Mar 31, 2014
We have audited the accompanying financial statements of Mahasagar
Travels Limited, which comprise the Balance Sheet as at 31st March ,
2014, the Statement of Profit and Loss and the Cash Flow Statement for
the year then ended, and a summary of the significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 ("the Act"). This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
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 the
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 the 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 the 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 the Management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date, and
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the 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 it appears from our examination of
those books.
(c) The Balance Sheet, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
ANNEXURE TO THE AUDITORS '' REPORT
(Referred to in our Report of even date)
(I) (a) The Company maintains proper records showing full particulars
including quantitative details and situations of fixed asset.
(b) The fixed assets have been physically verified by the management at
all its offices at reasonable interval. Material discrepancies were not
noticed.
(c) The Company did not disposed off a substantial part of fixed assets
during the year.
(ii) (a) The management carried out physical verification of the
inventory at reasonable intervals during the year
(b) In our opinion, and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business.
(C) The Company maintains proper records of inventory, No Discrepancies
noticed on physical verification of inventory as compared to the book
records.
(iii) (a) The Company has not granted or taken any loans, secured or
unsecured to/from Companies, firms or other parties covered in the
register maintained under Section 301 of the Act during the year.
(b) In our opinion, the terms and conditions of such Loans were not,
prima facie, prejudicial to the interest of the Company.
(c) In respect of the aforesaid Interest free loan, the Company is
receiving the Loan amount as stipulated.
(d) In respect of the aforesaid Loan, there is no specific terms for
repayment of loan.
(iv) In our opinion, the Company has an adequate internal control
procedure commensurate with the size of the Company and nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods.
(v) (a) according to the information and explanation given to us, based
on the disclosure of interest made by the directors of the Company,
transactions that need to be entered into a register in pursuance of
section 301 of the Act have been so entered.
(b) In our opinion and according to the information and explanations
given to us, in respect of the transactions made in pursuance of
contracts or arrangement entered in the registers maintained under
section 301, the rates at which such services are rendered are
reasonable having regard to the prevailing market prices of such
services and the commission paid to other parties.
(vi) The Company has not accepted any deposits from the public to which
the directives issued by the Reserve Bank of India and the provisions
of section 58A and 58AA of the Act and the rules framed there under are
applicable,
(vii) In our opinion, the Company has an adequate internal control
system in the absence of internal audit system commensurate with the
size and nature of its business.
(viii) The Central Government has not prescribed maintenance of cost
records under section 209(1)(d) of the Act for any of the activities of
the Company.
(ix) (a) According to the information and explanations given to us, the
Company is generally regular in depositing undisputed statutory dues
including,, Income Tax, Sales Tax, RTO Tax etc. and any other statutory
dues with the appropriate authorities. There is no Undisputed Dues as
at March, 31st 2014 for a period exceeding six months from the date
they became payable is accounted for on accrual basis and provided for
in the books.
Name of the Statue Nature of dues Amount
1 The Gujarat Commercial
Tax Act Proessinal Tax 23200/-
Name of the Statue Perieod to which Due Dates Date of
it relate Payment
1 The Gujarat Commercial April-2013 to 7th of next
Tax Act September-2013 month N.A
(b) According to information and explanations given to us, the
following are disputed dues by the company under the various Acts.
Name of the statue Dispute
Amount
1 The Income Tax Act, 1961 INCOME TAX 6508160/-
2 The Income Tax Act, 1961 INCOME TAX 3868320/-
3 The Income Tax Act, 1961 T.D.S 367014/-
4 The Income Tax Act, 1961 T.D.S 81600/-
5 Service Tax SERVICE TAX 1,88,71,086/-
Name of the statue Period to which Forum where dispute
amount relates is pending
1 The Income Tax Act, 1961 F.Y.2007-08 ITAT, Rajkot
2 The Income Tax Act, 1961 F.Y.2010-11 CIT (APPEALS) IV
,Ahmedabad
3 The Income Tax Act, 1961 F.Y. 2012-13 CIT(appeal), Rajkot
4 The Income Tax Act, 1961 F.Y. 2013-14 CIT(appeal), Rajkot
5 Service Tax April-2006 to CESTAT, Ahmedabad
February-2011
The pending dipute of Income Tax in relation to F.Y. 2006-07 and F.Y.
2007-08 in which there is reduction in loss and department has filed
appel at ITAT, Rajkot and in relation to F.Y. 2009-10, the dispute is
pending before CIT (A), Rajkot is not included in above table as there
is no tax demand in it.
(x) The Company''s accumulated losses at the end of the financial year
does not exceed 50 % of its net worth. The company does not incurred
cash losses during the financial year and in the Financial year
immediately preceeding such financial year.
(xi) On the basis of our examination and according to the information
and explanation given to us, the Company has not defaulted in repayment
of the dues to financial institutions and Banks with respect to its
borrowing.
(xii) According to the information and explanation given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares.
(xiii) Provision for special statute applicable to chit fund, Nidhi,
Mutual Benefit Fund/ Societies are not applicable to the Company.
(xiv) According to information and explanation given to us, the Company
has not dealt in trading in shares, securities, debentures and other
investments .
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others to banks
or financial institution.
(xvi) The Company has obtained H.P. Vehicle Loan from Banks and
Financial Institution and O/D. from bank which has been utilized for
the purpose for which it was obtained.
(xvii) On the basis of our examination and according to the information
and explanation given to us, there are no funds raised on a short term
basis which are used for long term investment, and vice versa.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Companies Act During the Year
(xix) The Company has not issued debentures. Accordingly, we have no
comments.
(xx) The Company has not raised any money by public issue during the
year.
(xxi) To the best of our knowledge and according to the information and
explanations given to us, no fraud on or by the Company has been
noticed or reported during the year.
For,B.H.Advani & Associates
Place: Junagadh Chartered Accountants
Dated: 21.07.2014 F.R.No: 117127W
(B.H.Advani)
Sole Proprietor
Membership No:102464
Mar 31, 2012
1 We have audited the attached Balance Sheet of MAHASAGAR TRAVELS
LIMITED, as at 31st March, 2012 and 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 amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principals 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 (Auditor''s Report) Order, 2003 issued by
the Central Government of India in terms of Section 227(4A) of the
Companies Act, 1956 of India (the Act''), and on the basis of such
checks of books and records of the Company as we considered appropriate
and according to the information and explanations given to us, we
enclose in the Annexure, a statement on the matters specified in
paragraph 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 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 the
books ;
(c) The Balance Sheet and Profit & Loss Account statement, referred to
in this report, are in agreement with the books of account ;
(d) In our opinion, subject to our remarks in paragraph 4(a) above, the
Balance Sheet, Profit and Loss Account and Cash Flow statement dealt
with this report are in comply with the Accounting Standards referred
to in sub  section (3C) of section 211 of companies Act. 1956 ;
(e) On the basis of written representations received from the
directors, and taken on record by the Board of Directors, we report
that none of director is disqualified from being appointed as a
director in terms of clause (g) of sub -section (1) of Section 274 of
the Act
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statement read with
the notes thereon, give the information required by the companies 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, 2012 ;
(ii) In the case of Profit and Loss Account, of the profit of the
Company for the year ended on that date ; and
(iii) In the case of the Cash Flow Statement of Cash Flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS Â REPORT
(Referred to in our Report of even date)
(i) (a) The Company maintains proper records showing full particulars
including quantitative details and situations of fixed asset.
(b) The fixed assets have been physically verified by the management at
all its offices at reasonable interval. Material discrepancies were not
noticed.
(c) The Company did not disposed off a substantial part of fixed assets
during the year.
(ii) (a) The management carried out physical verification of the
inventory at reasonable intervals during the year
(b) In our opinion, and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business.
(c) The Company maintains proper records of inventory, No Discrepancies
noticed on physical verification of inventory as compared to the book
records.
(iii) (a) The Company has not granted or taken any loans, secured or
unsecured to/from Companies, firms or other parties covered in the
register maintained under Section 301 of the Act during the year.
(b) In our opinion, the terms and conditions of such Loans were not,
prima facie, prejudicial to the interest of the Company.
(c) In respect of the aforesaid Interest free loan, the Company is
receiving the Loan amount as stipulated.
(d) In respect of the aforesaid Loan, there is no specific terms for
repayment of loan.
(iv) In our opinion, the Company has an adequate internal control
procedure commensurate with the size of the Company and nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods.
(v) (a) according to the information and explanation given to us, based
on the disclosure of interest made by the directors of the Company,
transactions that need to be entered into a register in pursuance of
section 301 of the Act have been so entered. (b) In our opinion and
according to the information and explanations given to us, in respect
of the transactions made in pursuance of contracts or arrangement
entered in the registers maintained under section 301, the rates at
which such services are rendered are reasonable having regard to the
prevailing market prices of such services and the commission paid to
other parties. (vi) The Company has not accepted any deposits from the
public to which the directives issued by the Reserve Bank of India and
the provisions of section 58A and 58AA of the Act and the rules framed
there under are applicable, (vii) In our opinion, the Company has an
adequate internal control system in the absence of internal audit
system commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed maintenance of cost
records under section 209(1)(d) of the Act for any of the activities of
the Company. (ix) According to the information and explanations given
to us, the Company is generally regular in depositing undisputed
statutory dues including,, Income Tax, Sales Tax, RTO Tax etc. and any
other statutory dues with the appropriate authorities.
(x) The Company''s accumulated losses at the end of the financial year
exceeding 50 % of its net worth.The company does not incurred cash
losses during the financial year and in the Financial year immediately
preceeding such financial year. (xi) On the basis of our examination
and according to the information and explanation given to us, the
Company has not defaulted in repayment of the dues to financial
institutions and Banks with respect to its borrowing.
(xii) According to the information and explanation given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares.
(xiii) Provision for special statute applicable to chit fund, Nidhi,
Mutual Benefit Fund/ Societies are not applicable to the Company.
(xiv) According to information and explanation given to us, the Company
had dealt in trading in shares, securities, debentures and other
investments .The company maintains the records properly.However during
the year the company has not done any such transaction
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others to banks
or financial institution.
(xvi) The Company has obtained H.P. Vehicle Loan from Banks and
Financial Institution and O/D. from bank which has been utilized for
the purpose for which it was obtained.
(xvii) On the basis of our examination and according to the information
and explanation given to us, there are no funds raised on a short term
basis which are used for long term investment, and vise versa.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Companies Act During the Year
(xix) The Company has not issued debentures. Accordingly, we have no
comments.
(xx) The Company has not raised any money by public issue during the
year.
(xxi) To the best of our knowledge and according to the information and
explanations given to us, no fraud on or by the Company has been
noticed or reported during the year.
Place: Junagadh FOR B.H.ADVANI & ASSOCIATES
Dated: 01.08,2012 CHARTERED ACCOUNTANTS
F.R.N.NO: 117127W
( B.H. ADVANI )
SOLE PROPRITOR M.NO.102464,
FRN.117127W
Mar 31, 2011
1 We have audited the attached Balance Sheet of MAHASAGAR TRAVELS
LIMITED, as at 31st March, 2011 and 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 amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principals 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 (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of Section 227(4A) of the
Companies Act, 1956 of India (the Act'), and on the basis of such
checks of books and records of the Company as we considered appropriate
and according to the information and explanations given to us, we
enclose in the Annexure, a statement on the matters specified in
paragraph 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 me 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 the
books ;
(c) The Balance Sheet and Profit & Loss Account statement, referred to
in this report, are in agreement with the books of account;
(d) In our opinion, subject to our remarks in paragraph 4(a) above, the
Balance Sheet, Profit and Loss Account and Cash Flow statement dealt
with this report are in comply with the Accounting Standards referred
to in sub - section (3C) of section 211 of companies Act. 1956;
(e) On the basis of written representations received from the
directors, and taken on record by the Board of Directors, we report
that none of director is disqualified from being appointed as a
director in terms of clause (g) of sub -section (1) of Section 274 of
the Act
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statement read with
the notes thereon, give the information required by the companies 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, 2011 ;
(ii) In the case of Profit and Loss Account, of the profit of the
Company for the year ended on that date ; and
(iii) In the case of the Cash Flow Statement of Cash Flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in our Report of even date)
(i) (a) The Company does maintaining proper records showing full
particulars including quantitative details and situations of fixed asset.
(b) The fixed assets have been physically verified by the management at
all its offices at reasonable interval. Material discrepancies were not
noticed.
(c) The Company did not disposed off a substantial part of fixed assets
during the year.
(ii) (a) The management carried out physical verification of the
inventory at reasonable intervals during the year
(b) In our opinion, and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business.
(c) The Company maintains proper records of inventory, No Discrepancies
noticed on physical verification of inventory as compared to the book
records.
(iii) (a) The Company has not granted or taken any loans, secured or
unsecured to/from Companies, firms or other parties covered in the
register maintained under Section 301 of the Act during the year.
(b) In our opinion, the terms and conditions of such Loans were not,
prima facie, prejudicial to the interest of the Company.
(c) In respect of the aforesaid Interest free loan, ha Company is
receiving the Loan amount as stipulated.
(d) In respect of the aforesaid Loan, there is no specific terms for
repayment of loan.
(iv) In our opinion, the Company has an adequate internal control
procedure commensurate with the size of the Company and nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods.
(v) (a) according to the information and explanation given to us, based
on the disclosure of interest made by the directors of the Company,
transactions that need to be entered into a register in pursuance of
section 301 of the Act have been so entered.
(b) In our opinion and according to the information and explanations
given to us, in respect of the transactions made in pursuance of
contracts or arrangement entered in the registers maintained under
section 301, the rates at which such services are rendered are
reasonable having regard to the prevailing market prices of such
services and the commission paid to other parties.
(vi) The Company has not accepted any deposits from the public to which
the directives issued by the Reserve Bank of India and the provisions
of section 58A and 58AA of the Act and the rules framed there under are
applicable,
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed maintenance of cost
records under section 209(1 )(d) of the Act for any of the activities
of the Company.
(ix) According to the information and explanations given to us, the
Company is generally regular in depositing undisputed statutory dues
including,, Income Tax, Sales Tax, RTO Tax etc. and any other statutory
dues with the appropriate authorities. Dues as at March, 31st 2011 fore
period exceeding six months from the date they became payable has been
accounted for on accrual basis and has been provided for appropriately.
(x) The Company's accumulated losses at the end of the financial year
exceeding 50% of its net worth. The company does not incurred cash
losses during the financial year and in the Financial year immediately
preceding such financial year.
(xi) On the basis of our examination and according to the information
and explanation given to us, the Company has not defaulted in repayment
the dues to financial institutions and Banks with respect to its
borrowing.
(xii) According to the information and explanation given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares.
(xiii) Provision for special statute applicable to chit fund, Nidhi,
Mutual Benefit Fund/ Societies are not applicable to the Company.
(xiv) According to information and explanation given to us, the Company
is dealing or trading in shares, securities, debentures and other
investments. The company maintains the records properly.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others to banks
or financial institution.
(xvi) The Company has obtained H.P. Vehicle Loan from Banks and
Financial Institution and old from bank, which has been utilized for
the purpose for which it was obtained.
(xvii) On the basis of our examination and according to the information
and explanation given to us, there are no funds raised on a short term
basis which are used for long term investment, and vise versa.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Companies Act During the Year
(xix) The Company has not issued debentures. Accordingly, we have no
comments.
(xx) The Company has not raised any money by public issue during the
year.
(xxi) To the best of our knowledge and according to the information and
explanations given to us, no fraud on or by the Company has been
noticed or reported during the year.
FOR B.H.ADVANI & ASSOCIATES
CHARTERED ACCOUNTANTS
Sd /-
(B.H.ADVANI)
SOLE PROPRITOR
PLACE: JUNAGADH MEMBERSHIP NO. 102464
DATE : 20/08/2011 PAN : ABLPA7421R
Mar 31, 2010
1 We have audited the attached Balance Sheet of MAHASAGAR TRAVELS
LIMITED, as at 31 st March. 2010 and 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 m 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 amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3 As required by the Companies (Auditor''s Report) Order, 2003 issued by
the Central Government of India in terms of Section 227(4A) of the
Companies Act, 1956 of India (the Act''), and on the basis of such
checks of books and records of the Company as we considered appropriate
md according to the information and explanations given to us, we
enclose in the Annexure the statement on the matters specified in
paragraph 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 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 the
books ;
(c) The Balance Sheet and Profit & Loss Account statement, referred to
in this report, are in agreement with the books of account;
(d) In our opi::ion. subject to our remarks in paragraph 4(a) above,
the Balance Sheet, Profit and Loss Account and Cash Flow statement
dealt with this report are in comply with the Accounting Standards
referred to in sub - section (3C) of section 211 of companies Act. 1956
(e) On the basis of written representations received from the
directors, and taken on record by the Board of Directors, we report
that none of director is disqualified from being appointed as a
director in terms of clause (g) of sub -section (1) of Section 274 of
the Act
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statement read with
the notes thereon, give the information required by the companies Act
in the manner so required and give a true and fair View in crinite
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, 2010;
(ii) In the case of Profit and Loss Account, of the profit of the
Company for the year ended on that date ; and
(iii) In the case of the Cash Flow Statement of Cash Flows of the
Company for the year ended on that date.
(i) (a) The Company does maintaining proper records showing full
particulars including quantitative details and situations of fixed
asset.
(b) The fixed assets have been physically verified by the management at
all its offices at reasonable interval. Material discrepancies were not
noticed.
(c) The Company did not disposed off a substantial part of fixed assets
during the year.
(ii) (a) The management carried out physical verification of the
inventory at reasonable intervals during the year
(b) In our opinion, and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business.
(c) The Company maintains proper records of inventory, No Discrepancies
noticed on physical verification of inventory as compared to the book
records.
(iii) (a) The Company has not granite or taken any loans, secured or
unsecured to/from Companies, firms or other parties covered in the
register maintained under Section 301 of the Act during the year.
(b) In our opinion, the terms and conditions of such Loans were not,
prima facie, prejudicial to the interest of the Company.
(c) In respect of the aforesaid Interest free loan, the Company is
receiving the Loan amount as stipulated.
(d) In respect of the aforesaid Loan, there is no specific terms for
repayment of loan.
(iv) In our opinion, the Company has an adequate internal control
procedure commensurate with the size of the Company and nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods.
(v) (a) according to the information and explanation given to us, based
on the disclosure of interest made by the directors of the Company,
transactions that need to be entered into a register in pursuance of
section 301 of the Act have been so entered.
(b) In our opinion and according to the information and explanations
given to us, in respect of the transactions made in pursuance of
contracts or arrangement entered in the registers maintained under
section 301, the rates at which such services are rendered are
reasonable having regard to the prevailing market prices of such
services and the commission paid to other parties.
(vi) The Company has not accepted any deposits from the public to which
the directives issued by the Reserve Bank of India and the provisions
of section 58A and 58AA of the Act and the rules framed there under are
applicable,
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed maintenance of cost
records under section 209(1 )(d) of the Act for any of the activities
of the Company.
(ix) According to the information and explanations given to us, the
Company is generally regular in depositing undisputed statutory dues
including,, Income Tax. Sales Tax, RTO Tax etc. and any other statutory
dues with the appropriate authorities. Except Service Tax Dues as at
March, 31st 2010 for a period exceeding six months from the date they
became payable has been accounted for on accrual basis and has been
provided for appropriately.
(x) The Company''s accumulated losses at the end of the financial year
exceeding 50 % of its net worth The company does not incurred cash
losses during the financial year and in the Financial year immediately
preceding such financial year.
(xi) On the basis of our examination and according to the information
and explanation given to us, the Company has not defaulted in repayment
of the dues to financial institutions and Banks with respect to its
borrowing.
(xii) According to the information and explanation given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares.
(xiii) Provision for special statute applicable to chit fund, Nidhi,
Mutual Benefit Fund/ Societies are not applicable to the Company.
(xiv) According to information and explanation given to us, the Company
is not dealing or trading in shares, securities, debentures and other
investments.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others to banks
or financial institution.
(xvi) The Company has obtained H.P. Vehicle Loan from Banks and
Financial Institution, which has been utilized for the purpose for
which it was obtained.
(xvii) On the basis of our examination and according to the information
and explanation given to us, there are no funds raised on a short term
basis which are used for long term investment, and vice versa.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Companies Act During the Year
(xix) The Company has not issued debentures. Accordingly, we have no
comments.
(xx) The Company has not raised any money by public issue during the
year.
(xxi) To the best of our knowledge and according to the information and
explanations given to us, no fraud on or by the Company has been
noticed or reported during the year.
FOR B.H.ADVANI & ASSOCIATES
CHARTERED ACCOUNTANTS
Sd/-
(B.H.ADVANI)
SOLE PROPRITOR
PLACE : JUNAGADH MEMBERSHIP NO. 102464
DATE : 10/8/2010 PAN : ABLPA7421R