Mar 31, 2015
We have audited the accompanying financial statements of INDIACO
VENTURES LIMITED, which comprise the Balance Sheet as at March 31,
2015, and the Statement of Profit and Loss and Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company's 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 notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. 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.
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 Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the 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 the effectiveness of the Company's
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, Subject to Other Note No. 24 (2) on Non
provision for Diminution in the value of Investment amounting to Rs.
1,903.75 Lacs, 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 the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015; and
(b) In the case of the Statement of Profit and Loss, of the Loss of the
Company for the year ended on that date.
(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 Section
227(4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c. The Balance Sheet, the 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, the Statement of Profit and Loss
and Cash Flow Statement comply with Accounting Standards notified under
the Act read with the General Circular 15/2013 dated 13th September,
2013 of the Ministry of Corporate Affairs in respect of Section 133 of
the Companies Act, 2013.
e. On the basis of the written representations received from the
directors as on March 31, 2015, 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.
ANNEXURE TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 1 under "Report on Other Legal and Regulatory
Requirements" section of our report of even date)
(i) In respect of Fixed Assets
(a) The Company has maintained memorandum of records showing details of
fixed assets with original cost and depreciation written off in respect
of identifiable units of assets and where such information for
identifiable units of assets is not available, the records show the
cost and depreciation written off in respect thereof as a group or
class. However, comprehensive fixed assets register is being compiled.
(b) All the assets have been physically verified by the management in
accordance programme of verification, which in our opinion is
reasonable having regard to the size of the company and the nature of
its assets. No material discrepancies were noticed on such physical
verification.
(c) During the year, the company has not disposed any assets.
(ii) In respect of Inventories:-
According to the information and explanations given to us, the
inventory of securities have been held in dematerialized form and are
verified with the demat account statements at reasonable intervals.
According to the information and explanations given to us, in our
opinion, the procedures of physical verification of shares held in
Demat Account followed by the management are reasonable and adequate in
relation of the size of the Company and the nature of its business.
The transaction-wise stock details are compiled for control over the
stocks of securities and necessary details are obtained from the
custodians of shares and securities from the Depository Participants.
Discrepancies noticed on verification have been properly dealt with.
(iii) According to the information and explanations given to us, the
Company has not granted any loan secured or unsecured to the Companies,
firms or other parties covered in the register maintained under section
189 of the Companies Act, 2013. Accordingly clauses (iii) (b), (iii)
(c) & (iii) d of the Order are not applicable.
As informed to us, the Company has not taken any loans, secured or
unsecured, from Companies, firms or other parties listed in the
register maintained under section 301 of the Companies Act 1956.
Accordingly clauses (iii) (f) & (iii) g of the Order are not
applicable.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of fixed assets and for the sale of services. During the
course of our audit, we have not observed any major weaknesses in such
internal controls.
(v) The Company has not accepted deposits from public.
(vi) To the best of our knowledge and as explained, the Central
Government has not specified the maintenance of cost records under
clause 148(1) of the Act, for the products/services of the Company.
(vii) According to the information and explanations given to us and
records examined by us, the Company is generally regular in depositing,
with the appropriate authorities, undisputed statutory dues amounting
to Rs.8,72,386/-in respect of Service Tax and Professional Tax.
According to the information and explanation given to us, there are no
dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty and Cess which have not been deposited on account of any
dispute other than following :
Name of Nature of dues Amount Period to which Forum where
Statute the amount dispute is
(Rs.in Lacs) relates pending
Income tax Assessment due 22.01 F.Y. 2005-06 ITAT Mumbai
Act 1961
Assessment due 764.73 F.Y. 2007-08 CIT (Appeals)
Mumbai
Assessment due 456.25 F.Y. 2009-10 CIT (Appeals)
Mumbai
Assessment due 22.47 F.Y.2010-11 CI(Appeals),
Mumbai
(viii) The company's accumulated losses at the end of the financial
year exceeded 50% of the net worth of the company and has incurred cash
loss during the year and in the immediately preceding financial year.
(ix) According to the records of the company examined by us, and the
information and explanations given to us, the company has not defaulted
in repayment of dues to any financial institutions or banks as at the
balance sheet date.
(x) In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
(xi) In our opinion and according to the information and explanation
given to us, the term loan obtained by the Company was applied for the
purpose for which the loan was obtained.
(xii) According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For V C Venkatraman & Co.
Chartered Accountants
(Regn. No. 111372W)
Sd/-
Place:Pune (V.C Venkatraman)
(Partner)
Date:05.09.2015 (Membership No. 37730)
Mar 31, 2014
We have audited the accompanying financial statements of INDIACO
VENTURES LIMITED, which comprise the Balance Sheet as at March 31,
2014, and the Statement of Profit and Loss and Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company''s 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 notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
September, 2013_of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. 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.
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 Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the 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 the effectiveness of the Company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, Subject to Other Note No. 24 (2) on Non
provision for Diminution in the value of Investment amounting to
Rs.2,071.97 Lacs, 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 the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014; and
(b) In the case of the Statement of Profit and Loss, of the Loss of the
Company for the year ended on that date.
(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 Section
227(4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books.
c. The Balance Sheet, the 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, the Statement of Profit and Loss
and Cash Flow Statement comply with Accounting Standards notified under
the Act read with the General Circular 15/2013 dated 13th September,
2013 of the Ministry of Corporate Affairs in respect of Section 133 of
the Companies Act, 2013.
e. On the basis of the written representations received from the
directors as on March 31, 2014, 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 Section 274(1) (g) of
the Act.
ANNEXURE TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 1 under "Report on Other Legal and Regulatory
Requirements" section of our report of even date)
(i) In respect of Fixed Assets
(a) The Company has maintained memorandum of records showing details of
fixed assets with original cost and depreciation written off in respect
of identifiable units of assets and where such information for
identifiable units of assets is not available, the records show the
cost and depreciation written off in respect thereof as a group or
class. However, comprehensive fixed assets register is being compiled.
(b) All the assets have been physically verified by the management in
accordance programme of verification, which in our opinion is
reasonable having regard to the size of the company and the nature of
its assets. No material discrepancies were noticed on such physical
verification.
(c) During the year, the company has not disposed any assets.
(ii) In respect of Inventories:-
According to the information and explanations given to us, the
inventory of securities have been held in dematerialized form and are
verified with the demat account statements at reasonable intervals.
According to the information and explanations given to us, in our
opinion, the procedures of physical verification of shares held in
Demat Account followed by the management are reasonable and adequate in
relation of the size of the Company and the nature of its business.
The transaction-wise stock details are compiled for control over the
stocks of securities and necessary details are obtained from the
custodians of shares and securities from the Depository Participants.
Discrepancies noticed on verification have been properly dealt with.
(iii) According to the information and explanations given to us, the
Company has not granted any loan secured or unsecured to the Companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956. Accordingly clauses (iii) (b), (iii)
(c) & (iii) d of the Order are not applicable.
As informed to us, the Company has not taken any loans, secured or
unsecured, from Companies, firms or other parties listed in the
register maintained under section 301 of the Companies Act 1956.
Accordingly clauses (iii) (f) & (iii) g of the Order are not
applicable.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of fixed assets and for the sale of services. During the
course of our audit, we have not observed any major weaknesses in such
internal controls.
(v) According to the information and explanations provided by the
management, there have been no contracts or arrangements during the
period that needs to be entered into the register maintained under
section 301 of the Companies Act, 1956. Therefore, the provisions of
clauses (v) (a) and (b) of the Companies (Auditors'' Report) Order, 2003
(as amended) are not applicable.
(vi) As the Company has not accepted or renewed any deposit from the
public, the directives issued by the Reserve Bank of India and the
provisions of sections 58A and 58AA or any other relevant provisions of
the Companies Act, 1956 and the rules framed there under are not
applicable. No order has been passed by the Company Law Board or
National Company Law Tribunal or Reserve Bank of India or any court or
any other Tribunal.
(vii) The Company has internal audit system commensurate with the size
and nature of its business.
(viii) Paragraph 4(viii) of the Order is not applicable.
(ix) According to the information and explanations given to us and
records examined by us, the Company is generally regular in depositing,
with the appropriate authorities, undisputed statutory dues amounting
to Rs.2,11,153/-in respect of Service Tax and Professional Tax. .
According to the information and explanation given to us, there are no
dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty and cess which have not been deposited on account of any
dispute other than following :
Name of Statute Nature of dues Amount Period to Forum where
(Rs.in which the dispute is
Lacs) amount pending
relates
Income tax Act, Assessment due 22.01 F.Y. 2005-06 ITAT Mumbai
1961
Assessment due 764.73 F.Y. 2007-08 CIT
(Appeals)
Mumbai
Assessment due 456.25 F.Y. 2009-10 CIT
(Appeals)
Mumbai
Assessment due 22.47 F.Y.2010-11 CIT
(Appeals),
Mumbai
(x) The company does not have any accumulated losses at the end of
financial year and has incurred cash loss of Rs 19.58 Lacs in the
current year and Rs.29.93 in the previous year.
(xi) In our opinion, on the basis of audit procedures and according to
the information and explanations given to us, the Company has no
default as on the balance sheet date in repayment of dues to financial
institutions or banks. The Company has not issued any debentures and
hence any default for repayment on this account does not arise.
(xii) According to the information and explanations given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xiii) Paragraph 4(xiii) of the Order is not applicable
(xiv) In our opinion, proper records have been maintained of the
transactions and contracts and timely entries have been made therein;
also the hares, securities, debentures and other securities have been
held by the company, in its own name.
(xv) According to information and explanations given to us, and the
representations made by the management, the Company has not given any
guarantee for loans taken by others from any bank or financial
institution.
(xvi) Based on our examinations of the records and information and
explanations given to us during the year no term loan has been
obtained.
(xvii) According to the information and explanations given to us and 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.
(xviii) The company has not made any preferential allotment of shares
during the year.
(xix) The company has not issued any debentures during the year nor
there is any outstanding as on 31st March 2014.
(xx) The company has not raised any money by public issues during the
year
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed reported during the course
of our audit.
For V C Venkatraman & Co.
Chartered Accountants
(Regn. No. 111372W)
Sd/-
(V.C Venkatraman)
(Partner)
(Membership No. 37730)
Place:Pune
Date: 05.09.2014
Mar 31, 2013
We have audited the accompanying financial statements of Indiaco Ventures
Ltd. ("And Reduced") ("the Company"), which comprise the
Balance Sheet as at March 31, 2013, and the Statement of Profit and
Loss and Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management 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 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.
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the 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.
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 the Profit and Loss Account, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 1 under "Report on Other Legal and Regulatory
Requirements" section of our report of even date)
(i) In respect of Fixed Assets
(a) The Company has maintained memorandum of records showing details of
fixed assets with original cost and depreciation written off in respect
of identifiable units of assets and where such information for
identifiable units of assets is not available, the records show the
cost and depreciation written off in respect thereof as a group or
class. However, comprehensive fixed assets register is being compiled.
(b) All the assets have been physically verified by the management in
accordance programme of verification, which in our opinion is
reasonable having regard to the size of the company and the nature of
its assets. No material discrepancies were noticed on such physical
verification.
(c) During the year, the company has not disposed any assets.
(ii) In respect of Inventories:- According to the information and
explanations given to us, the inventory of securities have been held in
dematerialized form and are verified with the demat account statements
at reasonable intervals.
According to the information and explanations given to us, in our
opinion, the procedures of physical verification of shares held in
Demat Account followed by the management are reasonable and adequate in
relation of the size of the Company and the nature of its business.
The transaction-wise stock details are compiled for control over the
stocks of securities and necessary details are obtained from the
custodians of shares and securities from the Depository Participants.
Discrepancies noticed on verification have been properly dealt with.
(iii) According to the information and explanations given to us, the
Company has not granted any loan secured or unsecured to the Companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956. Accordingly clauses (iii) (b), (iii)
(c) & (iii) d of the Order are not applicable.
As informed to us, the Company has not taken any loans, secured or
unsecured, from Companies, firms or other parties listed in the
register maintained under section 301 of the Companies Act 1956.
Accordingly clauses (iii) (f) & (iii) g of the Order are not
applicable.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of fixed assets and for the sale of services. During the
course of our audit, we have not observed any major weaknesses in such
internal controls.
(v) According to the information and explanations provided by the
management, there have been no contracts or arrangements during the
period that needs to be entered into the register maintained under
section 301 of the Companies Act, 1956. Therefore, the provisions of
clauses (v) (a) and (b) of the Companies (Auditors'' Report) Order, 2003
(as amended) are not applicable.
(vi) As the Company has not accepted or renewed any deposit from the
public, the directives issued by the Reserve Bank of India and the
provisions of sections 58A and 58AA or any other relevant provisions of
the Companies Act, 1956 and the rules framed there under are not
applicable. No order has been passed by the Company Law Board or
National Company Law Tribunal or Reserve Bank of India or any court or
any other Tribunal.
(vii) The Company has internal audit system commensurate with the size
and nature of its business.
(viii) Paragraph 4(viii) of the Order is not applicable.
(ix) According to the information and explanations given to us and
records examined by us, the Company is generally regular in depositing,
with the appropriate authorities, undisputed statutory dues.
According to the information and explanation given to us, there are no
dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty and cess which have not been deposited on account of any
dispute other than following :
Name of Nature of
dues Amount Period to
which Forum where
Statute (Rs.in
Lacs) the amount dispute is pending
relates
Income tax Assessment
due 22.01 F.Y. 2005-06 ITAT Mumbai
Act, 1961
Assessment
due 764.73 F.Y. 2007-08 CIT (Appeals)
XXXII
(x) The company does not have any accumulated losses at the end of
financial year and has incurred cash loss of Rs 29.93 Lacs in the
current year and Rs.92.24 in the previous year.
(xi) In our opinion, on the basis of audit procedures and according to
the information and explanations given to us, the Company has no
default as on the balance sheet date in repayment of dues to financial
institutions or banks. The Company has not issued any debentures and
hence any default for repayment on this account does not arise.
(xii) According to the information and explanations given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xiii) Paragraph 4(xiii) of the Order is not applicable
(xiv) In our opinion, proper records have been maintained of the
transactions and contracts and timely entries have been made therein;
also the hares, securities, debentures and other securities have been
held by the company, in its own name.
(xv) According to information and explanations given to us, and the
representations made by the management, the Company has not given any
guarantee for loans taken by others from any bank or financial
institution.
(xvi) Based on our examinations of the records and information and
explanations given to us during the year no term loan has been
obtained.
(xvii) According to the information and explanations given to us and 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.
(xviii) The company has not made any preferential allotment of shares
during the year.
(xix) The company has not issued any debentures during the year nor
there is any outstanding as on 31st March 2013.
(xx) The company has not raised any money by public issues during the
year
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed reported during the course
of our audit.
For V. C. Venkatraman & Co.
Chartered Accountants
V. C. Venkatraman
Place: Pune Partner
Date:28/05/2013 Membership No.37730
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s INDIACO VENTURES
LIMITED as at 31st March 2012, the Profit and Loss Account and also the
Cash Flow Statement of the Company for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Company''s management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2. We have conducted our audit in accordance with the auditing
standards generally accepted in India. These 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 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 endose 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:
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b. In our opinion, the company has kept proper books of account as
required by law so far as appears from our examination of those books.
c. The balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account.
d. In our opinion, the balance sheet, profit and loss account and cash
flow statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956;
e. On the basis of written representation received from the directors,
as on 31st March 2012 and taken on record by the Board of Directors and
on the basis of information and explanation given to us we report that
none of the director 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;
f. In our opinion and to the best of our information and according to
the explanations given to us, 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:
i) In the case of the balance sheet, of the state of the affairs of the
Company as at 31st March 2012;
ii) In the case of the Profit & Loss Account, of the Loss for the year
ended on that date; and
iii) In the case of the cash flow statement, of the Cash Flow for the
year ended on that date.
Referred to in paragraph 3 of our report of even date
i) In respect of Fixed Assets
a. The Company has maintained memorandum of records showing details of
fixed assets with original cost and depreciation written off in respect
of identifiable units of assets and where such information for
identifiable units of assets is not available, the records show the
cost and depreciation written off in respect thereof as a group or
class. However, comprehensive fixed assets register is being compiled.
b. All the assets have been physically verified by the management in
accordance with the programme of verification, which in our opinion is
reasonable having regard to the size of the company and the nature of
its assets. No material discrepancies were noticed on such physical
verification.
c. During the year, the company has not disposed any assets.
ii) In respect of Inventories
According to the information and explanations given to us, the
inventory of securities have been held in dematerialized form and are
verified with the demat account statements at reasonable intervals.
According to the information and explanations given to us, in our
opinion, the procedures of physical verification of shares held in
Demat Account followed by the management are reasonable and adequate in
relation of the size of the Company and the nature of its business.
The transaction-wise stock details are compiled for control over the
stocks of securities and necessary details are obtained from the
custodians of shares and securities from the Depository Participants.
Discrepancies noticed on verification have been properly dealt with.
iii) According to the information and explanations given to us, the
Company has not granted any loan secured or unsecured to the Companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956. Accordingly clauses (iii) (b), (iii)
(c) & (iii) d of the Order are not applicable.
As informed to us, the Company has not taken any loans, secured or
unsecured, from Companies, firms or other parties listed in the
register maintained under section 301 of the Companies Act 1956.
Accordingly clauses (iii) (f) & (iii) g of the Order are not
applicable.
iv) In our opinion and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business for the
purchase of fixed assets and for the sale of services. During the
course of audit, we have not observed any major weakness in such
internal controls.
v) According to the information and explanation provided by the
management, there have been no contracts or arrangements during the
period that needs to be entered into the register maintained under
section 301 of the Companies Act, 1956. Therefore, the provisions of
clauses (v) (a) and (b) of the Companies (Auditors'' Report) Order, 2003
(as amended) are not applicable.
vi) As the Company has not accepted or renewed any deposit from the
public, the directives issued by the Reserve Bank of India and the
provisions of sections 58A and 58AA or any other relevant provisions of
the Companies Act, 1956 and the rules framed there under are not
applicable. No order has been passed by the Company Law Board or
National Company Law Tribunal or Reserve Bank of India or any court or
any other Tribunal.
vii) The Company has an internal audit system commensurate with the
size and nature of its business.
viii) Paragraph 4(viii) of the Order is not applicable.
ix) According to the information and explanations given to us and
records examined by us, the Company is generally regular in depositing,
with the appropriate authorities, undisputed statutory dues.
According to the information and explanation given to us, there are no
dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty and cess which have not been deposited on account of any
dispute other than following :
Name of Nature of
dues Amount Period to which Forum where
statute (Rs. In the amount dispute is
pending
lacs) relates
Income tax Assessment
due 22.01 F.Y. 2005-06 ITAT Mumbai
Act. 1961
Assessment
due 764.73 F.Y. 2007-08 CIT (Appeals)
XXXII
x) The Company does not have any accumulated losses at the end of the
financial year and has incurred cash losses of Rs 92.24 Lacs (previous
Year Rs 92.41 Lacs) during the financial year.
xi) In our opinion, on the basis of audit procedures and according to
the information and explanations given to us, the Company has no
default as on the balance sheet date in repayment of dues to financial
institutions or banks. The Company has not issued any debentures and
hence any default for repayment on this account does not arise.
xii) According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
xiii) Paragraph 4(xiii) of the Order is not applicable
xiv) In our opinion, proper records have been maintained of the
transactions and contracts and timely entries have been made therein;
also the shares, securities, debentures and other securities have been
held by the company, in its own name.
xv) According to information and explanations given to us, and the
representations made by the management, the Company has not given any
guarantee for loans taken by others from any bank or financial
institution.
xvi) Based on our examinations of the records and information and
explanations given to us during the year no term loan has been
obtained.
xvii) According to the information and explanations given to us, and 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.
xviii)The company has not made any preferential allotment of shares
during the year.
xix)TTie company has not issued any debentures during the year nor
there is any outstanding as on 31st March 2012.
xx) The company has not raised any money by public issues during the
year
xxi) According to the information and explanations given to us, no
fraud on or by company has been noticed or reported during the course
of our audit.
For SJ. AGRAWAL & ASSOCIATES
Chartered Accountants
S.J. Agrawal
Partner
Membership No: 030273
Place: Pune
Date: 7th December, 2012
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/s INDIACO VENTURES
LIMITED as at 31st March 2010, the Profit and Loss Account and also the
Cash Flow Statement of the Company 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 have conducted our audit in accordance with the auditing
standards generally accepted in India. These 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 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. Furtherto our comments 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 purposes of our
audit;
b. In our opinion, the company has kept proper books of account as
required by law so far as appears from our examination of those books.
c. The balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account.
d. In our opinion, the balance sheet, profit and loss account and cash
flow statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956;
e. On the basis of written representation received from the directors,
as on 31" March 2010 and taken on record by the Board of Directors and
on the basis of information and explanation given to us we report that
none of the director 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;
f. In our opinion and to the best of our information and according to
the explanations given to us, 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:
i) In the case of the balance sheet, of the state of the affairs of the
Company as at 31st March 2010; ii) In the case of the Profit & Loss
Account, of the Profit for the year ended on that date; and iii) In the
case of the cash flow statement, of the Cash Flow for the year ended on
that date.
Annexure to the Auditors Report Referred to in paragraph 3 of our
report of even date
i) In respect of Fixed Assets
a. The Company has maintained memorandum of records showing details of
fixed assets with original cost and depreciation written off in respect
of identifiable units of assets and where such information for
identifiable units of assets is not available, the records show the
cost and depreciation written off in respect thereof as a group or
class. However, comprehensive fixed assets register is being compiled.
b. All the assets have been physically verified by the management in
accordance with the programme of verification, which in our opinion is
reasonable having regard to the size of the company and the nature of
its assets. No material discrepancies were noticed on such physical
verification.
c. During the year, the company has not disposed any assets.
ii) In respect of Inventories
According to the information and explanations given to us, the
inventory of securities have been held in dematerialized form and are
verified with the demat account statements at reasonable intervals.
According to the information and explanations given to us, in our
opinion, the procedures of physical verification of shares held in
Demat Account followed by the management are reasonable and adequate in
relation of the size of the Company and the nature of its business.
The transaction-wise stock details are compiled for control over the
stocks of securities and necessary details are obtained from the
custodians of shares and securities from the Depository Participants.
Discrepancies noticed on verification have been properly dealt with.
iii) According to the information and explanations given to us, the
Company has not granted any loan secured or unsecured to the Companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956. Accordingly clauses (iii) (b), (iii)
(c) & (iii) d of the Order are not applicable.
As informed to us, the Company has not taken any loans, secured or
unsecured, from Companies, firms or other parties listed in the
register maintained under section 301 of the Companies Act 1956.
Accordingly clauses (iii) (f) & (iii) g of the Order are not
applicable.
iv) In our opinion and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business for the
purchase of fixed assets and for the sale of services. During the
course of audit, we have not observed any major weakness in such
internal controls.
v) According to the information and explanation provided by the
management, there have been no contracts or arrangements during the
period that needs to be entered into the register maintained under
section 301 of the Companies Act, 1956. Therefore, the provisions of
clauses (v) (a) and (b) of the Companies (Auditors Report) Order, 2003
(as amended) are not applicable.
vi) As the Company has not accepted or renewed any deposit from the
public, the directives issued by the Reserve Bank of India and the
provisions of sections 58A and 58AAor any other relevant provisions of
the Companies Act, 1956 and the rules framed there under are not
applicable. No order has been passed by the Company Law Board or
National Company Law Tribunal or Reserve Bank of India or any court or
any other Tribunal.
vii) The Company has an internal audit system commensurate with the
size and nature of its business.
viii) Paragraph 4(viii)of the Order is not applicable.
ix) According to the information and explanations given to us and
records examined by us, the Company is generally regular in depositing,
with the appropriate authorities, undisputed statutory dues.
According to the information and explanation given to us, there are no
dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty and cess which have not been deposited on account of any
dispute other than following:
Name of Nature of dues Amount Period to which Forum where
statute (Rs. in Lacs) the amount dispute is
relates pending
Income
tax Act, Assessment due 22.01 F.Y. CIT (Appeals)
1961 2005-06 XXXII
x) The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses during the financial
year.
xi) In our opinion, on the basis of audit procedures and according to
the information and explanations given to us, the Company has no
default as on the balance sheet date in repayment of dues to financial
institutions or banks.
The Company has not issued any debentures and hence any default for
repayment on this account does not arise. xii) According to the
information and explanations given to us, the company has not granted
any loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
xiii) Paragraph 4(xiii)ofthe Order is not applicable
xiv) In our opinion, proper records have been maintained of the
transactions and contracts and timely entries have been made therein;
also the shares, securities, debentures and other securities have been
held by the company, in its own name.
xv) According to information and explanations given to us, and the
representations made by the management, the Company has not given any
guarantee for loans taken by others from any bank or financial
institution.
xvi) Based on our examinations of the records and information and
explanations given to us during the year no term loan has been
obtained.
xvii)According to the information and explanations given to us, and 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.
xviii)The company has not made any preferential allotment of shares
during the year.
xix) The company has not issued any debentures during the year nor
there is any outstanding as on 31st March 2010.
xx) The company has not raised any money by public issues during the
year
xxi) According to the information and explanations given to us, no
fraud on or by company has been noticed or reported during the course
of our audit.
For S.J. AGRAWAL & ASSOCIATES,
Chartered Accountants
Sd/-
S. J. Agrawal
Partner
Membership No: 030273
Place: Mumbai
Date: 30th August, 2010