Mar 31, 2015
We have audited the accompanying financial statements of Gujarat
Investa Limited ("the Company") which comprise of the Balance Sheet as
at 31st March, 2015, the Statement of Profit & Loss for the year ended
on that date and Cash Flow Statement for the year then ended and a
summary of significant accounting policies and other explanatory
information which we have signed under reference to this report.
Management's Responsibility for the Financial Statements :
The Company's Board of Directors and the management is responsible for
the matters stated in Section 134(5) of the Companies Act, 2013, with
respect to 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 principles generally
accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for
safeguarding the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; and design, implementation and maintenance
of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility :
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing
issued by the Institute of Chartered Accountants of India and as
specified under Section 143(10) of the Companies Act 2013. 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 misstatements.
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 financial statement, whether due
to fraud or errors. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation and fair presentation of the financial statements in order
to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on whether the Company
has in place an adequate internal financial controls system over
financial reporting and the operating effectiveness of such controls.
An audit also includes evaluating the appropriateness of 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 aforesaid financial statements dealt with
by this Report read together with schedules, significant accounting
policies and disclosures, give the information required by the act,
rules and regulations in the manner so required and give a true and
fair view in conformity with the accounting principles generally
accepted in India;
a) In the case of the Balance Sheet, of the State of Affairs of the
Company as at 31st March, 2015;
b) In the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date.
c) In the case of Cash flow Statement, of Cash Inflows and Outflows 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",
issued by the Central Government of India in terms of Sub Section (11)
of Section 143 of the Companies Act, 2013 (hereinafter referred as the
"Order") and on the basis of such checks of the books and records of
the Company as we considered appropriate and according to the
information and explanations given to us, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the
"Order".
2. As required by Section 143 (3) of the Act, we report that
a) We have 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 the Cash Flow
Statement dealt with by this Report are in agreement with the Books of
Account;
d) In our opinion, the aforesaid Financial Statements comply with the
Accounting Standards referred to in Section 133 of the Companies Act,
2013, read with Rule 7 of the Companies (Accounts) Rules, 2014;
e) On the basis of written representations received from the Directors
as on March, 31,2015 and taken on record by the Board of Directors,
none of the directors is disqualified as on March, 31, 2015, from being
appointed as a director in terms of Section 164 (2) of the Act.
f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014:
i. The Company does not have any such pending litigation which would
impact its financial position.
ii. The Company has made provision, as required under the applicable
law or accounting standards,
for material foreseeable losses, if any, on long-term contracts
including derivative contracts.
iii. There has not been an occasion in case of the Company during the
year under report to transfer
any sums to Investor Education and Protection Fund. The question of
delay in transferring such sums does not arise.
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE ON THE
ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2015 OF M/S GUJARAT INVESTA
LIMITED
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
audit, we report that:
1. In respect of the Fixed assets :
(a) The Company has maintained proper records showing full particulars,
including quantitative detail and situation of its fixed assets.
(b) The fixed assets have been physically verified during the year, by
the management in accordance with a program of verification, the
frequency of which is reasonable. According to the information given to
us, no material discrepancies were noticed on such verification.
2. In respect of the inventories :
(a) As explained to us, inventories were 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 verification of inventories followed by
the management were reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3. According to the information and explanations given to us, the
Company has granted Secured or unsecured loans to Companies, firms and
other parties covered in the register maintained under Section 189 of
the Companies Act, 2013 and
(a) In the case of the loans granted to the bodies corporate listed in
the register maintained under section 189 of the Act, the borrowers
have been regular in the payment of the interest as stipulated. The
terms of arrangements do not stipulate any repayment schedule and the
loans are repayable on demand.
(b) There are no overdue amounts of more than rupees one lakh in
respect of the loans granted to the bodies corporate listed in the
register maintained under section 189 of the Act.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard of purchases of Inventory and fixed assets and
sales of goods and services. During the course of our audit, no major
weakness has been noticed in the internal controls and there is no
continuing failure for the same.
5. The Company has not accepted any deposits from the public during
the year, covered by the direction issued by the Reserve Bank of India
and the provisions of Section 73 to 76 of the Companies Act, 2013 and
rules framed there under were not applicable
6. The maintenance of the cost records has not been prescribed by the
Central Government under Section 148 (1) of the Companies Act, 2013,
for the year under review.
7. According to the information and explanations given to us and the
records examined by us, the Company is regular in depositing undisputed
statutory dues including Income Tax, Sales-Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and other
statutory dues with the appropriate authorities, there were no
undisputed statutory dues outstanding as on 31st March, 2015 for a
period of more than six months from the date they became payable.
8. The Company does not have accumulated losses at the end of the
year. The Company has not incurred any cash losses during the current
and immediately preceding financial year.
9. Based on the information and explanations given to us, the Company
has not defaulted in repayment of any dues to financial institutions
and banks.
10. According to the information and explanations given to us, the
Company has not given guarantee for loans taken by others from bank or
financial institutions.
11. According to the information and explanations given to us, the
company has not raised any term loan. Therefore, the question of its
use does not arise.
12. As per the information given to us, no fraud on or by the company
has been noticed or reported during the course of our audit.
For Lunia & Company,
Chartered Accountants,
Firm Registration No. 116436W,
(R. C. Lunia),
Ahmedabad, Partner,
The 2nd May, 2015 Membership No.: F-12729
Mar 31, 2014
Auditors Report to the members of Gujarat Investa Limited Report on the
Financial Statements
We have audited the accompanying financial statements of Gujarat
Investa Limited ("the Company") which comprise of the Balance Sheet as
at 31st March, 2014 and the Statement of Profit & Loss and Cash Flow
Statement for the year ended on that date and a summary of significant
accounting policies and other explanatory information which we have
signed under reference to this report.
Management''s Responsibility for the Financial Statements
The Company''s Managements is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flow of the Company in
accordance with the Accounting Standards referred to in Sub Section
(3C) of Section 211 of the Companies Act, 1956 of India (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 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 misstatements.
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 financial statement, whether due
to fraud or errors. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the accompanying 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 31st March 2014;
b) In the case of the Statement of Profit and Loss, of the Profit 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. Report on other Legal and Regulatory Requirements
As required by "the Companies (Auditor''s Report) Order 2003 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 Act (hereinafter referred as the "Order) and on the basis of
such checks of the books and records of the Company as we considered
appropriate and according to the information and explanations given to
us, we give in the Annexure a statement on the matters specified in
paragraphs 4 and 5 of the Order.
1. As required by Section 227 (3) of the Act, we report that
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper Books of Account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) The Balance-Sheet and Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the Books of
Account;
d) In our opinion, the Balance Sheet and Statement of Profit and Loss
and Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-Section (3C) of Section 211 of
the Companies Act, 1956;
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 Act.
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE ON THE
ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2014 OF M/S GUJARAT INVESTA
LIMITED
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
audit, we state that:
1. a) The Company has maintained proper records showing full
particulars, including quantitative detail and situation of its fixed
assets.
b) The fixed assets have been physically verified during the year by
the management in accordance with a program of verification, the
frequency of which is reasonable. According to the information given to
us, no material discrepancies were noticed on such verification.
c) The Company has not disposed off any substantial part of its fixed
assets.
2. In respect of the inventories:
a) as explained to us, inventories were physically verified during the
year by the management at reasonable intervals.
b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventories
followed by the management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3. (a) According to the information and explanations given to us, the
Company has granted/ taken unsecured loans to/from Companies, firms and
other parties covered in the register maintained under Section 301 of
the Companies Act, 1956. The detail of such loans granted and taken are
as under:
Loans taken/repayment received : Rs. 43970288
Loans granted/repaid : Rs. 1124000
Maximum Balance during the year : Rs. 74058003 Dr.
Outstanding at the year end : Rs. 31211715 Dr.
b) In case of the aforesaid unsecured loans granted and taken to/from
Companies etc. covered in the register maintained under Section 301 of
the Companies Act, 1956, the rate of interest and the other terms and
conditions are not prima- facie prejudicial to the interest of the
Company,
(c) In case of the aforesaid unsecured loans granted and taken to/from
Companies, Firms and other parties covered in the register maintained
under Section 301 of the Companies Act, 1956, the repayment of
principal amount and interest is regular.
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. During the course of our audit, no major weakness has been
noticed in the internal controls and there is no continuing failure for
the same.
5. (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, we are of
the opinion that the transactions that need be entered into the
register maintained under Section 301 have been so entered, b) In our
opinion and according to the information and explanations given to us,
the transactions made in pursuance of contracts or arrangements entered
in the register maintained under Section 301 and exceeding the value of
five lakh rupees in respect of any party during the year are reasonable
having regard to the prevailing market price at the relevant time.
6. The Company has not accepted any deposits from the public during
the year.
7. The Company has an internal audit system commensurate with the size
and nature of the Company''s business.
8. The maintenance of the cost records has not been prescribed by the
Central Government Under Section 209 (1) (d) of the Companies Act,
1956, for the year under review.
9. Statutory and other dues:
a) According to information and explanations given to us Provident Fund
and Employee''s State Insurance Scheme are not applicable to the
Company.
b) According to the information and explanations given to us and the
records examined by us, the company is regular in depositing undisputed
statutory dues including Income- Tax, Sales-Tax, Custom Duty, Service
Tax and Excise Duty and there were no undisputed statutory dues
outstanding as on 31st March, 2014 for a period of more than six months
from the date they became payable.
10. The company does not have accumulated losses at the end of the
year. The company has not incurred any cash loss during the financial
year or immediately proceeding the financial year.
11. Based on the information and explanations given to us, the Company
has not defaulted in repayment of any dues to financial institutions
and banks.
12. Based on our examination of the records and the information and
explanations given to us, the Company has not granted any loans and/or
advances on the basis of security by way of pledge of shares,
debentures and other similar securities.
13. To the best of our knowledge and belief and according to the
information and explanations given to us, the company has maintained
proper records of the transactions for dealing in shares, securities
and other investments and timely entries have been made therein. The
shares, securities and other investments have been held by the company
in its own name.
14. The company is not a chit fund, nidhi, mutual benefit fund or a
society.
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. According to the information and explanations given to us, the
company has not raised any working capital loan. Therefore, the
question of its use does not arise.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investment by the company or vice-versa.
18. The Company has not made any preferential allotment of share
during the year
19. During the year covered under the audit report the company has not
issued any secured debentures.
20. The company has not raised any money by public issue during the
year covered by our report.
21. As per the information given to us, no fraud on or by the company
has been noticed or reported during the course of our audit.
For Lunia & Company,
Chartered Accountants,
Firm Registration No. 116436W,
Ahmedabad,
the 2nd May, 2014 (R. C. Lunia),
Partner,
Membership No. F-12729
Mar 31, 2010
1. We have audited the attached Balance-Sheet of Gujarat Investa
Limited Ahmedabad as at 31st March, 2010 and relative Profits Loss
Account of the Company for the year ended on that date, both of which
we have signed under reference to this report. These financial
statements are the responsibility of the management of the Company. 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 misstatements. 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 presentation of the
financial statements. We believe that our audit provided 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 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 Profit & Loss Account referred to in this
report are in agreement with the Books of Accounts of the Company.
iv. In our opinion, the Profit & Loss Account and Balance Sheet comply,
with the mandatory Accounting Standards referred to in sub-Section (3C)
of Section 211 of the Companies Act 1956.
v. Based on the representation received from the Directors of the
Company as on 31st March, 2010, and taken on record by the Board of
Directors of the Company, we report that none of the Directors of the
Company are disqualified as on 31 st March,
2010 from being appointed as directors in terms of clause (g) of
Sub-Section (1} of Section 274 of the Companies Act. 1956.
vi. in our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Significant Accounting Policies and other notes thereon give the
information required by The Companies Act, 1956 (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 31st March, 2010 and
b) In the case of Profit & Loss Account, of the Profit for the year
ended on that date.
Annexure referred to in paragraph 3 of our Report of even date on the
accounts for the year ended 31st March,2010 of M/s Gujarat Investa
Limited
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
audit, we state that:
1. a) The Company has maintained proper records to show full
particulars including quantitative details and situation of its fixed
assets.
b) The fixed assets have been physically verified during the year by
the management in accordance with a program verification, the frequency
of which reasonable. According to the information given to us, no
material discrepancies were noticed on such verifcation.
c) The Company has not disposed off any substantial part of its fixed
assets.
2 ln respect of the inveniories:
a) as explained to us inventories were physically verified during the
year by the management at reasonable intervals.
b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventories
followed by the management were reasonable and adequate i relation to
the size of the Company and the nature of its business.
c) ln our opinion and according to the information and explanations
given to us, the Companyhas maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3. (a) According to the information and explanations given to us, the
Company has granted/ taken unsecured loans to/ from Companies, firms
and other parties covered in the register maintained under Section 301
of the Companies Act, 1956. The detail of such loans granted and taken
are as under:
Loans taken/repayment received : Rs. 86011752
Loans granted/repaid : Rs. 134042795
Maximun Balance during the year : Rs. 1780616060 Dr.
Outsatnding at the year end : Rs. 91330030 Dr.
b) In case of the aforesaid unsecured loans granted and taken to/ from
Companies etc. covered in the register maintained under Section 301 of
the Companies Act, 1956, the rate of interest and the other terms and
conditions are not prima-facie prejudicial to the interest of the
Company.
c) In case of the aforesaid unsecured loans granted and taken to/ from
Companies, Firms and other parties covered in the register maintained
under Section 301 of the Companies Act, 1956, the repayment of
principal amount and intterest its regular.
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. During the course of our audit, no major weakness has been
noticed in the internal controls and there is no continuing failure for
the same.
5. (a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under Section 301 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangemaents entered in the register maintained unde Section 301 and
exceeding the value of five lakh rupees in respect of any aprty during
the year are reasonable having regard to the prevailing market price at
the relevant time.
6. The Company has not accepted any deposits from the public during the
year.
7. Tha Company has an internal audit system commensurate with the size
and nature of the Companys business.
8. The maintenance of the cost records has not been prescribed by the
Central Government Under Section 209(1)(d) of the Companies Act, for
the year under review.
9. Statuory and other dues:
a) According to information and explanations given to us Provident Fund
and Employees State Insurance Scheme are not applicable to the
Company.
b) According to the information and xplanations given to us and the
records examined by us, the company is regular in depositing undisputed
statutory dues including Income- Tax, Sales- Tax and Excise Duty and
there were no undisputed statutory dues outstanding as on 31st March,
2010 for a period of more than six months from the date they became
payable.
10. The company does not have accumulated losses at the end of the
year. The company has not incurred any cash loss during the financial
year.
11. Based on the information and explanations given to us, the Company
has not defaulted in repayment af dues to financial institutions and
banks.
12. Based on our examination of the records and the information and
explanations given to us, the Company has not granted any loans and/ or
advances on the basis of security by way of pledge of shares, debentues
and other similar securities.
13. To the best of our knowledge and belief and according to the
information and explanations given to us, the company has maintained
proper record of the transactions for dealing in
shares, securities and other investments and timely entries have been
made therein. The shares, securities and other investments have been
held by the company in its own name.
14. The company is not a chit fund, nidhi, mutual benefit fund or a
society.
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. According to the information and explanations given to us, the
company has not raised any working capital loan. Therefore, the
question of its use does not arise.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investment by the company or vice-versa.
18. The Company has made preferential allotment of Equity shares
during the year.
19. During the year covered under the audit report the company has not
issued any secured debentures.
20. The company has not raised any money by public issue during the
year covered by our report.
21. As per the information given to us, no fraud on or by the company
has been noticed or reported during the course of our audit.
For Lunia & Company,
Chartered Accountants,
Firm Registration No. 116436W
(R. C. Lunia),
Partner
Membership No. F-12729
Ahmedabad,
Date : 28th August 2010
Mar 31, 2009
1. We have audited the attached Balance-Sheet of Gujarat Investa
Limited Ahmedabad as at 31st March, 2009 and relative Profit & Loss
Account of the Company for the year ended on that date, both of which
we have signed under reference to this report. These financial
statements are the responsibility of the management of the Company. 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 materia! misstatements. 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 presentation of the
financial statements. We believe that our audit provided 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 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 Profit & Loss Account referred to in this
report are in agreement with the Books of Accounts of the Company.
iv. In our opinion, the Profit & Loss Account and Balance Sheet comply
with the mandatory Accounting Standards referred to in sub-section (3C)
of Section 211 of the Companies Act 1956.
v Based on the representation received from the Directors of the
Company as on 31 st March, 2009, and taken on record by the Board of
Directors of the Company, we report that none of the Directors of the
Company are disqualified as on 31st March, 2009 from being appointed as
directors in terms of clause (g) of Sub-Section (1) of Section 274 of
the Companies Act. 1956.
vi. In our opinion and to the best of our information and according to
the explanatk o given to us, the said accounts read together with the
Significant Accounting Policies and other notes thereon give the
information required by The Companies Act, 1956 fthe 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 31st March, 2009 and
b) In the case of Profit & Loss Account, of the Profit for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE ON THE
ACCOUNTS FORTHE YEAR ENDED 31 ST MARCH, 2009 OF M/S GUJARAT IN VESTA
LIMITED
In the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
audit, we state that:
1. a) The Company has maintained proper records showing full
particulars, including quantitative detail and situation of its fixed
assets.
b) The fixed assets have been physically verified during the. year by
the management in accordance with a program of verification, the
frequency of which is reasonable. According to the information given to
us, no material discrepancies were noticed on such verification.
c) The Company has not disposed off any substantial part of Its fixed
assets.
2. In respect of the inventories:
a) as explained to us, inventories were physically verified during the
year by the management at reasonable intervals.
b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventories
followed by the management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3. (a) According to the information and explanations given to us, the
Company has granted/ taken unsecured loans to/from Companies, firms and
other parties covered in the register maintained under Section 301 of
the Companies Act, 1956. The detail of such loans granted and taken are
as under:
Loans taken/repayment received: Rs. 155578072
Loans granted/repaid: Rs. 160151932
Maximum Balance during the year Rs. 6377663 Dr.
Outstanding at the year end: Rs. 9759107 Dr.
b) In case of the aforesaid unsecured loans granted and taken to/from
Companies etc. covered in the register maintained under Section 301 of
the Companies Act, 1956, the rate of interest and the other terms and
conditions are not prima-facie prejudicial to the interest of the
Company.
c) In case of the aforesaid unsecured loans granted and taken to/from
Companies, Firms and other parties covered in the register maintained
under Section 301 of the Companies Act, 1956, the repayment of
principal amount and interest is regular.
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 it.
business. During the course of our audit, no major weakness has been
noticed in the internal controls and there is no continuing failure for
the same.
5. (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, we are of
the opinion that the transactions that need be entered into the
register maintained under Section 301 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 and
exceeding the value of five lakh rupees in respect of any party during
the year are reasonable having regard to the prevailing market price at
the relevant time.
6. The Company has not accepted any deposits from the public during
the year.
7. The Company has an internal audit system commensurate with the size
and nature of the Companys business. rf
8. The maintenance of the cost records haa fjpt been prescribed by the
Central Government Under Section 209 (1) (d) of the Companies Act,
1956, for the year under review.
9. Statutory and other dues:
a) According to information and explanations given to us Provident Fund
and Employees State Insurance Scheme are not applicable to the
Company.
b) According to the information and explanations given to us and the
records examined by us, the company is regular in depositing undisputed
statutory dues including Income- Tax, Sales-Tax, Custom Duty and Excise
Duty and there were no undisputed statutory dues outstanding as on 31st
March, 2009 for a period of more than six months from the date they
became payable.
10. The company does not have accumulated losses at the end of the
year. The company has not incurred any cash loss during the financial
year.
11. Based on the information and explanations given to us, the Company
has not defaulted in repayment of any dues to financial institutions
and banks.
12. Based on our examination of the records and the information and
explanations given to us, the Company has not granted any loans and/or
advances on the basis of security by way of pledge of shares,
debentures and other similar securities.
13. To the best of our knowledge and belief and according to the
information and explanations given to us, the company has maintained
proper records of the transactions for dealing in shares, securities
and other investments and timely entries have been made therein. The
shares, securities and other investments have been held by the company
in its own name.
14. The company is not a chit fund, nidhi, mutual benefit fund or a
society.
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. According to the information and explanations given to us, the
company has not raised any working capital loan. Therefore, the
question of its use does not arise.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investment by the company or vice-versa.
18. The Company has made preferential allotment of 15,01,000 Equity
shares during the year.
19. During the year covered under the audit report the company has not
issued any secured debentures.
20. The company has not raised any money by public issue during the
year covered by ou r report.
21. As per the information given to us, no fraud on or by the company
has been noticed or reported during the course of our audit.
For LUNIA & COMPANY,
Chartered Accountants,
Ahmedabad, (R. C. LUNIA)
Date : 4th May, 2009 Partner