Mar 31, 2018
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of EMERALD LEISURES LIMITED (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2018, and the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone Financial Statements
The Companyâs 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 standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India.
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 standalone 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 standalone financial statements based on our audit. In conducting 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 and the Order issued under section 143(11) of the Act.
We conducted our audit of the standalone 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 standalone financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud orerror. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the standalone financial statements that give a true and fairview 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 Companyâs Directors, as well as evaluating the overall presentation of the standalone financial statements.
We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,2018, and its loss, total comprehensive income, the changes in equity and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act, based on our audit 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 bylaw 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 including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the books of account.
d) in our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards prescribed under section 133 of the Act.
e) on the basis of the written representations received from the directors of the Company as on March 31,2018 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018 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 Aâ. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companyâs internal financial controls over financial reporting.
g) with respectto the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements.
ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
2. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government in terms of Section 143(11) of the Act, we give in âAnnexure Bâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
ANNEXURE âAâ TO THE INDEPENDENT AUDITORâS REPORT
(Referred to in paragraph 1(f) underâ Report on Other Legal and Regulatory Requirementsâ section of our report to the Members of Emerald Leisures Limited 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 EMERALD LEISURES LIMITED (âthe Companyâ) as of March 31,2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Board of Directors of the Company 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, 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.
Auditorâs Responsibility
Our responsibility is to express an opinion on the internal financial controls over financial reporting of the Company 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 auditorâs 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 Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companyâs 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 companyâs 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 authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companyâs assets that could have a material effecton the financial statements.
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 overfinancial 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 overfinancial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, 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.
ANNEXURE âBâ TO THE INDEPENDENT AUDITORâS REPORT
(Referred to in paragraph2 under âReport on Other Legal and Regulatory Requirementsâ section of our report to the Members of Emerald Leisures Limited of even date)
I. In respect of the Companyâs fixed assets:
(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) The Company has a program of verification to cover all the items of fixed assets in a phased manner which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuantto the program, certain fixed assets were physically verified by the management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us, the records examined by us and based on the examination of the conveyance deeds provided to us, we report that, the title deeds, comprising all the immovable properties of land and buildings which are freehold, are held in the name of the Company as atthe balance sheet date.
ii. The Physical verification of inventory has been conducted at reasonable intervals by the management and no material discrepancies were noticed during such verification.
iii. The company has not granted any loans, secured or unsecured to companies, firms, Limited Liability Partnership or other parties covered in the registered maintained under section 189 of Companies Act, 2013.
iv. In our opinion and according to the information and explanations given to us, the Company has not given any guarantee or security in respect of which the provisions of Sections 185 and 186 of the Companies Act, 2013 were required to be complied with.
v. The Company has not accepted deposits during the year and does not have any unclaimed deposits as at March 31,2018 and therefore, the provisions of the clause 3 (v) of the Order are not applicable to the Company.
vi. The maintenance of cost records has not been specified by the Central Government under section 148(1) of the Companies Act, 2013 for the business activities carried out by the Company. Thus reporting under clause 3(vi) of the order is not applicable to 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, Employeesâ State Insurance, Income Tax, Sales Tax, Service Tax, Goods and Service Tax, Value Added Tax, Customs Duty, Excise Duty, Cess and other material statutory dues applicable to it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Provident Fund, Employeesâ State Insurance, Income Tax, Sales Tax, Service Tax, Value Added Tax, Goods and Service Tax, Customs Duty, Excise Duty, Cess and other material statutory dues in arrears as at March 31,2018 for a period of more than six months from the date they became payable.
(c) Details of dues of Income Tax, Sales Tax, Service Tax, Excise Duty and Value Added Tax which have not been deposited as at March 31,2018 on account of dispute are given below:
Nature of the status |
Nature of dues |
As at 31stMarch,18 |
As at 31st March,17 |
Sales Tax Act and VAT Laws |
Sales Tax and Interest |
34,23,693 |
34,23,693 |
viii. 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 loans or borrowing to financial institutions, banks and government or has not issued any debentures.
ix. The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) or term loans and hence reporting under clause 3 (ix) of the Order is not applicable to the Company.
x. To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company or 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 not paid/provided managerial remuneration and therefore the provisions of section 197 read with Schedule V to the Act are not applicable.
xii. The Company is not a Nidhi Company and hence reporting under clause 3 (xii) of the Order is not applicable to the Company.
xiii. In our opinion and according to the information and explanations given to us, the Company is in compliance with Section 177 and 188 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 standalone financial statements 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 paid convertible debentures and hence reporting under clause 3 (xiv) of the Order is notapplicable 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 persons connected to its directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company
xvi. The Company is not required to be registered under section 45-IAof the Reserve Bank of India Act, 1934.
For M S Mandlecha & Co
Chartered Accountants
Firmâs Registration No. 129037W
Sd/-
Mayur Suresh Mandlecha
Proprietor
Membership No. 124248
Place : Mumbai
Date :30th May 2018
Mar 31, 2015
We have audited the accompanying standalone financial statements of
Emerald Leisures 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 of the
significant accounting policies and other explanatory information.
Management's Responsibility for the Standalone 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 of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
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
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 whetherthe 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
relevantto the Company's preparation of the financial statements that
give a true and fairview in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial control 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 standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31 st March, 2015, and its loss and its cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order.
2. AsrequiredbySection143(3)of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books
(c)/ The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account
(d) In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(e) In our opinion there are no financial transactions or matters which
have any adverse effect on the functioning of the company.
(f) On the basis of the written representations received from the
directors as on 31 st 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 of Section 164 (2)of the Act;
and
(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 has disclosed the impact of pending litigations on its
financial position in its financial statements- Refer Note 3 to the
financial statements;
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO THE AUDITORS'REPORT
(Referred to in our above report of even date)
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As explained to us, considering the nature of the Fixed Assets, the
same have been physically verified by the management at reasonable
intervals during the year as per the verification plan adopted by the
company, which, in our opinion, is reasonable having regard to the size
of the company and the nature of its assets. According to the
information and explanations given to us and the records produced to us
for our verification, no discrepancies were noticed during such
physical verification.
(c) The company has not disposed off substantial part of the fixed
assets during the year.
2. (a) The inventory of realestate has been physically verified during
the year by the management.
(b) The procedures of physical verification of the inventory of real
estate followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
(c) On the basis of our examination of the records of inventory of real
estate, we are of the opinion that the company is maintaining proper
records of inventory. No material discrepancies were noticed on
verification between the physical stock and the book records.
3. (a) The Company has not granted any loans, secured or unsecured, to
Companies, Firms and Other parties covered in the Register maintained
under Section 189 of the Companies Act, 2013, during the year.
(b) The Company has not taken any loans from Companies, Firms and Other
parties covered in the Register maintained under Section 189 of the
Companies Act, 2013, during. the year, except unsecured loans from five
parties the outstanding balance of whose as at the balance sheet date
was Rs. 3872.25 Lakhs.
(c) As informed to us, rate of interest and otherterms & conditions of
the same are not prejudicial to the interests of the company.
(d) There are nostipulations as tore payment of principal amounts.
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 with regard to purchases and sale of inventory and fixed
assets. During the course of our audit, no majorweakness has been
noticed in the internal control system.
5. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits. As informed to
us, no order has been passed against the company by the Company Law
Board, the National Company Law Tribunal, RBI or any court or any
tribunal.
6. The Company is maintaining cost records as prescribed under Section
148 (1) of the Companies Act, 2013. However, we have not verified the
same for completeness or accuracy.
7. (a) According to the records of the Company, the Company is regular
in depositing undisputed statutory dues with the appropriate
authorities. According to the information and explanations given to us,
no undisputed amounts payable in respect of Provident Fund, ESI, Sale
Tax, VAT, Income Tax, Customs duty, Wealth Tax, Service Tax, Excise
Duty, Cess and any other statutory dues were outstanding, as at the
balance sheet date for a period of more than six months from the date
they became payable except Rs. 486 lakhs regarding Income Tax for A.Y.
2011 -12, pending with Dy. Comm. Of Income Tax 10(2),Mumbai (b) In
respect of disputed Income Tax and Sales Tax cases, the company has not
ascertained the amount of such dues. There are no cases of non-deposit
with appropriate authorities of undisputed dues of Sales Tax, VAT,
Income Tax, Customs Duty, Wealth Tax, Excise Duty, Service Tax and
cess. Except Rs. 29.24 lakhs regarding VAT for F.Y. 2004-05 pending
with Sales Tax. Mumbai.
8. The accumulated losses of the company at the end of the financial
year are more than 50% of its net worth. It has incurred cash losses
during the year covered by our audit and also in the immediately
preceding year.
9. 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 any financial
institution, bank or debenture holders.
10. As informed to us, the company has not given any guarantee for
loans taken by others from bank or financial institutions.
11. As informed to us, the Term Loans have been used for the purpose
they were raised.
12. Based upon the. audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For M/S P.G.BHAGVW
Chartered Accountants,
Firm Registration Number: 101118W
Sd/-
Shriniwas Shreeram Gadgil
Partner Place: Mumbai
Membership No.: 120570 Date: 30th May 2015
Mar 31, 2014
1. We have audited the attached Balance sheet of Emerald Leisures
Limited as at 31st March, 2014, the Profit and Loss account and also
the Cash-flow statement for the year ended on that date, annexed
thereto. These financial state-ments 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 to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors'' Report) Order, 2003, (as
amended by Companies (Auditor''s Report) (Amendment) Order, 2004) issued
by the Central Government in terms of section 227 (4A) of the Companies
Act, 1956, we enclose in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to above, we
report that:
(i) we have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) in our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
(iii) the Balance sheet, Profit and Loss account and Cash-flow
statement dealt with by this report are in agreement with the books of
account;
(iv) in our opinion, the Balance sheet, Profit and Loss account and
Cash-flow statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956, except that provision for Gratuity and leave
encashment liability has not been made as per Accounting Standard 15
(revised) nor disclosure has been made as required by the said
Standard, (Retirement benefits);
(v) on the basis of the written representations received from the
directors as on 31st March, 2014, we report that none of the directors
are disqualified as on 31st March, 2014, from being appointed as a
director in terms of clause (g) of sub-section (1) of section 274 of
the Companies Act, 1956;
(vi) a) Provision for wealth tax as at 31.3.14 has not been made nor
ascertained (refer Note 8)
b) Provision for gratuity and leave encashment has not been made as per
AS-15 revised, (Retirement benefits). Subject to the above, in our
opinion and to the best of our information and according to the
explanations given to us, the said accounts, read with the significant
accounting policies and other notes thereon, give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
a. in the case of the Balance sheet, of the state of affairs of the
Company as at 31st March, 2014;
b. in the case of the Profit and Loss account, of the loss for the year
ended on that date; and
c. in the case of the Cash-flow statement, of the cash-flows for the
year ended on that date.
Annexure to the Auditor''s report
Re: Emerald Leisures Limited,
Formerly known as Apte Amalgamations Limited
referred to in paragraph 3 of our Report of even date)
1. (a) The Company has maintained records to show particulars,
including quantitative details and situation of its fixed assets.
(b) As informed to us, all the fixed assets have been physically
verified by the management during the year. As informed to us, no
difference between fixed assets records and physical verification were
observed.
(c) The company has not disposed off substantial part of the fixed
assets during the year.
2. (a) Inventory of real estate has been physically verified during the
year by the management.
(b) The procedure of physical verification of the inventory of real
estate is reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) Proper records of inventory of real estate is maintained, and there
are no material discrepancies between the physical stocks and the book
records.
3. (a) The Company has not granted loans or advances , secured or
unsecured, to Companies, firms and Other parties covered under section
301 of the Companies Act,1956.
(b) the Company has not taken any loans from companies, firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956, except unsecured loans from four parties the
outstanding balance of whom as at the balance sheet date was Rs. 1608
lakhs.
(c) As informed to us, rate of interest & other terms & conditions of
the same are not prejudicial to the interests of the company,
(d) There are no stipulations as to repayment of principal amounts;
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase and sale of inventory and fixed assets. There was no sale of
goods or services during the year. During the course of audit, we have
not observed any continuing failure to correct major weaknesses in the
internal control system.
5. (a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the particulars of contracts or arrangements referred to
in section 301 of the Act have been entered in the register required to
be maintained under that section.
(b) In our opinion and according to the information and explanations
given to us the transactions made in pursuance of such contracts or
arrangements and exceeding the value of Rs.5 Lacs in respect of any
party during the year have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
3. The Company has not accepted deposits from the public within the
meaning of sections 58A, 58AA or any other relevant provisions of the
Companies Act, 1956, where applicable, and the Rules framed there
under. We are informed that no Order has been passed by the Company Law
Board, Reserve Bank of India or any Court or any other Tribunal.
7. The Company did not have an internal audit system during the year.
8. Maintenance of cost records has not been prescribed to the company
under section 209(1)(d) of the Companies Act, 1956
9. (a) In our opinion and according to the information and explanations
given to us, the company is regular in depositing undisputed statutory
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Custom
Duty, Excise Duty,cess, service tax, and any other statutory dues,
wherever applicable, with the appropriate authorities There are no
undisputed dues pending unpaid for more than six months as at the
balance sheet date.
(b) In respect of disputed Income tax and Sales Tax cases, the company
has not ascertained the amount of such dues. There are no cases of
non-deposit with the appropriate authorities of undisputed dues of
sales-tax, income tax, service-tax, wealth tax and cess.
10. The accumulated losses of the Company at the end of the financial
year are more than fifty percent of its networth. It has incurred cash
losses during the year covered by our audit and also in the immediately
preceding year.
11. In our opinion, and according to the information and explanations
given to us, the Company has no dues to Banks, financial institutions
and debenture holders as on the date of balance sheet..
12. The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities
13. As informed to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
14. The company is not dealing or trading in shares, securities,
debentures and other investments.
15. The provisions of any special statute applicable to chit funds are
not applicable to the company.
16. The Term Loan have been applied for the purpose for which they
were raised.
17. According to the information and explanations given to us, and on
an overall examination of the Balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained unde section
301 of the Companies Act, 1956, during the year.
19. No debentures have been issued by the Company and hence the
question of creating securities/ charge in respect thereof does not
arise
20. During the year, the Company has not raised money by public issue.
21. To the best of our knowledge and belief, and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For M/S P. G. BHAGWAT
Chartered Accountants,
Sd/-
(S. S. Athavale)
Partner (Membership No. 83374)
Firm''s Registration No. With ICAI : 101118W Date : 30th May 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Apte
Amalgamations Limited, which comprise the Balance Sheet as at March 31,
2013, and the Statement of Profit and Loss and Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards refened to in sub-section (3C) of section 211
of the Companies Act. 1956 Act"). 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 respons i is to express an opinion on these financial statements
based on our audit. We conducted our audit in accordance with the
Standaifls''oi Siting issued by the Institute of Chartered Accountants
of India. Those Standards require that we comply with ethical require-
nwllls 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 Compantes Act, 1956, 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;
(b) in the case of the Profit and Loss Account, of the loss for the
year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date. Report on Other Legal and Regulatory
Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 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, with report that.
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in 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.
APTE AMALGAMATIONS LIMITED - Annual Report 2013
Annexure to the Auditor''s report Re: Apte Amalgamations Limited
(referred to in paragraph 3 of our Report of even date)
1. (a) The Company has maintained records to show particulars,
including quantitative details and situation of its fixed assets.
(b) As informed to us, all the fixed assets have been physically
verified by the management during the year. As informed to us, no
difference between fixed assets records and physical verification were
observed.
(c) The company has not disposed off substantial part of the fixed
assets during the year.
2. (a) Inventory of real estate has been physically verified during the
year by the management.
(b) The procedure of physical verification of the inventory of real
estate is reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) Proper records of inventory of real estate is maintained, and there
are no material discrepancies between the physical stocks and the book
records.
3. (a) The Company has not granted loans or advances, secured or
unsecured, to Companies, firms and Other parties covered under section
301 of the Companies Act,1956.
(b) the Company has not taken any loans from companies, firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956, except unsecured loans from two parties the
outstanding balance of whom as atthe balance sheet date was , - Rs.
2252 lakhs.
(c) As informed to us, rate of interest & other terms & conditions of
the same are not prejudicial to the interests of the company.
(d) There are no stipulations as to repayment of principal amounts: i
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase and sale of inventory and fixed assets. There was no sale of
goods or services during the year. During the course of audit, we have
not observed any continuing failure to correct major weaknesses in the
internal control system.
5. (a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are j
of the opinion that the particulars of contracts or arrangements
referred to in section 301 of the Act have been entered in the register
required to be maintained under that section. (b) In our opinion and
according to the information and explanations given to us the
transactions made in pursuance of such contracts or arrangements and
exceeding the value of Rs.5 Lacs in respect of any party during the
year have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
6. The Company has not accepted deposits from the public within the
meaning of sections 58A, 58AA or any other relevant provisions of the
Companies Act, 1956, where applicable, and the Rules framed there
under. We are informed that no Order has been passed by the Company Law
Board, Reserve Bank of India or any Court or any other Tribunal.
7. The Company did not have an internal audit system during the year.
8. Maintenance of cost records has not been prescribed
tothecompanyunder section 209(1 )(d) of the Companies Act, 1956
9. (a) In our opinion and according to the information and explanations
given to us, the company is regular in depositing undisputed statutory
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Custom
Duty, Excise Duty, cess, service tax, and any other statutory dues,
wherever applicable, with the appropriate authorities. There are no
undisputed dues pending unpaid for more than six months as at the
balance sheet date. (b) according to the information and explanations
given to us. there are cases of non-deposit of excise duty of Rs.
56,68,989/- (pending with the Assistant Commissioner of Central Excise,
Mumbai). In respect of disputed income tax cases, the company has not
ascertained the amount of such dues. There are no cases of non-deposit
with the appropriate authorities of disputed dues of sales-tax,
service-tax, wealth tax and cess.
10. The accumulated losses of the Company at the end of the financial
year are more than fifty percent of its networth. It has incurred cash
losses during the year covered by our audit and also in the immediately
preceding 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 any financial
institution, bank or debenture holders.
12. The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. As informed to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
14. The company is not dealing or trading in shares, securities,
debentures and other investments.
15. The provisions of any special statute applicable to chit funds are
not applicable to the company.
16. The Term Loan have been applied for the purpose for which they
were raised.
17. According to the information and explanations given to us, and on
an overall examination of the Balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Companies Act, 1956, during the year.
19. No debentures have been issued by the Company and hence the
question of creating securities/ charge in respect thereof does not
arise.
20. During the year, the Company has not raised money by public issue.
21. To the best of our knowledge and belief, and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For M/SP.G.BHAGWAT
Chartered Accountants.
Sd/-
(S.S.Athavale)
Partner
Membership No. 83374
Firm''s Registration
No. With 1CAI: 101118W
Date: 30th May 2013
Mar 31, 2012
1. We have audited the attached Balance sheet of Apte Amalgamations
lmited as at 31st March,2012. the Profit and Loss account and also
the Cash-flow statement for the year ended on that date, annexed
thereto. These financial statements are the responsibility of the
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 to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
indudes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors' Report) Order, 2003, (as
amended by Companies (Auditor's Report) (Amendment) Order, 2004)
issued by the Central Government in terms of section 227 (4A) of the
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to above, we
report that:
(i) we have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit:
(ii) in our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
(iii) the Balance sheet,Profit and Loss account and Cash-flow
statement dealt with by this report are in agreement with the books
of account;
(iv) in our opinion, the Balance sheet, Profit and Loss account and
Cash-flow statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956, except that provision for Gratuityand leave
encashment liability has not been made as per Accounting Standard 15
(revised) nor disclosure has been made as required by the said
Standard, (Retirement benefits);
(v) on the basis of the written representations received from the
directors as on 3151 March, 2012, we report that none of the directors
are disqualified as on 31 " March, 2012, from being appointed as a
director in terms of clause (g) of sub-section (1) of section 274 of
the Companies Act, 1956;
(vi) a) Provision for wealth tax as at 313.12 has not been made nor
ascertained (refer Note 8)
b) Provision for gratuity and leave encashment has not been made as per
AS-15 revised, (Retirement benefits).
Subject to the above, in our opinion and to the best of our information
and according to the explanations given to us, the said accounts, read
with the significant accounting policies and other notes thereon, give
the information required by the Companies Act, 1956, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
a. in the case of the Balance sheet, of the state of affairs of the
Company as at 31" March, 2012;
b. in the case of the Profit and Loss account, of the loss for the
year ended on that date; and
c. in the case of the Cash-flow statement, of the cash-flows for the
year ended on that date.
Annexure to the Auditor's report Re: Apte Amalgamations Limited
(referred to in paragraph 3 of our Report of even date)
1. (a) The Company has maintained records to show particulars,
including quantitative details and situation of its fixed assets.
(b) As informed to us, all the fixed assets have been physically
verified by the management during the year, As informed to us, no
difference between fixed assets records and physical verification were
observed,
(c) The company has not disposed off substantial part of the fixed
assets during the year.
2. (a) Inventory of real estate has been physically verified during
the year by the management.
(b) The procedure of physical verification of the inventory of real
estate is reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) Proper records of inventory of real estate is maintained, and there
are no material discrepancies between the physical stocks and the book
records.
3. (a) The Company has not granted loans or advances, secured of
unsecured, to Companies, firms and Other parties covered under section
301 ofthe Companies Act,1956.
(b) the Company has not taken any loans from companies, firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956, except unsecured bans from tour parties the
outstanding balance of whom as at the balance sheet date was Rs. 1608
lakhs.
(c) As informed to us, rate of interest & other terms & conditions
ofthe same are not prejudicial to the interests of the company,
(d) There are no stipulations as to repayment of principal amounts;
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase and sale of inventory and fixed assets. There was no sale of
goods or services during the year. During the course of audit, we have
not observed any continuing failure to correct major weaknesses in the
internal control system,.
5. (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, we are
of the opinton that the particulars of contracts or arrangements
referred tain section 301 of the Act have been entered in the register
required to be maintained underthat section.
(b) In our opinion and according to the information and explanations
given to us the transactions made in pursuance of such contracts or
arrangements and exceeding the value of Rs.5 Lacs in respect
ofanypartyduringthe year have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
6. The Company has not accepted deposits from the public within the
meaning of sections 58A, 58AA or any other relevant provisions of the
Companies Act, 1956, where applicable, and the Rules framed there
under. We are informed that no Order has been passed by the Company Law
Board, Reserve Bank of India or any Court or any other Tribunal.
7. The Company did not have an internal audit system during the year.
8. Maintenance of cost records has not been prescribed to the company
under section 209(1 )(d) of the Companies Act, 1956
9. (a) In our opinion and according to the information and
explanations given to us, the company is regular in depositing
undisputed statutory dues, including Provident Fund, Investor Education
and Protection Fund, Employees' State Insurance, Income-tax, Sales-tax,
Wealth Tax, Custom Duty, Excise Duty, cess, service tax, and any other
statutory dues, wherever applicable, with the appropriate authorities.
There are no undisputed dues pending unpaid for more than six months as
at the balance sheet date.
(b) according to the information and explanations given to us, there
are cases of non-deposit of excise duty of Rs. 56,68,989/- (pending
with the Assistant Commissioner of Central Excise, Mumbai). In respect
of disputed income tax cases, the company has not ascertained the
amount of such dues. There are no cases of non-deposit with the
appropriate authorities of disputed dues of sales-tax, service-tax,
wealth tax and cess.
10. The accumulated losses of the Company at the end of the financial
year are more than fifty percent of its networth. It has incurred cash
losses during the year covered by our audit and also in the immediately
preceding year.
11. In our opinion, and according to the information and explanations
given to us, the Company has no dues to Banks, financial institutions
and debenture holders as on the date of balance sheet..
12. The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities..
13. As informed to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
14. The company is not dealing or trading in shares, securities,
debentures and other investments.
15. The provisions of any special statute applicable to chit funds are
not applicable to the company.
16. The Term Loan have been applied for the purpose for which they
were raised.
17. According to the information and explanations given to us, and on
an overall examination ofthe Balance sheet ofthe Company, we report
that no funds raised on short-term basis have been used for long-term
investment.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Companies Act, 1956, during the year.
19. No debentures have been issued by the Company and hence the
question of creating securities/ charge in respecttiereof does not
arise.
20. During the year, the Company has not raised money by public issue,
21. To the best of our knowledge and belief, and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For M/S P.G.Bhagwat,
Chartered Accountants,
Sd/-
(S.S.Athavale)
Partner Membership No. 83374 Place: Mumbai
Firm's Registration No. With ICAI: 101118W Date: 31stMay 2012
Mar 31, 2010
1. We have audited the attached Balance sheet of Apte Amalgamations
Limited as at 31a March, 2010, the Profit and Loss account and also the
Cash-flow statement for the year ended on that date, annexed thereto.
These financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003, (as
amended by Companies (Auditors Report) (Amendment) Order, 2004) issued
by the Central Government in terms of section 227 (4A) of the Companies
Act, 1956, we enclose in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to above, we
report that:
(i) we have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) in our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
(iii) the Balance sheet, Profit and Loss account and Cash-flow
statement dealt with by this report are in agreement with the books of
account;
(iv) in our opinion, the Balance sheet, Profit and Loss account and
Cash-flow statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956, except that provision lor Gratuity and leave
encashment liability has not been made as per Accounting Standard 15
(revised) nor disclosure has been made as required by the said
Standard, refer note No A (Retirement benefits);
(v) on the basis of the written representations received from the
directors as on 31st March, 2010, we report that none of the directors
are disqualified as on 31s1 March, 2010, from being appointed as a
director in terms of clause (g) of sub-section (1) of section 274 of
the Companies Act, 1956;
(vi) a) Provision for wealth tax as at 31.3.10 has not been made
norascertained(refer Note 14)
b) Provision forgratuity and leave encashmenthas not been made
asperAS-15 revised, refer note No A(Retirementbenefits). Subject to
the above, in our opinion and to the best of our information and
according to the explanations given to us, the said accounts, read with
the significant accounting policies and other notes thereon, give the
information required by the Companies Act, 1956, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
a. in the case of the Balance sheet, of the state of affairs of the
Company as at 31s1 March, 2010;
b. in the case of the Profit and Loss account, of the profit for the
year ended on that date; and
c. in the case of the Cash-flow statement, of the cash-flows for the
year ended on that date.
Annexure to the Auditors report Re: Apte Amalgamations Limited
(referred to in paragraph 3 of our Report of even date)
1. (a) The Company has maintained records to show particulars,
including quantitative details and situation of its fixed assets. These
records have not been updated
(b) the fixed assets have not been physically verified by the
management during the year. In the absence of updated fixed assets
records and physical verification not having been done, we are unable
to comment on the discrepancies, if any;
(c) Substantial part of the fixed assets have been sold during the
year, but not to the extent that it would affect the going concern
assumption.
2. (a) Inventory of real estate has been physically verified during the
year by the management.
(b) The procedure of physical verification of the inventory of real
estate is reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) Proper records of inventory of real estate is maintained, and there
are no material discrepancies between the physical stocks and the book
records.
3. (a) The Company has not gransted loans or advances, secured or
unsecured, to Companies, firms and other parties covered under section
301 of the Companies Act, 1956, except to two parties whose debit
balance is Rs. 187.11 lakhs which is unsecured & interest free.
(b) As informed to us, the terms & conditions of the same are not
prejudicial to the interests of the company, except that they are
interest free and unsecured.;
(c) There are no stipulations as to repayment of principal amounts;
(d) the Company has not taken any loans from companies, firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956,
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commen-
surate with the size of the Company and the nature of its business for
the purchase and sale of inventory and fixed assets. There was no sale
of goods or services during the year. During the course of audit, we
have not observed any continuing failure to correct major weaknesses in
the internal control system.
5. (a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the particulars of contracts or arrangements referred to
in section 301 of the Act have been entered in the register required to
b e maintained under that section.
(b) In our opinion and according to the information and explanations
given to us the transactions made in pursuance of such contracts or
arrangementsand exceeding the value of Rs.5 Lacs in respect of any
party during the year have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
6. The Company has not accepted deposits from the public within the
meaning of sections 58A, 58AA or any other relevant provisions of the
Companies Act, 1956, where applicable, and the Rules framed there
under. We are informed that no Order has been passed by the Company Law
Board, Reserve Bank of India or any Court or any other Tribunal.
7. The Company did not have an internal audit system during the year.
8. Maintenance of cost records has not been prescribed to the company
under section 209(1 )(d) of the Companies Act, 1956
9. (a) In our opinion and according to the information and explanations
given to us, the company is regular in depositing undisputed
statutory dues, including Provident Fund, Investor Education and
Protection Fund, Employees State Insurance, Income-tax, Sales- tax,
Wealth Tax, Custom Duty, Excise Duty, cess, service tax, and any other
statutory dues, wherever applicable, with the appropri- ate
authorities. There are no undisputed dues pending unpaid for more than
six months as at the balance sheet date. (b) according to the
information and explanations given to us, there are cases of
non-deposit of customs duty of Rs. 56,68,989/- (pending with the
Assistant Commissioner of Central Excise, Mumbai). In respect of
disputed income tax cases, the company has not ascertained the amount
of such dues. There are no cases of non-deposit with the appropriate
authorities of disputed dues of sales-tax, service-tax, wealth tax and
cess.
10. The accumulated losses of the Company at the end of the financial
year are more than fifty percent of its networth. It has not incurred
cash losses during the year covered by our audit but has in the
immediately preceding year.
11. In our opinion, and according to the information and explanations
given to us, the Company has no dues to Banks, financial institu- tions
and debenture holders as on the date of balance sheet.
12. The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. As informed to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
14. The company is not dealing or trading in shares, securities,
debentures and other investments.
15. The provisions of any special statute applicable to chit funds are
not applicable to the company.
16. The Company has not obtained any term loan during the year.
17. According to the information and explanations given to us, and on
an overall examination of the Balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Companies Act, 1956, during the year.
19. No debentures have been issued by the Company and hence the
question of creating securities charge in respect thereof does not
arise.
20. During the year, the Company has not raised money by public issue.
21. To the best of our knowledge and belief, and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For M/SP.G.Bhagwat,
Chartered Accountants,
(S.S.Athavale)
Partner Membership No. 83374 place: Mumbai
Firms Registration No. With ICAI: 101118W Date : April 29,2010
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article