Mar 31, 2015
We have audited the accompanying financial statements of Maharashtra
Corporation Limited ("the Company"), which comprise the Balance Sheet
as at March 31, 2015, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The management and Board of Directors of the Company are responsible
for the matters stated 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 Companies (Accounts) Rules, 2014. This responsibility
includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding the assets of the Company
and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; design,
implementation and maintenance of adequate internal financial controls,
that are 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 there under. 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 a true and fair view,
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial controls
system over financial reporting and the operating effectiveness of such
controls An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by the Company's management and Board of 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, 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 of the state of affairs of the Company as
at 31st March 2015, its loss and its 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 of India in terms of
sub-section (11) of section 143 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 further 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
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 aforesaid financial statements comply with the
applicable Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules 2014.
e. On the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f. In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014.
i. The Company does not have any pending litigations which would
impact its financial position.
ii. The Company did not have any long-term contracts including
derivative contracts; as such the question of commenting on any
material foreseeable losses thereon does not arise
iii. There has not been an occasion in case of the Company during the
year under report to transfer any Sums to the Investor Education and
Protection Fund. The question of delay in transferring such sums does
not arise.
Annexure referred to in paragraph 1 of our Report of even date to the
members of Maharashtra Corporation Limited on the accounts of the
company for the year ended 31st March, 2015
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of our
audit, we report that:
i. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
b) As explained to us, fixed assets have been physically verified by the
management at regular intervals; as informed to us no material
discrepancies were noticed on such verification;
ii. a) The inventory has been physically verified by the management
during the year. In our opinion, the frequency of such verification is
reasonable. For stocks lying with third parties at the year end,
written confirmations have been obtained for significant account
balances.
b) The procedures for the 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) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
iii. The Company has not granted any loans or advances in the nature of
loans to parties covered in the register maintained under section 189
of the Companies Act, 2013. Hence, this clause is not applicable.
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. The Company has not accepted any deposits from the public covered
under Section 73 to 76 of the Companies Act, 2013
vi. As informed to us, the Central Government has not prescribed
maintenance of cost records under sub-section (1) of Section 148 of the
Act
vii. a) According to the information and explanations given to us and
based on the records of the company examined by us, the company is
regular in depositing the undisputed statutory dues, including Provident
Fund, 'Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty and other material statutory dues,
as applicable, with the appropriate authorities in India;
b) According to the information and explanations given to us and based
on the records of the company examined by us, there are no dues of
Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise
Duty which have not been deposited on account of any disputes.
c) There are no amount required to be transferred by the Company to the
investor Education and protection Fund in accordance with provision of
the Companies Act, 2013 and the rules made there under.
viii. The accumulated losses of the company are not more than fifty per
cent of its net worth. The company has not incurred any Cash losses
during the year. However, Company had incurred cash losses in the
immediately preceding financial year.
ix. As the Company does not have any borrowings from any financial
institution or bank nor has it issued any debentures as at the Balance
Sheet date, the provision of clause 3(ix) of the order are not
applicable to the company.
x. According to the information and explanations given to us, the
Company has not given any guarantee for loan taken by others from a
bank or financial institution during the year. Accordingly, the
provisions of Clause 3(x) of the order are not applicable to the
company.
xi. The Company has not raised any term loans. Accordingly, the
provisions of Clause 3(xi) of the order are not applicable to the
Company.
xii. During the course of our examination of the books and records of
the company, carried in accordance with the auditing standards
generally accepted in India, we have neither come across any instance
of fraud on or by the Company noticed or reported during the course of
our audit nor have we been informed of any such instance by the
Management.
For Lakhpat M Trivedi & Co.
Chartered Accountants
Sd/-
Lakhpat M Trivedi
Proprietor
M. No. 109047
Place : Mumbai
Date : 30.05.2015
Mar 31, 2014
We have audited the attached Balance Sheet of M/s- MAHARASHTRA
CORPORATION LIMITED as at 31st March, 2014, the Profit & Loss Account
and the Cash Flow Statement of the Company for the nine months period
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.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that, we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatements. An audit includes
examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditors'' Report) Order, 2003 (CARO)
issued by the Central Government in terms of Section 227(4A) of the
Companies Act, 1956. We give in the annexure hereto a statement on the
matters specified in the said order.
1. 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.
2. In our opinion, the company has maintained proper record as required
by law so far as it appears from our examination of the books of
accounts.
3. The Balance Sheet and the Profit & Loss Account dealt with by this
report are in agreement with the books of accounts and comply with the
accounting standards referred to in sub-section [3C] of Section 211 of
the Companies Act. 1956.
4. On the basis of written representation received from Director and
taken on record by the Board of Directors, we report that none of the
Directors are disqualified from being appointed as a Director in terms
of Clause (g) of sub section (1) of section 274 of the Companies Act,
1956.
5. In our opinion and according to the information and explanations
given to us, the said accounts read together with the notes thereon,
gives the information required by the Companies Act, 1956 and in the
manner as required and give a true and fair view:
a. In the case of the Balance Sheet of the state of affairs of the
Company as on 31st March, 2014.
b. In the case of Profit & Loss Account of the Profit of the Company
for year ended that date.
c. In the case of Cash Flow statement, of the cash flow for the nine
months period ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Statement referred to in paragraph 1 of our Report of even date on the
Accounts of M/s. MAHARASHTRA CORPORATION LIMITED for the period ended
31st March, 2014)
1) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed Assets. The fixed
assets of the Company have been physically verified by the management
during the year in accordance with the regular program which in our
opinion is reasonable having regard to the size of the Company and the
nature of its assets. No material discrepancies were noticed on such
verification. The Company has not disposed off any Fixed Assets during
the year.
2) As explained to us, inventories have been physically verified during
the year by the Management. The intervals at which the inventories
have been verified are, in our opinion reasonable in relation to the
size of the Company and the nature of its business.
The procedures explained to us, which are followed by the Management
for physical verification of inventories, are, in our opinion
reasonable and adequate in relation to the size of the Company and the
nature of its business
On the basis of our examination, we are of opinion that, the company is
maintaining proper records of its inventory. Discrepancies which were
noticed on physical verification of inventory as compared to book
records have been properly dealt with in the books of account.
3) The Company has not taken any loan secured or unsecured from
Companies, Firms and other parties listed in the register maintained
under section 301 and/or from the Companies under the same Management
as defined under section 370 (1B) of the Companies Act, 1956. In view
of this sub clause (b), (c) and (d) of the clause (iii) of the
Companies (Auditors'' Report) Order, 2003 are not applicable.
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.
5) In our opinion and according to the information and explanations
given to us the Company has not done any transaction that needs to be
entered in the register maintained under Section 301 of the Act.
6) In our opinion and according to the information and explanations
given to us the Company has not accepted any deposit from the public
during the year as stated in the provisions of Section 58 A of the
Companies Act, 1956.
7) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8) The provisions of Section 209 (1) (d) of the Companies Act, 1956 are
not applicable to the Company.
9) According to the records of the Company, there were no undisputed
statutory dues including Provident Fund, , Employees'' State Insurance,
Income Tax, Sales Tax, Wealth Tax, Custom Duty, cess and other
Statutory dues applicable to it as at 30th June, 2012 for a period of
more than six months from the date they became payable.
10) The Company does not have any accumulated losses at the end of the
financial year.
11) The company has not taken any loans from bank or financial
institutions.
12) The Company has, in our opinion, maintained adequate documents and
records in respect of loans and advances granted on the basis of
security by way of pledge of shares 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) The Company has, in our opinion, maintained proper records and
contracts with respect to its investments where timely entries of
transactions are made in the former. All investments at the close of
the year are generally held in the name of the Company except in a few
cases where the titles to the investments are in dispute or are in the
process of transfer.
15) The Company has not given any guarantee for loan taken by others
from bank or financial institutions.
16) The company has not taken any term loan, during the financial year.
17) The Company has not raised any fund, long term or short term during
the year.
18) The Company has not made any preferential allotment of shares to
the parties or Companies covered in the register maintained under
section 301 of the Companies Act, 1956.
19) The Company has not issued any debentures during the year.
20) The Company has not raised any money through a public issue during
the year.
21) Based upon the audit procedures performed by us for expressing our
opinion on these financial statements and information and explanations
given by the Management, we report that no fraud on or by the Company
has been noticed or reported during the year.
For Lakhpat M Trivedi & Co.
Chartered Accountants
Sd/-
Lakhpat M Trivedi
Proprietor
M. No. 109047
Place : Mumbai
Date : 29.05.2014
Jun 30, 2013
We have audited the attached Balance Sheet of M/s. MAHARASHTRA
CORPORATION LIMITED as at 30th June, 2013, the Profit & Loss Account
and the Cash Flow Statement of the Company for the year ended on that
date annexed thereto. These financial statements are the responsibility
of the Company''s management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that, we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatements. An audit includes
examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditors'' Report) Order, 2003 (CARO)
issued by the Central Government in terms of Section 227(4A) of the
Companies Act, 1956. We give in the annexure hereto a statement on the
matters specified in the said order.
1. 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.
2. In our opinion, the company has maintained proper record as
required by law so far as it appears from our examination of the books
of accounts.
3. The Balance Sheet and the Profit & Loss Account dealt with by this
report are in agreement with the books of accounts and comply with the
accounting standards referred to in sub-section [3C] of Section 211 of
the Companies Act. 1956.
4. On the basis of written representation received from Director and
taken on record by the Board of Directors, we report that none of the
Directors are disqualified from being appointed as a Director in terms
of Clause (g) of sub section (1) of section 274 of the Companies Act,
1956.
5. In our opinion and according to the information and explanations
given to us, the said accounts read together with the notes thereon,
gives the information required by the Companies Act, 1956 and in the
manner as required and give a true and fair view:
a. In the case of the Balance Sheet of the state of affairs of the
Company as on 30th June, 2013.
b. In the case of Profit & Loss Account of the Profit of the Company
for year ended that date.
c. In the case of Cash Flow statement, of the cash flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Statement referred to in paragraph 1 of our Report of even date on the
Accounts of M/s. MAHARASHTRA CORPORATION LIMITED for the year ended
30th June, 2013.)
1) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed Assets. The fixed
assets of the Company have been physically verified by the management
during the year in accordance with the regular program which in our
opinion is reasonable having regard to the size of the Company and the
nature of its assets. No material discrepancies were noticed on such
verification. The Company has not disposed off any Fixed Assets during
the year.
2) As explained to us, inventories have been physically verified during
the year by the Management. The intervals at which the inventories have
been verified are, in our opinion reasonable in relation to the size of
the Company and the nature of its business.
The procedures explained to us, which are followed by the Management
for physical verification of inventories, are, in our opinion
reasonable and adequate in relation to the size of the Company and the
nature of its business
On the basis of our examination, we are of opinion that, the company is
maintaining proper records of its inventory. Discrepancies which were
noticed on physical verification of inventory as compared to book
records have been properly dealt with in the books of account.
3) The Company has not taken any loan secured or unsecured from
Companies, Firms and other parties listed in the register maintained
under section 301 and/or from the Companies under the same Management
as defined under section 370 (1B) of the Companies Act, 1956. In view
of this sub clause (b), (c) and (d) of the clause (iii) of the
Companies (Auditors'' Report) Order, 2003 are not applicable.
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.
5) In our opinion and according to the information and explanations
given to us the Company has not done any transaction that needs to be
entered in the register maintained under Section 301 of the Act.
6) In our opinion and according to the information and explanations
given to us the Company has not accepted any deposit from the public
during the year as stated in the provisions of Section 58 A of the
Companies Act, 1956.
7) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8) The provisions of Section 209 (1) (d) of the Companies Act, 1956 are
not applicable to the Company.
9) According to the records of the Company, there were no undisputed
statutory dues including Provident Fund, , Employees'' State Insurance,
Income Tax, Sales Tax, Wealth Tax, Custom Duty, cess and other
Statutory dues applicable to it as at 30th June, 2012 for a period of
more than six months from the date they became payable.
10) The Company does not have any accumulated losses at the end of the
financial year.
11) The company has not taken any loans from bank or financial
institutions.
12) The Company has, in our opinion, maintained adequate documents and
records in respect of loans and advances granted on the basis of
security by way of pledge of shares 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) The Company has, in our opinion, maintained proper records and
contracts with respect to its investments where timely entries of
transactions are made in the former. All investments at the close of
the year are generally held in the name of the Company except in a few
cases where the titles to the investments are in dispute or are in the
process of transfer.
15) The Company has not given any guarantee for loan taken by others
from bank or financial institutions.
16) The company has not taken any term loan, during the financial year.
17) The Company has not raised any fund, long term or short term during
the year.
18) The Company has not made any preferential allotment of shares to
the parties or Companies covered in the register maintained under
section 301 of the Companies Act, 1956.
19) The Company has not issued any debentures during the year.
20) The Company has not raised any money through a public issue during
the year.
21) Based upon the audit procedures performed by us for expressing our
opinion on these financial statements and information and explanations
given by the Management, we report that no fraud on or by the Company
has been noticed or reported during the year.
For Lakhpat M Trivedi & Co.
Chartered Accountants
Sd/-
Lakhpat M Trivedi
Proprietor M. No. 109047
Place : Mumbai
Date : 27.08.2013
Jun 30, 2010
We have audited the attached Balance Sheet of M/S MAHARASHTRA OVERSEAS
LIMITED as at 30th June, 2010 and Profit & Loss A/c for the year ended
on that date annexed thereto. These financial statements are the
responsibility of the Companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standard require that, we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatements. An audit includes
examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditors Report) codes, 2003 issued by
the Company Law Board in terms of Section 227(4A) of the Companies
Act,1956. We give in the annexure hereto a statement on the matters
specified in the said order.
1. 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.
2. In our opinion, the company has maintained proper record as
required by law so far as it appears from our examination of the books
of accounts.
3. The Balance Sheet and the Profit & Loss Account dealt with by this
report are in agreement with the books of accounts and comply with the
accounting standards referred to in sub-section [3C] of Section 211 of
the Companies Act. 1956.
4. On the basis of written representation received from Director and
taken on record by the Board of Directors, we report that none of the
Directors are disqualified from being appointed as a Director in terms
of Clause (g) of sub section (1) of section 274 of the Companies Act,
1956.
5. In our opinion and according to the information and explanations
given to us, the said accounts read together with the notes thereon,
gives the information required by the Companies Act, 1956 and in the
manner as required and give a true and fair view:
a. In the case of the Balance Sheet of the state of affairs of the
Company as on 30* June, 2010.
b. In the case of Profit & Loss Account of the Profit of the Company
for year ended that date.
c. In the case of Cash Flow statement, of the cash flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Statement referred to in paragraph 1 of our Report of even date on the
Accounts of M/S MAHARASHTRA OVERSEAS LIMITED for the year ended 30th
June, 2010.)
1) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed Assets. The fixed
assets of the Company have been physically verified by the management
during the year in accordance with th regular program which in our
opinion is reasonable having regard to the size of the Company and the
nature of its assets. No material discrepancies were noticed on such
verification. The Company has not disposed off any Fixed Assets during
the year.
2) The company does not carry any stock of Raw Material, Finished
Goods, Stores and Spares. As per the practice consistently followed by
the Company, purchase of stationery etc. are charged to the revenue
directly and no stock is carried by the Company. In view of the above
no comments are offered on (i) procedure of physical verification (ii)
discrepancies on physical verification if any.
3) The Company has not taken any loan secured or unsecured from
Companies, Firms and other parties listed in the register maintained
under section 301 and/or from the Companies under the same Management
as defined under section 370 (IB) of the Companies Act, 1956. In view
of this sub clause (b), (c) and (d) of the clause (iii) of the
Companies (Auditors Report) Order, 2003 are not applicable.
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.
5) In our opinion and according to the information and explanations
given to us the Company has not done any transaction that needs to be
entered in the register maintained under Section 301 of the Act.
6) In our opinion and according to the information and explanations
given to us the Company has not accepted any deposit from the public
during the year as stated in the provisions of Section 58 A of the
Companies Act, 1956.
7) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8) The provisions of Section 209 (1) (d) of the Companies Act 1956 are
not applicable to the Company.
9) According to the records of the Company, there were no undisputed
statutory dues including Provident Fund,, Employees State Insurance,
Income Tax, Sales Tax, Wealth Tax, Custom Duty, cess and other
Statutory dues applicable to it as at 30th June, 2010 for a period of
more than six months from the date they became payable.
10) The Company does not have any accumulated losses at the end of the
financial year.
11) The company has not taken any loans from bank or financial
institutions.
12) The Company has, in our opinion, maintained adequate documents and
records in respect of loans and advances granted on the basis of
security by way of pledge of shares 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 rudhi/mutual benefit
fund, Societies.
14) The Company has, in our opinion, maintained proper records and
contracts with respect to its investments where timely entries of
transactions are made in the former. All investments at the close of
the year are generally held in the name of the Company except in a few
cases where the titles to the investments are in dispute or are in the
process of transfer.
15) The Company has not given any guarantee for loan taken by others
from bank or financial institutions.
16) The company has not taken any term loan, during the financial year.
17) The Company has not raised any fund, long term or short term during
the year.
18) The Company has not made any preferential allotment of shares to
the parties or Companies covered in the register maintained under
section 301 of the Companies Act,1956.
19) The Company has not issued any debentures during the year.
20) The Company has not raised any money through a public issue during
the year.
21) Based upon the audit procedures performed by us for expressing our
opinion on these financial statements and information and explanations
given by the Management, we report that no fraud on or by the Company
has been noticed or reported during the year.
For Lakhpal N Trivedi & Co.
Chartered Accountants
Sd/-
Lakhpat N Trivedi
Proprietor
M. No. 109047
Place: Mumbai
Date : 13.11.2010
Jun 30, 2009
We have audited the attached Balance Sheet of M/S MAHARASHTRA OVERSEAS
LIMITED as at 30th June, 2009 and Profit & Loss A/c for the year ended
on that date annexed thereto. These financial statements are the
responsibility of the Companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standard require that, we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatements. An audit includes
examining on a test basis, evidence supporting the-amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditors Report) codes, 2003 issued by
the Company Law Board in terms of Section 227 (4A) of the Companies
Act, 1956. We give in the annexure hereto a statement on the matters
specified in the said order.
1. 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.
2. In our opinion, the company has maintained proper record as
required by law so far as it appears from our examination of the books
of accounts.
3. The Balance Sheet and the Profit & Loss Account dealt with by this
report are in agreement with the books of accounts and comply with the
accounting standards referred to in sub-section [3C] of Section 211 of
the Companies Act. 1956.
4. On the basis of written representation received from Director and
taken on record by the Board of Directors, we report that none of the
Directors are disqualified from being appointed as a Director in terms
of Clause (g) of sub section (1) of section 274 of the Companies Act,
1956.
5. In our opinion and according to the information and explanations
given to us, the said accounts read together with the notes thereon,
gives the information required by the Companies Act, 1956 and in the
manner as required and give a true and fair view:
a. In the case of the Balance Sheet of the state of affairs of the
Company as on 31st March, 2008.
b. In the case of Profit & Loss Account of the Profit of the Company
for year ended that date.
c. In the case of Cash Row statement, of the cash flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Statement referred to in paragraph 1 of our Report of even date on the
Accounts of M/S MAHARASHTRA OVERSEAS LIMITED for the year ended 30th
June, 2009.)
1) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed Assets. The fixed
assets of the Company have been physically verified by the management
during the year in accordance with the regular program which in our
opinion is reasonable having regard to the size of the Company and the
nature of its assets. No material discrepancies were noticed on such
verification. The Company has not disposed off any Fixed Assets during
the year.
2) The company does not carry any stock of Raw Material, Finished
Goods, Stores and Spares. As per the practice consistently followed by
the Company, purchase of stationery etc. are charged to the revenue
directly and no stock is carried by the Company. In view of the above
no comments are offered on (i). procedure of physical verification (ii)
discrepancies on physical verification if any.
3) The Company has not taken any loan secured or unsecured from
Companies, Firms and other parties listed in the register maintained
under section 301 and/or from the Companies under the same Management
as defined under section 370 (IB) of the Companies Act, 1956. In view
of this sub clause (b), (c) and (d) of the clause (ifl)of the
Companies (Auditors Report) Order, 2003 are not applicable.
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.
5} In our opinion and according to the information and explanations
given to us the Company has not done any transaction that needs to be
entered in the register maintained under Section 301 of the Act.
6) In our opinion and according to the information and explanations
given to us the Company has not accepted any deposit from the public
during the year as stated in the provisions of Section 58 A of the
Companies Act, 1956.
7) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8) The provisions of Section 209 (1) (d) of the Companies Act, 1956 are
not applicable to the Company.
9) According to the records of the Company, there were no undisputed
statutory dues including Provident Fund,, Employees State Insurance,
Income Tax, Sales Tax, Wealth Tax, Custom Duty, cess and other
Statutory dues applicable to it as at 30th June, 2009 for a period of
more than six months from the date they became payable.
10) The Company does not have any accumulated losses at the end of the
financial year.
11) The company has not taken any loans from bank or financial
institutions.
12) The Company has, in our opinion, maintained adequate documents and
records in respect of loans and advances granted on the basis of
security by way of pledge of shares 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) The Company has, in our opinion, maintained proper records and
contracts with respect to its investments where timely entries of
transactions are made in the former. All investments at the close of
the year are generally held in the name of the Company except in a few
cases where the titles to the investments are in dispute or are in the
process of transfer.
15) The Company has not given any guarantee for loan taken by others
from bank or financial institutions.
16) The company has not taken any term loan, during the financial year.
17) The Company has not raised any fund, long term or short term during
the year.
18) The Company has not made any preferential allotment of shares to
the parties or Companies covered in the register maintained under
section 301 of the Companies Act, 1956.
19) The Company has not issued any debentures during the year.
20) The Company has not raised any money through a public issue during
the year.
21) Based upon the audit procedures performed by us for expressing our
opinion on these financial statements and information and explanations
given by the Management, we report that no fraud on or by the Company
has been noticed or reported during the year.
For B. P. Trivedi & Associates
Chartered Accountants
Sd/-
Bharat P Trivedi
Proprietor
M. No. 037468
Place : Mumbai
Date : 13.11.2009