Mar 31, 2015
1. We have audited the accompanying standalone financial statements of
Alchemist Realty Limited ("the Company"), which comprise the Balance
Sheet as at March 31, 2015, and the Statement of Profit and Loss and
Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
2. 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 standalone 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 Standard specified under Section 133 of the Act, read with
the provision of the Companies (Accounts) Rules, 2014. This
responsibility 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 presentations of the financial statements that give a
true and fair view and free from material misstatement, whether due to
fraud or error.
Auditor's Responsibility
3. Our responsibility is to express an opinion on these Standalone
financial statements based on our audit.
4. 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 Rules
made there under.
5. 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 material misstatement.
6. 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
statements, whether due to fraud or error. 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 the
effectiveness of the entity'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.
7. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our Qualified audit opinion on
the Standalone financial statement.
Opinion
8. In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid standalone financial
statements 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 March 31,2015 and its profit and its Cash
Flow for the year ended on that date.
Emphasis of the Matter
a. Attention is invited to note No 14.1 and 14.2 of the financial
statements wherein amount of Rs. 5867.44 lacs has been shown under the
head of long term advances, "out of which Rs. 1247.14 Lacs has been
given to various parties and the matter is sub judice in various courts
for acquiring properties and advances amounting to Rs. 1830.12 lacs
given to various other parties but the sale deeds for properties have
not so far been executed in favor of the company". These advances have
been considered as good by the management of the company . It is
relevant to point out that these are material advances and are pending
since long, more than three years, and the management has not made any
provision for the same.
Attention is also invited to note No 14.3 of the financial statements
for amount shown under the head " long term advance Rs. 1887.92 Lacs
given to various parties on account of franchisee fee and other
expenses for acquiring rights of Realogy Corpn. Inc. USA for their
brand (Century 21 ) which is recoverable from its subsidiary Century 21
Properties (India) Pvt. Ltd as and when the rights will be transferred
to it". It is relevant to note that the amount has been advanced since
long and rights have not been transferred so far.
b. We draw attention to note 14.4, the company has advanced as loan a
sum of Rs.7.21 Cores to two parties as interest free unsecured loan,
the same is in violation of sub section 7 of section 186 of the
Companies Act 2013. This sub section requires the "No loans shall be
given under this section at a rate lower than the prevailing yield of
one year, three year, five year or ten year Government Security closest
to the tenure of the loan.
c. Attention is invited to note No 17 and 17.1 of the financial
statements which states Trade receivables amounting to Rs. 14931.00
lacs out of Which export debtors for merchant trade transaction are
14171.29 lacs and other receivables are Rs. 742.10 which are
outstanding for more than six months from the date they become due from
payment. Attention is invited to point 17.1 wherein the company has
extended credit from time to time as per the market practice for export
debtors and regular follow up is being done to recover the same and
management is confident to recover the same, in view of the same,
management feels that the same are recoverable and there is no need to
make the provision at this juncture. For other receivables amounting to
Rs. 742.10 lacs, these are long outstanding for more than 3 years and
the management has not made any provision for the same.
Report on Other Legal and Regulatory Requirement's
9. 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 Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
10. 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 Companies Act,
2013, read with Rule 7 of the Companies(Accounts) Rules,2014;
e) In our opinion the matter described in observation and comments made
in Emphasis of the matter can adversely affect the functioning of the
company.
f) On the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of section 164(2) of the Companies
Act, 2013.
g) With respect to the other matters included in the Auditor's Report
in accordance with Rule 11 of Companies (Audit and Auditors)Rules, 2014
in our opinion and to the best of our information and according to
explanations given to us:
i. The Company has not disclosed the impact of pending litigations in
its financial statements with respect to suits on or by the company in
respect of suits filed by the company for acquisition of properties as
referred to in note 14.1 and 14.2 of the financial statements.
ii. The company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There no amounts which required to be transferred, to the
Investor Education and Protection Fund by the company
Annexure to the Independent Auditors' Report
The Annexure referred to in our Independent Auditors' Report of even
date to the members of Alchemist Realty Limited on the financial
statements as of and for the year ended 31st March, 2015 . We report
that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no substantial part of fixed asset has been disposed
during the year and therefore it does not affect the going concern
status of the company.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(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) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. a) According to information and explanations given to us, the company
has granted unsecured loan to two subsidiary company, i.e. Alchemist
Hill Resorts Private Limited and Century 21 Properties India Private
Limited (party covered under section 189 of the companies Act. 2013)
amounting to Rs. 721.12 Lacs which is prejudicial to the interest of the
company.
i) The principle amounts are repayable over the varying periods as
informed to us , while the interest is recoverable at the discretion of
the company.
ii) We are unable to comment on the overdue amount of Rs One lakh in
respect of principle and interest as necessary documents, terms and
conditions on which loans have been given have not been made available
to us .
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and for the
sale of goods and services. During the course of our audit, no major
instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. According to the information ad explanation given to us, the
company has not accepted deposits from public. Therefore the provision
of clause (v) of paragraph 3 of CARO 2015 are not applicable to the
company
6. The rules prescribed by the Central Government for the maintenance
of cost records under sub-section (1) of section 148 the Companies Act,
2013 are not applicable to the Company.
7. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2015 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
8. The Company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
9. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
10. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution the terms and conditions whereof are
prejudicial to the interest of the company.
11. The Company has not raised any new term loan during the period.
The total amount of vehicle loan from HDFC Bank Ltd has been repaid
during the year.
12. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practice in India, and according to the information and
explanation given to us, we have neither come across any instance of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of any such case by the management.
FOR K.SINGH & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm No. 012458N
KULTAR SINGH
PLACE : New Delhi Partner
DATED:28/05/2015 Membership No. 091673
Mar 31, 2014
1. We have audited the accompanying financial statements of Alchemist
Realty Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2014, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility forthe Financial Statements
2. Management is responsible for 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 Standards notified under Companies Act, 1956 ("the Act")
read with General Circular 15/2013 dated September 13, 2013 of the
Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act, 2013. This responsibility includes the design,
implementation and maintenance of internal control 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.
Auditor''s Responsibility
3. 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 and other applicable authoritative
pronouncements 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.
4. 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
statements, whether due to fraud or error. 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 the
effectiveness of the entity''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.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for ouraudit opinion.
Opinion
6. In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid financial statements 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:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2014;
b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the
year endedonthat date.
Report on Other Legal and Regulatory Requirement''s
7. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended by the Companies(Auditor''s Report)(Amendment order
2004), issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act (hereinafter referred to as
the "order"),and on the basis of such checks of books and records of
the company as we considered appropriate and according to information
and explanation given to us, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
8. As required by section 227(3) of the Act, 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 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 Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards notified under companies Act, 1956 ("the Act")
read with General Circular 15/2013 dated September 13, 2013 of the
Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act, 2013;
e) On the basis of written representations received from the directors
as on March 31,2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE INDEPENDENT AUDITORS* REPORT
Referred to in Paragraph 7 of the Independent Auditors'' Report of even
date to the members of Alchemist Realty Limited on the financial
statements as of and for the year ended 31st March, 2014. We report
that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no substantial part of fixed asset has been disposed
during the year and therefore it does not affect the going concern
status of the company.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(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) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. a) According to information and explanations given to us, the
company has taken unsecured loan from two companies i.e. from KDS
Corporation Private Limited (Promoter Company) and Technology Parks
Limited (party covered under section 301 of the companies Act. 1956)
amounting to Rs. 26130.00 Lacs which is maximum outstanding at the end
of the year. We are unable to comment upon terms and conditions on
which loans have been taken from companies listed in register maintained
under section 301 as no interest has been paid on the loan taken by the company, which is not prejudicial to the interest of the company
b) The company has granted unsecured loan to two subsidiary company,
i.e. Alchemist Hill Resorts Private Limited and Century 21 Properties
India Private Limited (party covered under section 301 of the companies
Act. 1956) amounting to Rs. 358.52 Lacs which is not prejudicial to the
interest of the company.
i) Maximum amount involved during the year was Rs. 358.52 Lacs and the
year-end balance was also Rs. 358.52 Lacs.
ii) However no interest is being charged on the loan given by the
company.
iii) Coupled with (i) above there are no covenants in respect of
repayment of the loans.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) In our opinion and according to the information and explanations
given to us, the transaction made in pursuance of contracts or arrange
-ment that need to be entered
in the register maintained under Section 301 of the Companies Act, 1956
have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of
contracts/arrangement entered in the Register maintained under section
301 of the Companies Act, 1956 and exceeding the value ofRs. 5,00,000/-
in respect of each party during the year have been made at prices which
appear not reasonable(in respect of loan arrangement) as per
information available with the Company.
6. According to the information and explanations given to us, the
Company has not accepted any deposits from the public. Therefore, the
provisions of Clause (vi) of paragraph 4 of the Order are not
applicable to the Company.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with the size and the
nature of its business,
8. The rules prescribed by the Central Government for the maintenance
of cost records under section 209(1) (d) of the Companies Act, 1956 are
not applicable to the Company.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund,
Investor Education and Protection Fund, Employees'' State Insurance,
Income-tax, Sales-tax! Wealth Tax, Service Tax, Custom Duty, Excise
Duty, cess to the extent applicable and any other statutory dues have
generally been regularly deposited with the appropriate authorities.
According to the information and explanations given to us there were no
outstanding statutory dues as on 31s1 of March, 2014 for a period of
more than six months from the date they became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial instit
-ution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of clause 4 (xiii) of the said
order are not applicable to the Company.
14. According to information and explanations given to us, the Company
is not dealing in or trading in shares, securities, debentures & other
Investments. Therefore the provision of Clause 4(xiv) of the order is
not applicable to the company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. The Company has not raised any new term loan during the period. The
total amount outstanding of vehicle loan from HDFC Bank Ltd at the year
end is Rs. 2.96 Lacs.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we are of the opinion that there are no funds raised on
short-term basis that have been used for long-term investment.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares to parties and compa
-nies covered in the register maintained under section 301 of the
Companies Act, 1956.during the year.
19. According to the information and explanations given to us, the
Company has not issued any debentures during the year. Therefore, the
provision of clause 4(xix) of the order is not applicable to the
Company,
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
FOR K.SINGH & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm No. 012458N
Sd/-
KULTAR SINGH
PLACE: New Delhi Partner
DATED: 29/05/2014 Membership No. 091673
Mar 31, 2012
1) We have audited the Balance Sheet of ALCHEMIST REALTY LIMITED, as at
31 st March, 2012 and the related 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 these financial statements based on our audit.
2) We have conducted our audit in accordance with the Auditing
Standards generally accepted in India. These 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 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 the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3) As required by the Companies (Auditor's Report) order, 2003 as
amended by the companies (Auditors Report) amendment order,
2004(together the 'order') issued by the Central Government of India in
terms of Sec. 227(4A) of the Companies Act, 1956 and on the basis of
such checks as we considered appropriate and according to information
and explanation given to us, we set out in annexure Statement on the
matters specified in paragraph 4 & 5 of the said order.
4) Further to our comments in the Annexure referred in paragraph 3
above, we report that:-
a) We have obtained all the information and explanation which to the
best of our knowledge and belief were necessary for the purpose 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
such books.
c) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of accounts.
d) In our opinion the Balance Sheet, Profit & Loss Account & Cash Flow
comply with the Accounting Standards referred to in sub section (3C) of
section 211 of the Companies Act, 1956.
e) The accounts of the company have been prepared on a going concern
basis.
f) On the basis of written representation received from the Directors,
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 the sub-section(1) of
section 274 of the Companies Act, 1956.
g) In our opinion and to the best of our information and according to
the explanation's given to us, the said accounts together with the
notes thereon and attached thereto given in the prescribed manner the
information as required by the Companies Act 1956 give a true and fair
view in the manner so required and are in conformity with the
accounting principles generally accepted in India.
(a) In the case of Balance Sheet, of the state of affairs of the
Company's as at 31st March, 2012;
(b) In the case of Profit & Loss Account, of the Profit of the Company
for the year ended on that date; and
(c) In case of the Cash Flow Statement of the cash flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS'S REPORTS
Referred to in paragraph 3 of our Report of even date on the accounts
for the year ended on 31st
March, 2012 of Alchemist Realty Limited.
1. a) The Company has generally maintained proper records showing full
particulars including quantitative
detail and situation of fixed assets.
b) The Company has verified all its fixed assets during the period. In
our opinion, this periodicity of physical verification is reasonable
having regard to the size of the company and the nature of its
business.
c) The company has not disposed off any fixed assets during the year.
2. a) As explained to us, the physical verification of the inventory
has been conducted by the management at reasonable intervals during
the year.
b) In our opinion and according to the information 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 inventory. As explained
to us, there was no material discrepancies noticed on physical
verification of inventory as compared to the book of records.
3. According to information and explanations given to us, the company
has not granted/taken any loans, secured or unsecured to/ from the
companies ,firm 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 exists adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventories and fixed assets. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal controls.
5. a) According to information and explanations given to us, we are of
the opinion that the transactions that need to be entered has been so
entered in the register maintained U/s 301 of the Companies Act, 1956.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956, aggregating during the year of Rs. 500,000/- or
more in respect of each party have been made at prices which in our
opinion, are reasonable having regard to prevailing market price at the
relevant time.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any public deposit
accordingly provisions of Sections 58A and 58AA or any other relevant
provisions of the Act and the Rules framed there under, and the
directives issued by the Reserve Bank of India are complied with.
7. In our opinion and according to the information and explanations
given to us, the Company has in general adequate internal audit system
commensurate with the size and the nature of the business of the
Company.
8. We have been informed that the Central Government has not
prescribed maintenance of cost records under clause (d) of sub-section
(1) of section 209 of the Companies Act, 1956.
9. a) According to the information and explanations given to us and on
the basis of records produced before us, the Company is generally
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 statutory
dues with appropriate authorities applicable to it.
b) In our opinion and according to the information and explanations
given to us, there are no disputed and outstanding amount payable in
respect of Income Tax, Wealth Tax, Fringe Benefit Tax, Sales Tax,
Service Tax, Custom Duty and Excise Duty as on 31st March, 2012 for a
period of more than six months from the date they became payable.
10. The Company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the financial year
under report and immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us the Company has not defaulted in repayment of dues to banks
and financial institutions.
12. In our opinion and according to the information and explanations
given to us, the Company has not granted any loans or advances on the
basis of security by way of pledge of shares, debentures and other
securities.
13. The company is not a Chit Fund ora Nidhi/Mutual Benefit
Fund/Society.
14. The Company is not dealing or trading in shares, securities,
debentures and other investments. All other investments are held by the
Company in its own name.
15. In our opinion and according to explanations given to us, the
company has not given any guarantees in respect of any loan taken by it
from bank/financial institution.
16. The Company has not raised any new term loan during the period.
The total amount outstanding of previous loan from HDFC Bank Ltd. and
Tata Capital Limited at the year end is Rs. 5.57 Lacs.
17. In our opinion and according to the information and explanations
given to us as well as on the basis of our over all examination of the
Cash Flow Statement and the Balance Sheet, we report that no funds
raised for short term basis have been used for long term Investment and
no long term funds have been used to finance short term assets.
18. Based on the examination of records and the information provided
to us by management we report that the company has not made any
preferential allotment of shares to parties and companies covered in
the register maintained under section 301 of the Act.
19. The Company has not issued debentures during the accounting year
ended on 31 st March, 2012.
20. As per the information and explanations given to us, the company
has not raised any money by way of public issue during the year.
21. On the basis of our examination and according to the information
and explanations given to us, no fraud, on or by the Company, has been
noticed or reported during the course of our audit.
For K. Singh & Associates
Chartered Accountants
Firm No.012458N
Sd/-
(Kultar Singh)
Place: New Delhi Partner
Dated: 30.08.2012 Membership No. 091673