RICOH INDIA LIMITED
ANNUAL REPORT 2011-2012
AUDITORS` REPORT
TO
THE MEMBERS OF
RICOH INDIA LIMITED
1. We have audited the attached Balance Sheet of Ricoh India Limited, as at
31st March 2012 and also the Statement of Profit and Loss for the year
ended on that date and Cash Flow Statement for the year ended on that date
both 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. We have placed reliance on closing balances arising out of the current
year`s audit of erstwhile Info Print Solutions India Private Limited which
was carried out by another firm of Chartered Accountants.
4. As required by the Companies (Auditor`s Report) Order, 2003, 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 on the
matters specified in paragraphs 4 and 5 of the said Order to the extent
applicable.
5. Further to our comments in the Annexure referred to 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 purposes 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, the Statement of Profit and Loss and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
iv. In our opinion, the Balance Sheet, the Statement of Profit and Loss 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 31st March, 2012 and taken on record by the Board of Directors, we
report that none of the directors is 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;
vi. In our opinion and to the best of our information and according to the
explanations given to us, the said accounts, read with the notes thereon,
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:
a) In the case of the Balance Sheet, of the state of affairs of the Company
as at 31st March, 2012;
b) In the case of the Statement of Profit and Loss , of the loss 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 SAHNI NATARAJAN AND BAHL
(Chartered Accountants)
Firm Registration No. 002816N
SURESH MALIK
(Partner)
Membership No. 082224
Place: New Delhi
Date : 24th July, 2012.
ANNEXURE TO THE AUDITOR`S REPORT:
(This is the annexure referred to in Para 4 of our Report of even date)
1. In respect of the fixed assets:
(a) The Company has maintained proper records showing the full particulars
including quantitative details and situation of the fixed assets.
(b) We are informed that the fixed assets of the Company have been
physically verified by the management at reasonable intervals and no
material discrepancies have been noticed on such verification.
(c) In our opinion, the Company has not disposed off substantial part of
fixed assets during the year, which may have any impact on the going
concern nature of the Company.
2. In respect of inventories:
(a) As explained to us, inventories except goods-in-transit have been
physically verified by the management during the year. In our opinion, the
frequency of such verification is reasonable.
(b) In our opinion and according to the information and explanations 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) The Company has maintained proper records of inventories except for
erstwhile Info Print Solutions India Private Limited which got merged with
the Company w.e.f 1st November 2011 . As explained to us, there were no
material discrepancies noticed on physical verification of inventory as
compared to the book records.
3. The Company has not granted or taken any loans, secured or unsecured
to/from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations given
to us, 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, fixed assets and for the sale of goods and services except for
internal controls with regard to timing of accounting for purchase of
inventory, which needs to be further strengthened in respect of erstwhile
Info Print Solutions India Private Limited which got merged with the
Company w.e.f 1st November 2011. During the course of our audit, we have
not observed any major weaknesses in internal control system.
5. To the best of our knowledge and belief and according to the information
and explanations given to us, there are no contracts or arrangements the
particulars of which need to be entered into the register maintained under
section 301 of the Companies Act, 1956.
6. In our opinion and according to the information and explanations given
to us, the Company has not accepted any deposits from the public.
7. In our opinion and according to the information and explanations given
to us, the internal audit system of the Company is commensurate with its
size and nature of its business except for erstwhile Info Print Solutions
India Private Limited which got merged with the Company w.e.f 1st November
2011 which does not have an internal audit system.
8. As explained to us, maintenance of the cost records has not been
prescribed by the Central Government under section 209(1)(d) of the
Companies Act, 1956 for any of the Company`s product.
9. In respect of the statutory and other dues:
(a) According to the information and explanations given to us, the Company
has generally been regular in depositing undisputed statutory dues,
including Provident Fund, Employees` State Insurance, Income Tax, Sales
Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other
material statutory dues as applicable with the appropriate authorities.
According to the information and explanations given to us, no undisputed
amounts payable in respect of the aforesaid dues were in arrears, as at
31st March, 2012 for a period of more than six months from the date they
become payable.
(b) According to the information and explanations given to us, the
following dues of Income-tax/Sales tax/Trade tax have not been deposited by
the Company on account of disputes.
Particulars Financial Year to which Amount (Rs.) Forum where dispute
the matter pertains is pending
Sales Tax/ 1994-95, 1995-96, 55,355,546 Sales Tax Appellate
Trade Tax 1997-98, 1998-99, Tribunal
1999-00, 2002-03,
2004-05, 1984-85,
2009-10, 2008-09,
2010-11
1981-82, 1986-87, 1,36,77,813 Additional
1987-88, 2007-08, Commissioner
2001-02, 2004-05 Appeals
2007-08, 2008-09, 25,343,354 Deputy Commissioner
2000-01, 2001-02, Sales Tax
1998-99, 2007-08,
2005-06, 2006-07
2000-01, 2001-02, 43,919,067 Assistant
2002-03, 2003-04, Commissioner
2004-05, 1995-96, Sales Tax
2005-06, 2006-07
2001-02, 2002-03, 119,884,718 Joint Commissioner
2003-04 Appeals
2004-05 205,114 Commissioner of
Sales Tax
2002-03, 2003-04 16,007,380 Hight Courts
Income Tax A. Y. 2005-06, 1,239,016 ITAT
Act, 1961 2007-08
Note: The Company has deposited Rs. 77,848,228/- against Sales Tax cases
and Rs. 1,239,016/- against Income Tax cases as mentioned above which have
been shown in the Loans and Advances under "Other Loans and Advances" and
"Taxes Paid - Income Tax (Net of Provision)" respectively.
10. The Company does not have accumulated losses as at the end of the
financial year and has not incurred cash losses either during current
financial year or in the immediately preceding financial year.
11. In our opinion and according to the information and explanations given
to us, the Company has not defaulted in the repayment of dues to financial
institutions/banks. The Company has not obtained any borrowings by way of
debentures during the year.
12. In our opinion and 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.
13. In our opinion and according to the information and explanations given
to us, the Company is not a chit fund or a nidhi/mutual benefit
fund/society. Therefore, the provisions of clause 4(xiii) of the Order are
not applicable to the Company.
14. In our opinion and according to the information and explanations given
to us, the Company is not dealing or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of clause
4(xiv) of the Order are not applicable to the Company.
15. In our opinion and according to the information and explanations given
to us, the Company has not given any guarantee for loans taken by others
from bank or financial institutions. Accordingly, the provisions of clause
4(xv) of the Order are not applicable to the Company.
16. In our opinion and according to the information and explanations given
to us, no term loans were availed by the Company during the year.
17. According to the information and explanations given to us and on an
overall examination of the Financial Statements of the Company, funds
raised on short-term basis have, prima-facie, not been used during the year
for long term investments except for erstwhile Info Print Solutions India
Private Limited which got merged with the Company w.e.f 1st November
2011where short term funds amounting to Rs. 180.54 lacs have been used for
long term investment in fixed assets and operations of the erstwhile
Company
18. In our opinion and according to the information and explanations given
to us , the Company has not made any preferential allotment of shares to
the parties and companies covered in the Register maintained under section
301 of the Act.
19. In our opinion and according to the information and explanations given
to us, the Company has not issued any debentures during the year.
Accordingly, the provisions of clause 4(xix) of the Order are not
applicable to the Company.
20. In our opinion and according to the information and explanations given
to us, the Company has not raised any money by way of public issue during
the year.
21. According to the information and explanations given to us, and to the
best of our knowledge and belief, no fraud on or by the Company, has been
noticed or reported by the Company during the year.
For SAHNI NATARAJAN AND BAHL
(Chartered Accountants)
Firm Registration No. 002816N
SURESH MALIK
(Partner)
Membership No. 082224
Place: New Delhi
Date : 24th July, 2012. |