Mar 31, 2013
Report on Financial Statements:
We have audited the accompanying financial statements of GEE GEE
GRANITES LIMITED ("the company") which comprise of Balance Sheet as at
31st March 2013, the Statement of Profit and Loss and Cash Flow
Statement for the year ended on that date 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"). This responsibility includes
the design, implementation and maintenance of internal controls
relevant to the preparation and presentation of financial statements
that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditors Responsibility:
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standard 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 of the financial statements in order to design audit
procedure that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of 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 aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India.
(a) In the case of Balance Sheet, of the state of affairs of the
Company as at March 31, 2013
(b) In the case of Statement of Profit and Loss, 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 ("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 the paragraph 4 & 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 accounts 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 accounts.
d. In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Act,
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 director in terms of clause (g) of sub-section (1) of
section 274 of the Act.
f. Since the Central Government has not issued any notifications to
the rate at which the cess is to be paid under section 441A of the Act
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 ComDanv.
(AS REFERRED TO IN PARAGRAPH 1 OF PARA ON REPORT ON OTHER LEGAL AND
REGULATORY REQUIREMENTS OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF
GEE GEE GRANITES LIMITED)
(i) (a) The company does not have any fixed asset hence the related
compliances with respect to the fixed asset is not required to be
maintained.
(b) Since the company does not have any fixed asset the question of
physical verification does not arise.
(c) Since the company doers not have any fixed asset the question of
disposal of substantial part of fixed asset does not arise.
(ii) (a) The company has no inventory hence the related compliance with
respect to inventory is not required to be maintained.
(b) The company does not have any inventory, so the adaptation of a
method to physical verification of the inventory by the management not
required.
(c) The company does not have any inventory, so the requirement of
maintaining proper record of inventory does not arise.
(iii) (a) According to the information and explanations given to us,
the company has not granted any loans, secured or unsecured to
companies, firms or other parties listed in the register maintained
under section 301 of the companies act, 1956.
(b) Not applicable in view of para (a) above.
(c) Not applicable in view of para (a) above.
(d) Not applicable in view of para (a) above.
(e) The company had taken loan from 2 parties covered in the register
maintained under section 301 of the companies Act, 1956. The maximum
amount involved during the year was Rs.16,28,400/- and the year-end
balance of loans taken from such parties was Rs.14,28,400/-.
(f) 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 sthe companies
Act, 1956 are not, prima facie, prejudicial to the interest of the
company.
(g) The company is regular in repaying the principal amounts as
stipulated and has been regular in the payment of interest. The total
amount repaid was Rs.0.
(iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control procedure commensurate
with the size of the company and nature of its Business, for purchase
of inventory and fixed assets and for sale of goods and services.
During the course of our audit, we have neither come across nor have
been informed of any continuing failure to correct major weakness in
the aforesaid internal control procedures. (v) (a) In our opinion and
according to the rhTOTrncrtwi and explanations given by the management,
there were no contracts or arrangements that need to be entered in the
registers required to be maintained under section 301 of the companies
Act, 1956.
(b) Not applicable in view of para (a) above. (vi) The company has not
accepted any deposits from the public. (vii) In our opinion, the
company has an internal audit system commensurate with the size and
nature of its business.
(viii) To the best of our knowledge and as explained, the Central
Government has not prescribed the maintenance of cost records under
section 209 (1) (d) of the Act for the products of the company.
(ix) (a) According to the information and explanations given to us and
on the basis our examination of books of accounts, there are no
outstanding dues of PF, E.S.I, Gratuity, Income Tax, Wealth Tax, Sales
Tax, Customs duty and Excise duty and were regularly deposited with
appropriate authority. And there is no undisputed statutory dues for
more than 6 months from the date they became payable.
(b) The company has no disputed tax liability, hence clause 4 (ix) of
the order is not applicable.
(x) The company has been registered for a period of more than five
years and its accumulated losses at the end of the financial year is
more than 100% of its net worth. However, its has incurred cash losses
in the current Year.
(xi) The Company has no loans from banks or financial institution.
Hence question of default does not arise.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares and debentures and other
securities. Accordingly, clause 4(xii) of the order is not applicable.
(xiii) In our opinion and according to the information and explanations
given to us, the company is not chit fund / nidhi/mutual benefit
fund/society. Accordingly, clause 4 (xiii) of the order is not
applicable.
(xiv) In our opinion, the company is not dealing or trading in shares,
securities, debentures and other investments, Accordingly, clause
4(xiii) of the order is not applicable.
(xv) In our opinion, and according to the information and explanations
given to us, the company has not given any guarantees for loans taken
by others from banks or financial institutions.
(xvi) According to the information and explanations given to us, the
company has not taken any loans as such.
(xvii) Since the company has no investments Clause 4 (xvii) of the
order is not applicable.
(xviii) According to the information and explanations given to us the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the companies'' act, 1956, accordingly, clause 4(xviii) of the order is
not applicable.
(xix) The company has not issued any debentures during the year hence
question of having security or registering a charge with the Register
of companies does not arise during the year.
(xx) The company has not made any public issue during the year;
accordingly, clause 4(xx) of the order is not applicable to the
company.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For B.P.Jain & Co.,
Chartered Accountants
Place : Chennai CA. Devendra Kumar Bhandari
Date : 29.05.2013 Partner
Membership No : 208862
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/S GEE GEE GRANITES
LIMITED, as at 31st March 2012 and also the Profit and Loss Account 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.
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 ("the
Order"), as amended by the Companies (Auditors' Report) (Amendment)
Order 2004, issued by the Central Government of India, in terms of
sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose
in the Annexure a statement on the matters specified in 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 purpose of our
audit.
(ii) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books and proper returns adequate for the purposes of our audit
have been received. The company does not have any branches. Hence
branch audit and branch audit report does not arise.
(iii) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account.
(iv) In our opinion, the 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.
(v) In our opinion the cess u/s 441A is not payable, since the company
does not have profit.
(vi) On the basis of written representation received from the
directors, as on 31st March 2012, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st 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.
(vii) In our opinion and to the best of our information and according
to the explanations given to us, subject to the said accounts 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.(subject to note 1)
a) in the case of the Balance Sheet, of the state of affairs of the
company as on 31sMarch, 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 cash flow statement, of the cash flows for the year
ended on that date.
Annexure to the statement on the matters specified in paragraphs 3 of
our report of even date on the accounts of GEE GEE GRANITIES LIMITED
for the year ended 31 * March 2012
(i) (a) The company does not have any fixed asset hence the related
compliances with respect to the fixed asset is not required to be
maintained.
(b) Since the company does not have any fixed asset the question of
physical verification does not arise.
(c) Since the company doers not have any fixed asset the question of
disposal of substantial part of fixed asset does not arise.
(ii) (a) The company has no inventory hence the related compliance with
respect to inventory is not required to be maintained.
(b) The company does not have any inventory, so the adaptation of a
method to physical verification of the inventory by the management not
required.
(c) The company does not have any inventory, so the requirement of
maintaining proper record of inventory does not arise.
(iii) (a) According to the information and explanations given to us,
the company has not granted any loans, secured or unsecured to
companies, firms or other parties listed in the register maintained
under section 301 of the companies act, 1956.
(b) Not applicable in view of para (a) above.
(c) Not applicable in view of para (a) above.
(d) Not applicable in view of para (a) above.
(e) The company had taken loan from 2 parties covered in the register
maintained under section 301 of the companies Act, 1956. The maximum
amount involved during the year was Rs.9,35,400/- and the year-end
balance of loans taken from such parties was Rs.9,35,400/-.
(f) 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 sthe companies
Act, 1956 are not, prima facie, prejudicial to the interest of the
company.
(g) The company is regular in repaying the principal amounts as
stipulated and has been regular in the payment of interest. The total
amount repaid was Rs.0.
(iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control procedure commensurate
with the size and nature of business. There is no major weaknesses in
the internal control procedure observed during the examination of the
books of accounts.
(v) (a) In our opinion and according to the information and
explanations given by the management, there were no contracts or
arrangements that need to be entered in the registers required to be
maintained under section 301 of the companies Act, 1956.
(b) Not applicable in view of para (a) above.
(vi) The company has not accepted any deposits from the public and
consequently the directives issued by the Reserve Bank of India and
provisions of the companies Act, 1956 and rules framed there under are
not applicable to the company.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed the maintenance of
cost records by the company under section 209 (1) (d) of the Companies
Act, 1956.
(ix) (a) According to the information and explanations given to us and
on the basis our examination of books of accounts, there are no
outstanding dues of PF, E.S.I, Gratuity, Income Tax, Wealth Tax, Sales
Tax, Customs duty and Excise duty and were regularly deposited with
appropriate authority. And there is no undisputed statutory dues for
more than 6 months from the date they became payable.
(b) The company has no disputed tax liability, hence clause 4 (ix) of
the order is not applicable.
(ix) The company has been registered for a period of more than five
years and its accumulated losses at the end of the financial year is
more than 100% of its net worth. However, its has incurred cash losses
in the current Year.
(xi) The Company has no loans from banks or financial institution.
Hence question of default does not arise.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares and debentures and other
securities. Accordingly, clause 4(xii) of the order is not applicable.
(xiii) In our opinion and according to the information and explanations
given to us, the company is not a chit fund / nidhi/mutual benefit
fund/society. Accordingly, clause 4 (xiii) of the order is not
applicable.
(xiv) In our opinion, the company is not dealing or trading in shares,
securities, debentures and other investments, Accordingly, clause
4(xiii) of the order is not applicable.
(xv) In our opinion, and according to the information and explanations
given to us, the company has not given any guarantees for loans taken
by others from banks or financial institutions.
(xvi) According to the information and explanations given to us, the
company has no term loans.
(xvii) Since the company has no investments Clause 4 (xvii) of the
order is not applicable.
(xviii) According to the information and explanations given to us the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the companies' act, 1956, accordingly, clause 4(xviii) of the order is
not applicable.
(xix) The company has not issued any debentures during the year hence
question of having security or registering a charge with the Register
of companies does not arise during the year.
(xx) The company has not made any public issue during the year;
accordingly, clause 4(xx) of the order is not applicable to the
company.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For B.P.Jain & Co.,
Chartered Accountants
Place : Chennai CA. Devendra Kumar Bhandari
Date : 21.05.2012 Partner
Membership No : 208862
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/S GEE GEE GRANITES
LIMITED, as at 31st March 2010 and also the Profit and Loss Account 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, issued
by the Central Government of India, in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in 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 purpose of our
audit.
(ii) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books (and proper returns adequate for the purposes of our audit
have been received. The company does not have any branches. Hence
branch audit and branch audit report does not arise).
(iii) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account; ( The company has no
branches )
(iv) In our opinion, the 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. Subject to non compliance with AS-22.
(v) In our opinion the cess u/s 441A is not payable, since the company
does not have profit.
On the basis of written representation received from the directors, as
on 31st March 2010, and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st 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.
In our opinion and to the best of our information and according to the
explanations given to us, the said accounts, read together with 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 on 31st March, 2010
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 cash flow statement, of the cash flows for the year
ended on that date.
Annexure to the statement on the matters specified in paragraphs 3 of
our report of even date on the accounts of GEE GEE GRANITES LIMITED for
the year ended 31st March 2010
(i) (a) The company is maintaining proper records showing therein the
full particulars including quantitative details and situation of fixed
assets.
(b) The management has physically verified these fixed assets at
reasonable intervals which in our opinion, is reasonable having regard
to the size of the company and no material discrepancies were noticed
on such verification.
(c) All fixed assets have been disposed off during the year. However,
this has not affected the going concern status of the company.
(ii) (a) Since there is no purchase of raw material and of trading
goods this clause is not applicable.
(b) Not applicable in view of para (a) above.
(c) Not applicable in view of para (a) above.
(iii) (a) According to the information and explanations given to us,
the company has not granted any loans, secured or unsecured to
companies, firms or other parties listed in the register maintained
under section 301 of the companies act, 1956.
(b) Not applicable in view of para (a) above.
(c) Not applicable in view of para (a) above.
(d) Not applicable in view of para (a) above.
(e) The company had taken loan from 1 party covered in the register
maintained under section 301 of the companies Act, 1956. The maximum
amount involved during the year was Rs.30,92,400 and the year-end
balance of loans taken from such parties was nil as the loans were
assigned to Director.
(f) 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.
(g) The company is regular in repaying the principal amounts as
stipulated and has been regular in the payment of interest. The total
amount repaid amounts to Rs.16.30 Lakhs.
(iv) In our opinion and according to information given to us, there are
adequate internal control procedures commensurate with the size of the
company and nature of its business. There are no major weaknesses in
the internal control procedure observed during the examination of the
books and records.
(v) (a) In our opinion and according to the information and explanation
given to us, we are of the opinion that there were no contracts or
arrangements that need to be entered in the registers maintained under
section 301 of the Companies Act, 1956.
(b) Not applicable in view of para (a) above.
(vi) The company has not accepted any deposits from the public; hence,
the provisions of section 58A and 58AA of the Companies Act 1956 are
not applicable.
(vii) In our opinion, the company has internal audit system
commensurate with the size and nature of the business.
(viii) The Central Government has not prescribed the maintenance of
cost records by the company under section 209(1)(d) of the Companies
Act,1956.
(ix) (a) According to the records of the company there are no
outstanding dues. PF, E.S.I, Gratuity Income tax, Wealth-Tax, Sales
Tax, Customs duty and Excise duty were regular deposited with
appropriate authorities.
(b) According to the information and explanations given to us, there is
no undisputed statutory due for more than six months from the date they
became payable.
(c) According to the information and explanations given to us, there
are no statutory dues which are in dispute.
(x) The company has been registered for more than 5 years and its
accumulated losses at the end of the financial year is more than 100%
of its net worth. However, it has not incurred cash losses in the
current financial year. In the preceding financial year, it incurred a
cash loss of Rs.65,250.
(xi) The Company has no loans from banks or financial institution.
Hence question of default does not arise.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares and debenture etc.
(xiii) In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Hence, the provisions of any special statute are
not applicable to the company.
(xiv) In our opinion, the Company is not dealing or trading in shares,
securities, debentures and other investments.
(xv) In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions.
(xvi) In our opinion, and according to the information and explanations
given to us, the company has no term loans.
(xvii) According to the information and explanations given to us, and
on overall examination of the balance sheet of the company, we report
that no short-term funds were used for long term investments and vice
versa.
(xviii) 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.
(xix) No debentures were issued by the companies and hence the question
of security creation does not arise.
(xx). No public issues were made during the year. Hence this clause is
not applicable.
(xxi). According to the information and explanations given to us, no
fraud on or by the company has been noticed during the year.
For B.P.Jain & Co.,
Chartered Accountants
Firm Registration No : 050105S
Place : Chennai CA. Devendra Kumar Bhandari
Date :29.05.2010 Partner
Membership No : 208862
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