax, excise duty, service
tax, value added tax and cess, which have not been deposited on account
of any dispute, are as follows: -
Rs. In Lacs
Name of Nature of Related Forum where the Amount
the Statute Dues Period dispute is
pending
Central Trade Tax F. Y, 1995-96 Hon'bleSupreme 431.60
Sales Tax to 1998-99 Court
Act, 1956 Trade Tax F. Y. 1995-96 Tribunal, Ghaziabad 1.95
Trade Tax F. Y. 1996-97 Tribunal, Noida 2.10
Trade Tax F. Y. 1996-97 Tribunal, Noida 1.30
Trade Tax F. Y. 1996-97 Hon'ble High Court, 6.00
Allahabad
Trade Tax F. Y. 1997-98 Hon'ble High Court, 201.56
Allahabad
Trade Tax F.Y 1997-98 Hon'ble High Court 120.27
and 1998-
1999
Trade Tax F. Y. 1999-00 Hon'ble High Court, 47.28
Allahabad
Entry Tax F. Y. 2000-01 Hon'ble High Court, 55.92
Allahabad
Entry Tax F. Y. 2002-03 Hon'ble High Court, 21.59
Allahabad
Entry Tax F. Y. 2003-04 Hon'ble High Court, 0.82
Allahabad
Trade Tax F.Y. 2004-05 Hon'ble Tribunal, 1.50
Ghaziabad
Entry Tax F. Y.2008-09 Addl. Commissioner 1.75
Appeals
Sales tax F. Y. 2008-09 Commercial Tax 10.45
officer, Kota
Sales Tax F.Y. 2009-10 Commercial Tax 58.75
officer,Kota
Sales Tax F.Y. 2010-11 Commercial Tax 1810.4
officer,Kota
Sales Tax F.Y. 2009-10 Commercial Tax 6.93
Kota officer,
Central Customs F.Y. 2003-04 Commissioner 7.4
Customs Duty Customs
Act, 1962 Customs F.Y. 2005-06 Customs, Excise & 758.80
Duty to F.Y. 2007- Service Tax
Appellate
08 Tribunal
U.P. VAT Sales Tax F.Y. 2007-08 Hon'ble High 343.33
Act Court, Allahabad
Sales Tax F. Y, 2009-10 Joint commissioner 383.14
of Commercial
Taxes, Noida
Central Excise Duty F. Y. 1994-99 Hon'ble Supreme 109.00
Court
Excise Act, Excise Duty F. Y. 1996-97 Customs, Excise & 1.99
1944 Service Tax
Appellate
Tribunal
Excise Duty F. Y. 1996-97 Hon'ble High Court, 86.50
Allahabad
Excise Duty F. Y. 1997-98 Hon'ble High Court, 66.38
Allahabad
Excise Duty F.Y. 1998-99 Customs, Excise & 0.73
Service Tax Appellate
Tribunal
Excise Duty F. Y. 2000-01 Hon'ble High Court, 64.25
Allahabad
Excise Duty F. Y. 2001-02 Customs, Excise & 1419.97
Service Tax
Appellate
Tribunal
Excise Duty F. Y. 2002-03 Hon'ble High 3.03
Court,Allahabad
Service Tax , F.Y. 2002-07 Customs, Excise & 9.19
Service Tax
Appellate
Tribunal
Excise Duty F. Y. 2003-04 Hon'ble High 8.64
Court, Allahabad
Excise Duty F.Y 2004-05 Commissioner - 6.40
to 2007-08 Excise
Service Tax F.Y. 2004-08 Commissioner - 400.65
Excise
Excise Duty F. Y. 2004-05 Customs, Excise & 10.00
Service Tax
Appellate
Tribunal
Excise Duty F. Y. 2004-05 Dy. Commissioner 1.68
Excise
Excise Duty F. Y. 2005-06 Customs, Excise & 314.32
Service Tax
Appellate
Tribunal
Excise Duty F. Y. 2005-06 Customs, Excise & 81.04
Tribunal
Excise Duty F.Y 2005-06 CESTAT 7.20
Excise Duty F. Y. 2006-07 Jt. Secretary, 27.6
Ministry of
Finance
Excise Duty F.Y. 2006-07 Commissioner 9.0
of Central
Excise
Excise Duty F.Y. 2008-09 Joint 47.94
Commissioner
of Appeal
Commissioner
Excise Duty F.Y. 2008-09 (Appeal) 6.11
Central Excise
Service Tax F.Y. 2009-10 Commissioner 31.26
- Excise
R VAT Sales tax F. Y. 2008-09 Commercial Tax 4.95
Act, 2003 Officer, Kota
Deputy
Commissioner
M VAT Sales Tax F.Y. 2009-10 of Sales Tax 339.02
Act, 2002 -Aurangabad
Income Tax Income Tax A.Y. 2005-06 Commissioner 245.03
Act, 1961 of Income
Tax (Appeal)
Income Tax F.Y. 2006-07 Commissioner of 0.49
(TPS) Income Tax
(Appeal)
Income Tax A.Y. 2008-09 Commissioner of 46.23
Tax (Appeal) Income
Income Tax F.Y. 2008-09 Rectification 134.01
(TPS) application
for amendment of
Income Tax F.Y. 2009-10 assessment order 12.69
(TDS) is being
filed before
the Assessing
Officer.
Income Tax F.Y. 2009-10 Commissioner of 6.68
(TDS) Income Tax
(Appeal)
(c) As informed to us, there has been no outstanding balance to be
transfer to Investor Education and Protection Fund and hence this
clause in not applicable.
(viii) The Company has accumulated losses as at 31st March, 2015 of Rs.
76058.42 lacs. The accumulated losses at the end of the financial year
are not less thanfifty percent of its net- worth. The net-worth of the
Company has eroded completely at the end of the financial year. The
Company has incurred cash losses during the current financial year and
immediately preceding financial year.
^According to the records of the Company examined by us and the
information and explanations given to us, in our opinion, the Company
has defaulted in repayment of its dues to banks/financial institution
as per details given below:-
Nature Of Amount Due Date Payment Amount Delay Days as on
Dues (Rs. m Lacs) Date paid 31st Mar, 30th
(Rs.in 2015 May,
lacs) 2015
93.48 31-Mar-ll 1462 1523
2726.58 30-Jun-ll 1371 1432
2234 15-Aug-ll 1325 1386
2427.28 30-5ep-ll 1279 1340
31-55 31-Oct-ll 1248 1309
17.5 15-Nov-ll 1233 1294
766'39 31-Dec-ll 1187 1248
173 15-Feb-12 1141 1202
860.81 31-Mar-12 1096 1157
17.5 15-May-12 1051 1112
829.26 30-Jun-12 1005 1066
17.5 15-Aug-12 959 1020
829.26 30-Sep-12 913 974
Principal Not
Yet Not
Paid Applicable
17.5 15-Nov-12 867 928
829.27 31-Dec-12 821 882
17.5 15-Feb-13 775 836
829.27 31-Mar-13 731 792
17.5 31-May-13 670 731
552.42 30-Jun-13 640 701
17.5 31-Aug-13 578 639
552.42 30-Sep-13 548 609
17.5 30-Nov-13 487 543
552.42 31-Dec-13 456 517
17.5 28-Feb-14 397 453
554.07 31-Mar-14 366 427
1921,21 31-Mar-15 1 62
15-Apr-ll 15
15-Apr-ll 15
15-Apr-ll 15
1.32 31-Mar-ll
04-May-11 5
04-Jun-ll 6
04-Jul-ll 7
. 0.56 31-May-ll 1401 1462
Interest 1.17 30-Jun-ll 1371 1432
107.21 31-Jul-ll 1340 1401
107-21 31-Aug-ll 1309 1370
134.18 30-Sep-ll Not Not 1279 1340
Yet Appl-
Paid icable
144.18 31-Oct-ll 1248 1309
144.18 30-Nov-ll 1218 1279
144.18 31-Dec-ll 1187 1248
154,21 31-Jan-12 1156 1217
154.21 28-Feb-12 1128 1189
154.21 31-Mar-12 1096 1157
203.61 30-Apr-12 1066 1127
203.61 31-May-12 1035 1096
203-61 30-Jun-12 1005 1066
203.61 31-Jul-12 974 1035
203.61 31-Aug-12 943 1004
203.61 30-Sep-12 913 974
203.61 31-Oct-12 882 943
203.61 30-NOV-12 852 gig
203.61 31-Dec-12 821 882
203.61 31-Jan-13 790 851
203.61 28-Feb-13 762 823
232.22 31-Mar-13 731 792
614.71 30-Jun-13 640 701
629.28 30-Sep-13 548 609
9-09 31-Dec-13 456 517
7.65 31-Mar-14 366 427
39.6 31-Mar-15 1 62
Penal 700.61 upto 31st More than
March 1460 days
Interest 2014 not
on Apil to yet not
Default 17.01 March paid Applicable 0-365
of 2015
Principal
(x) As per the information and explanations given to us and on the
basis of our examination of the records, the Company has not given any
guarantee for loans taken by others from banks or financial
institutions.
(xi}As per the information and explanations given to us and on the
basis of our examination of the records, in our opinion, the term loans
taken by the Company have been applied for the purpose f for which they
were obtained.
(xii) During the course of our examination of the books and records of
the Company carried out in accordance with the generally accepted
auditing practices in India, we have neither come across any instance
of fraud on or by the Company noticed or reported during the year, nor
have we been informed of such case by the management.
For S. S. KOTHARI MEHTA & CO.
Chartered Accountants
Firm Registrationon 000756N
K. K. Tulshan
Partner
Date: 30.05.2015 Membership No.: 85033 | 