Mar 31, 2014
We have audited the accompanying financial statements of GROVY EXPORTS &
MARKETING LIMITED which comprises the balance sheet as at March 31,
2014 and the statement of profit and loss account for the year ended,
and a summary of significant accounting policies and other explanatory
information.
Management 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 of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error,
Auditor's Responsibility
Our responsibility is to express an opinion on these consolidated
financial statements based on our audit. We conducted out 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 consolidated financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the consolidated financial statements.
The procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the consolidated
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 presentation of the consolidated
financial statements that give a true and Fair view in order to design.
Audit procedures that are appropriate in the. circumstances. An audit
also includes evaluating the appropriateness of accounting policies
used and the reasonableness-of the accounting estimates made by
management, as. well as evaluating the overall presentation of the
consolidated 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 statement of Profit and Loss Account, of the profit
for the year ended on that date,
REPORT ON OTHER LEGAI AND REGULAATORY REQUIREMENTS
1. The Companies (Auditor's Report) Amended Order 2004 issued by the
Central Government of India in terms of sub-section (4A) of the section
227 of the Companies Act, 1956, apply to the company as the company is
covered under the conditions laid down under the clause '2' of the said
order.
2. As required by section 227(3) of the Act, 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 accounts required by law have been
kept by the company so far as appears from our examination of those
books;
(iii) The Balance Sheet and the Profit & Loss Account dealt with by
this report are agreement with .the books of account;
(iv) . In our opinion, the Balance Sheet and the 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) Based on written representations received from the Directors, as on
March 31,201.4 and taken on record by the board of directors, we report
that none of the directors is disqualified as on 31.03.2014 from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the companies Act/1956.
l. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b). Fixed assets have been physically verified by the management during
the year which in our opinion is reasonable having regard to size of
the company and the nature of fixed assets, As informed, no material
discrepancies were noticed on such verification.
c) During the year, the company has not disposed of a substantial part
of fixed assets.
ii, a) In our opinion and according to information and explanations
given to us, the procedure of physical verification of inventories has
been conducted at reasonable intervals by the management.
b) In our opinion and according to information and explanations given
to us, the procedure of verification of inventories followed by
management was reasonable & adequate in relation to the size of the
company and the nature of its business.
c) In our opinion and according to information and explanations given
to us, the company is maintaining proper records of inventory. No
discrepancy noticed on verification between the stocks and book
records.
iii, a) The company has not granted an unsecured loan to party which is
covered in the register maintained under section 301 of the Companies
Act, 1956,
Accordingly, Paragraphs 4(iii)(a) to 4(iii}(d) of the order axe not
applicable
e.) The company has taken unsecured loans from 5 party covered in the
register maintained under section 30! of the act. & other terms and
conditions are not prejudicial to the company. Details are as foil
own;-
Particular Maximum Amt. Balance as on
Involved during the 31.03.2014
year(Rs.)
Anita Jalan 25,00,000/- 25,00,000/-
PC Jalan HUF 35,00,000/- 35,00,000/-
Raj Kumar Jalan 50,00,000/- 52,00,000/-
R K Jalan HUF 35,00,000/- 59,00,000/-
Prakash Chand Jalan. - 15,00,000/-
f.) Since the unsecured loan taken by the company is repayable on
demand, so we are unable to comment on the paragraphs 4(iii)(ii) to
4(iii)(g).
iv. In pure opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods and services. In our opinion and according to the
information and explanations given to us, there is no continuing
failure to correct major weaknesses in internal control system,
{v) In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956.
a) Based on audit procedures applied by us, to the best of our
knowledge and belief and according to the information and explanations
given to us, we are of the opinion that the particulars of contracts or
agreements referred to in section 301 of the Act have been entered in
the register required to be maintained under that section.
b) According to cobs information and explanations given to us, the
transactions made in pursuance of such contracts or agreements have
been made at prices, which are reasonable, having regard to the
prevailing Markel prices at the relevant time.
vi, The Company has not accepted any deposits com the public within the
meaning of section 58 A, 5SAA or any other relevant provisions of the
act, and the rules framed there under and therefore not applicable to
the Company,
vii. In our opinion and, the company has an internal audit system
commensurate with the size of the company and the nature of its
business.
viii. The maintenance of cost records has not been prescribed by the
Central Government under section 2Q9(l)(d) of the Companies act, 1956.
ix. a) Undisputed statutory dues including Provident Fund, Investor
Education & Protection Fund, Employee's State Insurance, Income Tax,
Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, wherever
applicable have generally been regularly deposited with the appropriate
authorities during the year.
b) According to the information and .explanation given to the no
undisputed amounts payable in respect of Income Tax, Sales Tax, Custom
Duty, Excise Duty and cess were outstanding at the yearend for a period
of more than six months from the date they become payable,
c) According to the information and explanation given to us, there are
no dues of Income Tax, Sales Tax Custom Duty, Excise Duty and cess
which have not been deposited on account of any dispute.
X, The Company does not have accumulated losses at the end of the year
and the company has not incurred cash losses during current and the
immediately preceding such financial year.
xi. Based on our audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that the
company has not defaulted in tire repayment of dues to financial
institutions, banks and debentures & other securities,
xii. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other similar
securities during the year.
xiii. The provisions of any special statute applicable to Chit Fund,
Nidhi or Mutual Benefit Society are not applicable to the Company.
xiv. In our opinion and according to information and explanations given
to us, the Company has maintained proper records of transactions' and
contracts in respect of Trading in securities, debentures and other
investments and timely entries have been made therein, All shares,
debentures and other investments have been held by the company it its
own name.
xv. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
xvi. Based on information and explanations given to us by the
management, the company has not received any term loans.
xvii. According to the information and explanations given to us and
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 basis.
(viii. We are informed that the company has not 'made any preferential
allotment of shares to companies, firms or other parties listed in the
register maintained under section 301 of the Companies Act, 1956.
xix The. Company lies not issued any Deplumes and hence requirements of
reporting regarding creation of security or charge in. respect of
Security or charge in respect of debentures issued do not arise.
xx. The Company has not raised any money by public issue during the
year.
xxi. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the company, noticed or reported during the year, nor
have we been informed of such case by the management.
Place: New Delhi.
Date: 31st May, 2014
For WadhWa & Co
Chartered Aecountars
(FCA. SUSHIL WADHWA)
M .No.- 091435
Mar 31, 2013
We have audited the accompanying financial statements of GROVY EXPORTS &
MARKETING LIMITED which comprises the balance sheet as at March 31,
2013 and the statement of profit and loss account for the year 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 of the Company in accordance with the Accounting
Standards referred to in sab-section (3C) of section 211 of the
Companies Act, 1956. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error,
Auditor's Responsibility
Our responsibility is to express an opinion on these consolidated
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 consolidated financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures m the consolidated financial statements.
The procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the consolidated
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 presentation the consolidated financial
statements that give a true and Fair view in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the consolidated
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2013,
(b) In the case of statement of Profit and Loss Account of the profit
for the year ended on that date.
Report On Other Legal and Regulatory Requirements
1. The Companies (Auditor's Report) Amended Order 2004 issued by the
Central Government of India in terms of sub-section (4A) of the section
227 of the Companies Act, 1956, apply to the company as the company is
covered under the conditions laid down under the clause "X of the said
order.
2. As required by section 227(3) of the Act, 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 and the Profit & Loss Account dealt with by
this report are agreement with the books of account;
(iv) In our opinion, the Balance Sheet and the 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) Based on written representations received from the Directors, as on
March 31,2013 and taken on record by the board of directors, we report
that none of the directors is disqualified as on 31,03,2013 from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the companies Act,1956
ANNEXURE REFERRED TO PARAGRAPH 2 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF M/S GROVY EXPORTS &MARKETING LIMITED ON THE ACCOUNTS AS AT
AND FOE THE YEAR ENDED 31ST MARCH,2013
1. a) The Company Tax maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) Fixed assets have been physically verified by the management during
the year which in our opinion is reasonable having regard to size of
the company and the nature of fixed assets, As informed, no material
discrepancies were noticed on such verification.
c) During the year, the company has Dot disposed of a substantial part
of fixed assets.
2. a) There is Stock of property held by the company. The company is
holding slicks & mutual funds as inventories which are in the
dematerialized form.
b) In our opinion and according to information and explanations given
to us, the procedure of verification of inventories followed by
management was reasonable & adequate in relation to the size of the
company and the nature of its business.
c) In our opinion and according to information and explanations given
to us, the company is maintaining proper records of inventory. No
discrepancy noticed on verification between the stocks and book
records.
3. a) The company has granted an unsecured loan to one party which is
covered in the register maintained under section 301 of the Companies
Act, 1956 Maximum amount involved during the year was Rs 75,00,000/-
and yearend balance is NIL.
b) The unsecured granted by the company is interest free & other terms
and conditions are not prejudicial to the company.
c) Since the unsecured loan granted by the company is repayable on
demand, so we are unable to comment on the regularity of principal and
interest.
d) The Company has taken unsecured loans from 3 parties which are
covered in the register maintained under section 301 of the Act.
Details are as follows;-
Particulars Maximum Aunt. Balance as on
involved during the 31.03.2013
year (Rs,)
Prakash Chand Jalan 41,50,000 15,50,000
Raj Kumar Jalan 12.00.000 2,00,000
R.K Jalan (HUF) 64,00,000 64,00,000
e.) The unsecured loans taken by the company in interest fret &. other
terms and conditions are not prejudicial to the company.
f) Since the unsecured loan taken by the company is repayable on
demand, on we are unable to comment on the regularity of principal and
interest.
4. In our opinion and according to the and explanation give to us there
are adequate control procedures commensurate with the size of the
company and the nature of its business for in purchase of inventory and
fixed assets and For the sale of' goods and services. In our opinion
and according to the information and explanations given to us, there is
no continuing failure to correct major weaknesses in internal control
system.
5. In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act,1956
a) Based on audit procedures applied by us, to the rest of our
knowledge and belief and according to the information and explanations
given to us, we are of the opinion that the particulars of contracts
or agreements referred to in section 301 of the Act have been entered
in the register required to be maintained under that section.
b) According to the information and explanations given to us,
the-transactions made in pursuance of such contracts or agreements 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 any deposits from die public within
the meaning of section 58 A 58AA or any other relevant provisions of
the act, and the rules framed there under and therefore not applicable
to the Company.
7. In our opinion and, the company has an internal audit system
commensurate with The size of the company and the nature of its
business.
S. 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) Undisputed statutory dues including Provident Fund, investor
Liquation & Protection Fund, Employee's State Insurance, Income Tax,
Sales Tax.. Wealth Tax, Service Tax, Custom Duty, Excise Duty, wherever
applicable have generally been regularly deposited with the appropriate
authorities during the year.
b) According to the information and explanation given to us, no
undisputed amounts payable in respect of Income Tax,. Sales Tax, Custom
Duty, Excise Duty and cess were outstanding at the yearend for a
period of more than six months from the date they become payable.
c) According to the information and explanation given to us, there are
no dues of Income Lax, Sales 'fax Custom Duty, Excise Duty and cess
which have not been deposited on account of any dispute.
10. The Company does not Image accumulated losses at the end of the
year and the company has not incurred cash losses during current and
the immediately preceding such financial year.
11. Based on our audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that the
company has not defaulted in the repayment of dues to financial
institutions, banks and debentures & other securities.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of skiers, debentures and other similar
securities during the year.
13. The provisions of any special statute applicable to Chit Fund,
Nidhi or Mutual Benefit Society are not applicable to the Company.
14. In our opinion and according to information and explanations given
to us, the Company has maintained proper records of transactions and
contracts in respect of Trading in securities, debentures and other
investments and timely entries have been made therein, All shares,
debentures and other investments have been held by the company in its
own name. ,
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. Based on information and explanations given us by the management,
the company has not received any term loans.
17. According to the information and explanations given to us and
overall examination of the balance sheet of the Company. we report
that no funds raised on shon-Lerm basis leave been used for long-term
basis.
]8. We are informed that the company has not made any preferential
allotment of shares to companies, firms or other parties listed in the
register maintained under section 301 of the Companies Act, 1956.
19. The Company has not issued any Debentures and hence requirements
of reporting regarding creation of security or charge in respect of
debentures issued do not arise.
20. The Company has not raised any money by public issue during the
year.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the company, noticed or reported- during the year, nor
have we been informed of such case by the management.
Place: New Delhi.
Date. 10th May, 2013
For Wadhwa &. CO.
CHARTERED ACCONNTANTS,
(FCA,SUSHIL WADHWA )
M.NO.091435
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/S GROVY EXPORTS &
MARKETING LIMITED as on 31st March, 2012 and also the Profit & Loss
account for the year ended on that: date annexed hereto. 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 generally accepted in
India. Those standards require that, we plan & perform the audit to
obtain reasonable assurances about the financial statements are free
from 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 principle
used and the overall financial statements presentation we believe that
our audit provides a reasonable basis for our opinion.
3. As required by the companies (Auditors' Report) orders, 2003
issued by the central government of India in terms of sub-section (A-A)
of section 227 of the Companies Act, 1956. and on the basis of such
cheeks of the books and records of the companies as we considered
appropriate and according to the information and explanation given to
us, we enclose in the Annexure a statement on the matters specified in
paragraphs 4 & 5 of the said order.
4. Further to our comment in the Annexure referred to above, we report
that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
land it.
b) In our opinion, the company has kept proper books of account as
required by law so far, as appears from our examination of that. book.
c) The Balance Sheet and Profit and Loss Accounts dealt with by this
report are in agreement with the books of accounts.
d) In our opinion the Balance Sheet and Profit and Loss account dealt
with by this report comply with the Accounting statement referred to in
Sub- section (3C) of the companies Act, 1956.
c) On the basis. Of the written representation received from the
directors as on 3 Is1 March, 2012 and taken on record by the board of
directors, we report that none of the directors is disqualified as on
31 's( March, 2012 from being appointed as a director in terms of
clause (g) of sub-section (I) of section 274 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 gives the information
required by the companies Act, ]9S$, in the manner so required and give
a true and Mr. view in conformity with the accounting principles
generally accepted in India.
(a) In the case of the Balance Sheet of the company as fit 31st
March, 2012. AND
(b) In the case of the Profit &, Loss Account, of the profit for the
year ended on that date,
Particulars Maximum Amt. Balance as on
involved during the 31.03.2012
year (RS.)
Prakash Chaud Jalan 10,00,000 10,00,000
Raj Kumar Jaian 10,00,000 10,00,000
R.K Jalan (HUF) 11,00,000 11,00,000
f) The unsecured loans taken by the company is interest free &. other
terms and conditions are not prejudicial to the company.
g) Since the unsecured loan taken by the company is repayable on
demand, so we are unable to comment on the regularity of principal and
interest.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with The size of the company and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods and services. In our opinion and according to the
information and explanations given to us, there is no continuing
failure to correct major weaknesses in internal control system.
5. In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act 1956.
a) Based on audit procedures applied by us, to the best of our
knowledge and belief and according to the information and explanations
given to us; we are of the opinion that the particulars of contracts or
agreements referred to in section 301 of the Act have been entered in
the register required to be maintained under that section. b)
According to the information and explanations given to us, the
transactions made in pursuance of such contracts or agreements 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 any deposits from the public within
be meaning of section SSA, 5SAA or any other relevant provisions of
the act, and the rules framed there under and therefore not applicable
to The Company.
7. In our opinion and, the company has an internal audit system
commensurate with the size of the company and the nature of its
business.
8. 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) Undisputed statutory dues including Provident Fond, Investor
Education & Protection Fund, Employee's
Slate Insurance, income Tax, Sales Tax, Wealth Tax, Service Tax, Custom
Duty, Excise Duty, wherever applicable have generally been regularly
deposited with the appropriate authorities during the year.
b) According to the information and explanation given to us, no
undisputed amounts payable it) respect of Income Tax, Sales Tax, Custom
Duty, Excise Duty and cess were outstanding at the yearend for a
period of more than six months from the date they become payable.
c) According to the information and explanation given to us, there are
no dues of Income Tax, Sales Tax Custom Duty, Excise Duty and cess
which have not been deposited on account of any dispute.
10. The Company does not have accumulated losses at the end of the
year and the company has not incurred cash losses during current and
the immediately preceding such financial year.
11. Based on our audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that the
company has not defaulted in the repayment of dues to financial
institutions, banks and debones & other securities.
12. The Company has not granted any loans, and advances on the basis
of security by way of pledge of shares, debentures and other similar
securities during year.
13. The provisions of any special statute applicable to Chit Fund,
Niche or Mutual Benefit Society are not applicable to the Company.
14. in our opinion and according to information and explanations given
to us, the Company has maintained proper records of transactions and
contracts in respect of Trading in securities., debentures and other
investments and timely entries have been made therein, All shares,
debentures and other investments have been held by the company in its
Own name.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
bank or financial institutions.
16. Based on information and explanations given to us by the
management, the company has not received any term loans.
17. According to the information and explanations given to us and
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 basis.
18. We are informed that the company has not made any preferential
allotment of shares to companies, firms or other parties listed in the
register maintained under section 301 of the Companies Act, 1956,
19. The Company has not issued any Debentures and hence requirements
of reporting regarding creation of security or charge in respect of
debentures issued do not arise.
20. The Company has not raised any money by public issue during the
year.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the company, noticed or reported during the year, nor
have we been informed of such case by the management.
For Wadhwa & Co,
Place: New Delhi.
Date:07 September 2012 Chartered Accountants
(FCA SUSHIL WADHWA)
M.No.- 091435