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Aankit Granites Ltd.
Market Cap. (Rs.) 0.00 Cr. P/BV 0.00 Book Value (Rs.) 7.23
52 Week High/Low (Rs.) 10/2 FV/ML 10/100 P/E(X) 0.00
Bookclosure 19/09/2009 EPS (Rs.) 0.00 Div Yield (%) 0.00
AUDITOR'S REPORT
You can view full text of the latest Auditor's Report for the company.
Year End :2012-03 We have audited the attached Balance Sheet of Aankit Granites Limited as at 31st March 2012, and the Profit and Loss Account and the 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.

1. 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 principle 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.

2. As required by the Companies (Auditor's Report) Order, 2003 ('the Order'), as amended by the Companies (Auditors' Report)(Amendment) order, 2004 (together with "order"), issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 ('the Act'), and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

3. Further to our comments in the Annexure referred to paragraph 2 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 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 our examination of books of account of the Company.

c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account of the Company.

d) 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. to the extent applicable.

e) On the basis of written representations received from the directors as on 31st March, 2012, and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31st March, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

4. In our opinion and to the best of our information and according to the explanations given to us, the said accounts, read with the Note No.II (18) relating to Company not having a Company Secretary as required under Section 383(A) of Companies Act. 1956 and read together with other notes thereon, give the information required by the Companies Act, 1956, in the manner so required and present a true and fair view in conformity with the accounting principles generally accepted in India:

i. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012.

ii. In the case of the Profit and Loss Account, of the Profit for the year ended on that date.

iii. In so far it relates to Cash Flow Statement, of the cash flows of the company for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

Statement referred to in Paragraph 2 of the Auditor's Report of even date to the Members of AANKIT GRANITES LIMITED on the financial statements for the year ended 31st March 2012.

On the basis of the records produced to us for our verification/perusal, such checks as we considered appropriate, and in terms of information and explanations given to us on our enquiries, we state that:

1. In respect of Fixed Assets: a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b) As explained to us, the fixed assets have been physically verified by the Management during the year in a phased manner, which in our opinion is reasonable, having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such physical verification.

c) The company has not disposed any substantial part of fixed assets during the year. Hence going concern status of company is unaffected.

2. In respect of its inventories:

a) As explained to us, inventories have been physically verified by the. management at regular intervals during the year.

b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c) According to the records produced to us for our verification, the discrepancies noticed on physical verification of inventories referred to above, as compared to book records, though not material, have been properly dealt with in the books of accounts.

3(a). In respect of Loans granted:

a) In our opinion the Company has not granted any Loan, secured or unsecured to companies, firms or other parties as disclosed in the Register maintained under Section 301 of the Companies Act, 1956.

b) hence sub clause (b), (c). (d) of clause 3 are not applicable.

3(b). In respect of Loans taken:

a) There is one party in the register maintained under section 301 of the Companies Act, 1956 from which the Company has taken loan. The maximum amount involved during the year was Rs 1,20,83,718/- and the year end balance of loans taken from such parties was Rs. 1,12,57,863/-

b) In our opinion, the rate of Interest and other terms and conditions on which loans have been taken from parties listed in the Register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company.

c) The company is regular in repaying the Principal amounts and interest.

4. 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 regard to purchase of Inventory and Fixed Assets and also for the sale of goods. As per the information given to us no major weaknesses in the internal control have been identified by the management of the Company during the year. During the course of our audit nothing had come to our notice that may suggest a major weakness in the Internal control system of the Company.

5. In respect of transactions covered under Section 301 of the Companies Act, 1956:

a) In our opinion and according to the information and explanations given to us, there are transactions in pursuance of contracts or arrangements, which needed to be entered, have been entered in the register maintained under Section 301 of the companies Act, 1956.

b) In our opinion and according to the information and explanations given to us, there are transactions in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 aggregating during the year to Rs.5,00,000/- (Rupees Five lakhs Only) or more in respect of any party have been made at prices which are reasonable having regard to the prevailing market prices for such goods, materials or services as available with the Company, or the prices at which transactions for similar goods or services as available with the Company, or the prices at which transactions for similar goods or services have been made with other parties.

6. In our Opinion the company has not accepted any deposits from the public as defined under Section 58 & 58A of the Companies Act, 1956 and the rules framed there under.

7. The company does not have internal audit system. However the company has got a system of reviewing the transactions periodically.

8. In our opinion and as per explanation given to us the Central Government has not prescribed maintenance of cost records under Section 209(1) (d) of the Companies Act, 1956 in respect of the manufacturing activities of the company.

9. In respect of statutory dues:

a) According to the records of the company, undisputed statutory dues have not been regularly deposited with the appropriate authorities in case of Provident Fund, Employees State Insurance and Consent Fee to Pollution Control Board, Income Tax, Fringe Benefit Tax, Central Sales Tax, Tax Deducted at Source, and State Industrial Promotion Corporation Tamil nadu. According to the information and explanation given to us, undisputed amount payable in respect of the aforesaid dues that were outstanding as at 31st March 2012 for a period more than six months from the date they became payable.

Sl. No.  Name of the Statue     Nature of Dues        Amount (Rs.)

1.       Employees State        Employers Employee         108436
         Insurance              Contribution
 
2.       Fringe Benefit Tax     Tax & Interest             704384

3.       Employees State        Contractor's &              93707
         Insurance              Company's Contribution 

4.       Tax Deducted at                                  2170797
         source 
b) According to the information and explanation given to us. there are No disputed statutory dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise Duty, Cess as on 31st March 2012 other than the dues stated below.

                                                    Period to      
Sl.   Name of the Statue   Nature of     Amount     which the              
No.                        Dues         (in Rs.)    amount relates        

1.    Customs Act, 1962    Penalty       1000000    Financial Year      
                                                    2007-08   

             
Sl.    Forum where the                                  
No.    dispute is pending
1. Central Excise and Service Tax Appellate Tribunal

10. In our opinion the company does not have accumulated losses of fifty percent or more of its net worth at the end of the financial year and has not incurred cash losses during the financial period covered by our audit and there is no cash loss in the immediate preceding financial year.

11. According to the records of the Company examined by us and the information and explanation give to us; the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders.

12. According to the information and explanation given to us and the representation made by the management the company, the company had not granted any loans and advances on the basis of the security by way of pledge of shares, debentures and other securities. Hence the question of maintenance of records reporting on deficiencies does not arise.

13. In our opinion, the company is not a chit fund or a nidhi/mutual benefit/society. Therefore, clause 4(xiii) of the companies (Auditor's Report) order 2003 is not applicable to the company.

14. In our opinion during the period under audit, the company did not engage in trading on shares/securities, debentures and other Investments.

15. According to the information and explanation given to us, and the representation made by the management, the Company has not given any guarantees for loans taken by others from banks or financial institutions

16. As per explanation & information given to us the Company has not obtained any term loan during the year.

17. According to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short-term basis have been used for long term investments or vice versa.

18. According to the information and explanation given to us, during the period under audit, the company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures.

20. The company has not raised any money by way of public issue during the year.

21. Based on the audit procedure performed and information and explanation given to us, no fraud on or by the company has been noticed or reported during the year.

                                       For R. SINGHVI & ASSOCIATES 
                                             Chartered Accountants 
                                                    ICAIFRN-03870S
                      
                                              Subash Chand Singhvi
                                                           PARTNER 
                                             Membership No. 024534
Place : Bangalore   
Date  :  30-05-2012
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Reg. Office: 32/A, Diamond Harbour Road, Shakerbazar, Kolkata 700008 Tel: 033 2445 6442/66063000 Fax: 033 6606 3041
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NSE Registration Nos.: NSE (Cash) : INB231395832 ; NSE (F&O) : INF231395832 ; NSE (Currency) : INE231395832 ; BSE (Cash) : INB011395838 ; BSE (F&O) : INF011395838 ; BSE(Currency) : INE011395838 | DSE Registration Nos. : INB051395839 | USE Registration Nos. : INE271395837
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