Mar 31, 2015
We have audited the accompanying standalone financial statements of
ALFAVISION OVERSEAS (I) LTD. (CIN :L67120MP1994PLC008375) ('the
Company') which comprise the balance sheet as at 31 March 2015, the
statement of profit and loss and the 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
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 and presentation 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 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 the assets of the
Company and for preventing and detecting 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 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
misstatement, 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 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 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 whether the Company has in place an
adequate internal financial control systems over financial reporting
and the operating effectiveness of such controls. 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.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
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 31 March 2015 and its profit and its cash flows for the year ended
on that date.
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
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.
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
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 it appears from our examination of those
books;
(c) 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;
(d) In our opinion, the aforesaid standalone 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 the written representations received from the
directors as on 31 March 2015 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)
oftheAct;and
(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 litigations on its
financial position in its financial statements - Refer Note 2.20 and
2.37 to the financial statements;
ii. the Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long-term contracts including derivative contracts - Refer Note 2.7
to the financial statements; and
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company
Place: - INDORE For, ABHISHEK NAHAR & ASSOCIATES
(Chartered Accountants)
Date :-30.05.2015 (CA ABHISHEK NAHAR)
Partner
M.No.407340
Mar 31, 2014
[1] We have audited the attached Balance Sheet of ALFAVISION OVERSEAS
(I).LTD as at 31st March 2014 and the Statement of Profit & Loss of the
company for the year ended on that date. 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 auditing standards
generally accepted in India. Those standards require that we plan &
perform the audit to obtain the reasonable assurance that the financial
statements are free of material misstatement. An audit includes
examining, on a test basis , evidence supporting the amounts &
disclosures in the financial statements. An audit also includes
assessing the accounting principles used & significant estimates made
by management , as well as evaluating the overall presentation of
financial statements. We believe that our audit provides a reasonable
basis for our opinion.
[3] As required by the Statement on Companies (Auditors Report) Order
2003, issued by the Central Government of India, in terms of section
227(4A) of the Companies Act,1956, we enclose in the Annexure a
statement on the matters specified in paragraph 4 & 5 of the said
order.
[4] Further to our comments in the Annexure referred to above. we
report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief was necessary for the purpose of our
audit;
(b) In our opinion, proper books of accounts as required by law, have
been maintained by the company so far as appears from our examination
of these books;
(c) The Balance Sheet and Statement of Profit & Loss dealt with by this
report are in agreement with the books of accounts;
(d) In our opinion, the Statement of Profit & Loss and the Balance
Sheet comply with the accounting standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 read with the general
circular 15/2013, dated 13th September, 2013 of the MCA in respect of
section 133 of Companies Act,2013;
(e) On the basis of written representation received from the directors
of the company as on 31st March 2014 and taken on record by the Board
of Directors, we report that none of the director is disqualified as on
31st March 2014 from being appointed as a director in terms of clause
(g) of sub section (1) of section 274 of the Companies Act, 1956;
(f) In our opinion and to the best of our information and according to
explanations given to us, the said accounts read with other notes
thereon and forming part of the accounts, give the information required
by the Companies Act, 1956 in the manner so required and present a true
and fair view
[i] In the case of the Balance sheet, of the State of Affairs of the
Company as at 31st March 2014; and
[ii] In the case of Statement of Profit & Loss, of the profit for the
year ended on that date.
ANNEXURE TO THE AUDIT REPORT
With reference to the annexure referred to in paragraph 2 of our report
of even date to the members of Alfavision Overseas (I) Limited, Indore
for the year ended on 31st March 2014, we report that, in our opinion
and to the best of our information and explanation furnished to us and
the books and records examined by us in the normal course of Audit.
1. (a) The work of compiling Fixed Assets register showing full
particulars including quantitative details and situation of Fixed
Assets in progress.
(b) As explained to us , the Fixed Assets have been physically verified
by the management during the year, which in our opinion is reasonable,
having regard to the size of the company and nature of its assets. We
were informed that no material discrepancies were noticed on such
verification.
(c) During the year, the company has not disposed off any assets
according to the information and explanations given to us.
2. (a) As explained to us, the stock of Inventory i.e. Trading goods,
Agricultural products have been physically verified by the management
at reasonable intervals during the year.
(b) In our opinion and according to the information & explanation given
to us the procedure of physical verification of inventories followed by
the management are reasonable & adequate in relation to the size of the
company and the nature of its business.
(c) The company has maintained proper record of inventories. The
Discrepancies noticed on verification between physical stock and book
stock were not material having regard to the size of the operations of
the company and have been properly dealt with in books of accounts.
3. The Company has taken loan from the 2 parties in the register
maintained under section 301 of the Companies Act 1956, during the
year. Further the company has granted loans to companies, firms or
other parties covered in the register maintained u/s 301 of the
Companies Act, 1956, aggregating to Rs. Nil during the year.
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, for the purchase of inventory, fixed assets and for the sale
of goods. Further, on the basis of our examination of the books and
records of the company, and according to the explanations given to us,
we have either come across nor have been informed of any continuing
failure to correct major weakness in the aforesaid internal control
procedures.
5. (a) In our opinion and according to the information and
explanations given to us, the transactions that need to be entered in
the register maintained under section 301 of the Act 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 or
arrangements entered in the register maintained under section 301 of
the Act, and exceeding the value of five lacs rupees in respect of any
party during the year have been made at prices the terms of which are
reasonable having regard to the market price prevailing at the relevant
time, based on prices charged to others for similar goods
6. The Company has not accepted any deposits from the public within
the meaning of section 58A and 58AA of the Company Act, 1956 during the
year.
7. Whether the Company has an internal audit system commensurate with
the size and nature of its business.
NOT APPLICABLE.
8. As informed, that no cost accounting records have been prescribed
for the company under section 209(1)(d) of the Companies Act, 1956.
9. According to the information and explanations given to us and the
records of the Company examined by us, in our opinion, the Company is
generally regular in depositing undisputed statutory dues as
applicable, with the appropriate authorities. As at 31st March, 2014
there were no arrears in respect of the aforesaid dues for a period of
more than six months from the date they became payable.
10. According to the records examined by us and the information and
explanations given to us the company has not defaulted in repayments of
dues to the banks.
11. According to information and explanations given to us the company
has not given any loans or advances on the basis of security of shares
by way of pledge of Shares, debentures and other securities.
12. In our opinion the company is not a chit fund or a nidhi/ mutual
fund/ benefit fund / society. Therefore the provisions of clause
4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
13. In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of CARO, 2003 are not applicable to the
company.
14. In our Opinion and according to the Information and Explanations
given to us the Company has not given any guarantee for the loans taken
by others from banks or financial Institution during the Year
15. The Company has not obtained any term Loans during the Year.
16. On the basis of an overall examination of the balance sheet of the
Company, in our opinion and According to the information and
Explanations given to us, no fund raised on Short term basis have been
used for Long Term Investments; funds raised on Long Term basis have
been used to finance Short Term Investments during the Year.
17. The Company has not made any Predefined Allotment during the Year.
18. The Company has not issued any Debentures during the year and
accordingly the question of creation of Securities in this regard does
not arise.
19. The Company has not raised any Money by Public Issue during the
Year.
20. To the best of our knowledge and belief and according to the
information and explanation given to us, no fraud on or by the company
was noticed or reported during the Year.
Place: - INDORE For, ABHISHEK NAHAR & ASSOCIATES
(Chartered Accountants)
Date: - 30.05.2014
( CA ABHISHEK NAHAR )
PARTNER
M.No. 407340
FRN 013738 C
Mar 31, 2013
[1] We have audited the attached Balance Sheet of ALFAVISION OVERSEAS
(I) LTD as at 31st March 2013 and the Statement of Profit & Loss of the
company for the year ended on that date. 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 auditing standards
generally accepted in India. Those standards require that we plan &
perform the audit to obtain the reasonable assurance that the financial
statements are free of material misstatement. An audit includes
examining, on a test basis , evidence supporting the amounts &
disclosures in the financial statements. An audit also includes
assessing the accounting principles used & significant estimates made
by management , as well as evaluating the overall presentation of
financial statements. We believe that our audit provides a reasonable
basis for our opinion.
[3] As required by the Statement on Companies (Auditors Report) Order
2003, issued by the Central Government of India, in terms of section
227(4A) of the Companies Act,1956, we enclose in the Annexure a
statement on the matters specified in paragraph 4 & 5 of the said
order.
[4] Further to our comments in the Annexure referred to above. we
report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief was necessary for the purpose of our
audit;
(b) In our opinion, proper books of accounts as required by law, have
been maintained by the company so far as appears from our examination
of these books;
(c) The Balance Sheet and Statement of Profit & Loss dealt with by this
report are in agreement with the books of accounts;
(d) In our opinion, the Statement of Profit & Loss and the Balance
Sheet 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 representation received from the directors
of the company as on 31st March 2013 and taken on record by the Board
of Directors, we report that none of the director is disqualified as on
31st March 2013 from being appointed as a director in terms of clause
(g) of sub section (1) of section 274 of the Companies Act, 1956;
(f) In our opinion and to the best of our information and according to
explanations given to us, they said accounts read with other notes
thereon and forming part of the accounts, give the information required
by the Companies Act, 1956 in the manner so required and present a true
and fair view
[i] In the case of the Balance sheet, of the State of Affairs of the
Company as at 31st March 2013; and
[ii] In the case of Statement of Profit & Loss, of the profit for the
year ended on that date.
With reference to the annexure referred to in paragraph 2 of our report
of even date to the members of Alfavision Overseas (I) Limited, Indore
for the year ended on 31st March 2013, we report that, in our opinion
and to the best of our information and explanation furnished to us and
the books and records examined by us in the normal course of Audit.
1. (a) The work of compiling Fixed Assets register showing full
particulars including quantitative details and situation of Fixed
Assets in progress.
(b) As explained to us , the Fixed Assets have been physically verified
by the management during the year, which in our opinion is reasonable,
having regard to the size of the company and nature of its assets. We
were informed that no material discrepancies were noticed on such
verification.
(c) During the year, the company has not disposed off any assets
according to the information and explanations given to us.
2. (a) As explained to us, the stock of Inventory i.e. Trading goods,
Agricultural products have been physically verified by the management
at reasonable intervals during the year.
(b) In our opinion and according to the information & explanation given
to us the procedure of physical verification of inventories followed by
the management are reasonable & adequate in relation to the size of the
company and the nature of its business.
(c) The company has maintained proper record of inventories. The
Discrepancies noticed on verification between physical stock and book
stock were not material having regard to the size of the operations of
the company and have been properly dealt with in books of accounts.
3. The Company has taken loan from the 2 parties in the register
maintained under section 301 of the Companies Act 1956, during the
year. Further the company has granted loans to companies, firms or
other parties covered in the register maintained u/s 301 of the
Companies Act, 1956, aggregating to Rs. Nil during the year.
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, for the purchase of inventory, fixed assets and for the sale
of goods. Further, on the basis of our examination of the books and
records of the company, and according to the explanations given to us,
we have either come across nor have been informed of any continuing
failure to correct major weakness in the aforesaid internal control
procedures.
5. (a) In our opinion and according to the information and
explanations given to us, the transactions that need to be entered in
the register maintained under section 301 of the Act 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 or
arrangements entered in the register maintained under section 301 of
the Act, and exceeding the value of five lacs rupees in respect of any
party during the year have been made at prices the terms of which are
reasonable having regard to the market price prevailing at the relevant
time, based on prices charged to others for similar goods
6. The Company has not accepted any deposits from the public within
the meaning of section 58A and 58AA of the Company Act, 1956 during the
year.
7. Whether the Company has an internal audit system commensurate with
the size and nature of its business. NOT APPLICABLE.
8. As informed, that no cost accounting records have been prescribed
for the company under section 209(1)(d) of the Companies Act, 1956.
9. According to the information and explanations given to us and the
records of the Company examined by us, in our opinion, the Company is
generally regular in depositing undisputed statutory dues as
applicable, with the appropriate authorities. As at 31st March, 2013
there were no arrears in respect of the aforesaid dues for a period of
more than six months from the date they became payable.
10. The Company has accumulated business loss of Rs. 221103/- & Rs.
408/- related to F.Y. 2010-11 & 2011-12 respec. & unabsorbed
depreciation of Rs. 32323 & 19680 related to F.Y. 2010-11 & 2011-12
respectively as at 31st March 2013.
11. According to the records examined by us and the information and
explanations given to us the company has not defaulted in repayments of
dues to the banks.
12. According to information and explanations given to us the company
has not given any loans or advances on the basis of security of shares
by way of pledge of Shares, debentures and other securities.
13. In our opinion the company is not a chit fund or a nidhi/ mutual
fund/ benefit fund / society. Therefore the provisions of clause
4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
14. In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of CARO, 2003 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 the loans taken
by others from banks or financial Institution during the Year
16. The Company has not obtained any term Loans during the Year.
17. On the basis of an overall examination of the balance sheet of the
Company, in our opinion and According to the information and
Explanations given to us, no fund raised on Short term basis have been
used for Long Term Investments; funds raised on Long Term basis have
been used to finance Short Term Investments during the Year.
18. The Company has not made any Predefined Allotment during the Year.
19. The Company has not issued any Debentures during the year and
accordingly the question of creation of Securities in this regard does
not arise.
20. The Company has not raised any Money by Public Issue during the
Year.
21. To the best of our knowledge and belief and according to the
information and
explanation given to us, no fraud on or by the company was noticed or
reported during the Year.
Place: - INDORE For, ABHISHEK NAHAR & ASSOCIATES
(Chartered Accountants)
Date: - 13/05/2013
( CA ABHISHEK NAHAR )
Proprietor
M.No. 407340
FRN 013738 C
Mar 31, 2010
[1] We have audited the attached Balance Sheet of ALFAVISION OVERSEAS
(I).LTD as at 31st March 2010 and the Profit & Loss Account of the
company for the year ended on that date. 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 auditing standards
generally accepted in India. Those standards require that we plan &
perform the audit to obtain the reasonable assurance that the financial
statements are free of material misstatement. An audit includes
examining, on a test basis , evidence supporting the amounts &
disclosures in the financial statements. An audit also includes
assessing the accounting principles used & significant estimates made
by management , as well as evaluating the overall presentation of
financial statements. We believe that our audit provides a reasonable
basis for our opinion.
[3] As required by the Statement on Companies (Auditors Report) Order
2003, issued by the Central Government of India, in terms of section
227(4A) of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraph 4 & 5 of the said
order.
[4] Further to our comments in the Annexure referred to above, we
report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief was necessary for the purpose of our
audit;
(b) In our opinion, proper books of accounts as required by law, have
been maintained by the company so far as appears from our examination
of these 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 Profit & Loss Account and the Balance Sheet
comply with 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 representation received from the directors
of the company as on 31st March 2010 and taken on record by the Board
of Directors, we report that none of the director is disqualified as on
31st March 2010 from being appointed as a director in terms of clause
(g) of sub section (1) of section 274 of the Companies Act, 1956;
(f) In our opinion and to the best of our information and according to
explanations given to us, the said accounts read with other notes
thereon and forming part of the accounts, give the information required
by the Companies Act, 1956 in the manner so required and present a true
and fair view
[i] In the case of the Balance sheet, of the State of Affairs of the
Company as at 31st March 2010; and '
[ii] In the case of Profit & Loss Account, of the profit for the year
ended on that date.
ANNEXURE TO THE AUDIT REPORT
With reference to the annexure referred to in paragraph 2 of our report
of even date to the members of Alfavision Overseas (I) Limited, Indore
for the year ended on 31st March 2010, we report that, in our opinion
and to the best of our information and explanation furnished to us and
the books and records examined by us in the normal course of Audit.
1. (a) The work of compiling Fixed Assets register showing full
particulars including quantitative details and situation of Fixed
Assets in progress.
(b) As explained to us , the Fixed Assets have been physically verified
by the management during the year, which in our opinion is reasonable,
having regard to the size of the company and nature of its assets. We
were informed that no material discrepancies were noticed on such
verification.
(c) During the year, the company has not disposed off any assets
according to the information and explanations given to us.
2. (a) As explained to us, the stock of Inventory i.e. Trading goods,
Agricultural products have been physically verified by the management
at reasonable intervals during the year.
(b) In our opinion and according to the information & explanation given
to us the procedure of physical verification of inventories followed by
the management are reasonable & adequate in relation to the size of the
company and the nature of its business.
(c) The company has maintained proper record of inventories. The
Discrepancies noticed on verification between physical stock and book
stock were not material having regard to the size of the operations of
the company and have been properly dealt with in books of accounts.
3. The Company has not taken loan from the parties in the register
maintained under section 301 of the Companies Act 1956, during the
year. Further the company has granted loans to companies, firms or
other parties covered in the register maintained u/s 301 of the
Companies Act, 1956, aggregating to Rs. Nil during the year.
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, for the purchase of inventory, fixed assets and for the sale
of goods. Further, on the basis of our examination of the books and
records of the company, and according to the explanations given to us,
we have either come across nor have been informed of any continuing
failure to correct major weakness in the aforesaid internal control
procedures.
5. (a) In our opinion and according to the information and
explanations given to us, the transactions that need to be entered in
the register maintained under section 301 of the Act 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 or
arrangements entered in the register maintained under section 301 of
the Act, and exceeding the value of five lacs rupees in respect of any
party during the year have been made at prices the terms of which are
reasonable having regard to the market price prevailing at the relevant
time, based on prices charged to others for similar goods
6. The Company has not accepted any deposits from the public within
the meaning of section 58A and 58AA of the Company Act, 1956 during the
year.
7. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
activities with regard to purchase of inventory, fixed assets and for
the sale of goods and services.
8. As informed, that no cost accounting records have been prescribed
for the company under section 209(1 )(d) of the Companies Act, 1956.
9. According to the information and explanations given to us and the
records of the Company examined by us, in our opinion, the Company is
generally regular in depositing undisputed statutory dues as
applicable, with the appropriate authorities. As at 31st March, 2010
there were no arrears in respect of the aforesaid dues for a period of
more than six months from the date they became payable.
10. The Company has accumulated business loss of Rs. 27317/- related
to F.Y. 2007-08 & unabsorbed depreciation of Rs. 19254 related to F.Y.
2007-08 as at 31st March 2010.
11. According to the records examined by us and the information and
explanations given to us the company has not defaulted in repayments of
dues to the banks.
12. According to information and explanations given to us the company
has not given any loans or advances on the basis of security of shares
by way of pledge of Shares, debentures and other securities.
13. In our opinion the company is not a chit fund or a nidhi/ mutual
fund/ benefit fund / society. Therefore the provisions of clause
4(xiii) of the Companies (Auditor's Report) Order, 2003 are not
applicable to the company.
Place: - INDORE For T.VAIDYA & ASSOCIATES
(Chartered Accountants)
Date:- 19/08/2010 (GIRRAJ GUPTA)
Proprietor
M.No. 408804
Mar 31, 2009
We have audited the attached Balance Sheet of M/s ALFAVISION OVERSEAS
(I) LIMITED as at 31st March 2009 and also the Profit & Loss Account of
the company for the year ended on that date. These financial statements
are the responsibilities 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 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.
2) As required by the Companies (Auditor's Report) Order, 2003,
issued by the Central Government of India in terms of Section 227(4A)
of the Companies Act, 1956, we enclose in the Annexure, a statement on
the matters specified in paragraph 4 and 5 of the said order.
3) Further to our comments in the Annexure referred to 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 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
books.
c) The Balance Sheet and Profit & Loss Account dealt by this report are
in agreement with the books of account.
d) In our opinion, the Profit & Loss Account and the Balance Sheet
comply with the Accounting Standards referred to in sub section (3C) of
section 211 of the Companies Act, 1956.
e) On the basis of written representations received from the directors
of the Company as at 31st March 2009 and taken on record by the Board
of Directors, we report that none of the director is disqualified as on
31st March 2009 from being appointed as director of the Company under
clause (g) of sub-section (1) of Section 274 of the Companies Act,
1956.
f) In our opinion and to the best of our information and according to
the explanation given to us, the said accounts read with other notes
thereon and forming part of the accounts, give the information required
by the Companies Act, 1956, in the manner so required and present a
true and fair view:
i) in the case of Balance Sheet of the State of affairs of the Company
as at 31st March 2009 and
ii) in the case of Profit & Loss Account of the Profit for the year
ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
With reference to the Annexure referred to in paragraph 2 of our report
of even date to the members of ALFA VISION OVERSEAS (I) LIMITED, INDORE
for the year ended on 315f March, 2009, We report that, in our opinion
and to the best of our information and explanations furnished to us and
the books and records examined by us in the normal course of Audit:
1. a. The Work of Compiling Fixed Assets register showing full
particulars including quantitative details and Situation of Fixed
Assets is in Progress.
b. As explained to us, the Fixed Assets have been physically verified
by the management during the Year, which in our opinion is reasonable,
having regard to the size of the Company and nature of its assets. We
were informed that no material discrepancies were noticed on such
physical verification.
c. During the year, the company has not disposed off any assets
according to the information and explanations given to us.
2. a. As explained to us, the stock of Inventories i.e. investment in
share & Agriculture product have been physically verified by the
management at reasonable intervals during the year.
b. In our opinion, & according to the information & 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. The Company has maintained proper record of inventories except
quantitative details. The discrepancies noticed on verification between
Physical stock and book stock were not material having regard to the
size of the operations of the company and have been properly dealt with
in Books of Accounts.
3.a. The Company has not taken loan from the parties covered in the
register maintained under section 301 of the Companies Act, 1956,
during the year. The Company has granted loans to Companies, firms or
other parties covered in the register maintained u/s 301 of the
Companies Act, 1956. aggregating to Rs. Nil during the year. The
outstanding balance as on the date of Balance Sheet is Rs. Nil.
b. In our opinion and according to the information and explanations
given to us, the loan is interest free.
c. In respect of Loans given by the Company, the Repayment of the
loans shall be made on demand by the parties.
d. As explained to us, in case overdue amount exceeds one lakhs
reasonable steps have been taken by the company for payment of the
principal.
4. In our opinion and according to the information and explanation
given to us, there is adequate internal control procedure commensurate
with the size of the Company and the nature of its business for the
Purchase of Goods, fixed assets and also for the Sale of goods.
Further, on the basis of our examination of the books and records of
the company, and according to the explanation given to us, we have
either come across nor have been informed of any continuing failure to
correct major weaknesses in the aforesaid internal control procedures.
5. (a) Based on the Audit Procedures applied by us and according to
the information and explanations given to us, the transactions that
need to be entered into the register maintained in pursuance of 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 or
arrangements entered in the register maintained under section 301 of
the Act. And exceeding the value of five lac rupees in respect of any
party during the year have been made at prices the terms of which are
reasonable having regard to the market prices prevailing at the
relevant time, based on prices charged to others for similar goods.
6. The Company has not accepted any deposits from the public within
the meaning of Section 58A and 58 AA of the Companies Act, 1956 and the
rules framed there under.
7. In our opinion & according to explanations given to us, the company
has an Internal Audit System commensurate with its size and the nature
of its business.
8. We were informed that Central Government has not prescribed
maintenance of cost records under section 209(l)(d) of the Companies
Act, 1956 in respect of business activity of the Company.
9. 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, Customs
Duty, Excise Duty, Cess and other statutory dues, whatever applicable
to the Company have been generally regularly deposited with the
appropriate authorities. According to the information and explanations
given to us, no undisputed amounts payable in respect of the aforesaid
dues were outstanding as at 31st March, 2009 for a period of more than
six months from the date they become payable.
10. The Company has no accumulated losses as at 31st March 2009 and it
has not incurred any cash losses during the financial year covered by
our audit.
11. The Company did not have any outstanding debentures. The Company
has not defaulted in repayment of dues to financial institutions/banks
or debenture holders.
12. The Company during the year 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 nidhi/ mutual benefit fund/ society to which
the provisions of special statue relating to chit fund are applicable.
14. In our opinion & according to explanation given to us, the company
maintained record;; regarding transaction & contracts of shares,
securities, debentures and other investments. All the shares purchased
during the year are in the company's owe name.
15. The Company has not given any guarantees for Loans taken by others
from Banks or Financial Institutions.
16. The Company has not raised any new term loans 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 are of the
opinion that the Company has not utilized the funds raised from short
term sources towards Long term investment and vice versa.
18. During the year, 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 did not have issued debentures and therefore question
of creating of Securities does not arise.
20. The Company has not raised any money by way of Public issue during
the year.
21. In our opinion and according to the information and explanation
given to us, no fraud on or by the Company has been noticed or reported
during the year that causes the financial statements to be materially
misstated.
For TAPAIV GOYAL & CO.
Chartered Accountants
Tapan Goyal
Proprietor
M.No. 404374
Place : Indore
Date : 21st August, 2009
Mar 31, 2008
We have audited the attached Balance Sheet of M/s ALFAVISION OVERSEAS
(I) LIMITED as at 31st March 2008 and also the Profit & Loss Account of
the company for the year ended on that date. These financial statements
are the responsibilities 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 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.
2) As required by the Companies (Auditor's Report) Order, 2003,
issued by the Central Government of India in terms of Section 227(4A)
of the Companies Act, 1956, we enclose in the Annexure, a statement on
the matters specified in paragraph 4 and 5 of the said order.
3) Further to our comments in the Annexure referred to 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 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
books.
c) The Balance Sheet and Profit & Loss Account dealt by this report are
in agreement with the books of account.
d) In our opinion, the Profit & Loss Account and the Balance Sheet
comply with the Accounting Standards referred to in sub section (3C) of
section 211 of the Companies Act, 1956.
e) On the basis of written representations received from the directors
of the Company as at 31st March 2008 and taken on record by the Board
of Directors, we report that none of the director is disqualified as on
31st March 2008 from being appointed as director of the Company under
clause (g) of sub-section (1) of Section 274 of the Companies Act,
1956.
f) In our opinion and to the best of our information and according to
the explanation given to us, the said accounts read with other notes
thereon and forming part of the accounts, give the information required
by the Companies Act, 1956, in the manner so required and present a
true and fair view:
i) in the case of Balance Sheet of the State of affairs of the Company
as at 31st March 2008
and
ii) in the case of Profit & Loss Account of the Profit for the year
ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
With reference to the Annexure referred to in paragraph 2 of our report
of even date to the members of ALFAVISION OVERSEAS (I) LIMITED, INDORE
for the year ended on 31st March, 2008, We report that, in our opinion
and to the best of our information .and explanations furnished to us
and the books and records examined by us in the normal course of Audit:
1. a. The Work of Compiling Fixed Assets register showing full
particulars including quantitative details and Situation of Fixed
Assets is in Progress.
b. As explained to us, the Fixed Assets have been physically verified
by the management during the Year, which in our opinion is reasonable,
having regard to the size of the Company and nature of its assets. We
were informed that no material discrepancies were noticed on such
physical verification.
c. During the year, the company has not disposed off any assets
according to the information and explanations given to us.
2. a. As explained to us, the stock of Inventories i.e. investment in
share & Agriculture product have been physically verified by the
management at reasonable intervals during the year.
b. In our opinion, & according to the information & 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. The Company has maintained proper record of inventories except
quantitative details. The discrepancies noticed on verification between
Physical stock and book stock were not material having regard to the
size of the operations of the company and have been properly dealt with
in Books of Accounts.
3. a The Company has not taken loan from the parties covered in the
register maintained under section 301 of the Companies Act, 1956,
during the year. But outstanding balance of one party is Rs.
60,010/-Further the Company has granted loans to Companies, firms or
other parties covered in the register maintained u/s 301 of the
Companies Act, 1956. aggregating to Rs. Nil during the year. The
outstanding balance as on the date of Balance Sheet is Rs. Nil.
b. In our opinion and according to the information and explanations
given to us, the loan is interest free.
c. In respect of Loans given by the Company, the Repayment of the
loans shall be made on demand by the parties.
d. As explained to us, in case overdue amount exceeds one lakhs
reasonable steps have been taken by the company for payment of the
principal.
4. In our opinion and according to the information and explanation
given to us, there is adequate internal control procedure commensurate
with the size of the Company and the nature of its business for the
Purchase of Goods, fixed assets and also for the Sale of goods.
Further, on the basis of our examination of the books and records of
the company, and according to the explanation given to us, we have
either come across nor have been informed of any continuing failure to
correct major weaknesses in the aforesaid internal control procedures.
5. (a) Based on the Audit Procedures applied by us and according to
the information and explanations given to us, the transactions that
need to be entered into the register maintained in pursuance of 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 or
arrangements entered in the register maintained under section 301 of
the Act. And exceeding the value of five lac rupees in respect of any
party during the year have been made at prices the terms of which are
reasonable having regard to the market prices prevailing at the
relevant time, based on prices charged to others for similar goods.
6. The Company has not accepted any deposits from the public within
the meaning of Section 58A and 58 AA of the Companies Act, 1956 and the
rules framed there under.
7. In our opinion & according to explanations given to us, the company
has an Internal Audit System commensurate with its size and the-nature
of its business.
8. We were informed that Central Government has not prescribed
maintenance of cost records under section 209(l)(d) of the Companies
Act, 1956 in respect of business activity of the Company.
9. 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, Customs
Duty, Excise Duty, Cess and other statutory dues, whatever applicable
to the Company have been generally regularly deposited with the
appropriate authorities. According to the information and explanations
given to us, no undisputed amounts payable in respect of the aforesaid
dues were outstanding as at 31st March, 2008 for a period of more than
six months from the date they become payable.
10. The Company has no accumulated losses as at 31st March 2008 and it
has not incurred any cash losses during the financial year covered by
our audit.
11. The Company did not have any outstanding debentures. The Company
has not defaulted in repayment of dues to financial institutions/banks
or debenture holders.
12. The Company during the year 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 nidhi/ mutual benefit fund/ society to which
the provisions of special statue relating to chit fund are applicable.
14. In our opinion & according to explanation given to us, the company
maintained records regarding transaction & contracts of shares,
securities, debentures and other investment. All the shares purchased
during the year are in the company's owe name.
15. The Company has not given any guarantees for Loans taken by others
from Banks or Financial Institutions.
16. The Company has not raised any new term loans 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 are of the
opinion that the Company has not utilized the funds raised from short
term sources towards Long term investment and vice versa.
18. During the year, 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 did not have issued debentures and therefore question
of creating of Securities does not arise.
20. The Company has not raised any money by way of Public issue during
the year.
21. In our opinion and according to the information and explanation
given to us, no fraud on or by the Company has been noticed or reported
during the year that causes the financial statements to be materially
misstated.
For TAPAN GOYAL & CO.
Chartered Accountants
Tapan Goyal
Proprietor
M.No. 404374
Place: Indore
Date : 13th August, 2008