Mar 31, 2015
We have audited the accompanying financial statements of LESHA
INDUSTRIES LIMITED ("the company"),which comprise the Balance Sheet as
at 31 March 2015, the Statement of Profit and Loss, the 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 Board of Directors is responsible for the matters in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to
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 principles generally
accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation
and maintenance of internal financial control, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. 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 financial control relevant to the Company's
preparation of the financial statements that give true and fair view in
order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by Company's Directors, 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 on the financial
statements.
Matter of Emphasis:
* The company has in past granted/renewed loans and advances to other
companies, which has been identified as non- performing asset.
Accordingly, company has not recognized any income from the same. In
the opinion of directors, the process of recovery is going on and the
same is not fully doubtful of recovery. However in our opinion company
needs to make provision for such long outstanding non- performing
assets amounting to Rs. 135.32 lacs. Due to non-provision in this
regard the debit balance of profit & loss account is under stated and
balance of loans and advances is overstated by the said sum. This
matter been already emphasized by previous auditor.
* The company is carrying "P & P Expenses and issue related expenses"of
Rs.11,15,232/- as "other current assets" which in our opinion needs to
be write off. And Due to the same profit & loss account is under stated
and the balance of Other Current Assets is over stated by the said sum.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, except for the effects of the matter
described in the matter of emphasis paragraph above, 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;
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) in the case of 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, 2015 ("the
Order") issued by the Central Government in terms of Section 143 (11) of
the Act, we give in the Annexure a statement on the matters specified in
paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we report that:
a) We have sought and 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 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 aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014), together with the
early adoption by the Company of Accounting Standard (AS) 30 Financial
Instruments, Recognition and Measurement, effective April 1, 2007, and
the consequential limited revisions as has been announced by the
Institute of Chartered Accountants of India to certain Accounting
Standards, as stated in Note 2 (a) and 38.
e) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the other matters included in the Auditor's Report
and to our best of our information and according to the explanations
given to us :
i. The Company does not have any pending litigations which would
impact its financial position.
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses.
iii. There is no amount required to be transferred, to the investor's
education and protection fund by the company.
ANNEXURE TO THE INDEPENDENT AUDITORS REPORT
The annexure referred to in our report to the members of LESHA
INDUSTRIES LIMITED ('the company'), for the year ended 31st March, 2015.
We report that,
(i) In respect of its fixed assets:
a. The Company has maintained proper records showing full particulars,
including quantitative details and situation of the fixed assets.
b. Some of the fixed assets were physically verified during the year
by the Management in accordance with a programme of verification, which
in our opinion provides for physical verification of all the fixed
assets at reasonable intervals. According to the information and
explanations given to us no material discrepancies were noticed on such
verification.
(ii) In respect of its inventories:
a. As explained to us, the inventories (excluding inventories with
third parties) were physically verified during the year by the
Management at reasonable intervals.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
(iii) The Company has granted loan to one related party covered in the
register maintained u/s 189 of the companies Act, 2013. The amount
involved i.e the maximum amount outstanding during the year involved in
such transaction was Rs. 263.01 lacs and the yearend balance is Nil.
a) The said loans were interest free and repayable on demand
b) There is no outstanding dues in respect of the said loan
(iv) In our opinion and according to the information and explanations
given to us, there is 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. Further, on the
basis of our examination of the books and records of the Company and
according to the information and explanations given to us, no major
weakness has been noticed or reported.
(v) According to information and explanations given to us, the Company
has not accepted any deposits from public during the year. In respect
of unclaimed deposits, the Company has complied with the provisions of
sections 73 to 76 or any other relevant provisions of the Companies
Act, 2013 and the rules made thereunder.
(vi) As informed to us, the central government has not prescribed
maintenance of cost records under sub section (1) of the section 148 of
the Act.
(vii) According to the information and explanations given to us in
respect of statutory dues:
a. The Company has generally been regular in depositing undisputed
statutory dues, including Provident Fund, Income-tax, Sales Tax, Wealth
Tax, Service Tax, Duty of customs, Duty of excise, Value added tax,
Cess and any other material statutory dues with the appropriate
authorities.
b. According to the information and explanations given to us, no
undisputed amount payable in respect of Income Tax, Wealth Tax, Service
Tax, Sales Tax, Customs Duty and Excise Duty and were in arrears, as of
31st March, 2015 for a period of more than six months from the date
they became payable.
(viii) There is no amount required to be transferred to investor
education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made
thereunder
(ix) The Company has accumulated losses of Rs. 168.35 lacs as at the
end of financial year which is less than 50 % of net worth of the
company. Further, company has incurred cash loss of Rs. 13.45lacs
during the financial year covered under audit and also incurred cash
losses of Rs. 3.56 lacs in the immediately preceding financial year.
(x) The Company has not taken any borrowings from banks, financial
institutions or by way of debentures. Accordingly, the provisions of
clause 3(ix) of the Order are not applicable to the Company.
(xi) According to the information and explanations given to us and the
records of the Company examined by us, the Company has not given any
guarantees for loans taken by others from banks or financial
institutions. Accordingly, the provisions of clause 3(x) of the Order
are not applicable to the Company.
(xii) The Company has not taken any term loans during the year.
Accordingly the provisions of clause 3(xi) of the Order are not
applicable to the Company.
(xiii) To the best of our knowledge and according to the information
and explanations given to us, no fraud by the Company and no material
fraud on the Company has been noticed or reported during the year.
For Pradip B. Gandhi & Co.
Chartered Accountants
Frn No. 118674W
CAPradip B. Gandhi
Place : Ahmedabad Partner
Date : 30-05-2015 Membership No. 102070
Mar 31, 2014
We have audited the accompanying Financial Statements of M/s. LESHA
INDUSTRIES LIMITED (the "Company"), which comprise the Balance Sheet as
at 31st March 2014, the Statement of Profit & Loss and also the Cash
Flow Statement for the year ended and a summary of significant
accounting polices 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 and 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. 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 auditors'' 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 auditors
consider 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.
Emphasis of Matter :
We draw attention to
a) The company has in past granted/ renewed loans and advances of Rs.
18.29 lacs, which has been identified as non-performing asset. Further
there are Capital Advances of Rs. 75 lacs and Advances to Suppliers of
Rs. 42.03 lacs, which are Doubtful of Recovery. In the opinion of the
directors, the process of recovery is going on and the same is not
fully doubtful of recovery. However in our opinion, company needs to
make provision for such long outstanding non-performing assets
amounting to Rs. 135.32 lacs. Due to non-provision in this regard, the
debit balance of profit & loss account is under stated and the balance
of loans and advances are over stated by the said sum.
Opinion
In our opinion, and to the best of our information and according to the
explanations given to us, the accompanying financial statements give
the information required by the Act in the manner so required and give
a true and fair view in conformity with the Accounting Principles
generally accepted in India.
i) In the case of Balance Sheet, of the state of affairs of the company
as at 31st March 2014.
ii) In the case of Statement of Profit & Loss, of the Loss for the year
ended on that date and,
iii) In the case of Cash Flow Statement, of the Cash Flows for the year
ended on that date.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003, as
amended by the companies (Auditor''s Report) (amendment) order, 2004
issued by the Central Government of India, in terms of Section
227(4A) of the Companies Act, 1956, we give in the Annexure, a
statement on the matters specified in paragraphs 4 and 5 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 accounts 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 & 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 & Loss and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards notified under the Companies Act, 1956 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 to the extent applicable.
e) On the basis of written representations received from the Directors
and taken on record by the Board of Directors, none of the Directors of
the company are prima facie disqualified as on 31st March 2014 from
being appointed as Directors of the company in terms of clause (g) of
Section 274(1) of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS'' REPORT
Referred to in Paragraph 1 under the heading of "Report on other Legal
and Regulatory Requirements" of our report of even date.
1. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of Fixed
Assets on the basis of available information.
(b) We are informed that all the fixed assets have been physically
verified by the management during the year and no material
discrepancies were noticed on such verification.
(c) During the year, the company has not disposed off any major part of
fixed assets and the Going Concern status of the Company is not
affected.
2. a. The Inventories lying with the company have been physically
verified by the management to the extent practicable at reasonable
interval during the year or at the year end.
b. In our opinion the procedures of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
c. In our opinion the company is maintaining proper records of
inventories and according to the records of the company the
discrepancies noticed on physical verification of stocks as compared to
book records were not material.
3. (a) According to the information and explanations given to us, the
Company has taken/granted unsecured loans from/to companies covered in
the Register maintained under Section 301 of the Companies Act, 1956;
(i) The Company has taken interest free loans from Two parties covered
in the aforesaid Register. The amount involved (i.e. the maximum
amount outstanding during the year was Rs. 1005.28 lacs). Rs. 892.61
lacs were payable to these parties as at the close of the accounting
year.
(ii) The company has granted interest free loan to Six parties covered
in the Register maintained u/s 301 of the Companies Act, 1956. The
amount involved (i.e. the maximum amount outstanding during the year
was Rs. 486.57 lacs) Rs. 373.75 lacs were due from these parties as at
the close of the accounting year.
(b) According to the information and explanation given to us, the terms
and conditions in respect of unsecured loans taken by the Company are
not prima-facie prejudicial to the interest of the Company.
(c) In our opinion and according to the information and explanations
given to us, the payment of principle amount are on demand.
(d) In our opinion and according to the information and explanation
given to us, there are no overdue amounts in respect of the
transactions listed in clause (a) above.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business, with regard to purchase of inventory, fixed assets and for
the sale of goods. During the course of audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
5. According to the information and explanations given to us, we are of
the opinion that there are no transaction that need to be entered into
a register in pursuance of section 301 of the Companies Act, 1956.
6. According to the information and explanation given to us, the
Company has not accepted any deposits from the public within the
meaning of Section 58A and 58AA of the Companies Act, 1956 and rules
framed there under.
7. The company has no formal internal audit system, however, according
to management, the existing internal control procedure is adequate.
8. Maintenance of cost records has not been prescribed by the central
government under provision of Section 209(1)(d) of the Companies Act,
1956.
9. (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, employees state insurance,
income-tax, VAT, wealth tax, custom duty, service tax, excise duty,
cess and any other statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income-tax, VAT, service tax,
wealth tax, custom duty, excise duty, cess were in arrears, as at 31st
March, 2014 for a period of more than six months from the date they
become payable.
10. The Company has accumulated losses of Rs. 148.59 lacs at the end of
the year which is less than 50%of Net worth of the Company. Further,
the company has incurred cash loss of Rs. 3.56 lacs during the
financial year covered under audit and also incurred cash loss of Rs.
30.80 lacs during the immediately preceding financial year.
11. In our opinion, and according to the information and explanation
given to us, the company has not defaulted in repayment of dues to a
financial institution or bank or debenture holders.
12. In our opinion, the company has not granted any loans and advances
on the basis of security by way of pledge of shares, debentures and
other securities.
13. In our opinion, the company is not chit fund or nidhi mutual
fund/society.
14. According to the information and explanation given to us, the
company has maintained proper records of transactions and contracts in
respect of trading in shares, debentures and other securities and
timely entries have been made therein. The Shares, securities & other
investments have been held by the company in its own name.
15. In our opinion, and according to information and explanations given
to us, the Company has not given guarantee for loans taken by others
from banks or financial institutions.
16. Company has not availed any term loan during the year.
17. According to the information and explanation given to us, and on an
overall examination of the balance sheet of the company, we report that
no funds raised on short-term basis have been used for long-term
investment. No long-term funds have been used to finance short-term
assets except permanent working capital.
18. The Company has not made any preferential allotment of shares
during the year to any parties and companies covered in the register
maintained under Section 301 of the Companies Act 1956.
19. According to the information and explanations given to us, the
Company has not issued any debenture.
20. Company has not raised any money by public issue during the year.
21. Based on the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the company has been noticed or reported during
the course of our audit.
For, Shamik J. Divatia & Co.
CHARTERED ACCOUNTANTS
(Gnanesh Divatia)
Place : Ahmedabad PROPRIETOR
Date : 30/05/2014 Firm Registration No. 109880W
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s. LESHA INDUSTRIES
LIMITED, as at 31st March, 2012 and also the Statement of Profit & Loss
Account and Cash Flow Statement for the year ended on that date annexed
hereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these Financial Statements based on our audit.
2. We conducted our audit in accordance with Auditing Standards
generally accepted in India. Those Standards 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 amount and
disclosures in the Financial Statement. 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, as
amended by the Companies (Auditor's Report) (amendment) order, 2004,
issued by the Central Government of India, in terms of Sub-Section(4A)
of section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred to in Paragraph 3
above, we report that:
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion, proper books of accounts as required by Law have
been kept by the Company so far as appears from our examination of such
books.
c. The Balance Sheet, Statement of Profit & 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 & Loss and
Cash Flow Statement dealt with this report comply with the Accounting
Standards referred to in Sub-Section (3C) of Section 211 of the
Companies Act, 1956 to the extent applicable.
e. On the basis of written representation received from the Directors
and taken on record by the Board of Directors, we report that none of
the Directors of the company are disqualified as on 31st March 12 from
being appointed as Directors of the company under section 274(1)(g) of
Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the examinations given to us, the accounts together with the notes
thereon give the information required under 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 Balance Sheet, of the state of affairs of the company
as 31st March 2012.
II) In the case of Statement of Profit & Loss, of the Loss for the year
ended on that date.
III) In the case of Cash Flow Statement, of the cash flows of the
company for the year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
Annexure referred to in paragraph 3 of the Auditor's report to the
members of M/s. LESHA INDUS- TRIES LIMITED on the accounts for the
ended 31st March, 2012.
1. (a) The Company has maintained proper records showing full
particulars, including quantitative
details and situation of Fixed Assets on the basis of available
information.
(b) We are informed that all the fixed assets have been physically
verified by the management during the year and no material
discrepancies were noticed on such verification.
(c) During the year, the company has not disposed off any major part of
fixed assets and the Going Concern status of the Company is not
affected.
2. a. The Inventories lying with the company have been physically
verified by the management to
the extent practicable at reasonable interval during the year or at the
year end.
b. In our opinion the procedures of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
c. In our opinion the company is maintaining proper records of
inventories and according to the records of the company the
discrepancies noticed on physical verification of stocks as compared to
book records were not material.
3. (a) According to the information and explanations given to us, the
Company has taken/granted
unsecured loans from/to companies covered in the Register maintained
under Section 301 of the Companies Act, 1956;
(i) The Company has taken interest free loans from Three party covered
in the aforesaid Register. The amount involved (i.e. the maximum
amount outstanding during the year was Rs. 602.00 lacs). Rs. 12.50
lacs were payable to these parties as at the close of the accounting
year.
(ii) The company has granted interest free loan to Five parties covered
in the Register maintained u/s 301 of the Companies Act, 1956. The
amount involved (i.e. the maximum amount outstanding during the year
was Rs. 712.57 lacs) Rs. 711.74 lacs were due from these parties as at
the close of the accounting year.
(b) According to the information and explanation given to us, the terms
and conditions in respect of unsecured loans taken by the Company are
not prima-facie prejudicial to the interest of the Company.
(c) In our opinion and according to the information and explanations
given to us, the payment of principle amount are on demand.
(d) In our opinion and according to the information and explanation
given to us, there are no overdue amounts in respect of the
transactions listed in clause (a) above.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business, with regard to purchase of inventory, fixed assets and for
the sale of goods. During the course of audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
5. According to the information and explanations given to us, we are
of the opinion that there are no transaction that need to be entered
into a register in pursuance of section 301 of the Companies Act, 1956.
6. According to the information and explanation given to us, the
Company has not accepted any deposits from the public within the
meaning of Section 58A and 58AA of the Companies Act, 1956 and rules
framed there under.
7. The company has no formal internal audit system, however, according
to management, the existing internal control procedure is adequate.
8. Maintenance of cost records has not been prescribed by the central
government under provision of Section 209(1)(d) of the Companies Act,
1956.
9. (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues
including provident fund, investor education and protection fund,
employees state insurance, income-tax, VAT, wealth tax, custom duty,
service tax, excise duty, cess and any other statutory dues applicable
to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income-tax, VAT, service tax,
wealth tax, custom duty, excise duty, cess were in arrears, as at 31st
March, 2012 for a period of more than six months from the date they
become payable.
10. The Company has accumulated losses of Rs. 81.11 lacs at the end of
the year. Further, the company has incurred cash loss of Rs. 40.31 lacs
during the financial year covered under audit. However the company has
not incurred any cash loss during the immediately preceding financial
year.
11. In our opinion, and according to the information and explanation
given to us, the company has not defaulted in repayment of dues to a
financial institution or bank or debenture holders.
12. In our opinion, the company has not granted any loans and advances
on the basis of security by way of pledge of shares, debentures and
other securities.
13. In our opinion, the company is not chit fund or nidhi mutual
fund/society.
14. According to the information and explanation given to us, the
company has maintained proper records of transactions and contracts in
respect of trading in shares, debentures and other securities and
timely entries have been made therein. The Shares, securities & other
investments have been held by the company in its own name.
15. In our opinion, and according to information and explanations
given to us, the Company has not given guarantee for loans taken by
others from banks or financial institutions.
16. Company has not availed any term loan during the year.
17. According to the information and explanation given to us, and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment. No long-term funds have been used to finance short-term
assets except permanent working capital.
18. According to the information and explanations given to us, the
Company has made preferential allotment of 274100 equity shares to
parties and companies covered in the register maintained under Section
301 of the Companies Act on Preferential basis as per SEBI Guidelines.
19. According to the information and explanations given to us, the
Company has not issued any debenture.
20. Company has not raised any money by public issue during the year.
21. Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the company has been noticed or reported during
the course of our audit.
FOR NAIMISH K. SHAH & CO
Firm Registration No. 106828W
CHARTERED ACCOUNTANTS
(NAIMISH K. SHAH)
Place : Ahmedabad PROPRIETOR
Date : 03.09.2012 M. No. 31147
Mar 31, 2009
1. We have audited the attached Balance Sheet of M/s. TECHNOCORP
INFOSYSTEMS LIMITED, as at 31st March, 2009 and also the Profit Loss
Account for the year ended on that date. These financial statements are
the responsibility of the Company's management. Our responsibility is
to express an opinion on these Financial Statements based on our audit.
2. We conducted our audit in accordance with Auditing Standards
generally accepted in India. Those Standards 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 amount and
disclosures in the Financial Statement. 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, as
amended by the Companies (Auditor's Report) (amendment) order, 2004,
issued by the Central Government of India, in terms of Sub-Section(4A)
of section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred to in Paragraph 3
above, we report That:
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion, proper books of accounts as required by Law have
been kept by the Company so far as appears from our examination of such
books.
c. The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of account.
d. In our opinion, the Balance Sheet and Profit & Loss Accounts dealt
with this report comply with the Accounting Standards referred to in
Sub-Section (3C) of Section 211 of the Companies . Act, 1956 to the
extent applicable.
e. On the basis of written representation received from the Directors
and taken on record by the Board of Directors, we report that none of
the Directors of the company are disqualified as on 31st March 09 from
being appointed as Directors of the company under section 274(1 )(g) of
Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the examinations given to us, the accounts together with the notes
thereon give the information required under 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 Balance Sheet, of the state of affairs of the company
as 31st March 2009.
ii) In the case of Profit & Loss account, of the Profit for the year
ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
Annexure referred to in paragraph 3 of the Auditor's report to the
members of M/s TECHNOCORP INFOSYSTEMS LIMITED on the accounts for the
ended 31st March, 2009.
1. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of Fixed
Assets on the basis of available information.
(b) We are informed that all the fixed assets have been physically
verified by-the management during the year and no material
discrepancies were noticed on such verification.
(c) During the year, the company has not disposed off any major part of
fixed assets and the Going Concern status of the Company is not
affected.
2.(a) According to the information and explanations given to us, the
Company has taken/granted unsecured loans from/to companies covered in
the Register maintained under Section 301 of the Companies Act, 1956;
(i) The Company has taken interest free loans from any party covered in
the aforesaid Register.
(ii) The company has granted interest free loan to Seven parties
covered in the Register maintained u/s 301 of the Companies Act, 1956.
The amount involved (i.e. the maximum amount outstanding during the
year was Rs. 84.29 lacs) Rs. 84.29 lacs were due from these parties as
at the close of the accounting year.
(b) According to the information and explanation given to us, the terms
and conditions in respect of unsecured loans taken by the Company are
not prima-facie prejudicial to the interest of the Company.
(c) in our opinion and according to the information and explanations
given to us, the payment of principal amount are on demand.
(d) in our opinion and according to the information and explanation
given to us, there are no overdue amounts in respect of the
transactions listed in clause (a) above.
3. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business, with regard to purchase of inventory, fixed assets and for
the sale of goods. During the course of audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
4. According to the information and explanations given to us, we are of
the opinion that there are no transaction that need to be entered into
a register in pursuance of section 301 of the Companies Act, 1956.
5. The company has no formal internal audit system, however, according
to management, the existing internal control procedure is adequate.
6. Maintenance, of cost records has not been prescribed by the central
government under provision of Section 209(1 )(d) of the Companies Act,
1956.
8. (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, employees state insurance,
income-tax, VAT, wealth tax, custom duty, service tax, excise duty,
cess and any other statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income-tax, VAT, service tax,
wealth tax, custom duty, excise duty, cuss were in arrears, as at 31st
March, 2009 for a period of more than six months from the date they
become payable.
9. The Company has accumulated losses of Rs. 15.10 lacs at the end of
the year, however, the company has not incurred any cash losses during
the financial year covered under audit and in the immediately preceding
financial year.
10. In our opinion, and according to the information and explanation
given to us, the company has not defaulted in repayment of dues to a
financial institution or bank or debenture holders.
11. In our opinion, the company has not granted any loans and advances
on the basis of security by way of pledge of shares, debentures and
other securities.
12. In our opinion, the company is not chit fund or nidhi mutual
fund/society.
13. The company is not dealing in shares, debentures and other
securities.
14. In our opinion, and according to information and explanations given
to us, the company has not given guarantee for loans taken by others
from banks or financial institutions.
15. Company has not availed any term loan during the year.
16. According to the information and explanation given to us, and on an
overall examination of the balance sheet of the company, we report that
no funds raised on short-term basis have been used for long-term
investment. No long-term funds have been used to finance short-term
assets except permanent working capital.
17. According to the information and explanations given to us, the
Company has not made any preferential allotment of shares during the
year to parties and companies covered in the register maintained under
Section 301 of the Act.
18. According to the information and explanations given to us, the
Company has not issued any debenture.
19. Company has not raised any money by public issue during the year.
20. According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the year under
review.
21. Clause 2 is not applicable to the company and hence not commented.
FOR NAIMESH K. SHAH & CO
CHARTERED ACCOUNTANTS
Place: Ahmedabad
Date : 20.09.2009 (NAIMESH K. SHAH)
PROPRIETOR
Mar 31, 2008
1. We have audited the attached Balance Sheet of M/s. TECHNOCORP
INFOSYSTEMS LIMITED, as at 31st March, 2008 and also the Profit Loss
Account for the year ended on that date. These financial statements are
the responsibility of the Company's management. Our responsibility is
to express an opinion on these Financial Statements based on our audit.
2. We conducted our audit in accordance with Auditing Standards
generally accepted in India. Those Standards 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 amount and
disclosures in the Financial Statement. 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. Further to our comments in the Annexure referred to in Paragraph 3
above, we report That:
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion, proper books of accounts as required by Law have
been kept by the Company so far as appears from our examination of such
books.
c. The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of account.
d. In our opinion, the Balance Sheet and Profit & Loss Accounts dealt
with this report comply with the Accounting Standards referred to in
Sub-Section (3C) of Section 211 of the Companies Act, 1956 to the
extent applicable.
e. On the basis of written representation received from the Directors
and taken on record by the Board of Directors, we report that none of
the Directors of the company are disqualified as on 31st March 08 from
being appointed as Directors of the company under section 274(1)(g) of
Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the examinations given to us, the accounts together with the notes
thereon give the information required under 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 Balance Sheet, of the state of affairs of the company
as 31st March 2008.
ii) In the case of Profit & Loss account, of the Profit for the year
ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
Annexure referred to in paragraph 3 of the Auditor's report to the
members of M/s. TECHNOCORP INFOSYSTEMS LIMITED. on the accounts for the
ended 31st March, 2008.
1. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of Fixed
Assets on the basis of available information.
(b) We are informed that all the fixed assets have been physically
verified by the management during the year and no material
discrepancies were noticed on such verification.
(c) During the year, the company has not disposed off any major part of
fixed assets and the Going Concern status of the Company is not
affected.
2.(a) According to the information and explanations given to us, the
company has taken/granted unsecured loans from/to companies covered in
the Register maintained under section 301 of the companies Act, 1956;
i) The company has not taken any loans from any party covered in the
aforesaid Register.
ii) The company has granted interest free loan to three parties covered
in the Register maintained u/s 301 of the companies Act,1956. The
amount involved (i.e. the maximum amount outstanding during the year
was Rs.12.29 lacs) Rs.12.29 lacs were due from these parties as at the
close of the accounting year.
(b) According to the information and explanation given to us, the terms
and conditions in respect of unsecured loans taken by the company are
not prima-facie prejudicial to the interest of the company.
(c) In our opinion and according to the information and explanations
given to us, the payment of principal amount are on demand.
(d) In our opinion and according to the information and explanations
given to us, there are no overdue amounts in respect of the
transactions listed in clause (a) above.
3. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business, with regard to purchase of inventory, fixed assets and for
the sale of goods. During the course of audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
4. According to the information and explanations given to us, we are of
the opinion that there are no transaction that need to be entered into
a register in pursuance of section 301 of the Companies Act, 1956.
5 According to the information and explanation given to us, the Company
has not accepted any deposits from the public within the meaning of
Section 58A and 58AA of the Companies Act, 1956 and rules framed there
under.
6. The company has no formal internal audit system, however, according
to management, the existing internal control procedure is adequate.
7. Maintenance, of cost records has not been prescribed by the central
government under provision of Section 209(1 )(d) of the Companies Act,
1956.
8. (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, employees state insurance,
income-tax, VAT, wealth tax, custom duty, service tax, excise duty,
cess and any other statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income-tax, VAT, service tax,
wealth tax, custom duty, excise duty, cuss were in arrears, as at 31st
March, 2011 for a period of more than six months from the date they
become payable.
9. The Company has accumulated losses of Rs. 15.52 lacs at the end of
the year, however, the company has not incurred any cash losses during
the financial year covered under audit and in the immediately preceding
financial year.
10. In our opinion, and according to the information and explanation
given to us, the company has not defaulted in repayment of dues to a
financial institution or bank or debenture holders.
11. In our opinion, the company has not granted any loans and advances
on the basis of security by way of pledge of shares, debentures and
other securities.
12. In our opinion, the company is not chit fund or nidhi mutual
fund/society.
13. The company is not dealing in shares, debentures and other
securities.
14. In our opinion, and according to information and
explanations given to us, the Company has not given guarantee for loans
taken by others from banks or financial institutions.
15. Company has not availed any term loan during the year.
16. According to the information and explanation given to us, and on an
overall examination of the balance sheet of the company, we report that
no funds raised on short-term basis have been used for long-term
investment. No long-term funds have been used to finance short-term
assets except permanent working capital.
17. According to the information and explanations given to us, the
Company has not made any preferential allotment of shares during the
year to parties and companies covered in the register maintained under
Section 301 of the Act.
18. According to the information and explanations given to us, the
Company has not issued any debenture.
19. Company has not raised any money by public issue during the year.
20. According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the year under
review.
21. Clause 2 is not applicable to the company and hence not commented.
FOR NAIMESH K. SHAH & CO
CHARTERED ACCOUNTANTS
Place: Ahmedabad
Date : 01.09.2011 (NAIMESH K. SHAH)
PROPRIETOR
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