Mar 31, 2014
We have audited the attached Balance Sheet of M/s. Diamant
Infrastructure Limited as at 31st March, 2014 and also the Profit and
loss Account and the Cash Flow Statement of the Company 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. 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 financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by the Companies (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 a
statement on the matters specified in paragraph 4 and 5 of the said
Order.
3. Further to our comments in the Annexure referred to 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 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, 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 and Loss Account and Cash
Flow Statements 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 except for Accounting Standard 15 "Accounting
for Employee Benefits" in respect of Gratuity liability not provided as
explained in note 23.16;
e) On the basis of written representations received from the directors,
and taken on record by the Board of Directors, in our opinion none of
the directors is disqualified as on 31st March, 2014 from being
appointed as directors in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act 1956 as on that date.
f) In our opinion and to the best of our information and according to
the explanations given to us, subject to our comments in para 3(d) and
(e) above and para 9(a), 9(b) and 11 below, 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 31 st March, 2014;
ii. in so far as it relates to the Profit and Loss Account, of the
Profit for the year ended on that date;
iii. in case of Cash Flow Statement of the cash flows forthe year ended
on that date.
Annexure to the Independent Auditors'' Report (Referred to in Paragraph
3 of our report of even date)
Based upon the information and explanations furnished to us, and the
books and records examined by us in the normal course of our audit, we
report that to the best of our knowledge and belief:
1. In respect of its fixed assets:
a) As explained to us, the company has maintained proper records
showing full particulars including quantitative details and situation
of fixed assets on the basis of available information.
b) According to the information and explanations given to us, the fixed
assets of the company have been physically verified at the year-end,
which in our opinion is reasonable, having regard to the size of the
company and nature of its assets. As per the management representation,
no material discrepancies have been reported on such verification as
compared to book records.
c) In our opinion and according to the information and explanations
given to us, the Company has not disposed of 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) As explained to us, inventories of stores, spares and consumable
have been physically verified at regular intervals during the year.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed are reasonable and adequate in relation to the size of the
company and nature of its business.
c) In our opinion and according to the information and explanation
given to us, the Company has maintained proper records of inventories
and there were no material discrepancies noticed on physical
verification of inventory as compared to the book records.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
a) The Company has not granted any unsecured loans to any companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956.
b) In our opinion and according to the information and explanations
given to us, the terms and conditions on which such loans have been
taken are not, prima facie prejudicial to the interest of the Company.
c) In respect of above loans taken by the Company, this has been repaid
during the year and therefore the question of overdue amounts as such
does not arise, but no interest has been charged for the unsecured loan
borrowed by 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 its
business for the purchase of inventory, fixed assets and with regard
for the sale of goods and services. During the course of our audit, we
have not observed any continuing failure to correct major weaknesses in
internal controls.
5. To the best of our knowledge and belief and according to the
information and explanations given to us, the particulars of contracts
or arrangements that need to be entered into the register maintained
under section 301 of the Companies Act, 1956 have been so entered.
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/- (Rupees five lacs) or more in
respect of any party.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the meaning of section 58A and section 58AA or other relevant
provisions of the Companies Act, 1956 and Companies (Acceptance of
Deposits) Rules, 1975 with regard to acceptance of deposits from the
public.
7. In our opinion, the Company has no internal audit system
commensurating with the size of the company and nature of its business.
8. According to information and explanations give to us, Central
Government has not prescribed maintenance of Cost Records under Section
209(1 )(d) of the Companies Act, 1956 in respect of business activities
of the Company.
9. In respect of statutory dues:
a) According to the records of the Company, and according to the
information and explanations given to us, the company is generally
regular in depositing undisputed statutory dues including Income- Tax,
Sales-tax, Service tax and other material statutory dues applicable to
the company with the appropriate authorities during the year, Except
the payment of TDS which is not done by the company on timely basis and
with the proper amount deducted.
b) According to the records of the Company, and as per information and
explanations given to us there are no disputed statutory dues
outstanding during the year, except the following:
Nature of Nature of Dues Rs.
Statute
Penalty for short payment of
Chhattisgarh sales tax on purchase of 11,50,000/-
Sales Tax fixed asset
Income Tax
Department, Assessment Order U/S 143(3) 28,70,971/-
Mumbai
Nature of Period to Forum where the
Statute which it relates dispute is pending
Assistant commissioner
Chhattisgarh F.Y.: 2008-2009 of Sales tax, Durg,
Sales Tax Chhatisgardh
Income Tax Office of Commissioner
Department, F.Y.: 2009-2010 of Income Tax Appeals
Mumbai -37 Mumbai
10. The Company does not have any accumulated losses as at the end of
the financial year. The company has not incurred cash losses during the
current and 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 repayment of dues to
banks and financial institutions. However the company has deliberately
not made the payment of dues to Srei Equipment Finance Pvt. Ltd. for
the month of March 2014, because of a dispute between the company and
the Srei Equipment Finance Pvt. Ltd. and the negotiation is still going
on between both the parties, also the company has issued a legal notice
to Srei Equipment Finance Pvt. Ltd. for resolving the matter. And the
company has not obtained any borrowings by issue of debentures.
12. In our opinion, 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 a chit fund or a nidhi/mutual
benefit fund/society.
14. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, debentures and
other investments.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks or financial institutions.
16. According to the information and explanations given to us, and on
the basis of examination of the books of account, we are of the opinion
that the term loans obtained by the company have been applied for the
purpose for which such loans were obtained.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, funds
raised on short-term basis during the year have not been used for
long-term investments.
18. According to the information and explanations given to us, during
the year, the Company has not made any preferential allotment of shares
to parties and companies covered in the Register maintained under
Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during
the year covered by our audit report.
21. To the best of our knowledge and according to the information and
explanations given to us by the management, no fraud on or by the
Company has been noticed or reported during the year that causes the
financial statements to be materially misstated.
For pilla Mathur Manuja & Co.
Chartered Accountants
(FRN: 124471W)
Place : Nagpur CA Thakur J. Manuja
Date : 30th May 2014 Proprietor
Membership No: 113940
Mar 31, 2012
We have audited the attached Balance Sheet of M/s. Diamant
Infrastructure Limited as at 31st March, 2012 and also the Profit and
loss Account and the Cash Flow Statement of the Company 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. 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 financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by the Companies (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 a
statement on the matters specified in paragraph 4 and 5 of the said
Order.
3. Further to our comments in the Annexure referred to 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 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, 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 and Loss Account and Cash
Row Statements 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 except for Accounting Standard 15 "Accounting
for Employee Benefits' in respect of Gratuity liability not provided
as explained in note 23.16;
e) Attention is invited to the following:
L In relation to defaults in payments of tax deducted at source more
specifically detailed in clause 9(a) below, the company has not
provided for the interest aggregating to 7 7,19,511/- computed till
31st March, 2012 which is due on the unpaid amount of Tax deducted at
source. The management has represented that the same shall be provided
in the books on payment basis. To that extent the net profit of the
current year has been overstated by ? 7,19,511/- and the creditors have
been understated by the same amount.
f) On the basis of written representations received from the directors,
and taken on record by the Board of Directors, in our opinion none of
the directors is disqualified as on 31st March, 2012 from being
appointed as directors in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act 1956 as on that date.
g) In our opinion and to the best of our information and according to
the explanations given to us, subject to our comments in para 3(d) and
(e) above and para 9(a), 9(b) and 11 below, 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 atrue 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 31st March, 2012;
ii. in so far as it relates to the Profit and Loss Account, of the
Profit for the year ended on that date; in. in case of Cash Flow
Statement of the cash flows for the year ended on that date.
Annexure to the Auditors1 Report
- (Referred to in Paragraph 3 of our report of even date)
Based upon the information and explanations furnished to us, and the
books and records examined by us in the
normal course of our audit, we report that to the best of our knowledge
and belief:
1. In respect of its fixed assets:
a) As explained to us, the company has maintained proper records
showing full particulars including quantitative details and situation
of fixed assets on the basis of available information.
b) According to the information and explanations given to us, the fixed
assets of the company have been physically verified at the year-end,
which in our opinion is reasonable, having regard to the size of the
company and nature of its assets. As per the management representation,
no material discrepancies have been reported on such verification as
compared to book records.
c) In our opinion and according to the information and explanations
given to us, the Company has not disposed of 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) As explained to us, inventories of stores, spares and consumable
have been physically verified at regular intervals during the year.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed are reasonable and adequate in relation to the size of the
company and nature of its business.
c) In our opinion and according to the information and explanation
given to us, the Company has maintained proper records of inventories
and there were no material discrepancies noticed on physical
verification of inventory as compared to the book records.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
a) The Company has not granted any unsecured loans to any companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956.
b) The Company had taken unsecured loans from one company, covered in
the register maintained u/s. 301 of the Companies Act, 1956. The
maximum amount involved during the year aggregate to ? 38,00,000/- and
the year-end balance in respect of these loans was ? Nil.
c) In our opinion and according to the information and explanations
given to us, the terms and conditions on which such loans have been
taken are not, prima facie prejudicial to the interest of the Company.
d) In respect of above loans taken by the Company, this has been repaid
during the year and therefore the question of overdue amounts as such
does not arise.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and with regard
for the sale of goods and services. During the course of our audit, we
have not observed any continuing failure to correct major weaknesses in
internal controls.
5. To the best of our knowledge and belief and according to the
information and explanations given to us, the particulars of contracts
or arrangements that need to be entered into the register maintained
under section 301 of the Companies Act, 1956 have been so entered.
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/- (Rupees five lacs) or more
in respect of any party.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the meaning of section 58A and section 58AA or other relevant
provisions of the Companies Act, 1956 and Companies (Acceptance of
Deposits) Rules, 1975 with regard to acceptance of deposits from the
public.
7. In our opinion, the Company has an internal audit system
commensurate with the size of the company and nature of its business.
8. According to information and explanations give to us, Central
Government has not prescribed maintenance of Cost Records under Section
209(1 )(d) of the Companies Act, 1956 in respect of business activities
of the Company.
9. In respect of statutory dues:
a) According to the records of the Company, and according to the
information and explanations given to us, the company is generally
regular in depositing undisputed statutory dues including Income-Tax,
Sales- tax, Service tax and other material statutory dues applicable to
the company with the appropriate authorities during the year. However,
the company has not paid the tax deducted at source from various
parties during the year aggregating to ? 73,66,409/-(excluding the
amount of interest of ? 7,95,118/- payable on the unpaid amount) till
the date of signing of this report..
b) According to the information and explanations given to us,
undisputed amounts aggregating to X 29,35,932/
- payable in respect of the aforesaid dues were outstanding as at 31 st
March, 2012 for a period of more than six months from the date of
becoming payable.
c) According to the records of the Company, and as per information and
explanations given to us there are no disputed statutory dues
outstanding during the year, except the following:
Nature of Nature
of Dues Rs. Period to Forum where the
Statute which it dispute is pending
Slates
Chhatti
sgarh Penalty for
sfiort payment
of 22,00,000/- F.Y:2008- Assistant
Commissioner of
Sales tax sales tax on
purchase of
fixed 2009 Sales Tax, Durg,
assets. Chhatisgardh
10. The Company does not have any accumulated losses as at the end of
the financial year. The company has not incurred cash losses during the
current and the immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the Company has defaulted in repayment of dues to one
financial institution during the year. The aggregate amount of the
default as on 31st March, 2012 on account of principal and interest is
? 69,62,781/- (principal amount ? 59,84,896/- and interest ?
9,77,891/)-. However, out of the above an amount of ? 53,09,205/- has
been paid by the company on various dates till 15th June 2012 after
which the said loans have been rescheduled by the said financial
institution. The company has not obtained any borrowings by issue of
debentures.
12. In our opinion, 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 a chit fund or a nidhi/mutual
benefit fund/society.
14. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, debentures and
other investments. . _
15. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks or financial institutions.
16. According to the information and explanations given to us, and on
the basis of examination of the books of account, we are of the opinion
that the term loans obtained by the company have been applied for the
purpose for which such loans were obtained.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, funds
raised on short-term basis during the year have not been used for
long-term investments.
18. According to the information and explanations given to us, during
the year, the Company has not made any preferential allotment of shares
to parties and companies covered in the Register maintained under
Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during
the year covered by our audit report.
21. To the best of our knowledge and according to the information and
explanations given to us by the management, no fraud on or by the
Company has been noticed or reported during the year that causes the
financial statements to be materially misstated.
For Tushar Parekh and Associates
Chartered Accountants
(FRN:117307W)
CA Tushar Parekh
Place: Mumbai Proprietor
Date: 24th August, 2012 Membership No: 103230
Mar 31, 2011
We have audited the attached Balance Sheet of M/s. Diamant
Infrastructure Limited as at 31 st March, 2011 and also the Profit and
loss Account and the Cash Flow Statement of the Company 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. 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 financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by the Companies (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 a
statement on the matters specified in paragraph 4 and 5 of the said
Order.
3. Further to our comments in the Annexure referred to 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 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, 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 and Loss Account and Cash
Flow Statements 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 except for Accounting Standard 15 "Accounting
for Employee Benefits" in respect of Gratuity liability not provided as
explained in note 7 of Schedule 19;
e) On the basis of written representations received from the Directors,
and taken on record by the Board of Directors, in our opinion none of
the Directors is disqualified as on 31 st March, 2011 from being
appointed as directors in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act 1956 as on that date.
f) In our opinion and to the best of our information and according to
the explanations given to us, subject to our comments in para 3(d)
above and para 1 (b),(c), para 7 and para 9(a) below, 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 31 st March, 2011;
ii. in so far as it relates to the Profit and Loss Account, of the
Profit for the year ended on that date;
iii. in case of Cash Flow Statement of the cash flows for the year
ended on that date.
Annexure to the Auditors' Report
(Referred to in Paragraph 3 of our report of even date)
Based upon the information and explanations furnished to us, and the
books and records examined by us in the normal course of our audit, we
report that to the best of our knowledge and belief:
1. In respect of its fixed assets:
a) As explained to us, the company is in the process of maintaining
proper records showing full particulars including quantitative details
and situation of fixed assets on the basis of available information.
b) According to the information and explanations given to us, the fixed
assets of the company have been physically verified at the year-end,
which in our opinion is reasonable, having regard to the size of the
company and nature of its assets. As per the management representation,
no material discrepancies have been reported on such verification as
compared to book records.
c) In our opinion and according to the information and explanations
given to us, the Company has not disposed of 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) As explained to us, inventories of stores, spares and consumable
have been physically verified at regular intervals during the year.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed are reasonable and adequate in relation to the size of the
company and nature of its business.
c) In our opinion and according to the information and explanation
given to us, the Company has maintained proper records of inventories
and there were no material discrepancies noticed on physical
verification of inventory as compared to the book records.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
a) The Company has not granted any unsecured loans to any companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956.
b) The Company had taken unsecured loans from one company, covered in
the register maintained u/s. 301 of the Companies Act, 1956. The
maximum amount involved during the year aggregate to Rs.1,72,00,000/-
and the year-end balance in respect of these loans was Rs. Nil.
c) In our opinion and according to the information and explanations
given to us, the terms and conditions on which such loans have been
taken are not, prima facie prejudicial to the interest of the Company.
d) In respect of above loans taken by the Company, this has been repaid
during the year and therefore the question of overdue amounts as such
does not arise.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and with regard
for the sale of goods and services. During the course of our audit, we
have not observed any continuing failure to correct major weaknesses in
internal controls.
5. To the best of our knowledge and belief and according to the
information and explanations given to us, the particulars of contracts
or arrangements that need to be entered into the register maintained
under section 301 of the Companies Act, 1956 have been so entered.
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) or more
in respect of any party.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the meaning of section 58A and section 58AA or other relevant
provisions of the of the Companies Act, 1956 and Companies (Acceptance
of Deposits) Rules, 1975 with regard to acceptance of deposits from the
public.
7. There is no internal audit system prevalent in the Company.
8. According to information and explanations give to us, Central
Government has not prescribed maintenance of Cost Records under Section
209(1 )(d) of the Companies Act, 1956 in respect of business activities
of the Company.
9. In respect of statutory dues:
a) According to the records of the Company, and according to the
information and explanations given to us, the company is generally
regular in depositing undisputed statutory dues including Income-Tax,
Sales-tax, Service tax and other material statutory dues applicable to
the company with the appropriate authorities during the year. However,
the company has not paid the tax deducted at source from various
parties during the year to the tune of RS. 48,22,309/-.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31 st March, 2011 for a period of more than six
months from the date of becoming payable.
c) According to the records of the Company, and as per information and
explanations given to us there are no disputed statutory dues
outstanding during the year, except the following:
Nature of Nature of Dues Rs.
Statute
Income Tax Disallowance of payment 25,80,957/-
1961 towards VRS to employees
Chhatisgardh Penalty for short payment 22,00,000/-
Sales tax of sales tax on
purchase of fixed assets.
Central Sales Reassessment 1,64,673/-
Tax Act, 1956
Income Tax Disallowance of various 3,26,676/-
Act, 1961 expenses
Nature of Period to which Forum where the dispute
Statute it relates is pending
Income Tax A.Y: 2003-2004 Income Tax Appellate
1961 Tribunal,Act, Mumbai
Chhatisgardh F. Y: 2008-2009 Assistant Commissioner
Sales tax of Sales Tax, Durg,
Chhatisgardh
Central Sales A.Y: 2001-2002 Dy. Commissioner of Sales
Tax Act, 1956 Tax, Audit Division, Gandhi
Nagar, Gujarat
Income Tax A.Y: 2008-2009 Commissioner of Income Tax
Act, 1961 (Appeals), Mumbai
10. The Company does not have any accumulated losses as at the end of
the financial year. The company has not incurred cash losses during the
current and 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 repayment of dues to
banks and financial institutions. The company has not obtained any
borrowings by issue of debentures.
12. In our opinion, 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 a chit fund or a nidhi/mutual
benefit fund/society.
14. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, debentures and
other investments.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks or financial institutions.
16. According to the information and explanations given to us, and on
the basis of examination of the books of account, we are of the opinion
that the term loans obtained by the company have been applied for the
purpose for which such loans were obtained.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, funds
raised on short-term basis during the year have not been used for
long-term investments.
18. According to the information and explanations given to us, during
the year, the Company has not made any preferential allotment of shares
to parties and companies covered in the Register maintained under
Section 301 of the Companies Act, 1956. However, the company has issued
convertible warrants to parties listed in the register maintained u/s
301 of the Companies Act, 1956 as explained in note 2 to Schedule 19.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during
the year covered by our audit report.
21. To the best of our knowledge and according to the information and
explanations given to us by the management, no fraud on or by the
Company has been noticed or reported during the year that causes the
financial statements to be materially misstated.
For Tushar Parekh and Associates
Chartered Accountants
(FRN:117307W)
CA Tushar Parekh
Proprietor
Membership No: 103230
Place: Mumbai
Date: 30th MAy, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of M/s. Diamant
Infrastructure Limited as at 31 st March, 2010 and also the Profit and
loss Account and the Cash Flow Statement of the Company 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.
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 financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by the Companies (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 a
statement on the matters specified in paragraph 4 and 5 of the said
Order.
3. Further to our comments in the Annexure referred to 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 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, 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 and Loss Account and Cash
Flow Statements 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 except for Accounting Standard 15 "Accounting
for Employee Benefits" in respect of leave encashment, Gratuity and
bonus liability not provided as explained in note 8 of Schedule 19;
e) On the basis of written representations received from the directors,
and taken on record by the Board of Directors, in our opinion none of
the directors is disqualified as on 31st March, 2010 from being
appointed as directors in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act 1956 as on that date.
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 31 st March, 2010;
ii. in so far as it relates to the Profit and Loss Account, of the
Profit for the year ended on that date;
iii.in case of Cash Flow Statement of the cash flows for the year
ended on that date.
Annexure to the Auditors Report (Referred to in Paragraph 3 of our
report of even date)
Based upon the information and explanations furnished to us, and the
books and records examined by us in the normal course of our audit, we
report that to the best of our knowledge and belief:
1. In respect of its fixed assets:
a) As explained to us, the company is in the process of maintaining
proper records showing full particulars including quantitative details
and situation of fixed assets on the basis of available information.
b) According to the information and explanations given to us, the fixed
assets of the company have been physically verified at the year-end,
which in our opinion is reasonable, having regard to the size of the
company and nature of its assets. However, no documentary evidence
supporting such physical verification carried out, were made available
to us, and hence we are unable to express any opinion on the material
discrepancies noticed on such verification. As per the management
representation, no material discrepancies have been reported on such
verification as compared to book records.
c) In our opinion and according to the information and explanations
given to us, the Company has not disposed of 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) As explained to us, inventories of stores, spares and consumable
have been physically verified at regular intervals during the year.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed are reasonable and adequate in relation to the size of the
company and nature of its business.
c) In our opinion and according to the information and explanation
given to us, the Company has maintained proper records of inventories
and there were no material discrepancies noticed on physical
verification of inventory as compared to the book records.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
a) The Company has not granted any unsecured loans to any companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956.
The Company had taken unsecured loans from two companies, one director
and the Managing Director covered in the register maintained u/s. 301
of the Companies Act, 1956. The maximum amount involved durinq the year
aggregate to Rs. 8,97,26,880/- and the year-end balance in respect of
these loans was Rs. 1/10,00,000/-.
b) In our opinion and according to the information and explanations
given to us, the terms and conditions on which such loans have been
taken are not, prima facie prejudicial to the interest of the Company.
c) In respect of above loans taken by the Company, these are repayable
on demand and therefore the question of overdue amounts does not arise.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and with regard
for the sale of goods and services. During the course of our audit, we
have not observed any continuing failure to correct major weaknesses in
internal controls.
5. To the best of our knowledge and belief and according to the
information and explanations given to us, the particulars of contracts
or arrangements that need to be entered into the register maintained
under section 301 of the Companies Act, 1956 have been so entered.
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) or
more in respect of any party.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the meaning of section 58A and section 58AA or other relevant
provisions of the of the Companies Act, 1956 and Companies (Acceptance
of Deposits) Rules, 1975 with regard to acceptance of deposits from the
public.
7. There is no internal audit system prevalent in the Company.
8. According to information and explanations give to us, Central
Government has not prescribed maintenance of Cost Records under Section
209(1 )(d) of the Companies Act, 1956 in respect of business activities
of the Company.
9. In respect of statutory dues:
a) According to the records of the Company, and according to the
information and explanations given to us, the company is generally
regular in depositing undisputed statutory dues including Income-Tax,
Sales- tax, Service tax and other material statutory dues applicable to
the company with the appropriate authorities during the year.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2010 for a period of more than six months
from the date of becoming payable.
c) According to the records of the Company, and as per information and
explanations given to us there are no disputed statutory dues
outstanding during the year, except the following:
Nature of Nature of
Dues Rs. Period to
which it
Statute relates
Income Tax Disallowance of
payment 25,80,957/- A.Y: 2003-2004
Act, 1961 towards VRS to
employees
Central Sales Reassessment 1,64,673/- A.Y: 2001-2002
Tax Act, 1956
Nature of
Statute Forum where the dispute
is pending
Income Tax
Act, 1961 Income Tax Appellate Tribunal,
Mumbai
Central Sal
Tax Act, 1956 Dy. Commissioner of Sales Tax,
Audit Division, Gandhi Nagar,
Gujarat
10. The Company does not have any accumulated losses as at the end of
the financial year. The company has not incurred cash losses during the
current and 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 repayment of dues to
banks and financial institutions. The company has not obtained any
borrowings by issue of debentures.
12. In our opinion, 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 a chit fund or a nidhi/mutual
benefit fund/society.
14. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, debentures and
other investments.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks or financial institutions.
16. According to the information and explanations given to us, and on
the basis of examination of the books of account, we are of the opinion
that the term loans obtained by the company have been applied for the
purpose for which such loans were obtained.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, funds
raised on short-term basis during the year have not been used for
long-term investments.
18. According to the information and explanations given to us, during
the year, the Company has not made any preferential allotment of shares
to parties and companies covered in the Register maintained under
Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during
the year covered by our audit report.
21. To the best of our knowledge and according to the information and
explanations given to us by the management, no fraud on or by the
Company has been noticed or reported during the year that causes the
financial statements to be materially misstated.
For Tushar Parekh and Associates
Chartered Accountants
(FRN: 117307W)
CA Tushar Parekh
Place: Mumbai Proprietor
Dated: 29th May, 2010 Membership No: 103230