Mar 31, 2014
We have audited the accompanying financial statements of JUSTRIDE
ENTERPRISES LIMITED FORMERLY KNOUN AS TOBU ENTERPRISES LIMITED, which
comprise the Balance Sheet as at March 31, 2014, and the Statement of
Profit and Loss and for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management's responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance 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 Acf'Xwhich continue to be applicable
in respect of section 133 of companies Act,2013 in term of general
circular 15/2013 dated September 13,2013 of the Ministry of corporate
Affairs). 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. Wc conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require ihat 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 audjt 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 relevani 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 audil 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 thf 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 profit for the
year ended on that date; and
1. 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 give in the Annexure, statement of
the matters specified in paragraph 4 of the said 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, anu
Cash Flow Statement comply with the Accounting Standards referred to in
Subsection (3C) of section 211 of the Companies Act, 1956; ("the Act")
(which continue to be applicable in respect of section 133 of companies
Act, 2013 in term of general circular 15/2013 dated September 13,2013
of the Ministry of corporate Affairs),
c) 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 iri terms of clause (g) of sub-section 11 j of
section 274 of the Act.
1. In respect of its fixed assets :
a) As explanation given to us there are certain legal disputes with
regard fixed assets of the company, so the company is not maintaining
any record showing any particulars including quantitative details and
situation of fixed assts.
b) Not Applicable since those disputed assets are not in company's
possession.
c) Not applicable.
2. In respect of its inventories :
a) As company is non operating therefore provisions of clause 4(ii)(a)/
(b)/(c) of the order relating to inventory verification are not
applicable to the company.
3. In respect of loans , secured or unsecured , granted or taken by
the company to/from companies , firms or other parties covered in the
register maintained under section 301 of the companies act, 1956
a) The company has not taken fresn unsecured loan during the year. As
explained to us none of party is covered u/s 301 of companies act.
There Is no parties' u/s 301 whose loan accounts have been squared up
during the year.
b) In our opinion and according to the information and explanations
given to us the aforesaid loans and advances are free of interest and
other terms and condition are not prima facie prejudicial to the
interest of the company.
c) As explained to us, there are no fixed due date of repayments of
these loans and repayment were as and when mutually agreed to between
the parties.
d) There is no overdue amount above Rs. 1 lakh in respect of above
loans and advances.
4. In our opinion and according to the information and explanations
given to us, there are adequate Internal control procedures
commensurate with the size of the company and the nature of its
business for the purpose of inventory and fixed asset and for sale of
goods. Further during course of our audit, we have neither come across
nor have we being Informed of any major weakness in the Internal
controls.
5. In respect of transactions covered under section 301 of the
companies act, 1956.
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into In the register maintained
under section 301 of the companies act, 1956 have been so entered.
b) In our opinion and according to the Information and explanations
given to us, there is no transaction in pursuance of the contracts or
arrangements entered in the register maintained under section 301 of
the company's act, 1956 aggregating during the year to Rs. Nil or more
In respect of any party.
6. The company has not accepted any deposits from the public during
the year.
7. The company does not have any internal audit system commensurate
with its size and nature of Its business.
8. The maintenance of cost records have not been prescribed by the
Central Government under section 209 (1) (d) of the companies act,
1956.
9. In respect of statutory dues ;
a] According to the information and explanations given to us and the
basis of our examination of the bocks of account, the Company has been
generally not regular in depositing undisputed statutory dues as
applicable with appropriate authorities. According to information &
explanation given to us, there are statutory liabilities outstanding
for more than six months as at dose of the year from the date of
becoming payable amounting to Rs 64410.
b) .As per information and explanation provided to us, tne Company is
not disputing any statutory liabilities.
10. The accumulated losses exceed 100% of Its net worth. The company
has incurred cash losses during the year amounting to 15.36 lacs and
11.24 lacs during preceding financial year.
11. Based on our audit procedures and the information and explanations
given by the management, the company has defaulted in repayment of dues
to some inter corporate loans. The Interest has also not been provided
on this loan.
12. According to the information and explanations given to us and
based on the documents and records produced to us, the company has not
granted loans and advances on the basis of security by way pledge of
shares, debentures and other securities.
13. In our opinion and according to the information and explanations
given to us, the nature of activities of the company does not attract
any special statute applicable to chit fund and nidhi / mutual benefit
fund / societies
14. As the company not deal or trade of shares, debentures and other
securities so the requirement of clause (XIV) of the order is not
applicable to the company.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by subsidiaries or
third parties from bank and financial institutions.
16. To the best of our knowledge & belief and according to the
information and explanations give to us, term loan availed by the
company were prima facie applied by company during the year for the
purpose for which they were obtained.
17. According to the Information and explanations given to us and on
an overall examination of the Balance Sheet and Cash Flow Statement of
the company, we report that no funds raised on short-term basis have
been used for long term investment and not long-term funds have been
used to finance short-term assets.
18. The company has not made any preferential allotment of shares to
the parties or companies covered in its register maintained under
section 301 of the companies act, 1956.
19. The company has not Issued debentures during the year so
requirement of clause (XIV) of the order is not applicable to the
company.
20. The company has not raised nay money through a public issue during
the year.
21. Based upon the audit procedures performed and information and
explanations given by the management, we report the no fraud on or by
the company has been noticed or reported during the course of our
audit.
For BNPSY & ASSOCIATES
chartered ACCOUNTANTS
FRN: 507853C
(S- K- SHARM A)
Partner
Membership No. 086387
PLACE: New Delhi
DATE: 22-05-2014
Mar 31, 2013
We have audited the accompanying financial statements of TOBU
ENTERPRISES LIMITED, which comprise the Balance Sheet as at March 31.
2013. and the Statement of Profit and Loss and 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 far 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 far 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. if conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered 1
Accountants of India. Those Standards require that we comply with
ethical requirements and plan an J 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
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 and Statement of Profit and Loss, 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,
comply with the Accounting Standards referred to in subsection (3C) of
section 211 of the Companies Act, 1956;
e) On the basis of written reptesentat.ons director as March 31, 2013
and taken on record b, the Board of Directors, none of the director
being appointed as a director in forms of clause (g) of sub-section (1)
of section 274 of the companies Act,1956.
f) Since the Central Government has no, issued ,any notification as to
the rate a, which the cess is to company. under section 44IA of the
Companies Act, 1956 nor has it issued any Rules under the said section
prescribing the manner in which such is to be paid no cess is due and
payable by the company.
1. In respect of its fixed assets :
a) As explanation given to us there are certain legal disputes with
regard fixed assets of the company so the company so the company is
not maintain any record showing any particulars including quantitative
details and situation of fixed assets company does not have any with
the company, so the company is not maintaining any record showing any
particulars
c) Not applicable disputed assets are not on company''s possession.
2. In respect of its inventories
3) As company is non operative therefore provisions of the order
relating to inventory verification are not applicable to the company.
3. In respect of loans , secured or unsecured , granted or taken by
the company o/from companies in the register maintained under section
301 of the companies act,1956
a) The company has taken fresh unsecured loan aggregating to Rs.
2855208.00 during explained to us none of party is covered u/s 301 of
companies act. loans/advances are free of interest .As explained to
us, the other terms and conditions are not prima facie prejudicial to
the interest of the company.
c) As explained to us, there is no fixed due date of repayment of these
loans and the repayments were made as and when mutually agreed between
the parties.
d) As esplanade to us there were were no overdue amounts above Rs. 1
lakh in respect of procedures with the of the company
5. In respect of transactions covered under section 301 of the
companies act, 1956.
a) In our opinion and according to the information and explanations
given to us the transactions made in pursuance of contracts or
arrangements, that needed to be entered into In the register maintained
under section 301 of the companies act 1956 have been so entered.
b) In our opinion and according to the Information and explanations
given to us, tiered is no transaction in pursuance of the contracts or
arrangements entered in the register maintained under section 301 of
the company''s act, 1956 aggregating during the year to Rs. Nil or more
in respect of any party.
6. The company has not accepted any deposits from the public.
7. The company does not have any internal audit system commensurate
with its size and nature or its business.
8. The maintenance of cost records have not been prescribed by the
Central Government under section 209 (1) (d) of the companies act,
1956.
9. In respect of statutory dues ;
a) According to the information and explanations given to us and the
basis of our examination of the books of account, the Company has been
generally not regular in depositing undisputed statutory dues as
applicable with appropriate authorities. According to information &
explanation given there are statutory liabilities outstanding for more
than six months as at close the-year from the date of becoming payable
amounting to Rs. 188026/-
b) As per information and explanation to us the company is not
disputing any statutory liabilities.
10. The accumulated losses exceed 100% if its net worth the company has
incurred cash losses during the year amounting to 11.13 lacs and 4.22
lacs during preceding financial year.
11. Based on our audit procedures and the information and explanations
given by the managing the company has defaulted in repayment of due to
premier finance & trading co. Ltd The amount is due for payment since
financial year 2000-01 Balance outstaying as on 31.03.2013 is
Rs,17500000/-.
12. According to the information and explanations given to us and based
on the documents and records produced to us the company has granted
loans and advances on the basis of security by way pledge of shares
debentures and other securities.
13. In our onion and according to the information and explanations
given to us the nature of activities of the company does not attract
any special statute applications to chit fund and nidhi mutual benefit
fund/societies.
14. As the company not deal or trade of share debentures and other
securities so the requirement of clues )XIV) of the order is not
applicable to the company.
15. Accounting to the information and explanations given to us the
company has not given any guarantee for loans taken by subsidiaries or
third parties from bank and financial institutions.
16. To the best our knowledge & belief and according to the information
and explanations give to us term long available by the company were
prime facie applied by company during the year for the purpose for
which they were obtained.
17. According to the information and explanations given to us and
overall examination of the balance sheet and cash flow statement of the
company we report that no funds raised on short-term basis have been
used for long term investment and not long-term funds have been used to
finance short-term assets.
18. The company has not made any preferential allotment of share to
the parties or companies covered in its register maintained under
section 301 of the coalmines'' act,1956.
19. The company has not issued debentures during the year so
requirement of clause (XIV) of the order is not applicable to the
company.
20. The company has not raised nay money through a public issue during
the year.
21. Based upon the audit procedures performed and information and
explanations given by the management we report the no Freud on or by
the company has been noticed or reported during the course of our audit.
PLACE: New Delhi
DATE: 29-05-2013 for BNPSY & ASSOCIATES
Chartered Accountants
FRN:507853C
(S.K.SHARMA)
Partner
M.N0.08IS387
Mar 31, 2012
We have audited the attached Balance Sheet of TOBU ENTERPRISES LIMITED
as at 31st March 2012 and the attached Profit & Loss Account and Cash
Flow Statement 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.
1. We conducted our audit in accordance with Auditing Standards
generally accepted in India Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement An audit
includes examining' on test basis' evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimate made
by Management' as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by The Companies (Auditors' Report) Order' 2003 as
amended by the Companies (Auditors Report) (Amendment) Order' 2004
(together the 'order') issued by the sector IV.
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 and according to the information & explanations given to
us' we enclosed in the Annexure a statement on the matters specified in
Paragraph 4 and 5 of the said Order.
3. Further to our comments in the Annexure referred to in Paragraph 2
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 it appears from our examination of
the books.
iii. The attached Balance Sheet' Profit & Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
iv. In our opinion' the Balance Sheet' Profit & Loss Account & Cash
Flow Statement comply with the Accounting Standards referred to in Sub
Sec 3C of Section 211 nf 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 with the
significant accounting policies and other notes thereon' give the
information required by the Companies Act' 1956 in the manner so
required and presents 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 31s! ffla?$h' 2012 and'
b). in the case of the Profit & Loss Account' of the Profit/Loss of
the Company for the year ended on that date.
c). in the case of Cash Flow Statement' of the Cash Flows for the year
ended on that date.
4(i)(a). As explained to us' since there are certain legal disputes
with regard to the fixed assets of the company' so the Company is not
maintaining any record showing any particulars including quantitative
details and situation of Fixed Assets.
4(i)(b). Not Applicable' since those disputed fixed assets are not in
Company's possession.
4(i)(c). Not Applicable
4(ii). As the company is not operating' therefore the provisions of
clause 4(ii)(a)/(b)/(c) of the order relating to Inventory verification
are not applicable to the Company.
4(iii)(a)(i). During the year under review' the Company has taken fresh
loans and the aggregate amount of these loans as on 31st March' 2012
was Rs.2'22'59'824/-. As explained to us' none of the said party is
covered under the provisions of Section 301.
4(iii)(a)(ii). There are no Parties u/s 301 whose loan accounts have
been squared up during the year.
4(iii)(b). The aforesaid loans/advances are free of interest. As
explained to us' the other terms and conditions of these loans are not
prima facie prejudicial to the interests of the company.
4(iii)(c). As explained to us' there are no fixed due dates of
repayment of these loans and the repayments were made as and when
mutually agreed to between the parties.
4(iii){d). As explained to us' there were no overdue amounts above
Rs.1 lakh in respect of above loans & advances.
4(iv). In our opinion and according to information and explanations
given to us' there are
adequate internal control procedures commensurate with size of the
company and nature of its business for the purpose of inventory and
fixed assets and for the sale of goods. Further during the course of
our Audit' we have neither come across nor have we been informed of any
major weakness in the internal controls.
4(v)(a).As per record provided to us' the transactions that need to be
entered into a register in pursuance of section 301 of the Act have
been so entered.
4(v)(b).According to information and explanations given to us' the
Company has not entered into any transactions exceeding Rs.5'00'000/-
with parties in pursuance of Contracts U/s 301.
4(vi). The Company has not accepted any deposits from public during
the year.
4(vii). in our opinion and as per information and explanation provided
to us the Company does not have an internal audit system commensurate
with its size and nature of its business. to information and
explanation given to us and on the basis of our examination of the
books of account' the Company has been generally not regular in
depositina undisputed statutory dues as applicable with appropriate
authorities. According to information & explanation given to us' there
are statutory liabilities outstanding for more than six months as at
close of the year from the date of becoming payable amounting to Rs.
10'30'286/-. has incurred cash losses during the financial year
amounting to Rs.4 22 lacs and Rs 1 63 fars during the immediately
preceding financial year.
4(xi). As per information and explanation provided to us' the company
has defaulted in and Trading Co' Ltd' The amount due for paJLnt
shce year 2000-01 The interest due and in default is Rs.7'86'37'967/-.
The figure of principal 'n defaul fo repayment has not been provided to
us. P P Ult Tor
4(xvii). Not applicable' since the company has not raised any funds
during the year.
4(xviii).The Company has not made any preferential allotment of shar
4(xix). Not applicable' since the Company has not issued any
Debentures.
4(xxi). According to information and explanation provided to us and as
per best of our knowledge & belief' no fraud on or by the Company has
been noticed or reported during the year.
By order of the Board of Directors
For TOBU ENTERPRISES Limited
Ajay Mathur
Chairman
DIN: 01609016
Date: September 01' 2012
Place: New Delhi
Mar 31, 2011
We have audited the attached Balance Sheet of Tobu Enterprises Limited,
as at 31st March 2011 and the attached Profit & Loss Account 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.
1. We conducted our audit in accordance with Auditing Standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimate made
by Management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by The Companies (Auditors' Report) Order, 2003 issued
by the Central Govt, of India in terms of Sec. 227(4A) of the Companies
Act, 1956, we enclosed in the Annexure a statement on the matters
specified in Paragraph 4 and 5 of the said Order.
3. Further to our comments in the Annexure referred to in Paragraph 2
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 it appears from our examination of
the books.
iii. The attached Balance Sheet and Profit & Loss Account dealt with by
this report are in agreement with the books of account.
iv. In our opinion, the Balance Sheet and Profit & Loss Account comply
with the Accounting Standards referred to in Section 211(3C) of the
Companies Act, 1956.
v. On the basis of the written representation received from the
Directors and taken on record by the Board of Directors, we report that
in our opinion, none of the said Directors are disqualified as on 31st
March 2011 from being appointed as Directors in terms of Clause (g) of
Sub-sec. (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 with the
significant accounting policies and other notes thereon, give the
information required-by the Companies Act, 1956, in the manner so
required and presents 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, 2011 and,
b). in the case of the Profit & Loss Account, of the Profit/Loss of the
Company for the year ended on that date.
4(i)(a). The Company is not maintaining proper record showing full
particulars including quantitative details and situation of Fixed
Assets.
4(i)(b). As explained to us, the fixed assets have been physically
verified by the management at regular intervals and the discrepancies
noticed on such verification were not material. However, no record of
such physical verification has been produced before us.
4(i)(c). The Company had sold during the year 2004-05 a substantial
part of its Fixed Assets. In our opinion, the same had affected the
going concern status of the company. We draw attention to Note "14"
in the financial statements. The company has so far not made any plans
to replace the fixed assets that have been sold. These factors,
along with other matters as set forth in Note "14" raise substantial
doubt about the company's ability to continue as a going concern in
the foreseeable future.
4(ii)(a). Not Applicable, since there is no Inventory.
4(ii)(b). Not Applicable, since there is no Inventory.
4(ii)(c). Not Applicable, since there is no Inventory.
4(iii)(a)(i). The Company has taken fresh loans during the year from
firms or other parties in the register maintained U/s 301 of the Act.
There are 6 such parties and the total of maximum balance outstanding
during the year was Rs.2,13,10,797/-.
4(iii)(a)(ii). There are no Parties u/s 301 whose loan accounts have
been squared up during the year.
4(iii)(b). The aforesaid loans/advances are free of interest. As
explained to us, the other terms and conditions of these loans are not
prima facie prejudicial to the interests of the company.
4(iii)(c). As explained to us, there are no fixed due dates of
repayment of these loans and the repayments were made as and when
mutually agreed to between the parties.
4(iii)(d). As explained to us, there were no overdue amounts above Rs.l
lakh in respect of above loans & advances.
4(iv). In our opinion and according to information and explanations
given to us, there are adequate internal control procedures
commensurate, with size of the company and nature of its business for
the purpose of inventory and fixed assets and for the sale of goods.
Further during the ; course of our Audit, we have neither come across
nor have we been informed of any major weakness in the internal
controls.
4(v)(a). As per record provided to us, the transactions that need to be
entered into a register in pursuance of section 301 of the Act have
been so entered.
4(v)(b). According to information and explanations given to us, the
Company has not j entered into any transactions exceeding Rs.5,00,000/-
with parties in pursuance of Contracts U/s 301.
4(vi). The Company has not accepted any deposits from public during the
year.
4(vii). In our opinion and as per information and explanation provided
to us, the Company does not have an internal audit system commensurate
with its size and nature of its business.
4(viii). To the best of our knowledge and according to information and
explanation given to us, the Central Government has not prescribed
maintenance of cost records U/s 209(1) (d) of the Companies Act, for
any products of the Company.
4(ix)(a). According to information and explanation given to us and on
the basis of our examination of the books of account, the Company has
been generally not regular in depositing undisputed statutory dues as
applicable with appropriate authorities. According to information &
explanation given to us, there are statutory liabilities outstanding
for more than six months as at close of the year from the date of
becoming payable amounting to Rs.8,80,483/-.
4(ix)(b). As per information and explanation provided to us, the
Company is not disputing any statutory liabilities.
4(x). The Company's accumulated losses exceed 100% of its net worth.
The company has incurred cash losses during the financial year
amounting to Rs. 1.63 lacs and Rs.2.75 lacs during the immediately
preceding financial year.
4(xi). As per information and explanation provided to us, the company
has defaulted in repayment to Premier Finance and Trading Co. Ltd. The
amount is due for payment since F/Year 2000-01. The interest due and in
default is Rs.4,00,42,005/-. The figure of principal in default for
repayment has not been provided to us.
4(xii). Not applicable, since the Company has not granted any loans and
advances on the basis of Security.
4(xiii). Not applicable, since the Company is not a Chit Fund, Nidhi,
Mutual benefit or a Society.
4(xiv). Not applicable, since the Company is not trading in Shares,
Securities, Debentures and Other Investments.
4(xv). As per information and explanation provided to us, the Company
has not given any guarantee for loans taken by others from Banks or
Financial Institutions, the terms and conditions whereof are
prejudicial to the interests of the company.
4(xvi). In our opinion on basis of our test check and as per
information and explanation provided to us, the term loans were applied
for the purpose for which the loans were obtained.
4(xvii). Not applicable, since the company has not raised any funds
during the year.
4(xviii). The Company has not made any preferential allotment of shares
to parties and companies covered in the Register maintained U/s 301 of
the Act, during the year.
4(xix). Not applicable, since the Company has not issued any
Debentures.
4(xx). The Company has not raised any funds by way of Public Issues.
4(xxi). According to information and explanation provided to us and as
per best of our knowledge & belief, no fraud on or by the Company has
been noticed or reported during the year.
PLACE:- NEW DELHI FOR PADAM BAHL & CO.,
DATE :- 29/8/11 CHARTERED ACCOUNTANTS,
(P.N.BAHL)
Mar 31, 2010
We have audited the attached Balance Sheet of Tobu Enterprises Limited,
as at 31st March 2010 and the attached Profit & Loss Account for the
year ended on that date annexed thereto. These j 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.
1. We conducted our audit in accordance with Auditing Standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimate made
by Management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by The Companies (Auditors' Report) Order, 2003 issued
by the Central Govt. of India in terms of Sec. 227(4A) of the
Companies Act, 1956, we enclosed in the Annexure a statement on the
matters specified in Paragraph 4 and 5 of the said Order.
3. Further to our comments in the Annexure referred to in Paragraph 2
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 it appears from our examination
of the books.
iii. The attached Balance Sheet and Profit & Loss Account dealt with
by this report are in agreement with the books of account.
iv. m our opinion, the Balance Sheet and Profit & Loss Account
couple- with the Accounting Standards referred to in Section 211 (C)
of the Companies Act, 1956.
v. On the basis of the written representation received from the
Directors and taken on record by the Board of Directors, we
report that in our opinion, none of the said Directors are
disqualified as on 31st March 2010 from being appointed as Directors ;
in terms of Clause (g) of Sub-sec. (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 with the
significant accounting policies and other notes thereon, give the
information required by the Companies Act, 1956, in the manner so
required and presents 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 the Profit & Loss Account, of the Profit/Loss of
the Company for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 2 OF TE AUDITORS REPORT TO THE MEMBES
OF TOBU ENTERPRISES ON THE ACCOUNTS FOR THE YEARS ENDED 31s MARCH 2010
4(i)(a). The company is not maintaining proper record showing full
particulars including quantitative details and situation of fixed
Assets.
4(i)(b) As explained to us the fixed assets have been physically
verified by the management at regular intervals and the discrepancies
noticed on such verification were not material. However no record of
such physical defecation has been produced before us.
4(i)(c) The company had sold during the year 2004-05 a substantial part
of its Fixed Assets. In our opinion, the same had affected the going
Concern status of the company. we draw ayyention no Note "14" in the
financial statements. The company has so far made any plans to replace
the fixed assets that have been sold. These factors, along with other
matters as set forth in Note "14" raise substantial doubt the company
ability as a going concern in the foreseeable future.
4(ii)(a) Not Applicable Since There is no inventory
4(ii)(b) Not Applicable Since there is no inventory
4(ii)(c) Not Applicable, since there is no Inventory
4(iii)(a)(i) The company has not taken any fresh loans during the year
from firms or other parties in the register maintained U/s 301 of the
Act. There was i such party and the total of maximum balance
outstanding balance during the year was Rs.29,32,997/-
4(ii)(a)(ii) There are no parties u/s 3014 whose loan accounts have
been squared up during the year.
4(iii)(b) The aforesaid loans/advances are free interest. As explained
to us, the other terms and conditions of these loans are not facie
prejudicial to the interests of the company.
4(iii)(c) As explained to us, there are no fixed due dates of
repayments of these loans and the repayments were made as and when
mutually agreed to between the parties.
4(iii)(d) As explained to us, there were no overdue amounts above
Rs.1lakh in respect of above loans & advances.
4(iv) In our opinion and according to information and explanations
given to us, there are adequate internal control procedures
commensurate with size of the company and nature of its business for
the purpose of inventory and fixed assets and for the of goods. Further
durian g the course of our audit we have neither come across nor have we
been informed of any major weakness in the internal controls.
4(v)(a) As per record provided to us, the transaction that need to be
entered into a register in pursuance of section 301 of the Act have
been so entered.
4(v)(b) According to information and explanation given to us, the
company has not entered into any transaction exceeding Rs.5,00,000/-
with parties in pursuance of contracts U/S 301.
4(vi) The company has not accepted any deposits from public during the
year.
4(vii) In our opinion and as per information and explanations provided
to us the company does not have an internal audit system commensurate
with its size and nature of its business.
4(viii) To the best of our knowledge and according to information and
explanations given to us, the central Government has not prescribed
maintenance of cost records U/s 209(I) (d) of the companies Act, for any
products of the company.
4(ix)(a) According to information and explanations given to us and on
the basis of our examination of the books of account the company has
been generally nor regular in depositing undisputed statutory dues as
applicable with appropriate authorities. According to information &
explanations given to us, there are statutory liabilities outstanding
for more than six months as at close of the year from the date of
becoming payable amounting to Rs.8,80,483/-
4(ix)(b) As per information and explanations provided to us, the
company is not disputing any statutory liabilities.
4(x). The company accumulated losses exceed 50% of its net worth. The
company has incurred cash losses during the financial year amounting to
Rs.1.67 lacs and Rs.1.55 lacs during the immediately preceding financial
year.
4(xi) As per information and explanations provided to us, the company
has defaulted in repayment to Premier Finance and Trading co. Ltd The
amount is due for payment since F/Year 2000-01. The interest due and
in default is Rs.4,00,42,005/- The figure of principle in default of
repayment has not been provided to us
4(xii) Not Applicable Since the company has not granted loans and
advances on the basis of security
4(xiii) Not applicable, since the company is not a chit fund, nidhi,
mutual benefit or a society.
4(xiv) Not applicable, since the company is not trading in shares ,
securities debentures an other investments.
4(xv) As per information and explanations provided to us, the company
has not given any guarantee for loans by other from banks of financial
institutions the terms and conditions whereof are prejudicial; to the
interest of the company.
4(xvi) In our opinion on basis of our test check and as per information
and explanations provided to us, the term loans were applied for the
purpose for which the loans were obtained.
4(xvii) Not Applicable since the company has not raise any funds
during the year.
4(xviii) The company has not made any preferential allotment of shares
to parties and companies covered in the Register maintained U/s 301 of
the Act, during the year.
4(xix) Not applicable since the company has not issued any debentures.
4(xx) The company has not raised any funds by way of public issued.
4(xxi) According too information and explanations provided to us and as
per best of our knowledge & belief no fraud on or by the company has
been noticed or reported during the year.
FOR PADAM BAHL & CO
CHARTERED ACCOUNTS
(P.N.BAHL)
PLACE: NEW DELHI
DATE:30-08-2010