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Auditor Report of Innoventive Venture Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of Innoventive Venture Limited (Formerly known as Platinum Ocean Energy Limited, Kayton Trade & Finance Limited), which comprise the Balance Sheet as at 31st March, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended 31st March, 2014, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the 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 financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

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

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

d) In our opinion, the Balance Sheet, statement of Profit and Loss, and Cash Flow statement comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act

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, we report that none of the directors is disqualified as on 31st march, 2014 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 in paragraph 3 of the auditor''s report of even date to the members of Innoventive Venture Limited for the year ended as on 31st March, 2014.

On the basis of such checks as considered appropriate and in terms of the information and explanations given to us, we state as under:

(i) (a) The Company does not have any fixed assets as such the point along with (i) (b) & (c) are not applicable.

(ii) (a) The Company does not have any inventory as such the point along with (ii)(b) & (c) are not applicable.

(iii) (a) As per the information and explanations given to us, the Company has not granted any unsecured loans, to Companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act, 1956. As the Company has not given any loans, secured or unsecured ,from parties listed in the register maintained under section 301 of the Companies Act, 1956, paragraphs (iii) (b) (c) and (d) of the order, are not applicable.

(e) The Company has not taken any loans, secured and unsecured, from Companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act, 1956. As the Company has not taken any loans, secured or unsecured, from parties listed in the register maintained under section 301 of the Companies Act, 1956, paragraphs (iii) (e) (f) and (g) of the order ,are not applicable.

(iv) This point is not applicable since there are no fixed assets and inventory during the year.

(v) (a)In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register in pursuance of Section 301 of the Companies Act, 1956 have been entered.

(b)In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements , if any , have been entered in the register maintained under section 301 of the Companies Act, 1956 at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) In our opinion & according to the information & explanations given to us the Company has complied with the directives issued by The Reserve Bank of India & the provisions of Sections 58A & 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,

1975. According to the information & explanation given to us, no Order has been passed by the Company Law Board on the Company.

(vii) In our opinion, the company has an internal audit system through internal control system which is carried out by the internal audit department, the scope and coverage of which is commensurate with the size and nature of business of the company.

(viii) As informed the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 is not applicable.

(ix) (a)According to the information and explanation given to us & the records of the company examined by us in our opinion, the Company has been regular in depositing during the year undisputed statutory dues in respect of Income Tax, Sales Tax, Service Tax, Cess & other material statutory dues as applicable with the appropriate authority as on the last day of the financial year as at 31st March 2014 outstanding for a period more than six months from the date they became payable

(b) According to the information & explanations given to us there were no dues in respect of Income Tax, Wealth Tax, Sales Tax, & Cess which have not been deposited on account of any dispute.

(x) The Company has accumulated losses. The Company has incurred cash loss during the current financial year and also in the immediately preceding financial year.

(xi) According to the records of the Company examined by us & according to the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debentures holders during the year.

(xii) 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) The provisions of any special statue applicable to chit fund/ nidhi/mutual benefit fund/societies are not applicable to the Company.

(xiv) The Company has maintained proper records of the transactions and contracts in respects of shares & other investments and has also made timely entries therein. The shares are held by the company in its own name except to the extent exemption is granted under section 49 of the Companies Act, 1956.

(xv) The company has not given any guarantee for loans taken by others from bank or financial institutions and therefore clause xv of the order is not applicable

(xvi) Currently there are no term loans and therefore clause (xvi) of the order is not applicable.

(xvii) On the basis of an overall examination of the Balance Sheet of the Company, in our opinion & according to the information & explanation given to us there are no funds raised on short-term basis which have been used for long-term investment. No long term funds have been used to finance short term assets except permanent working capital.

(xviii) During the year the Company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act during the year.

(xix) According to the information and explanations given to us, during the period covered by audit report the company had not issued any debenture.

(xx) There was no public issue during the current year and therefore clause (xx) of the CARO report is not applicable

(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, either noticed or reported during the year, nor have we been informed of such case by the management.

For R. Kabra & Co. Chartered Accountants (Registration No.104502W)

(Deepa Rathi) Partner M. Ship No.104808 FRN : 104502W

Place: Mumbai Date: 29.05.2014


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Innoventive Venture Limited (Formerly known as Platinum Ocean Energy Limited, Kayton Trade & Finance Limited), which comprise the Balance Sheet as at 31st March, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended 31st March, 2013, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act”). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the 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 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 loss for the year ended on that date; and

c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order”) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

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

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

d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e) On the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st march, 2013 from being appointed as a director in terms of clause (g) of sub section (1) of section 274 of the companies Act, 1956.

INNOVENTIVE VENTURE LIMITED (Formerly Known as Platinum Ocean Energy Limited, Kayton Trade & Finance Limited)

ANNEXURE TO AUDITOR''S REPORT Annexure referred to in paragraph 3 of the auditor''s report of even date to the members of Innoventive Venture Limited for the year ended as on 31st March, 2013.

On the basis of such checks as considered appropriate and in terms of the information and explanations given to us, we state as under:

(i) (a) The Company does not have any fixed assets as such the point along with (i) (b) & (c) are not applicable.

(ii) (a) The Company does not have any inventory as such the point along with (ii)(b) & (c) are not applicable.

(iii) (a) As per the information and explanations given to us, the Company has not granted any unsecured loans, to Companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act, 1956. As the Company has not given any loans, secured or unsecured ,from parties listed in the register maintained under section 301 of the Companies Act,1956,paragraphs (iii) (b) (c) and (d) of the order ,are not applicable.

(e) The Company has not taken any loans, secured and unsecured, from Companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act, 1956. As the Company has not taken any loans, secured or unsecured ,from parties listed in the register maintained under section 301 of the Companies Act,1956,paragraphs (iii) (e) (f) and (g) of the order ,are not applicable.

(iv) This point is not applicable since there are no fixed assets and inventory during the year.

(v)(a)In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register in pursuance of Section 301 of the Companies Act, 1956 have been entered.

(b)In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements , if any , have been entered in the register maintained under section 301 of the Companies Act, 1956 at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) In our opinion & according to the information & explanations given to us the Company has complied with the directives issued by The Reserve Bank of India & the provisions of Sections 58A & 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975.According to the information & explanation given to us, no Order has been passed by the Company Law Board on the Company.

(vii) In our opinion, the company has an internal audit system through internal control system which is carried out by the internal audit department, the scope and coverage of which is commensurate with the size and nature of business of the company.

(viii) As informed the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 is not applicable.

(ix)(a)According to the information and explanation given to us & the records of the company examined by us in our opinion, the Company has been regular in depositing during the year undisputed statutory dues in respect of Income Tax, Sales Tax, Service Tax, , Cess & other material statutory dues as applicable with the appropriate authority as on the last day of the financial year as at 31st March 2013 outstanding for a period more than six months from the date they became payable

(b) According to the information & explanations given to us there were no dues in respect of Income Tax, Wealth Tax, Sales Tax, & Cess which have not been deposited on account of any dispute.

(x) The Company has accumulated losses. The Company has incurred cash loss during the current financial year and also in the immediately preceding financial year.

(xi) According to the records of the Company examined by us & according to the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debentures holders during the year.

(xii)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)The provisions of any special statue applicable to chit fund/ nidhi/mutual benefit fund/societies are not applicable to the Company.

(xiv)The Company has maintained proper records of the transactions and contracts in respects of shares & other investments and has also made timely entries therein. The shares are held by the company in its own name except to the extent exemption is granted under section 49 of the Companies Act, 1956.

(xv) The company has not given any guarantee for loans taken by others from bank or financial institutions and therefore clause xv of the order is not applicable

(xvi) Currently there are no term loans and therefore clause (xvi) of the order is not applicable.

(xvii) On the basis of an overall examination of the Balance Sheet of the Company, in our opinion & according to the information & explanation given to us there are no funds raised on short-term basis which have been used for long- term investment. No long term funds have been used to finance short term assets except permanent working capital.

(xviii) During the year the Company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act during the year.

(xix) According to the information and explanations given to us, during the period covered by audit report the company had not issued any debenture.

(xx) There was no public issue during the current year and therefore clause (xx) of the CARO report is not applicable

(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, either noticed or reported during the year, nor have we been informed of such case by the management.

For R Kabra & Co

Chartered Accountants

Deepa Rathi

Partner

M No: 104808

FRN: 104502W

Place : Mumbai

Dated:30th May, 2013


Mar 31, 2012

1. We have audited the attached Balance Sheet of INNOVENTIVE VENTURE LIMITED (Formerly known as PLATINUM OCEAN ENERGY LIMITED) as at 31st March 2012, its Profit and Loss Statement and also the Cash-Flow Statement for the year ended on that date annexed thereto, which we have signed under reference to this report. 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 the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used & 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 (Auditor's Report) Order, 2003 issued by the Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 of India (the 'Act') and on the basis of such checks of the books & records of the Company as we considered appropriate & according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said Order .

4. Further to our comments in the Annexure referred to in paragraph 3 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 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 Profit and Loss Statement dealt with by this report are in agreement with the books of account.

(iv) In our opinion, the Balance Sheet and Profit and Loss 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 subject to Notes on Accounts.

(v) On the basis of written representations received from the directors, as on 31st March 2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as

on 31st March 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956 ;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes thereon and attached thereto give in the prescribed manner the information required by the Companies Act, 1956 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 2012 and;

(b) In the case of the statement of Profit & Loss , of the loss for the year ended on that date.

(c) In the case of the Cash-flow Statement of the cash-flows of the company for the year ended on that date.

ANNEXURE TO AUDITOR'S REPORT

Annexure referred to in paragraph 3 of the auditor's report of even date to the members of Innoventive Venture Limited for the year ended as on 31st March, 2012.

On the basis of such checks as considered appropriate and in terms of the information and explanations given to us, we state as under:

(i) (a) The Company does not have any fixed assets as such the point along with (i) (b) & (c) are not applicable.

(ii) (a) The Company does not have any inventory as such the point along with (ii)(b) & (c) are not applicable.

(iii) (a) As per the information and explanations given to us, the Company has granted interest free unsecured loans, to Companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act, 1956, term of which are not prima facie prejudicial to the interest of the company. There are two parties and the outstanding amount at the year end is Rs. Nil. Maximum outstanding balance during the year was Rs.3,13,50,000/-.

(b) The loan has been adjusted during the year & therefore the interest free loan is no longer prejudicial to the interest of the company and also clause iii (c) & iii(d) is no longer applicable

(e) The Company has not taken any loans, secured and unsecured, from Companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act, 1956. As the Company has not taken any loans, secured or unsecured ,from parties listed in the register maintained under section 301 of the Companies Act,1956,paragraphs (iii) (e) (f) and (g) of the order ,are not applicable.

(iv) This point is not applicable since there are no fixed assets and inventory during the year.

(v)(a)In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register in pursuance of Section 301 of the Companies Act, 1956 have been entered.

(b)In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements , if any , have been entered in the register maintained under section 301 of the Companies Act, 1956 at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) In our opinion & according to the information & explanations given to us the Company has complied with the directives issued by The Reserve Bank of India & the provisions of Sections 58A & 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975.According to the information & explanation given to us, no Order has been passed by the Company Law Board on the Company.

(vii) In our opinion, the company has an internal audit system through internal control system which is carried out by the internal audit department, the scope and coverage of which is commensurate with the size and nature of business of the company.

(viii) As informed the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 is not applicable.

(ix)(a)According to the information and explanation given to us & the records of the company examined by us in our opinion, the Company has been regular in depositing during the year undisputed statutory dues in respect of Income Tax, Sales Tax, Service Tax, , Cess & other material statutory dues as applicable with the appropriate authority as on the last day of the financial year as at 31st March 2012 outstanding for a period more than six months from the date they became payable

(b) According to the information & explanations given to us there were no dues in respect of Income Tax, Wealth Tax, Sales Tax, & Cess which have not been deposited on account of any dispute.

(x) The Company has accumulated losses. The Company has incurred cash loss during the current financial year and also in the immediately preceding financial year.

(xi) According to the records of the Company examined by us & according to the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debentures holders during the year.

(xii)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)The provisions of any special statue applicable to chit fund/ nidhi/mutual benefit fund/societies are not applicable to the Company.

(xiv)The Company has maintained proper records of the transactions and contracts in respects of shares & other investments and has also made timely entries therein. The shares are held by the company in its own name except to the extent exemption is granted under section 49 of the Companies Act, 1956.

(xv) The company has not given any guarantee for loans taken by others from bank or financial institutions and therefore clause xv of the order is not applicable

(xvi) Currently there are no term loans and therefore clause xvi of the order is not applicable.

(xvii) On the basis of an overall examination of the Balance Sheet of the Company, in our opinion & according to the information & explanation given to us there are no funds raised on short-term basis which have been used for long-term investment. No long term funds have been used to finance short term assets except permanent working capital.

(xviii) The Company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act during the year.

(xix) According to the information and explanations given to us, during the period covered by audit report the company had not issued any debenture.

(xx) There was no public issue during the current year and therefore clause xx of the CARO report is not applicable

(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, either noticed or reported during the year, nor have we been informed of such case by the management.



For R Kabra & Co Chartered Accountants



Deepa Rathi Partner M No: 104808 FRN: 104502W

Camp : Pune Dated:30th August, 2012


Mar 31, 2010

1. We have audited the attached Balance Sheet of PLATINUM OCEAN ENERGY LIMITED as at 31st March 2010,its Profit and Loss Account and also the Cash-Flow Statement for the year ended on that date annexed thereto, which we have signed under reference to this report. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used & 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 Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 of India (the Act) and on the basis of such checks of the books & records of the Company as we considered appropriate & according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said Order .

4. Further to our comments in the Annexure referred to in paragraph 3 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 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 Profit and Loss Account dealt with by this report are in agreement with the books of account.

(iv) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 subject to Notes on Accounts.

(v) On the basis of written representations received from the directors, as on 31st March 2010and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2010from being appointed as a director 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 financial statements together with the notes thereon and attached thereto give in the prescribed manner the information required by the Companies Act, 1956 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 2009 and;

(b)In the case of the Profit & Loss Account, of the loss for the year ended on that date.

(c) In the case of the Cash-flow Statement of the cash-flows of the company for the year ended on that date.



ANNEXURE TO AUDITORS REPORT



(Referred to in paragraph 3 of the Auditors Report of even date )

(i) (a) The Company does not have any fixed assets as such the point along with (i) (b) & (c) are not applicable.

(ii) (a) The Company does not have any inventory as such the point along with (ii)(b) & (c) is not applicable.

(iii)(a)The Company has not granted any loans, secured and unsecured, to Companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act, 1956. As the Company has not granted any loans, secured or unsecured ,to parties listed in the register maintained under section 301 of the Companies Act,1956,paragraphs (iii)(b),(c) and (d) of the order ,are not applicable.

(b) The Company has not taken any loans, secured and unsecured, from Companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act, 1956. As the Company has not taken any loans, secured or unsecured ,from parties listed in the register maintained under section 301 of the Companies Act,1956,paragraphs (iii)(f) and (g) of the order ,are not applicable.

(iv)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 & the nature of its business, for the purchase of inventory, fixed assets & for the sale of goods. Further, on the basis of our examination of the books & records of the Company, and according to information & explanation given to us, we have neither come across nor have we been informed by any continuing failure to correct major weaknesses in the aforesaid internal control procedures.

(v)(a)In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register in pursuance of Section 301 of the Companies Act, 1956 have been entered.

(b)In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements have been entered in the register maintained under section 301 of the Companies Act, 1956 at prices which are reasonable having regard to prevailing market prices at the relevant time. (vi)

In our opinion & according to the information & explanations given to us the Company has complied with the directives issued by The Reserve Bank of India & the provisions of Sections 58A & 58AA of the Companies Act, 1956 and the Companies( Acceptance of Deposits)Rules, 1975 .According to the information & explanation givento us, no Order has been passed by the Company Law Board on the Company.

(vii) According to information and explanations given to us the Company requires to implement the internal audit system and currently it is relied upon the internal control measures of the company.

(viii) As informed the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 is not applicable.

(ix)(a)According to the information and explanation given to us & the records of the company examined by us in our opinion, the Company has been regular in depositing during the year undisputed statutory dues in respect of Income Tax, Sales Tax, Service Tax, , Cess & other material statutory dues as applicable with the appropriate authority as on the last day of the financial year as at 31st March 2010outstanding for a period more than six months from the date they became payable

(b)According to the information & explanations given to us there were no dues in respect of Income Tax, Wealth Tax, Sales Tax, & Cess which have not been deposited on account of any dispute.

(x)The Company has accumulated losses which are more than 50% of the net worth of the Company. The Company has incurred cash loss during the current financial year and also in the immediately preceding financial year.

(xi) According to the records of the Company examined by us & according to the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debentures holders during the year.

(xii)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)The provisions of any special statue applicable to chit fund/ nidhi/mutual benefit fund/societies are not applicable to the Company.

(xiv)The Company has maintained proper records of the transactions and contracts in respects of shares & other investments and has also made timely entries therein. The shares are held by the company in its own name except to the extent exemption is granted under section 49 of the Companies Act,1956.

(xv) The company has not given any guarantee for loans taken by others from bank or financial institutions and therefore clause xv of the CARO report is not applicable

(xvi) Currently there are no term loans and therefore clause xvi of the CARO report is not applicable.

(xvii) On the basis of an overall examination of the Balance Sheet of the Company, in our opinion & according to the information & explanation given to us there are no funds raised on short-term basis which have been used for long-term investment. No long term funds have been used to finance short term assets except permanent working capital.

(xviii) The Company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act during the year.

(xix) According to the information and explanations given to us, during the period covered by audit report the company had not issued any debenture.

(xx) There was no public issue during the current year and therefore clause xx of the CARO report is not applicable

(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, either noticed or reported during the year, nor have we been informed of such case by the management.

For R Kabra & Co

Chartered Accountants

Place: Mumbai Deepa Rathi

DATED: 28/05/2010 Partner

M No: 104808

Firm Reg No: 104502W

 
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