Home  »  Company  »  Gaurav Mercantiles  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of Gaurav Mercantiles Ltd.

Mar 31, 2015

We have audited the accompanying financial statements or GAURAV MERCANTILES LIMITED the Company"), which comprise the Balance Sheet as at March 31. 2015. the Statement of Profit and Loss, the Cash Flow Statement, and a summary of me significant accounting policies' and other explanatory information for the year then ended.

Management's responsibility for the financial statements:

The Company's Board of Directors is responsible for the matters stated in Section '34(5) of the Companies Act, 2013 (the Act') with respect of the preparation of thane financial statements that give to true and fair view of the financial position, financial performance and cash flows of the Company in according with the accounting principles generally accented in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. Tills 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 deled any frauds and other irregularities selection and application of appropriate accounting policies' making judgments and estimates that are ma son able and prudent and design, implementation and maintenance of adequate internal financial control s, that were Operating effective for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of these financial statements that gives a true and fair view and free from material misstatement. whether due to fraud of error.

Auditor's responsibility:

Our responsibility is to express an opinion on these financial statements based or our audit.

We have taken into account me provisions of the Act, the accounting and auditing standards and matters which are required to be included if the audit report under the provisions of the Act and The Pulse made hereunder.

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 critical 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 enclosures in the financial statements. The procedures selected opened on the auditor's judgment, Including the assessment of the risks off material misstatement of the financial statements, whether cue to fraud of 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 of order to design audit procedures that are appropriate in the circumstance, but not for the purpose of expressing an opinion on which the' the Company has in place an adequate Internal financial control s system over financial reporting and the operating effectiveness of such control s. An audit also includes evaluating the appropriateness of the accounting policies' used and the reasonableness of the accounting estimates life by the Company's Board of 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 nor is formation and according :o the explanations given to us, the aforesaid financial statements give the informal ion 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, 2015. and its profit 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 section 143(11) of the Act we give in the Annexure a statement on the matters specified In paragraphs 3 and 4 of the Order,

2. As required by section 1-13(3) of the Act, we report that:

a) We have sought and drained 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 Comply, so far an appeal/s from our carination 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 accounts.

d) In our opinion. the aforesaid financial statements comply with the Accounting Standards specify under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of written representations receive from the directors as on March, 31st 2015, and taken on record by the Board of Directors and non of the Directors is disqualified as on March, 31st 2015, from being appointment as a director in terms of section 164(2) of the Act.

f) With respect to the other matters to be Included or the Auditor Report or accordance with Rule 11 of the Companies (Audit, and Auditors) Rules, 2014, in our opinion and to the best of our information and acting to the explanations given to us.

i) The Company has described the impact of pending litigations on its financial position in its financial statements as of March 31, 2015;

ii) The Company did not have any long-term contracts including derivatives contrasts for when there warn 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 paragraph A of the Auditors Report to the members of Ms Gaurav Mercantile United on the Accounts for the year ended 31st March 2015.

(i) (a) The company has maintained proper records showing full particulars. including qualitative profits and situation of fixed assets;

(b) As explained to its, the Company has a programmed of physically verifying all of its fixed assets once it a period of the years, and m accordance there with major portion of fixed assets were physically verified by the management during the year. In our opinion. the decency verification is reasonable having regard to the size of the company end The nature of its assets. The discrepancies noticed on such verification were not material and have been properly dealt with In the books of accounts,

(c) During the year no substantial part of fixed assets have been disposed of by the company.

(ii) (a) As explained to us, the company coes not have any inventory in the current financial year.

(b) As there is no Stock of inventory of the company during the year, this procedures of physical verification and maintenance or records of inventories Is not applicable to the company.

[iii) The Company has not granted any loan, securer or unsecured, to companies, firms Dr other parties cowered" in the register maintained under section 169 of the Act. Therefore, clauses (iii) (a) are (iii) (b) of paragraph 3 of the said order are not applicable to the Company.

(iv) On the basis of information ' arid explanations given to us, we are of the opinion the Company has an adequate internal control procedure commensurate with the size of the company and the nature of its business tor the purchase of inventory, fixed assets and for the sale of goons and services. During the course of our audit, we have not observe any continuing failure to control major weaknesses in internal control s.

(v) In our opinion and according to the information ' and expiations given to us, the Company has not accented any deposits during the year and does not pairs any unclaimed deposits. Therefore, the provisions of the clause 3 M of the Order are not applicable to the Company.

(vi) The provisions of clause 3 (vi) of the Order fire not applicable to the Company as the Company is not covered by the Companies [C03t (Records and Audit) Rules, 2014.

(vii) (a) According to the information ' and explanation given to us and on the base of records produced before us, the Company is generally regular in depositing will- appropriate author has undisputed statutory dues including Investor education protection fund, employees state insurance, income tax, TDS, wealth tax, custom duty, cess and other material statutory dues applicable to it except sales tax demand of Rs.73,559/- as per order dated 11.11.2014 for the FY 2011-12. According to the information ' and explorations given to us, there are no undisputed arrears of statutory dues which was outstanding as at March 31, 2015 for a period of more than six months from the date they became payable.

(b) The According to the information ' am explanations given to us, they are no duos of sales tax, income tax, custom duly, wealth tax, excise duty, cess which nave not been deposited on account of any dispute.

(c) The amount required to be transferred to investor education and protection fund is accordance with the relevant provisions of the Companies Act. 1956 (1 of 1956) and rules made there under has been transferred to such fund within time.

(viii) The Company does not have any accumulated losses and have not incurred cash losses in the current Financial Year and no cash losses were incurred in the immediately preceding Financial Year.

(ix) In our opinion, and according to the information ' and explanations given to us, the company has not Defaulted repayment of dues to a financial institution or bank or debenture of holders.

(x) On the basis of our examination and according to the information and explanations given to us, the Company has not given any guarantee for loan taken by others from banks or financial institutions.

(xi) According to the information ' and explanations given to 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 explanation given to us, no fraud, on or by the company, has been noticed or reported during the year that causes the financial statements materially misstated,

For &P. AGRAWAL & CO.

CHARTERED ACCOUNTANTS

(F. R. No. 302G32E)

(CA.PRADEEPSAMAL)

PARTNER

Membership No. 001353

245, Knber Complex

New Link Road,

Andheri (West}.

Mumbai - 400 053

Date : The 28th Day of May, 2015.


Mar 31, 2014

We have audited the accompanying financial statements of Gaurav Mercantile Ltd., which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. 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 entity's preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. In circumstances when the auditor also has a responsibility to express an opinion on the effectiveness of internal control in conjunction with the audit of the financial statements, the auditor shall omit the phrase that the auditor's consideration of internal control is not for the purpose of expressing an opinion on the effectiveness of internal control.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

b) in the case of the Profit and Loss Account, of the profit/ 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 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books

c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and;

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.

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of Gaurav Mercantile 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 has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, no fixed asset has been disposed during the year and therefore does not affect the going concern assumption.

2. (a) As explained to us, the company did not had any stock of inventory in the current financial year. (b) As there are no stock of inventory during the current financial year, the procedures of physical verification and maintenance of records of inventories is not applicable to the company.

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 loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956, in which directors are interested as contemplated under sub section (6) of section 299 of the said Act.

(b) The parties have repaid the principal amounts as stipulated and have also been regular in the payment of interest to the company.

(c) There is no overdue amount in excess of Rs. 1 lakh in respect of loans granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

(d) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956, in which directors are interested as contemplated under sub section (6) of section 299 of the said Act. The yearend balance of such loan is NIL and the maximum amount outstanding during the year was Rs.18,00,000 /-.

(e) In our opinion, the rate of interest and other terms and conditions on which loans have been taken from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company.

(f) The company is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest.

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, 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) As per information & explanations given to us and in our opinion, the transaction entered into by the company with parties covered u/s 301 of the Act does not exceeds five lacs rupees in a financial year therefore requirement of reasonableness of transactions does not arises.

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. As informed to us, the maintenance of cost records has not been prescribed by the Central Government under Section 209(1) (d) of the Companies Act, 1956.

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, 2014 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 does not have any accumulated loss and has not incurred cash loss during the financial year covered by our audit and 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 niche /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 not trading in Shares, Mutual funds & other Investments. Proper records & timely entries have been maintained in this regard & further investments specified are held in their own name.

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 not made any preferential allotment of shares during the year.

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 Majithia & Associates

Chartered Accountants

FRN: 105871W

B. R. Majithia

Partner

Mem. No. : 048194

Date: 28/05/2014

Place: Mumbai


Mar 31, 2013

We have audited the accompanying financial elements of Gaurav Mercantile Limited ("the Company, which comprise the Balance Sheet as at March 31. 2013, and the Statement of Profit and Loss and Cash Flew Statement far the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the 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 flews of the Company In accordance with the Accosting Standards referred to In sub-section (3C) of section 211 of the Companies Act. 1955 (The 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 a if view and are free from material misstatement, whether due Id fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on those- financial statements based on our audit. We conducted our audit in accordance w:.th the Standards on Auditing issued by the Institute of Charted Accountants of India. Those Standards require Bait We comply with, ethical requirements and plan and perform the audit la 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 elements. The procedures selected depend on the auditor judgment including the assessment of the risks of material misstatement or 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 arc 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 the me audit evident we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Qualified Opinion

In cur opinion and to the best of on- information and according to the explanations given to us. the financial statements give the Information ,enquired by the Act in the manner so required and give a ¦ true and fair view in conformity with the accenting principles generally accepted m India accept for AS 13 "Empower Benefits' issued by ICAI where A3 15 require provision for benefits in respect of gratuity to be made as per actuarial valuation whereas the company has made tries provision on eternity- basis. Hence we are unable to quantify the impact on the profit £ loss account of the year under reporting.

a) In the case of the Balance Sheet. of toe slate of affairs of Company as at March 31.2013;

b) In the case of the Profit and Loss Account, of The profit/ loss for the year ended on that date; and

c) In (he case of the Cash Flew Statement, of the cash flows for the year-ended on that date.

Report on Other Legal and Regulatory Requirements

1 ft required by the Companies (Auditor's Report) Order, 2003 {"the Order') issued by the Central Government of India in terms of sub-section (4A)of within 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of it 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 (he 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 8» 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 (301 of section 211 of the Companies Act 1956 except for qualification mentioned in paragraph "Qualified Opinion- and;

e) On the basis of written representations revived 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 with 2,4 of the Companies Act, 1956.

f) Since the Central Government has not issued any notification as lo the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, therefore we are unable to comment on this particular issue.

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of Gaurav Mercantile Limited. On The accounts of the company far the year ended 31st March, 2013.

On tries basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of per audit, import that:

1. (a) The company has maintained prober records showing full particulars Including quantitative details a n d situation of its fixed assets.

{b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies' were noticed on such verification.

(c) In our opinion and acceding. to the information and explanations given to us, no fined asset has been diseased during the year and therefore does not affect the going concern assumption.

2. (a) As explained to us, inventories have been 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 nature of its business.

(c) In our opinion and on The basis of our examination of the records, tie Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records,

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 granted unsecured loan. to a Company listed in the register maintained under Section 301 of the Companies Act, 1956, in which directors are interested as contemplated under sub-section (6) of Section 23ft of the said Act. The year end balance of such loans granted is NIL and maximum amount outstanding during the year was Rs. 33,00,000/-

(b) In our opinion, the rate of interest and other terms and conditions of siren loans are not prima facie, prejudicial to the interest of the company.

[c) The parties have repaid the principal amounts as stipulated and have also been regular in the payment of interest to the company.

(d) There is no overdue amount in excuse of Rs. 1 lakh in respect of loans granted to companies, firms or ether parties listed in the register maintained under section 301 of the Companies Act, 195B.

(a) According to the information and explanations given to us and on the basis 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. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate: with the size of the company and tried nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure b correct any weaknesses in the internal controls has been noticed.

5. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, 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) As per information &. explanation given to us and in our opinion, the transaction entered into by the company with parties covered u/s 301 of the Act does not exceeds five lacs rupees in a financial year therefore requirement of reasonableness of transactions doornail arises.

6. The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act. 1958.

7. As per information & explanations given by the manage merit, life Company has an internal audit system commensurate with its size and the nature of its business.

8. As per information & explanation given by the management, maintenance of cost records has not been prescribed by tries 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 may 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 duns 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 does not have any accumulated loss; and has not incurred can loss during the financial year covered by our audit and 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 financially institution, bank or debenture holders.

12. According to the information and explanations given to us, the Company has not granted loans and advances en 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 not trading in Shares, Mutual funds & other Investments. Proper records & namely entries have been maintained in this regard & further investments specified are held in the down name.

15. According to the information and explanations given to us, the Company has not given any guarantees for ban taken by others from a bank or financial institution.

16. Based on our audit procedures and or. the information given by the management we report that the company has not raised any terms of loans during the year.

17. Eased on the Information and explanations given to us and 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 far 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,

19. The Company has no outstanding schedules during the period under audit.

20. The Company has not raised any money by purring issue curing the year.

21. Based on the audit procedures performed aid the information and explanations given to us, we report that no fraud on or by tries Company has been noticed or reported during the year, nor have we been informed of such case by Bio management.

For MAJITHIA & ASSOCIATES

Chartered Accountants

P.R. Jariwala

(Partner)

M. No.126296

Firm Reg. No.; 1Q5&71W

Place : Mumbai

Date : 13.6.2013


Mar 31, 2012

We have audited the attached Balance Sheet of M/s. GAURAV MERCANTILES LIMITED as at 31st , March, 2012 and the Profit and Loss Account of the Company for the year ended on that date annexed there too. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. We 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 misstatement. An audit includes examining, on test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2. 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 Companies Act, 1956 (hereinafter referred to as the "Act"), we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order, to the extent applicable.

3. Further to our comments in the Annexure referred to in paragraph 2 above, we report that:

a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit;

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of the 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, Balance Sheet and Profit and Loss Account dealt with by this report comply with the Accounting Standards referred to in Sub section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of written representations received, we report that none of Directors are '

disqualified as on 31st March 2012 from being appointed as a Director in terms of section 274 (1)(g) of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us the said accounts, read together with significant accounting policies and notes thereon, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2012. (ii) In the case of Profit and Loss Account, of Profit of the Company for the year ended on that date. (iii)in the case of Cash Flow Statement, of the Cash Flow for the year ended on that date.

Annexure referred to in paragraph 2 of our report of even date on the Financial Statements of M/s. GAURAVMERCANTILES LIMITED, for the year ended 31st March 2012.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of audit, we state that:

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

b) As explained to us, physical verification of Fixed Assets was done by the management on yearly basis and no material discrepancies were noticed on such verification. In our opinion, frequency of verification of Fixed Assets is reasonable.

c) Fixed assets disposed of during the year were not material enough to affect the going concern identity of the company.

2. a) The inventories have been physically verified at reasonable intervals during the year by the management.

b) 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 nature of its business.

c) On the basis of our examination of the records of inventory, we are of the opinion that 'the Company' is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and book records were not material and have been properly dealt with in the books of accounts.

3. As informed, the Company has granted loans secured or unsecured to Company listed or covered in the register maintained under Section 301 of the Act.

a) According to the information and the explanation given to us, the Company has granted unsecured loan & advance to two parties covered in the register maintained under section 301 of the Companies Act, 1956, in which directors are interested as contemplated under sub-section (6) of section 299 of the said Act. The yearend balance of such loans granted is NIL and the maximum amount outstanding during the year was Rs. 175,00,000

b) In our opinion and according to the information & explanations given to us, the company has not taken unsecured loans from any parties listed in the register maintained under section 301 of the Companies Act,1956.

c) As per the information & explanation given to us the terms & condition of such loans given are not prejudicial to the interest of the company.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventories, fixed assets and for the sale of goods. We have neither come across nor have been informed of any continuing failure to correct major weakness in the aforesaid internal control system.

5. a) According to the information and explanation given to us and as per the records of the company, transactions that need to be entered into the register in pursuance of Section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information & explanations given to us, there are no transaction of purchase of goods and materials and sale of goods, materials & services, made in pursuance of contracts or arrangements entered in the register maintained under section 301 and aggregating during the year to Rs. 5,00,000/- or more in respect of each party.

6. The company has not accepted any deposit from the public within the meaning of Section 58A & 58AAof the Act and rules framed there under.

7. In our opinion and according to information and explanations given to us, the company has adequate internal audit system (not carried out by a Chartered Accountant) commensurate with the size and nature of its business.

8. The Central Government has not prescribed maintenance of Cost Records under section 209(1 )(d)of the companies Act, 1956 for any of the products of the company.

9. a) According to the information and explanations given to us, there are no undisputed amounts payable in respect of such statutory dues which have remained outstanding as at I the last day of the financial year for a period of more than six months from the date they became payable.

b) According to the records of the company, there is no disputed amount payable in respect of I sales tax, customs, wealth tax, excise duty, cess and other statutory dues applicable to it.

10. The company has no accumulated losses at the end of the financial year and it has not incurred I cash losses in the financial year under report and the immediately preceding financial year.

11. On the basis of our audit procedures and based on the information and explanations given by 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. Based on our audit procedures and as per information and explanation given by management, 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 provisions of clause 4 (xiii) of the paragraph 4 on the order are not applicable.

14. The Company is not dealing in or trading in shares, securities, debentures and other investments. Therefore, the provisions of clause 4 (xiv) of the paragraph 4 of the order are not applicable.

15. In our opinion and according to the information and explanation given by the management, the company has not given any guarantee for loans taken by others from banks or financial institutions.

16. The Company has not obtained any term loan from the banks and financial institutions during the year, hence the question of its application does not arise.

17. According to the information and explanation given to us and on overall examination of the financial statements and after placing reliance on the reasonable assumptions made by the Company for classification of Short-term and Long term usage of the funds we are of the opinion that the funds raised on short-term basis have prima facie not been utilized for long-term investment and vice- versa.

18. According to the information and explanation given to us, the company has not made preferential allotment of shares to the parties and companies covered in the resister maintained under section 301 of the Companies Act, 1956.

19. According to the information and explanations given to us, the Company has not issued any Secured Debentures during the year.

20. According to the information and explanation given to us, the company has not raised any money by way of public issue during the period.

21. Based upon the audit procedures performed and information and explanation given the management, we report that no fraud on or by the Company has been noticed or reported to / by us during the course of our audit.

For MAJITHIA & ASSOCIATES

Chartered Accountants

RR. Jariwala

(Partner)



M. No. 126298

Firm Reg. No.: 105871W

Place: Mumbai

Date: 9.8.2012


Mar 31, 2011

We have audited the attached Balance Sheet of M/s. GAURAV MERCANTILES LIMITED as at 31st March, 2011 and the Profit and Loss Account of the Company for the year ended on that date ¦ annexed there to. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on ¦ our audit.

1 We conducted our audit in accordance with auditing standards generally accepted in India.! Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes ¦ examining, on test basis, evidence supporting the amounts and disclosures in the financial ¦ statements An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our options.

2 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 Companies Act, 1956| (hereinafter referred to as the "Act"), we annex hereto a statement on the matters specified me paragraphs 4 and 5 of the said Order, to the extent applicable.

3. Further to our comments in the Annexure referred to in paragraph 2 above, we report that:

a) We have obtained all the information and explanations, which to the best of our! knowledge and belief were necessary for the purposes of our audit;

b) In our opinion, proper books of account as required by law have been kept by the! Company so far as it appears from our examination of the 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, Balance Sheet and Profit and Loss Account dealt with by this report I comply with the Accounting Standards referred to in Sub section (3C) of Section 2111 of the Companies Act, 1956 except Accounting Standard 15(Revised)on Retirement! Benefits in case of Gratuity, for not making provision for gratuity. In absence of information the same is not quantifiable now.

e) On the basis of written representations received, we rep are disqualified as on 31st March 2011 from being appoint section 274 (1) (g) of the Companies Act, 1956.

f) In our opinion and to the best of our information and acc< given to us the said accounts, read together with signification notes thereon, give the information required by the Commoner so required and give a true and fair view in conf principles generally accepted in India:

(i) In the case of the Balance Sheet, of the state of affair 31st March 2011.

(ii) In the case of Profit and Loss Account, of Profit of the Comp that date.

(iii) In the case of Cash Flow Statement, of the Cash Flow for the€

Annexure referred to in paragraph 2 of our report of even date on the Financial Statements of M/s. G AURAV MERCANTILES LIMITED, for the year ended 31st March 2011.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of audit, we state that:

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

b) As explained to us, physical verification of Fixed Assets was done by the management arm yearly basis and no material discrepancies were noticed on such verification. In our opinion. frequency of verification of Fixed Assets is reasonable.

c) According to the information and explanations given to us, the company has disposed off party of the fixed assets during the year.

2.a) As per the information and explanations given to us, there are no inventories held with the company and hence question of physical verification does not arise.

b) In our opinion and according to information and explanations given to us, the company does not hold any inventory and hence the procedures of physical verification of inventories by the management do not arise.

c) On the basis of our examination of the records, the company is not holding any inventory. hence question of any material discrepancies does not arise.

3. As informed, the Company has granted loans secured or unsecured to Company listed or covered in the register maintained under Section 301 of the Act.

a) According to the information and the explanation given to us, the Company has granted unsecured loan & advance to two parties covered in the register maintained under section 301 of the Companies Act, 1956, in which directors are interested as contemplated under sub- section (6) of section 299 of the said Act. The yearend balance of such loans granted is NIL and the maximum amount outstanding during the year was Rs. 150,00,000

b) In our opinion and according to the information & explanations given to us, the company has not taken unsecured loans from any parties listed in the register maintained under section 301 of the Companies Act, 1956.

c) As per the information & explanation given to us the terms & condition of such loans given and taken are not prejudicial to the interest of the company.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventories, fixed assets and for the sale of goods.

5.a) According to the information and explanation given to us and as per the records of the company, transactions that need to be entered into the register in pursuance of Section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information & explanations given to us, there are no transaction of purchase of goods and materials and sale of goods, materials & services, made in pursuance of contracts or arrangements entered in the register maintained under section 301 and aggregating during the year to Rs. 5,00,000/- or more in respect of each party.

6. No deposits within the meaning of Section 58A & 58AA of the Act and rules framed there under have been accepted by the Company.

7. In our opinion and according to information and explanations given to us, the company has adequate internal audit system (not carried out by a Chartered Accountant) commensurate with the size and nature of its business.

8. The Central Government has not prescribed maintenance of Cost Records under section 209(1) (d) of the companies Act, 1956 for any of the products of the company.

9.a) According to the information and explanations given to us, there are no undisputed amounts payable in respect of such statutory dues which have remained outstanding as at the last day of the financial year for a period of more than six months from the date they became payable.

b) According to the records of the company, there is no disputed amount payable in respect of sales tax, customs, wealth tax, excise duty, cess and other statutory dues applicable to it.

10. The company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the financial year under report and the immediately preceding financial year.

11. On the basis of our audit procedures and based on the information and explanations given by management, we are of the opinion that the company has not defaulted in repayment of dues to financial institution, bank or debenture holders.

12. Based on our audit procedures and as per information and explanation given by management, 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 provisions of clause 4 (xiii) of the paragraph 4 on the order are not applicable.

14. The Company is not dealing in or trading in shares, securities, debentures and other investments. Therefore, the provisions of clause 4 (xiv) of the paragraph 4 of the order are not applicable.

15. In our opinion and according to the information and explanation given by the management, the company has not given any guarantee for loans taken by others from banks or financial institutions.

16. The Company has not obtained any term loan from the banks and financial institutions during the year, hence the question of its application does not arise.

17. According to the information and explanation given to us and on overall examination of the financial statements and after placing reliance on the reasonable assumptions made by the Company for classification of Short-term and Long term usage of the funds, we are of the opinion that the funds raised on short-term basis have prima facie not been utilized for long- term investment and vice- versa. I

18. According to the information and explanation given to us, the company has not made preferential allotment of shares to the parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. According to the information and explanations given to us, the Company has not issued any Secured Debentures during the year.

20. According to the information and explanation given to us, the company has not raised any money by way of public issue during the period.

21. Based upon the audit procedures performed and information and explanation given the i management, we report that no fraud on or by the Company has been noticed or reported to / by us during the course of our audit.

For MAJITHIA & ASSOCIATES

Chartered Accountants

B. R. Majithia

(Partner)

M. No. 048194

Firm Reg. No. 105871W



Place: Mumbai

Date : 25/08/2011

 
Subscribe now to get personal finance updates in your inbox!