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Auditor Report of Arunjyoti Bio Ventures Ltd.

Mar 31, 2014

We have audited the accompanying financial Statements of M/s CENTURY 21ST PORTFOLIO LIMITED which comprise the Balance Sheet as at 31st March 2014, The statement of Profit & Loss Account and the cash flow Statement for the year ended, and a summary of the significant accounting policies and other explanatory information.

Managements Responsibility for the Financial Statements

The Companies management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the company in accordance with the accounting standards referred to in Sub-section (3C) of section 211 of the companies Act, 1956. 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 misstatements, whether due to fraud or error.

Auditors Responsibility

We have audited the attached Balance Sheet of M/s CENTURY 21ST PORTFOLIO LIMITED, Hyderabad as at 31st March 2014, the Profit & Loss Account and also the Cash Flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with 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 misstatements. 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 evidence, we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

In our opinion and to the best of our information and according to the explanations given to us the said accounts read with other notes to accounts and accounting policies give the information required by the Companies Act 1956, in the manner so required and give a true and fair view:-

i) In the case of Balance Sheet of the state of the affairs of the Company as at 31st March 2014 and

ii) In the case of Profit & Loss Account of the Profit of the Company for the year ended on that date.

iii) In the Cash Flow statement of the Cash Flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor''s Report) Order,2003 ("the Order") issued by the Central Government in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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 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 Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in Section 211(3C) of the Act.

(e) On the basis of the written representations received from the directors as on 31st March, 2014 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of Section 274(1)(g) of the Act.

ANNEXURE TO AUDITOR''S REPORT

[Referred to in paragraph 3 of Auditor''s Report of even date to the members of CENTURY 21ST PORTFOLIO LIMITED on the financial statements for the year ended March 31, 2014]

1. (a) The company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets.

(b) According to the information and explanations given to us, fixed assets were physically verified by the management during the year and no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, a substantial part of fixed assets has not been disposed of by the company during the year.

2. The Company does not have any inventories and accordingly the provisions of clause 4 (ii) (a), (b) and (c) of the order are not applicable to this Company.

3. The company has neither granted nor taken any loans secured or unsecured to/from companies, firms or parties covered in the register maintained under section 301 of the Act.

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 fixed assets and for the sale of services. The activities of the company do not involve purchase of inventory and sale of goods. Further, on the basis of our examination of the books and records of the company, and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control system.

5. According to the information and explanations given to us, there have been no contracts or arrangements referred to section 301 of the Act during the year to be entered in the register required to be maintained under that section. Accordingly, commenting on transactions made in pursuance of such contracts or arrangements does not arise.

6. The company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Act and the rules framed there under.

7. The Company has an adequate internal audit system commensurate with its size and nature of its business.

8. The maintenance of cost records is not applicable to this company.

9. (a) According to the information and explanations given to us and the records of the company examined by us, the Company is regular in depositing with appropriate authorities undisputed statutory dues including income-tax, and other material statutory dues as applicable with the appropriate authorities. According to the information and explanations given to us and the records of the company examined by us, excise duty and cess are not applicable to the company for the current year.

(b) According to the information and explanations given to us and the records of the company examined by us, there are no dues of income-tax, sales-tax, wealth tax, service tax, customs duty which have not been deposited on account of any dispute.

10. The Company has accumulated losses of Rs. 19.04 Lakhs as at 31st March, 2014 which is not more than 100% of net worth of the company and company not incurred cash losses during the financial year ended on that date and no loss 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 banks and to the financial institutions.

12. 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, the company is not in the business of Nidhi/Mutual Benefit Fund/Societies.

14. In our opinion, the company is not a dealer or trader in shares, securities, debentures and other investments.

15. In our opinion and according to the information and explanations given to us, the company has not given guarantee for loans taken by others from banks or financial institutions during the year.

16. In our opinion and according to the information and explanation given to us, the term loan has been applied on an overall basis, for the purposes for which they are obtained.

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, we report that funds raised on short-term basis have not been used for long-term investment.

18. The Company has not made any preferential allotment of shares during the year

19. The Company has not issued any debentures during the year.

20. The company has not raised any money by public issues during the year.

21. During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the company, noticed or reported during the year, nor have we been informed of such case by the management.

For M M REDDY & CO., Chartered Accountants Firm Registration No. 010371S

Sd/- M. Madhusudhana Reddy Place: Hyderabad Partner Date : May 30th, 2014 Membership No. 213077


Mar 31, 2013

We have audited the attached Balance Sheet of CENTURY 21ST PORTFOLIO LIMITED as at 31st March, 2013, the Profit and Loss Account and Cash Flow Statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based our audit.

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 statements presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies Auditors'' Report order (CARO) 2003 as amended by the Companies (Auditors report) (Amendment) Order, 2004, 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 paragraphs 4 and 5 of the said Order.

2. 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 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, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, the Profit and Loss account and the Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956.

e) On the basis of information and explanations given to us and representations 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 Directors are disqualified as on 31st March, 2013 from being appointed as Director of the company under Section 274 (1) (g) of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes thereto, 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,

(i) in the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2013

(ii) in the case of the Profit and Loss Account, the Profit of the Company for the year ended on that date, and

(iii) in the case of Cash Flow Statement, of the cash flows for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE

1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) We are informed that during the year, these fixed assets have been physically verified by the management at reasonable intervals and no materials discrepancies were noticed.

(c) No part of fixed assets has been disposed off during the year.

2. The company has no inventories hence the requirement of inventories physical verification, physical verification procedures and maintaining inventory records do not apply to the company.

3. (a) The Company has not taken any loans secured or unsecured from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

(b) The Company has not granted loans to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 and the terms and conditions of the loans are reasonable.

(c) The loan accounts to the companies, firms or other parities listed in the register maintained under section 301 of the companies Act, 1956 are regular.

(d) There are no overdue amounts.

4. There are adequate internal control procedures commensurate with the size of the company and nature of its business, for the purchase and sale of assets.

5. 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 companies Act, 1956 have been so entered.

6. The company has not accepted deposits from the public.

7. The Company has internal audit system commensurate with its size and nature of its business.

8. The company is not required to maintain cost records under Section 209(1)(d) of the Companies Act, 1956.

9. According to the records of the company and as per the information and explanations given to us, the company is generally regular in depositing with the appropriate authorities, the undisputed statutory dues, Investor Education and Protection Fund, Income Tax, Sales Tax, Customs Duty, Excise Duty, Cess and any other material statutory dues as applicable to it.

10. According to the information and explanations given to us and the records of the company examined by us, there are no dues of Income Tax, Wealth

For and on behalf of the Board

CENTURY 21ST PORTFOLIO LIMITED Sd/-

Place: Hyderabad K. Ravi Kumar

Date: 14.08.2013 Director


Mar 31, 2012

We have audited the attached Balance Sheet of CENTURY 21st PORTFOLIO LIMITED as at 31st March, 2012, the Profit and Loss Account and Cash Flow Statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based our audit.

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 statements presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies Auditors'' Report order (CARO) 2003 as amended by the Companies (Auditors report) (Amendment) Order, 2004, 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 paragraphs 4 and 5 of the said Order.

2. 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 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, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, the Profit and Loss account and the Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956.

e) On the basis of information and explanations given to us and representations received from the Directors of the company as on 31st March, 2012 and taken on record by the Board of Directors, We report that none of the Directors are disqualified as on 31st March, 2012 from being appointed as Director of the company under Section 274 (1) (g) of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes thereto, 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.

(i) in the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2012

(ii) in the case of the Profit and Loss Account, the Profit of the Company for the year ended on that date, and

(iii) in the case of Cash Flow Statement, of the cash flows for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE

1) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) We are informed that during the year, these fixed assets have been physically verified by the management at reasonable intervals and no materials discrepancies were noticed.

(c) No part of fixed assets has been disposed off during the year.

2) The company has no inventories hence the requirement of inventories physical verification, physical verification procedures and maintaining inventory records do not apply to the company.

3) (a) The Company has not taken any loans secured or unsecured from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

(b) The Company has not granted loans to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 and the terms and conditions of the loans are reasonable.

(c) The loan accounts to the companies, firms or other parities listed in the register maintained under section 301 of the companies Act, 1956 are regular.

(d) There are no overdue amounts.

4) There are adequate internal control procedures commensurate with the size of the company and nature of its business, for the purchase and sale of assets.

5) 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 companies Act, 1956 have been so entered.

6) The company has not accepted deposits from the public.

7) The Company has internal audit system commensurate with its size and nature of its business.

8) The company is not required to maintain cost records under Section 209(1)(d) of the Companies Act, 1956.

9) (a) According to the records of the company and as per the information and explanations given to us, the company is generally regular in depositing with the appropriate authorities, the undisputed statutory dues, Investor Education and Protection Fund, Income Tax, Sales Tax, Customs Duty, Excise Duty, Cess and any other material statutory dues as applicable to it.

(b) According to the information and explanations given to us and the records of the company examined by us, there are no dues of Income Tax, Wealth Tax, Customs Duty, Excise Duty which have not been deposited on account of any dispute.

10) The Company has accumulated losses of Rs.18.83 Lakhs as at 31st March, 2012 which is not more than 100% of net worth of the company and company not incurred any losses during the financial year ended on that date and incurred cash loss of Rs. 4.21 lakhs in the immediately preceding financial year.

11) In our opinion and according to the information and explanations given to us, the company does not have any dues to financial institutions and banks. The Company has not issued any debentures.

12) During the year, 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) In our opinion and according to the information and explanations given to us, the provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the company.

14) The Company has not dealt or traded in shares, securities, debentures or other investments during the year.

15) The Company has not given any guarantees for loan taken by others from bank or financial institutions during the year.

16) In our opinion and according to the information and explanation given to us, the company has not availed any term loans from the Banks or Financial Intuitions.

17) According to the information and explanations given to us, the company has not applied short term borrowings for long term use and vice versa.

18) The Company has not made any preferential allotment of shares during the year.

19) The Company has not issued any debentures and hence creation of necessary securities does not arise.

20) The Company has not raised any money by public issue during the year.

21) As per the information and explanations given to us and on the basis of examination of records, no material fraud on or by the Company was noticed or reported during the year.

For M M REDDY & Co.,

Chartered Accountants

Firm Reg. No. 010371S

Sd/-

Place: Hyderabad M. Madhusudhana Reddy

Date:14.08.2012 Partner

Membership No. 213077


Mar 31, 2011

We have audited the attached Balance Sheet of CENTURY 21ST PORTFOLIO LIMITED as at 31st March, 2011, the Profit and Loss Account and Cash Flow Statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based our audit.

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 statements presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies Auditors' Report order (CARO) 2003 as amended by the Companies (Auditors report) (Amendment) Order, 2004, 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 paragraphs 4 and 5 of the said Order.

2. 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 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, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, the Profit and Loss account and the Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956.

e) On the basis of information and explanations given to us and representations received from the Directors of the company as on 31st March, 2011 and taken on record by the Board of Directors, We report that none of the Directors are disqualified as on 31st March, 2011 from being appointed as Director of the company under Section 274 (1) (g) of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us, they said accounts read together with the notes thereto, 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.

(i) in the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2011

(ii) in the case of the Profit and Loss Account, of the Loss of the Company for the year ended on that date, and

(iii) in the case of Cash Flow Statement, of the cash flows for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE

1) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) We are informed that during the year, these fixed assets have been physically verified by the management at reasonable intervals and no materials discrepancies were noticed.

(c) No part of fixed assets has been disposed off during the year.

2) The company has no inventories hence the requirement of inventories physical verification, physical verification procedures and maintaining inventory records do not apply to the company.

3) (a) The Company has not taken any loans secured or unsecured from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

(b) The Company has not granted loans to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 and the terms and conditions of the loans are reasonable.

(c) The loan accounts to the companies, firms or other parities listed in the register maintained under section 301 of the companies Act, 1956 are regular.

(d) There are no overdue amounts.

4) There are adequate internal control procedures commensurate with the size of the company and nature of its business, for the purchase and sale of assets.

5) 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 companies Act, 1956 have been so entered.

6) The company has not accepted deposits from the public.

7) The Company has internal audit system commensurate with its size and nature of its business.

8) The company is not required to maintain cost records under Section 209(1)(d) of the Companies Act, 1956.

9) (a) According to the records of the company and as per the information and explanations given to us, the company is generally regular in depositing with the appropriate authorities, the undisputed statutory dues, Investor Education and Protection Fund, Income Tax, Sales Tax, Customs Duty, Excise Duty, Cess and any other material statutory dues as applicable to it.

(b) According to the information and explanations given to us and the records of the company examined by us, there are no dues of Income Tax, Wealth Tax, Customs Duty, Excise Duty which have not been deposited on account of any dispute.

10) The Company has accumulated losses of Rs.42.85 Lakhs as at 31st March, 2011 which is not more than 100% of net worth of the company and incurred cash losses during the financial year ended on that date and no loss in the immediately preceding financial year.

11) In our opinion and according to the information and explanations given to us, the company does not have any dues to financial institutions and banks. The Company has not issued any debentures.

12) During the year, 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) In our opinion and according to the information and explanations given to us, the provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the company.

14) The Company has not dealt or traded in shares, securities, debentures or other investments during the year.

15) The Company has not given any guarantees for loan taken by others from bank or financial institutions during the year.

16) In our opinion and according to the information and explanation given to us, the company has not availed any term loans from the Banks or Financial Intuitions.

17) According to the information and explanations given to us, the company has not applied short term borrowings for long term use and vice versa.

18) The Company has not made any preferential allotment of shares during the year.

19) The Company has not issued any debentures and hence creation of necessary securities does not arise.

20) The Company has not raised any money by public issue during the year.

21) As per the information and explanations given to us and on the basis of examination of records, no material fraud on or by the Company was noticed or reported during the year.

For M M REDDY & Co.,

Chartered Accountants

Place: Hyderabad Firm Reg.No.010371S

Date: 02.09.2011

M. Madhusudhana Reddy

Partner

Membership No.213077


Mar 31, 2010

1. We have audited the attached balance sheet of Century 21st Portfolio Limited as at 31st March, 2010 and also the Profit and Loss Account and also the Cash Flow Statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

12. We conducted our audit in accordance with the 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. We report that:

a. As required by the Companies (Auditors Report) Order, 2003, issued by the 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.

b. Further to the above our comments are as under :

1. Reference is invited to Note Number b(8) under Schedule Number I regarding confirmation of balances.

Further to our comments in the Annexure referred to in paragraph (3) and (4) above, we report that:

c. 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.

d. in our opinion, proper books of accounts as required by law have been kept by the company so far as appears from our examination of those books.

e. the balance sheet, profit and loss account and the cash flow statement dealt with by this report are in agreement with the books of account.

f. In our opinion, the balance sheet, profit and loss account and 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, in so far as they are applicable to the company.

g. On the basis of the written representations received from the directors as on 31st March 2010 and taken on record by the Board Of Directors we report that none of the directors are 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.

h. In our opinion and to the best of our information and according to the explanations given to us, the said accounts in conjunction with the Schedules annexed therewith, 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 :

i. in the case of balance sheet, of the state of affairs of the company as at 31st March 2010.

ii. in the case of the profit and loss account of the profit for the year ended on that date.

iii. in the case of cash flow statement of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT ( Century 21st Portfolio Limited )

[Referred to in paragraph 3(a) thereof]

1. (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of the fixed assets.

(b) As explained to us, the management has physically verified the fixed assets during the year and there is a regular programme of verification which, in our opinion is reasonable having regard to the size of the company and the nature of the assets. No material discrepancies were noticed.

(c) The company has not disposed off a substantial part of its Fixed assets during the year.

2. The company is engaged in the business of trading in equities and commodities. According to the information and explanations given to us by the management the company does not hold any inventory and hence in our opinion paragraph (ii) of the Order is not applicable.

3. (a) The company has not granted any loans, secured or unsecured to companies, firms or other parties listed in the register maintained under section 301 of the Companies act 1956.

(b) The company has not taken any loans, secured or unsecured, from companies, firms or other parties listed 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 are adequate internal control systems commensurate with the size of the company and the nature of its business for the purchase of fixed assets and for the sale of services.

5. In our opinion and according to the information and explanations given to us there are no contracts or arrangements that 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 deposits from public.

7. The company is not having internal audit system.

8. To the best of our knowledge and belief the Central Government has not prescribed the maintenance of cost records under section 209 (l)(d) of the Companies act 1956.

9. (a) According to the information and explanations given to us the particulars of undisputed statutory dues of income tax were in arrears as at 31st March 2010 for a period of more than six months from the date they became payable and which have not been deposited are Rs. 10,000/- towards penalty for the period 2002 - 2003.

(b) The company does not have any disputed dues of sales tax/ income tax/ customs/wealth tax/ excise duty/cess etc which have not been deposited

10. The company has accumulated losses to the tune of Rs.3,735,778/- as at the end of the financial year. The company has not incurred any cash losses during the financial year and the immediately preceding financial year.

11. According to the information and explanations given to us the company has no dues to any financial institution, bank or to debenture holders during the year.

12. According to the information and explanations given to us the company has not granted any loans or advances on the basis of securities 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 and therefore the provisions of any special statute under paragraph (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 dealing or trading in shares and commodities and is maintaining proper records of the transactions and the timely entries are made therein.

15. According to the information and explanations given to us the company has not given any guarantee for loans taken by others from banks or financial institutions.

16. According to the information and explanations given to us the company has not raised any term loans.

17. Based on information and explanations given to us and on an overall examination of the balance sheet of the company in our opinion there are no funds raised on a short term basis which have been used for long term investment.

18. 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 during the year.

19. According to the information and explanations given to us the company has not issued any debentures during the year under consideration.

20. According to the information and explanations given to us the company has not raised any money by public issues during the year.

21. According to the information and explanations given to us, during the year no material fraud on or by the company has been noticed or reported.

For Venkata Srinivas & Associates, Chartered Accountants, FirmRegn.No.: 00744IS

CVM Srinivas Proprietor. Membership No. 202765

 
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