Mar 31, 2016
TO THE MEMBERS OF DWITIYA TRADING LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of DWITIYA TRADING LIMITED (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2016, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to 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 principles generally accepted in India, including the Accounting Standards prescribed under section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit of the financial statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the 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 financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, 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 on the financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2016, and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. required by the Companies (Auditor''s Report) Order, 2016 (âthe Orderâ) issued by the Central Government in terms of Section 143(11) of the Act, we give in âAnnexure Aâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143 (3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid financial statements comply with the Accounting Standards prescribed under section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the directors as on March 31, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Bâ. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.
g) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its financial position;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;
iii. There were no amounts required to be transferred by the Company to the Investor Education and Protection Fund.
ANNEXURE âAâ TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)
(i) a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
b) The company has a regular programmed of physical verification of its fixed assets by which fixed assets are verified. In accordance with this programmed, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification.
c) Company does not have any immovable property.
(ii) As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals and no material discrepancies were noticed on physical verification.
(iii) The Company has not granted any loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Companies Act, 2013.
(iv) As explained to us, the Company has not granted any security in terms of Section 185 and 186 of the Companies Act, 2013.
(v) According to the information and explanations given to us, the Company has not accepted any deposit from the public during the year.
(vi) As informed to us, the Central Government has not prescribed maintenance of cost records under subsection (1) of Section 148 of the Act, in respect of the activities carried on by the Company.
(vii) According to the information and explanations given to us, in respect of statutory dues:
a) The Company has generally been regular in depositing undisputed statutory dues, including provident fund, employees'' state insurance, income tax, sales tax, service tax, customs duty, excise duty, value added tax, cases and any other material statutory dues with the appropriate authorities.
b) There were no undisputed amounts payable in respect of provident fund, employees'' state insurance, income-tax, sales tax, service tax, customs duty, excise duty, value added tax, cases and other material statutory dues in arrears as at March 31, 2016 for a period of more than six months from the date they became payable.
(viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of loans or borrowings to financial institutions, government, banks and dues to debenture holders.
(ix) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) or term loans.
(x) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company by its officers or employees has been noticed or reported during the year.
(xi) In our opinion and according to the information and explanations given to us, the Company has paid / provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act, 2013.
(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of the CARO 2016 Order is not applicable.
(xiii) In our opinion and according to the information and explanations given to us the Company is in compliance with Section 188 and 177 of the Companies Act, 2013, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the financial statements etc. as required by the applicable accounting standards.
(xiv) During the year the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and hence reporting under clause (xiv) of CARO 2016 is not applicable to the Company.
(xv) In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its directors or directors of its holding, subsidiary or persons connected with them and hence provisions of section 192 of the Companies Act, 2013 are not applicable.
(xvi) According to the information and explanations given to us, the Company is not required to be registered under Section 45 IA of the Reserve Bank of India Act, 1934.
ANNEXURE âBâ TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in paragraph 2(f) under ''Report on Other Legal and Regulatory Requirements'' of our report of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of DWITIYA TRADING LIMITED (âthe Companyâ) as of March 31, 2016 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditor''s Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For ARUN JAIN & ASSOCIATES
(Chartered Accountants)
[FRN - 325867E]
(2nd Floor), Room No. 74 Kolkata â 700012
(CA ARUN KUMAR JAIN)
Date: 28th May, 2016 (Proprietor)
(Membership No.053693
Mar 31, 2015
We have audited the accompanying financial statements of DWITIYA TRADING
LIMITED (''the Company''), which comprise the balance sheet as at 31st
March 2015, the statement of profit and loss and the cash flow
statement for the year then ended, and a summary
ofsignificantaccounting policies and other explanatory information.
Management's Responsibility forthe Financial Statements
The Company's Board of Directors is responsible for the matters stated
in section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation of these financial statements that
give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes the maintenance of adequate accounting records in
accordance with the provision of the Act for safeguarding of the assets
of the Company and for preventing and detecting the frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial control, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
issued by the Institute of Chartered Accountants of India and matters
which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder. We conducted our
audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Act. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the 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 financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, 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 on the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2015;
(ii) in the case of the Statement of Profit and Loss, of the profit of
the Company forthe year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows forthe
yearended on that date.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3and 4ofthe Order, to
the extent applicable.
2. Asrequired under provisions ofsection 143 (3) of the CompaniesAct,
2013, we report that:
a. we have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes ofour audit;
b. in our opinion, proper booksof accountas required by law have been
kept by the Companyso faras it appears from our examination ofthose
books;
c. the balance sheet, the statement of profit and loss and the cash
flow statement dealt with by this Report are in agreement with the
books ofaccount;
d. in our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 oftheAct, read with
Rule7 of the Companies (Accounts) Rules, 2014;
e. on the basis of the written representations received from the
directors as on 31st March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March 2015
from being appointed as a director in terms ofSection 164 (2) oftheAct;
and
f. with respect to the other mattersto be includedin theAuditor's
Reportin accordance with Rule 11of the Companies (Audit andAuditors)
Rules, 2014,in our opinion and tothe bestof our information and
according tothe explanations givento us:
i. there has been no pending litigations on the Company which may have
impact on the financial position in its financial statement;
ii. for the Company has no material foreseeable losses, on long term
contracts including derivative contracts, therefore, there is no
requirement tocreate provision asrequired under any law or accounting standards; and
iii. there has been no fund required to be transferred by the Company
to the Investor Education and Protection Fund.
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the financialstatements for theyear ended31st
March 2015,wereport that:
(i) The Company does not hold any physical fixed assets. Thus 3(i)of
the Orderisnot applicable.
(ii) In respect of its Inventories :
a) As explained to us, the inventories were physically verified during
the year by the Management at reasonable intervals.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the natureof its business.
c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and nomaterial discrepancies were noticedon physical
verification.
(iii) According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured, to companies,
firms or other parties covered in the Register maintained under Section
189 of the CompaniesAct, 2013. Thus, 3(iii)of the Order is not
applicable.
(iv)In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of inventory, fixed assets and for the sale
of goods and services. We have not observed any major weaknesses in
internal control system during the course ofthe audit.
(v) The Company has not accepted any deposit from the public covered
under the terms of section 73 to 76 of the Company'sAct, 2013 or any
other relevant provisions oftheAct & rules framed there under.
(vi) As informed to us, the Central Government has not prescribed
maintenance of cost records under Section 148(1) of theAct,in respectof
the activities carried onby the Company.
(vii)In respect of statutory dues:
(a) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, amounts
deducted/ accrued in the books of account in respect of undisputed
statutory dues including provident fund, income tax, sales tax, wealth
tax, service tax, duty of customs, value added tax, cess and other
material statutory dues have been regularly deposited during the year
by the Company with the appropriate authorities. As explained to us,
the Company did not have any dues on account of employees' state
insurance and duty ofexcise.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
sales tax, wealth tax, service tax, duty ofcustoms, value added tax,
cess and other material statutory dues wereinarrearsasat31st March,
2015foraperiodofmore than sixmonths fromthe date they becamepayable.
(c) According to the information and explanations given to us, no
amount is 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 thereunder by the
company during the financial year under review.
(viii) The Company does not have accumulated losses. The Company has
not incurred cash losses during the financial year covered byour audit
and in the immediately preceding financial year.
(ix)In our opinion and according to the information and explanations
given to us, the Company did not have any outstanding dues tofinancial
institutions, banksor debenture holders.
(x) In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks orfinancial institutions.
(xi)Accordingto the information and explanations givento us, the
Company did not avail any term loan during the year.
(xii) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud
bytheCompanyandnomaterial fraudontheCompanyhasbeennoticedorreported
during the year.
For Arun Jain & Associates
Chartered Accountants
[FRN - 325867E]
2B, Grant Lane,
(2nd Floor), Room No. 74
Kolkata - 700012 (CAARUN KUMAR JAIN)
Proprietor
Date : 30th May, 2015 Membership No. 053693
Mar 31, 2014
We have audited the accompanying financial statements of DWITIYA
TRADING LIMITED (FORMERLY KNOWN AS B B INVESTMENTS LTD), which comprise
the Balance Sheet as at March 31, 2014 and the Statement of Profit and
Loss 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 and
financial performance of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material 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; and
b) in the case of the Profit and Loss Account, of the profit for the
year ended on March 31, 2014;
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 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 and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account.
d) In our opinion, the Balance Sheet and Statement of Profit and Loss
comply with the Accounting Standards referred to in subsection (3C) of
section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
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.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of DWITIYA TRADING LIMITED (FORMERLY KNOWN AS B B
INVESTMENTS LTD) on the accounts of the company for the year ended 31st
March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a)The company is maintaining proper records showing full
particulars, including qantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management at
reasonable intervals of time, and no material discrepancies have been
noticed on such verification.
(c) No part of the fixed assets has been sold during the financial year
concerned.
2. (a) In our opinion and according to information and explanation
given to us, physical verification of inventory is being conducted at
regular interval by the management.
(b) In our opinion and according to information and explanation given
to us the procedures of physical verification of inventory followed by
the management is reasonable & adequate in relation to the size of the
company and the nature of its business.
(c) In our opinion and according to the information and explanation
given to us the company is maintaining proper records of inventory and
no material discrepancies have been found on physical verification of
such inventory.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. Since the Company has not purchased any inventory and fixed assets
therefore the internal control procedure is not applicable.
5. In our opinion and according to information & explanations given to
us, there are no such transactions that need to be entered into a
register in pursuance of section 301 of the Act.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. According to information & explanation given to us, the company is
not required to maintain cost records as prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2013 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company is having accumulated profits and has not incurred
cash loss during the financial year covered by our audit and has
incurred profit in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in retail items. The investments made by the company have
been held by the company in its own name, except in case of its wholly
owned subsidiaries where 1% of shares of the subsidiary company are
held by the companies director as a nominee of the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has issued 48,00,000 shares on preferential basis to non promoters on
10th May, 2013.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For R. Das & Associates
Chartered Accountant
Firm Registration No
318161E
Place: Kolkata
Dated: 27/05/2014
Sd/- Rip Das
(Rip Das)
Proprietor
Mem. No. 053912
Mar 31, 2013
We have audited the accompanying financial statements of B B
INVESTMENTS LTD, which comprise the Balance Sheet as at March 31, 2013
and the Statement of Profit and Loss 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 and
financial performance of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material 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, 2013;and
b) in the case of the Profit and Loss Account, of the profit for the
year ended on March 31, 2013;
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 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 and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account.
d) In our opinion, the Balance Sheet and Statement of Profit and Loss
comply with the Accounting Standards referred to in subsection (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,
none of the directors is 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) 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.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of B B INVESTMENTS LTD on the accounts of the company
for the year ended 31st March, 2013.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a)The company is maintaining proper records showing full
particulars, including qantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management at
reasonable intervals of time, and no material discrepancies have been
noticed on such verification.
(c) No part of the fixed assets has been sold during the financial year
concerned.
2. (a) In our opinion and according to information and explanation
given to us, physical verification of inventory is being conducted at
regular interval by the management.
(b) In our opinion and according to information and explanation given
to us the procedures of physical verification of inventory followed by
the management is reasonable & adequate in relation to the size of the
company and the nature of its business.
(c) In our opinion and according to the information and explanation
given to us the company is maintaining proper records of inventory and
no material discrepancies have been found on physical verification of
such inventory.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. Since the Company has not purchased any inventory and fixed assets
therefore the internal control procedure is not applicable.
5. In our opinion and according to information & explanations given to
us, there are no such transactions that need to be entered into a
register in pursuance of section 301 of the Act.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. According to information & explanation given to us, the company is
not required to maintain cost records as prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2013 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company is having accumulated profits and has not incurred
cash loss during the financial year covered by our audit and has
incurred profit in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in retail items. The investments made by the company have
been held by the company in its own name, except in case of its wholly
owned subsidiaries where 1% of shares of the subsidiary company are
held by the companies director as a nominee of the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year but
Rs. 48,00,000/- was received as share application money for shares to
be allotted on preferential basis and allotment was made on 10th May,
2013.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For R. Das & Associates
Chartered Accountant
Firm Registration No.318161E
Place: Kolkata
Dated: 24/05/2013
Sd/- Rip Das
(Rip Das)
Proprietor
Mem. No. 053912
Mar 31, 2012
1. We have audited the attached Balance Sheet of B B INVESTMENTS
LIMITED as at 31st March, 2012 signed by us under reference to this
report and the relative Profit & Loss Account of the Company for the
year ended 31st March, 2012 which is in agreement with the books of
account. These Financial Statements are the responsibility of the
Company''s management. Our responsibility is to express an opinion on
these Financial Statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit and obtain reasonable assurance about whether the
Financial Statements are free of material misstatement. An audit
includes, examining, on a test basis, evidence supporting the amounts
and disclosures in the Financial Statement 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 reasonable basis for
our opinion.
3. We report as follows:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief, were necessary for the purpose of our
Audit;
b. In our opinion proper Books of Accounts as required by Law have been
kept by the Company, so far as appears from our examination of the
Books;
c. The Balance Sheet and Profit & Loss Account dealt with by the Report
are in agreement with the Books of Accounts;
d. In our opinion, the Profit and Loss Account and Balance Sheet comply
with the Accounting standards referred to in Section 211 (3C) of the
Companies Act, 1956,to the extent applicable;
e. In our opinion none of the Directors are disqualified from being
appointed as Director as per clause (g) of sub -section (1) of Section
274 of the Companies Act, 1956;
4. In our opinion and to the best of our information and according to
the explanations given to us, the Balance Sheet and the Profit & Loss
Account read together with Notes thereon as required by the Companies
Act, 1956 in the manner so required, give a true and fair view:
i) in the case of the Balance Sheet of the State of affairs of the
company as at 31st March, 2012 And
ii) in the case of Profit & Loss Account, of the profit for the year
ended 31st March, 2012.
5. As required by the Companies (Auditors Report) Order 2003 issued by
Central Government of India in terms of section 227 (4A) of the
Companies Act, 1956, we enclose in the annexure a statement on the
matters specified in paragraphs 4 & 5 of the said order to extent
applicable.
Annexure To Auditors Report
i) a)The company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets
b) The fixed assets have been physically verified by the management at
reasonable intervals of time, and no material discrepancies have been
noticed on such verification.
c) No part of the fixed assets has been sold during the financial year
concerned.
ii) (a) In our opinion and according to information and explanation
given to us, physical verification of inventory is being conducted at
regular interval by the management.
(b) In our opinion and according to information and explanation given
to us the procedures of physical verification of inventory followed by
the management is reasonable & adequate in relation to the size of the
company and the nature of its business.
(c) In our opinion and according to the information and explanation
given to us the company is maintaining proper records of inventory and
no material discrepancies have been found on physical verification of
such inventory.
iii) The company has not granted or taken any loans, secured or
unsecured to/from companies, firms or other parties covered in the
register maintained under section 301 of the Act and therefore
provision of clause 4(iii) is not applicable to company.
iv) The company has not purchased any fixed assets or any inventory and
has not made any sale of goods during the financial year concerned. So,
the company does not require any internal control procedure in respect
of fixed assets and inventory.
v) In our opinion and according to information & explanations given to
us, there are no such transactions that need to be entered into
register in pursuance of section 301 of the Act.
vi) In our opinion and according to information & explanation given to
us the company has not accepted deposits from the public.
vii) In our opinion and according to information & explanation given to
us the company has an adequate Internal Control system.
viii) According to information & explanation given to us, the company
is not required to maintain cost records as prescribed by the Central
Government under clause (d) of sub -section (1) of section 209 of the
Act.
ix) (a) According to information & explanation given to us the company
is generally regular in depositing undisputed statutory dues including
Income tax, and any other material statutory dues with the appropriate
authorities.
(b) According to information & explanation given to us the company have
no disputed dues of sales tax/income tax/custom tax/wealth tax/excise
duty/cess.
x) The company is not having accumulated losses more then 50% of its
net worth. However the company has not incurred cash losses during the
financial ye covered by audit.
xii) According to information & explanation given to us, the company
has not granted loans and advances on the basis of security by way of
pledge of shares debenture and other documents.
xiii) According to information & explanation given to us, the
provisions of nidhi / mutual benefit fund/societies are not applicable
to company.
xiv) According to information & explanation given to us, the company is
dealing or trading in shares, securities, debentures and other
investments. The investments made by the company have been held by the
company in its own name, except in case of its wholly owned
subsidiaries where 1% of shares of the subsidiary company are held by
the companies director as a nominee of the Company.
xv) According to information & explanation given to us, the company has
not given any guarantee for loans taken by others from bank or
financial institutions.
xvi) According to information & explanation given to us, no term loans
were obtained during the year.
xvii) According to information & explanation given to us and on overall
examination of balance sheet no funds raised on short-term basis have
not been used for long- term investment.
xviii) According to information 8z explanation given to us the company
has not made any preferential allotment of shares to parties and
companies covered in the Register maintained under section 301 of the
Act.
xix) According to information & explanation given to us no debentures
issued during the year.
xx) According to information & explanation given to us no public issues
have been made during the year.
xxi) According to information & explanation given to us no fraud on or
by the company has been noticed or reported during the year.
For R. Das & Associates
Chartered Accountant
Firm Registration No.318161E
Place: Kolkata
Dated: 18/05/2012 (Rip Das)
Proprietor
Mem. No. 053912
Mar 31, 2011
1. We have audited the attached Balance Sheet of Messrs. B, B.
Investments Limited as at 31st March, 2011 and the related Profit And
Loss Account for the year ended on that date annexed thereto, which we
have signed under reference to this report. These financial statements
are the responsibility of the Company''s management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2. We have conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining, on test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in terms of Sub-Section (4A) Section
227 of ''The Companies Act, 1956'', of India (the ''Act'') and on
the basis of such checks as we considered appropriate and according to
the information and explanations given to us, we further report that: -
3.1. (a) The Company has maintained proper records to show full
particulars, including quantitative details and situation of its Fixed
Assets.
(b) The fixed assets of the Company have been physically verified by
the management according to a phased programme designed to cover all
the items over a period of three years, which is considered to be
reasonable having regard to the size of the Company and the nature of
its assets. Pursuant to the said programme, physical verification was
carried out by the Company during the year of all the assets and this
revealed no material discrepancies between the book records and the
physical inventory.
(c) During the year, substantial parts of the fixed assets have not
been disposed off by the Company.
3.2. (a) The inventory of the Company at all its location have been
physically verified by the management during the year.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the Company and nature of its business.
(c) The Company has maintained proper records in respect of all
categories of inventory. The discrepancies between the physical
inventory and the book records, where applicable, as noticed on
physical verification are not material and have been properly dealt
with in the books of account..
3.3. (a) The Company has granted loans, secured or unsecured to
companies, firms or other parties listed in the register maintained
under Section 301 of the Act. The Company has not taken loans secured
or unsecured from companies, firms or other parties listed in the
register maintained under Section 301 of the Act.
(b) The rate of interest and other terms and conditions of loans given
or taken by the Company, secured or unsecured, are prima-facie not
pre-judicial to the interest of the Company.
(c) The parties to whom loans have been given by the Company are
regular in payment of principal amount and interest thereon according
to the terms and conditions of such loan.
(d) In view of our comment in paragraph 3.3.(c) about clause (iii) (d)
of paragraph 4 of the aforesaid order is not applicable.
3.4. In our opinion, there is adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, for the purchase of inventory and fixed assets and for the
sale of goods. Further, during the course of our audit we have neither
come across nor have we been informed of any continuing failure to
correct major weakness in the aforesaid internal control procedures.
3.5. (a) On the basis of our examination of the books of account the
Company has not entered into transactions exceeding Rupees Five Lacs
with parties during the financial year that need to be entered in the
register maintained pursuant to the Section 301 of the Act.
(b) In our opinion this clause is not applicable for the company.
3.6. The Company has not accepted any deposits from the public in
contravention to the provisions of Sections 58A and 58 AA of the Act
and the rules framed there under.
3.7. In our opinion, the Company''s present internal audit system is
commensurate with its size and nature of its business.
3.8. On the basis of the records produced, we are of the opinion that,
prima-facie, the cost records and accounts in respect of some of its
products are not prescribed by the Central Government of India under
Section 209(l)(dLfl£Jije Act.
3.9. (a) According to the information and explanations given to us and
according to the books and records as produced and examined by us,
there is no undisputed statutory dues in respect of provident fund,
investor education and protection fund, employees state insurance,
income tax, sales tax, wealth tax, custom duty, excise duty, cess and
any other statutory dues as applicable have been regularly deposited by
the Company during the year with the appropriate authorities.
(b) As at 31®^ March 2011 there have been no litigation pending before
any forum in respect of sales tax, income tax, custom duty, wealth tax,
excise duty, and cess.
3.10. The Company has no accumulated losses as at 3C'' March, 2011
after considering the balance in general reserve account as at that
date but has not incurred cash losses during the financial year ended
on that date and also in the immediately preceding financial year.
3.11. According to the records of the Company, it has not defaulted in
repayment of its dues to any financial institution or bank during the
year.
3.12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
3.13. In our opinion, the Company is not a chit fund or a nidhi /
mutual benefit fund / society. Therefore, the provisions of clause
4(xiii) of the aforesaid order are not applicable to the Company.
3.14. In our opinion, the Company is dealing or trading in shares,
securities, debentures and other investments and proper records have
been maintained in respect of the transactions and contracts and timely
entries have been made therein. The Company has held all the shares,
securities, debentures and other investments in its own name except to
the extent of the exemption, if any, granted under Section 49 of the
Act.
3.15. The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
3.16. The Company has not taken any term loan from any banks or
financial institutions and accordingly non- utilization of the same
apart from the purpose for which it has been taken does not arise in
respect of the Company.
3.17. On the basis of review of utilization of funds on overall basis,
related information as made available to us and as represented to us by
the management, funds raised on short term basis have not been used for
long term investment and vice-versa during the year.
3.18. The Company has not made any preferential allotment of shares to
parties and Companies covered in the register maintained under Section
301 of the Act during the year,
3.19. The company has not issued any debentures and as such creation of
securities for the issue of the same does not arise in respect to the
company.
3.20. The company in the recent past has not raised any money by public
issue and as such disclosure of end use of money does not arise.
3.21. During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices in India, we have neither come across any instance of fraud
on or by the company nor have we been informed of such case by the
management.
Further to our comments in paragraph 3 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 it appears from our examination of those
books.
C. The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account.
D. In our opinion, the Balance Sheet and the Profit and Loss Account
dealt with by this report are prepared in compliance with the
Accounting Standards referred to in Sub- Section (3C) of Section 211 of
the Act.
E. On the basis of written representation received from all the
Directors of the company and on the basis of information and
explanations as made available, none of the Directors of the Company do
not prima-facie have any disqualification as referred to in clause (g)
of Sub-Section (1) of Section 274 of the Act.
F. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts together with the notes
thereon and attached thereto give the information required by the Act
and give a true and fair view in conformity with the accounting
principles generally accepted in India :-
i. In so far as it relates to the Balance Sheet of the State of Affairs
of the Company as at 31st March, 2011.
ii. In so far as it relates to the Profit and Loss Account of the
profit of the Company for the year ended on that date.
Dated : 31st August 2011. For R.DAS & ASSOCIATES
Place ;KoIkata FRN No.318161E
Chartered Accountants
Proprietor
M.No. FCA 53912
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