Mar 31, 2015
We have audited the accompanying financial statements of BERVIN
INVESTMENT & LEASING 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
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 referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with the General Circular
15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs
in respect of section 133 of the Companies Act, 2013 and other
accounting principles generally accepted in India.. 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
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. 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 ouraudit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and
fairview 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, 2015;
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 ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. 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 comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Act read with the General
Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate
Affairs in respect of section 133 of the Companies Act, 2013 and other
accounting principles generally accepted in India; and
e) 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 clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the company.
ANNEXURE TO AUDITORS' REPORT
The Annexure referred to in our report to the members of Bervin
Investment & Leasing Limited (the 'Company') for the year ended on
March 31,2015. We report that;
1. In respect of its fixed assets:
a. The company has maintained proper records, showing full particulars
including quantitative details and situation of fixed assets in the
basis of available information.
b. As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
2. In respect of its inventories:
The company does not have any inventory and as such clauses 2(a), 2(b)
& 2(c) of the Order are not applicable to the company.
3. In respect of loans, secured or unsecured, granted to companies,
firms or other parties covered in the register maintained under section
189 of the Companies Act, 2013:
a. The company has not granted any loans, hence the applicability for
maintaining the register under section 189 of the Companies Act, 2013
not arises and as such sub clauses 3(a) & 3(b) of the order are not
applicable to the company.
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 business
for the purchase of inventory and fixed assets and for sale of goods
and services. During the course of our audit, we have not observed any
major weakness in internal controls.
5. The company has not accepted any deposits from the public hence,
the question of compliance of the directives issued by the Reserve Bank
of India and the provisions of sections 73 to 76 or any other relevant
provisions of the Companies Act and the rules framed there under does
not arise.
6. The Central Government has not prescribed maintenance of Cost
Records under Sections 148(1) of
the Companies Act, 2013 in respect of activities of the company.
7. In respect of statutory dues:
a. According to the information and explanation given to us, no
undisputed dues including provident fund, employees' state insurance,
income tax, sales tax, wealth tax, service tax, duty of customs, duty
of excise, value added tax, cess and other statutory dues with
appropriate authorities were outstanding as at March 31,2015 for a
period of more than six months from the date of becoming payable.
b. According to the information and explanation given to us, there are
no disputes in the dues of income tax or value added tax or wealth tax
or service tax or duty of customs or duty of excise or cess during the
period under report.
c. There are no amounts required to be transferred to investor
education and protection fund in accordance with the relevant
provisions of the companies Act, 1956 (1 of 1956) and rules made there
under.
8. The company has been registered for a period not less than 5 Years
and there are no accumulated losses at the end of the financial year
which are not less than 50% of its net worth and the company has not
incurred any cash losses during the financial year covered by our audit
or in the immediate preceding financial year.
9. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
10. The company has not given any guarantees for loans taken by others
from banks or financial institutions which are prejudicial to the
interest of the company.
11. The company has not received any term loan during the year and
accordingly the provisions of clause-11 of the Order is not applicable.
12. In our opinion and according to the information and explanation and
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.
(K.K. GUPTA)
Prop.
M. No. 8311
For and on behalf of
KRISHAN K. GUPTA & CO.
Chartered Accountants
FRN: 000009N
Mar 31, 2014
We have audited the accompanying financial statements of Bervin
Investment & Leasing Ltd. ("the Company") which comprise the Balance
Sheet as at March 31, 2014, 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
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 referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with the General Circular
15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs
in respect of section 133 of the Companies Act, 2013 and other
accounting principles generally accepted in India. 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
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. 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 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
c) In the case of the Cash Flow Statement, of the 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, 2003 ("the
Order"), issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
(i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(ii) In our opinion proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Statement of Profit and Loss Statement and
Cash Flow Statement dealt with by this Report are in agreement with the
books of account;
(iv) In our opinion, the Balance Sheet, Statement of Profit and Loss
and Cash Flow Statement comply with the Accounting Standards referred
to in sub-section (3C) of section 211 of the Act read with the General
Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate
Affairs in respect of section 133 of the Companies Act, 2013 and other
accounting principles generally accepted in India; and
(v) On the basis of written representation received from the directors
as at March 31, 2014 and taken on record by the Board of Directors,
none of the directors is disqualified as at March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Act.
(vi) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the company.
Referred to in Paragraph 2 of our report of even date
1. In respect of its fixed assets:
a. The company has maintained proper records, showing full particulars
including quantitative details and situation of fixed assets.
b. As explained to us, the fixed assets, have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c. In our opinion, the company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories:
a. Since the Company has not carried on any manufacturing and trading
activities during the year, the question of discrepancies between
physical verification and book records does not arise.
b. Since the company does not hold any stock of goods as at March
2014, the question of valuation of Stock does not arise.
3. The company has not taken any loans, secured or unsecured from
Companies, firms or other Parties listed in the register maintained u/s
301 of the Act and/or from companies under the same management, as
defined under sub-section 370(1-B) of the Companies Act, 1956.
4. The Company has not granted any loans, secured or unsecured to
Companies, firms or other parties listed in the Register maintained u/s
301 of the Act and/or from companies under the same management as
defined under Sub-section 370(1-B) of the Companies Act, 1956.
5. The parties to whom the loans have been given by the company are
repaying the principal amounts as stipulated and are regular in payment
of interest.
6. 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 plant and machinery, equipments and other
assets being given on lease and for sale of assets. During the course
of our audit, we have not observed any major weaknesses in internal
controls.
7. In respect of transactions covered Under Section 301 of the
Companies Act, 1956:
a. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into 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, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 aggregating during the year to Rs. 5,00,000
(Rs. Five Lacs only) or more in respect of any party.
8. The company has not accepted any deposits from the public.
9. In our opinion, the company has its own internal audit procedure,
which in our opinion is proper and commensurate with its size and
nature of its business.
10. In respect of statutory dues:
a. As explained to us the provisions of Provident Fund Act and
Employees State Insurance Act are not applicable to the company.
b. The company has no disputed dues of Sales Tax, Income Tax, Customs
Duty, Wealth Tax, Excise Duty/Cess Payable, which have not been
deposited.
11. The Company has accumulated losses at the end of the financial
year. The Company has incurred cash losses during the financial year
covered by our audit and has not incurred cash losses in the immediate
preceeding financial year.
12. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
13. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
14. In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) order 2003 is not applicable to the company.
15. The company has maintained proper records of transactions and
contracts in respect of trading in securities/investments, debentures
and other investments and timely entries have been made therein. All
shares, debentures and other investments have been held by the company
in its own name.
16. The company has not given any guarantees for loans taken by others
from banks or financial institutions. According to the information and
explanations given to us, we are of the opinion that the terms and
conditions thereof are not prima-facie prejudicial to the interests of
the company.
17. The company has not raised any new term loans during the year.
18. During the year, the company has not made any preferential
allotment of shares to parties and companies in the Register maintained
Under Section 301 of the Companies Act, 1956.
19. The company has not raised any money by way of public issue during
the year.
20. In our opinion and according to the information and explanations
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.
21. In our opinion and according to the information and explanations
given to us, no personal expenses have been charged to revenue account
other than those payable under contractual obligations or in accordance
with the generally accepted business practices.
(K.K. GUPTA)
Prop.
(M.No. 8311)
For and on behalf of
KRISHAN K. GUPTA & CO.
Chartered Accountants
(FRN: 000009N)
Place: New Delhi
Dated: April 28, 2014
Mar 31, 2013
We have audited the annexed Balance Sheet of BERVIN INVESTMENT &
LEASING LIMITED, New Delhi as at March 31, 2013 and the Profit & Loss
Account for the year ended on that date annexed thereto and Cash Flow
Statement 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.
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 misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in 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.
2. As required by the Companies (Auditors'' Report) Order 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure
hereto a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
3. Further to our comments in the Annexure referred to in paragraph 2
above, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit:
b) In our opinion, proper books of account, as required by law, have
been kept by the Company, so far as appears from our examination of
those books:
c) The Balance Sheet, Statement of Profit & Loss Account 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 & Loss
Account and Cash Flow Statement dealt with by this report comply with
the mandatory 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
as on March 31, 2013 and taken on record by the Board of Directors, we
report that, none of the Directors are disqualified as on March 31,
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
the explanations given to us, the said accounts read together with the
Significant Accounting Policies and other notes thereon give the
information required by the Companies Act, 1956, in the manner so
required and give a true and fair view, in conformity with the
accounting principles generally accepted in India:
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
(ii) In the case of the Statement of Profit & Loss Account, of the
Profit of the Company for the year ended on that date; and
(iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITORS'' REPORT
Referred to in Paragraph 2 of our report of even date
1. In respect of its fixed assets:
a. The company has maintained proper records, showing full particulars
including quantitative details and situation of fixed assets.
b. As explained to us, the fixed assets, have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c. In our opinion, the company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories:
a. Since the Company has not carried on any manufacturing and trading
activities during the year, the question of discrepancies between
physical verification and book records does not arise.
b. Since the company does not hold any stock of goods as at March
2013, the question of valuation of Stock does not arise.
3. The company has not taken any loans, secured or unsecured from
Companies, firms or other Parties listed in the register maintained u/s
301 of the Act and/or from companies under the same management, as
defined under sub-section 370(1-B) of the Companies Act, 1956.
4. The Company has not granted any loans, secured or unsecured to
Companies, firms or other parties listed in the Register maintained u/s
301 of the Act and/or from companies under the same management as
defined under Sub-section 370(1-B) of the Companies Act, 1956.
5. The parties to whom the loans have been given by the company are
repaying the principal amounts as stipulated and are regular in payment
of interest.
6. 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 plant and machinery, equipment and other
assets being given on lease and for sale of assets. During the course
of our audit, we have not observed any major weaknesses in internal
controls.
7. In respect of transactions covered Under Section 301 of the
Companies Act, 1956:
a. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into 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, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 aggregating during the year to 5,00,000 ( Five
Lacs only) or more in respect of any party.
8. The company has not accepted any deposits from the public.
9. In our opinion, the company has its own internal audit procedure,
which in our opinion is proper and commensurate with its size and
nature of its business.
10. In respect of statutory dues:
a. As explained to us the provisions of Provident Fund Act and
Employees State Insurance Act are not applicable to the company.
b. The company has no disputed dues of Sales Tax, Income Tax, Customs
Duty, Wealth Tax, Excise Duty/Cess Payable, which have not been
deposited.
11. The Company has accumulated losses at the end of the financial
year. The Company has not incurred cash losses during the financial
year covered by our audit and has not incurred cash losses in the
immediate preceding financial year.
12. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
13. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
14. In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) order 2003 is not applicable to the company.
15. The company has maintained proper records of transactions and
contracts in respect of trading in securities/investments, debentures
and other investments and timely entries have been made therein. All
shares, debentures and other investments have been held by the company
in its own name.
16. The company has not given any guarantees for loans taken by others
from banks or financial institutions. According to the information and
explanations given to us, we are of the opinion that the terms and
conditions thereof are not prima-facie prejudicial to the interests of
the company.
17. The company has not raised any new term loans during the year.
18. During the year, the company has not made any preferential
allotment of shares to parties and companies in the Register maintained
Under Section 301 of the Companies Act, 1956.
19. The company has not raised any money by way of public issue during
the year.
20. In our opinion and according to the information and explanations
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.
21. In our opinion and according to the information and explanations
given to us, no personal expenses have been charged to revenue account
other than those payable under contractual obligations or in accordance
with the generally accepted business practices.
(K.K. GUPTA)
Prop.
(M.No. 8311)
For and on behalf of
KRISHAN K. GUPTA & CO.
Chartered Accountants
(FRN: 000009N)
Place: New Delhi
Dated: April 29, 2013
Mar 31, 2012
We have audited the annexed Balance Sheet of BERVIN INVESTMENT &
LEASING LIMITED, New Delhi as at March 31, 2012 and the Profit &
Loss Account for the year ended on that date annexed thereto and
Cash Flow Statement 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.
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 misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in 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.
2. As required by the Companies (Auditors' Report) Order 2003 issued
by the Central : Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we I enclose in the Annexure
hereto a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
3. Further to our comments in the Annexure referred to in paragraph 2
above, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of
our audit:
b) In our opinion, proper books of account, as required by law, have
been kept by the Company, so far as appears from our examination of
those books:
c) The Balance Sheet, Statement of Profit & Loss Account 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 & Loss
Account and Cash Flow Statement dealt with by this report comply with
the mandatory 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
as on March 31, 2012 and taken on record by the Board of Directors, we
report that, none of the Directors are disqualified as on March 31,
2012 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
the explanations given to us, the said accounts read together with the
Significant Accounting Policies and other notes thereon give the
information required by the Companies Act, 1956, in the manner so
required and give a true and fair view, in conformity with the
accounting principles generally accepted in India:
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2012;
(ii) In the case of the Statement of Profit & Loss Account, of the
Profit of the Company for the year ended on that date; and
(iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date,
ANNEXURE TO AUDITORS' REPORT
Referred to in Paragraph 2 of our report of even date
1. In respect of its fixed assets:
a. The company has maintained proper records, showing full particulars
including quantitative details and situation of fixed assets.
b. As explained to us, the fixed assets, have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c. In our opinion, the company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories:
a. Since the Company has not carried on any manufacturing and trading
activities during the year, the question of discrepancies between
physical verification and book records does not arise.
b. Since the company does not hold any stock of goods as at March
2012, the question of valuation of Stock does not arise.
3. The company has not taken any loans, secured or unsecured from
Companies, firms or other Parties listed in the register maintained u/s
301 of the Act and/or from companies under the same management, as
defined under sub-section 37G(1-B) of the Companies Act, 1956.
4. The Company has not granted any loans, secured or unsecured to
Companies, firms or other parties listed in the Register maintained u/s
301 of the Act and/or from companies under the same management as
defined under Sub-section 370(1-B) of the Companies Act, 1956.
5. The parties to whom the loans have been given by the company are
repaying the principal amounts as stipulated and are regular in payment
of Interest,
6. 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 plant and machinery, equipments and other
assets being given on lease and for sale of assets. During the course
of our audit, we have not observed any major weaknesses in internal
controls.
7. In respect of transactions covered Under Section 301 of the
Companies Act, 1956:
a. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be ; entered into 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, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 aggregating during the year to 5,00,000
(Rs.Five Lacs only) or more in respect of any party,
8. The company has not accepted any deposits from the public.
9. In our opinion, the company has its own internal audit procedure,
which in our opinion is proper and commensurate with its size and
nature of its business.
10. In respect of statutory dues:
a. As explained to us the provisions of Provident Fund Act and
Employees State Insurance Act are not applicable to the company.
b, The company has no disputed dues of Sales Tax, Income Tax, Customs
Duty, Wealth Tax, Excise Duty/Cess Payable, which have not been
deposited,
11. The Company has accumulated losses at the end of the financial
year. The Company has not incurred cash losses during the financial
year covered by our audit but incurred cash losses in the immediate
preceding financial year,
12. Based on our audit procedures and according to the Information and
explanation given to us, we are of the opinion that the company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
13. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
14. In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor's Report) order 2003 is not applicable to the company.
15. The company has maintained proper records of transactions and
contracts in respect of trading in securities/investments, debentures
and other investments and timely entries have been made therein. AH
shares, debentures and other investments have been held by the company
in its own name,
16. The company has not given any guarantees for loans taken by others
from banks or financial institutions. According to the information and
explanations given to us, we are of the opinion that the terms and
conditions thereof are not prima-facie prejudicial to the interests of
the company.
17. The company has not raised any new term loans during the year.
18. During the year, the company has not made any preferential
allotment of shares to parties and companies in the Register maintained
Under Section 301 of the Companies Act, 1956.
19. The company has not raised any money by way of public issue during
the year.
20. In our opinion and according to the information and explanations
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.
21. In our opinion and according to the information and explanations
given to us, no persona! expenses have been charged to revenue account
other than those payable under contractual obligations or in accordance
with the generally accepted business practices.
(K.K. GURTA)
Prop.
(M.No. 8311)
For and on behalf of
KRISHAN K. GUPTA & CO.
Chartered Accountants
(FRN: 000009N)
Place: New Delhi
Dated: April 24, 2012
Mar 31, 2011
We have audited the annexed Balance Sheet of BERVIN INVESTMENT &
LEASING UNITED, New Delhi as at March 31, 2011 and the Profit & Loss
Account for the year ended on that date annexed thereto and Cash Flow
Statement for the year ended on that date. 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.
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 misstatements. An audit
includes examining,
on a test basis, evidence supporting the amounts and disclosures in
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.
2. As required by the Companies (Auditors Report) Order 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure
hereto a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
3. Further to our comments in the Annexure referred to in paragraph 2
above, we report that:
a) We have obtained all the information and explanations, which to best
of our knowledge and belief were necessary for the purposes of our
audit:
b) In our opinion, proper books of account, as required by law, have
been kept by the Company, so far as appears from our examination of
those books:
c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account:
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the mandatory
Accounting Standards referred in sub-section (3C) of Section 211 of the
Companies Act, 1956:
e) In our opinion and based on information and explanations given to
us, none of the directors are disqualified as on March 31, 2011 from
being appointed as directors 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
the explanations given to us, the said accounts read together with the
Significant Accounting Policies and other notes thereon give the
information required by the Companies Act, 1956, in the manner so
required and present a true and fair view, in conformity with the
accounting principles generally accepted in India:
(i) In so far as it relates to Balance Sheet, of the state of affairs
of the Company as at March 31, 2011;
(ii) In so far as it relates to the Profit & Loss Account, of the Loss
of the Company for the year ended on that date; and
(iii) In so far as it relates to the Cash Flow Statement, of the cash
flows of the Company for the year ended on that date.
ANNEXURE TO AUDITORS REPORT Referred to in Paragraph 2 of our report
of even date
1. In respect of its fixed assets:
a. The company has maintained proper records, showing full particulars
including quantitative details and situation of fixed assets.
b. As explained to us, the fixed assets, have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c. In our opinion, the company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories:
a. Since the Company has not carried on any manufacturing and trading
activities during the year, the question of discrepancies between
physical verification and book records does not arise,
b. Since the company does not hold any stock of goods as at March
2011, the question of valuation of Stock does not arise.
3. The company has not taken any loans, secured or unsecured from
Companies, firms or other Parties listed in the register maintained u/s
301 of the Act and/or from companies under the same management, as
defined under sub-section 370(1-6) of the Companies Act, 1956.
4. The Company has not granted any loans, secured or unsecured to
Companies, firms or other parties listed in the Register maintained u/s
301 of the Act and/or from companies under the same management as
defined under Sub-section 370(1-B) of the Companies Act, 1956.
5. The parties to whom the loans have been given by the company are
repaying the principal amounts as stipulated and are regular in payment
of interest.
6. 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 plant and machinery, equipments and other
assets being given on lease and for sale of assets. During the course
of our audit, we have not observed any major weaknesses in internal
controls.
7. In respect of transactions covered Under Section 301 of the
Companies Act, 1956:
a. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into 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, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the CompaniesAct, 1956 aggregating during the year to Rs. 5,00,000
(Rs. Five Lacs only) or more in respect of any party.
8. The company has not accepted any deposits from the public.
9. In our opinion, the company has its own internal audit procedure,
which in our opinion is proper and commensurate with its size and
nature of its business,
10. In respect of statutory dues:
a. As explained to us the provisions of Provident Fund Act and
Employees State Insurance Act are not applicable to the company,
b. The company has no disputed dues of Sales Tax, Income Tax, Customs
Duty, Wealth Tax, Excise Duty/Cess Payable, which have not been
deposited.
11. The Company has accumulated losses and has incurred cash losses
during the financial year covered by our audit or in the immediate
preceding financial year,
12. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
13. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
14. In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditors Report) order 2003 is not applicable to the company,
15. The company has maintained proper records of transactions and
contracts in respect of trading in securities/investments, debentures
and other investments and timely entries have been made therein. All
shares, debentures and other investments have been held by the company
in its own name.
16. The company has not given any guarantees for loans taken by others
from banks or financial institutions. According to the information and
explanations given to us, we are of the opinion that the terms and
conditions thereof are not prima-facie prejudicial to the interests of
the company.
17. The company has not raised any new term loans during the year.
18. During the year, the company has not made any preferential
allotment of shares to parties and companies in the Register maintained
Under Section 301 of the Companies Act, 1956.
19. The company has not raised any money by way of public issue during
the year,
20. In our opinion and according to the information and explanations
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.
21. In our opinion and according to the information and explanations
given to us, no personal expenses have been charged to revenue account
other than those payable under contractual obligations or in accordance
with the generally accepted business practices.
(K.K. GUPTA)
Prop.
(M.No. 8311)
For and on behalf of
KRISHAN K. GUPTA Bl CO.
Chartered Accountants
Place: New Delhi
Dated: April 29, 2011
Mar 31, 2010
We have audited the annexed Balance Sheet of BERVIN INVESTMENT &
LEASING LIMITED, New Delhi as at March 31, 2010 and the Profit & Loss
Account for the year ended on that date annexed thereto and Cash Flow
Statement for the year ended on that date. 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.
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 misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in 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.
2. As required by the Companies (Auditors Report) Order 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure
hereto a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
3. Further to our comments in the Annexure referred to in paragraph 2
above, we report that:
a) We have obtained all the information and explanations, which to best
of our knowledge and belief were necessary for the purposes of our
audit:
b) In our opinion, proper books of account, as required by law, have
been kept by the Company, so far as appears from our examination of
those books:
c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account:
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the mandatory
Accounting Standards referred in sub-section (3C) of Section 211 of the
Companies Act, 1956:
e) In our opinion and based on information and explanations given to
us, none of the directors are disqualified as on March 31, 2010 from
being appointed as directors 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
the explanations given to us, the said accounts read together with the
Significant Accounting Policies and other notes thereon give the
information required by the Companies Act, 1956, in the manner so
required and present a true and fair view, in conformity with the
accounting principles generally accepted in India:
(i) In so far as it relates to Balance Sheet, of the state of affairs
of the Company as at March 31, 2010;
(ii) In so far as it relates to the Profit & Loss Account, of the
Profit of the Company for the year ended on that date; and
(iii) In so far as it relates to the Cash Flow Statement, of the cash
flows of the Company for the year ended on that date.
ANNEXURE TO AUDITORS REPORT
Referred to in Paragraph 2 of our report of even date
1. In respect of its fixed assets:
a. The company has maintained proper records, showing full particulars
including quantitative details and situation of fixed assets.
b. As explained to us, the fixed assets, have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c. In our opinion, the company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories:
a. Since the Company has not carried on any manufacturing and trading
activities during the year, the question of discrepancies between
physical verification and book records does not arise.
b. Since the company does not hold any stock of goods as at March
2010, the question of valuation of Stock does not arise.
3. The company has not taken any loans, secured or unsecured from
Companies, firms or other Parties listed in the register maintained u/s
301 of the Act and/or from companies under the same management, as
defined under sub-section 370(1-B) of the Companies Act, 1956.
4. The Company has not granted any loans, secured or unsecured to
Companies, firms or other parties listed in the Register maintained u/s
301 of the Act and/or from companies under the same management as
defined under Sub- section 370(1-B) of the Companies Act, 1956.
5. The parties to whom the loans have been given by the company are
repaying the principal amounts as stipulated and are regular in payment
of interest.
6. 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 plant and machinery, equipments and other
assets being given on lease and for sale of assets. During the course
of our audit, we have not observed any major weaknesses in internal
controls.
7. In respect of transactions covered Under Section 301 of the
Companies Act, 1956:
a. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into 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, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 aggregating during the year to Rs. 5,00,000
(Rupees Five Lacs only) or more in respect of any party.
8. The company has not accepted any deposits from the public.
9. In our opinion, the company has its own internal audit procedure,
which in our opinion is proper and commensurate with its size and
nature of its business.
10. In respect of statutory dues:
a. As explained to us the provisions of Provident Fund Act and
Employees State Insurance Act. are not applicable to the company.
b. The company has no disputed dues of Sales Tax, Income Tax, Customs
Duty, Wealth Tax, Excise Duty/Cess Payable, which have not been
deposited.
11. The Company has accumulated losses and has incurred cash losses
during the financial year covered by our audit or in the immediate
preceding financial year.
12. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
13. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
14. In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditors Report) order 2003 is not applicable to the company.
15. The company has maintained proper records of transactions and
contracts in respect of trading in securities/investments, debentures
and other investments and timely entries have been made therein." All
shares, debentures and other investments have been held by the company
in its own name.
16. The company has not given any guarantees for loans taken by others
from banks or financial institutions. According to the information and
explanations given to us, we are of the opinion that the terms and
conditions thereof are not prima-facie prejudicial to the interests of
the company.
17. The company has not raised any new term loans during the year.
18. During the year, the company has not made any preferential
allotment of shares to parties and companies in the Register maintained
Under Section 301 of the Companies Act, 1956.
19. The company has not raised any money by way of public issue during
the year.
20. In our opinion and according to the information and explanations
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.
21. In our opinion and according to the information and explanations
given to us, no personal expenses have been charged to revenue account
other than those payable under contractual obligations or in accordance
with the generally accepted business practices.
(K.K. GUPTA)
Prop
(M.No. 8311)
FRN :000009N
For and on behalf of
KRISHAN K. GUPTA & CO.
Chartered Accountants
Place: New Delhi
Dated: April 29, 2010