Mar 31, 2015
We have audited the accompanying financial statements of Manraj Housing
Finance Ltd. ('the Company'), which comprise the balance sheet as at 31
March 2015, the statement of profit and loss and 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 stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation 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 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; and design, implementation and maintenance of adequate
internal financial controls, 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 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 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 the accounting policies used and the reasonableness
of the accounting estimates made by the 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 standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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 31 March 2015 and 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 the paragraph 3 and 4 of the
Order, to the extent applicable.
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 it appears from our examination of those
books;
(c) the balance sheet, the 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 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;
(e) on the basis of the 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; and
(f) based upon our examination of internal financial controls, which
was limited to getting reasonable assurance that financial statements
are reasonably free from material misstatements, the company has
adequate intrnal financial controls systems commensurate with the size
and the nature of its activities.
(g) with respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. there are no pending litigations by or against the Company and as
such the question of disclosing the particulars regarding the same does
not arise.
ii. the company has not entered into any long term contracts including
derivative contracts and consequently the question of making any
provision for the material forseeable losses dose not arise.
iii. There are no amounts required to be transferred, to the Investor
Education and Protection Fund by the Company.
Annexure to the Auditors' Report
The Annexure referred to in our report to the members of MANRAJ HOUSING
FINANCE LIMITED for the year Ended on 31st March, 2015. 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, the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
were noticed on such verification.
(ii) (a) The management has conducted physical verification of inventory
at reasonable intervals;
(b) The procedures of physical verification of inventory 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 has maintained proper records of inventory and no
material discrepancies were noticed on physical verification;
(iii) The company has not granted any loan to any company, firm or
other party covered in register maintained u/s. 189 of the companies
Act, 2013. The sub clauses a, and b are therefore not applicable.
(iv) There is an adequate internal control system commensurate with the
size of the company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods and services.
There is no major weakness in the in the internal control system of the
company.
The examination of internal control system performed by us was limited
to getting reasonable assurance that financial statements are
reasonably free from material misstatements.
(v) The company has not accepted any deposits in terms of provisions of
sections 73 to 76 of the companies Act, 2013 and as such the question
of complying with the relevant provisions of the Act and rules made
thereunder does not arise.
(vi) The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the act, for any of services rendered
by the company.
(vii) (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion the company is
generally regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Income tax,
Wealth Tax, service Tax, cess and all other material statutory dues
applicable to it with the appropriate authorities. Further according to
the information and explanations given to us, there are no undisputed
amounts payable in respect of such statutory dues which have remained
outstanding as at 31st March, 2015 for a period of more than six months
from the date they became payable.
(b) There are no dues of Income tax/MVAT/Wealth tax/Service Tax/ Custom
duty/ Excise duty/cess that have not been deposited on account of any
dispute.
(c) According to the information and explanation given to us and the
records of the company examined by us, there were no amounts to be
transferred to investor education and protection fund and hence this
clause is not applicable.
(viii) The Company does not have any accumulated losses at the end of
the financial year but has incurred cash losses in the financial year
and has not incurred cash losses in the immediately preceding financial
year.
(ix) According to the information and explanation given to us, we
report that the Company has not defaulted in repayment of dues to a
financial institution or other bank at the balance sheet date.
(x) In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
(xi) The Company has not obtained any term loan and hence the question
of its utilization does not arise;
(xii) According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
FOR N.S.DOSHI & CO
Chartered Accountants
F.R.N: 102738W
(N. S. Doshi Proprietor)
M. No.: 10212
Place- JALGAON
Date- 30th MAY, 2015
Mar 31, 2014
We have audited the accompanying financial statements of Manraj Housing
Finance Limited ("the Company"), which comprise the Balance Sheet as at
31st March 2014, and the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
(II) Management Responsibility for the Financial Statements.
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with the General Circular
15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs
in respect of section 133 of the Companies Act, 2013. This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
(III) Auditor''s Responsibility.
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances , but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control . 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.
(IV) 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 matters
described in the basis for qualified opinion paragraph, 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, and
b) In the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date.
c) In case of the Cash Flow Statement, of the cash flows for the year
ended on that date.
(V) Emphasis of Matter
The company had granted loans aggregating to Rs. 13,32,01,708 during
the financial year 2012-13 to certain parties, only on the basis of an
agreement to furnish documents to create security to repay loan amount
on demand. However the company has entered into agreements to acquire
tenancy rights acquired by these parties and hence these advances
together with interest have been adjusted towards acquisition of these
rights. Our opinion is not qualified in respect of this matter.
(VI) Report on other Legal & 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 Section
227(4A) 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 u/s. 227 (3) of the Act, we report that;
i. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii. In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
iii. 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;
iv. In our opinion, the Balance Sheet, Statement of Profit and Loss
and Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of the section 211
of 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.
v. On the basis of the written representations received from the
directors as on 31st March, 2014 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2014 from being appointed as director in terms of clause
(g) of sub- section (1) of Section 274 of the Act.
Annexure to Independent Auditors'' Report
Referred to in Paragraph 1 under the heading of "Report on other Legal
and Regulatory Requirements" of our report of even date On the basis of
such checks as considered appropriate and in terms of the information
and explanations given to us, we state as under:
i) a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
were noticed on such verification.
c) During the year, the Company has not disposed off any of fixed
assets so as to affect its going concern status.
ii) a) The management has conducted physical verification of inventory
at reasonable intervals;
b) The procedures of physical verification of inventory 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 has maintained proper records of inventory and no
material discrepancies were noticed on physical verification;
iii) a) The company has not granted any loan to any company, firm or
other party covered in register maintained u/s. 301 of the companies
Act, 1956.
b) The sub clauses b, c and d are therefore not applicable.
e) The company has not taken any loans, secured or unsecured, from any
company, firm or other parties covered in the register maintained under
section 301 of the Companies Act, 1956 and hence sub clauses (f) and
(g) are not applicable.
iv) There is an adequate internal control system commensurate with the
size of the company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods and services.
v) a) According to the information and explanation given to us the
transactions that need to be entered into a register in pursuance of
section 301 of the Act have been entered in the register required to be
maintained under that sections; and
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
vi) The company has not accepted any deposit within the meaning of the
provisions of section 58A and 58AA of the Companies Act, 1956 and the
rules framed there under.
vii) The company does not have a formal internal audit system. However,
in our opinion there are adequate internal control procedures
commensurate with the size and nature of its business
viii) The company has not undertaken any construction / manufacturing
activity during the year under review and as such question of
maintaining any records in terms of Sec. 209(1)(d) of the Companies
Act, 1956 read with Cost Accounting Records Rules 2011 does not arise.
ix) a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion the company
is generally regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Income tax,
Wealth Tax, service Tax, cess and all other material statutory dues
applicable to it with the appropriate authorities. Further according
to the information and explanations given to us, there are no
undisputed amounts payable in respect of such statutory dues which have
remained outstanding as at 31st March, 2014 for a period of more than
six months from the date they became payable.
b) There are no dues of Income tax/MVAT/Wealth tax/Service Tax/Custom
duty/Excise duty/cess that have not been deposited on account of any
dispute.
x) The company has no accumulated losses as at 31st March 2014 and has
not incurred any cash loss during the financial year ended on that date
or in the immediately preceding financial year.
xi) According to the information and explanation given to us, we report
that except for certain delay in repaying a temporary overdraft taken
from a co-operative bank, the Company has not defaulted in repayment of
dues to a financial institution or other bank at the balance sheet
date. The amount and period of delay are Rs. 3 Crores and 120 days
respectively.
xii) The company has not granted loans and advances on the basis of
security by way of pledge of fixed deposits, shares, debentures and
other securities.
xiii) The provisions of any special statute applicable to Chit Fund,
Nidhi or Mutual Fund/ Societies are not applicable to the company
xiv) 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 from bank
or financial institutions;
xvi) The Company has not obtained any term loan and hence the question
of its utilization does not arise;
xvii) According to the information and explanations given to us and
based on the overall examination of the balance sheet, the funds raised
on short term basis have not been used for long-term investments.
xviii) The company has not made any fresh allotment of shares during
the year and hence question of allotting them on preferential basis to
parties and companies covered in the Register maintained under section
301 of the Companies Act, 1956 does not arise.
xix) The Company has not issued any debentures during the year under
review and hence question of creating securities in respect thereof
does not arise.
xx) The Company has not raised any money by public issues during the
year under review.
xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of audit.
FOR N.S.DOSHI & CO.
Chartered Accountants
Jalgaon (N. S. Doshi Proprietor)
13th May 2014. M. No.10212
FRN. 102738W
Mar 31, 2013
(I) Report on financial statements
We have audited the accompanying financial statements of Manraj Housing
Finance Limited ("the Company"), which comprise the Balance Sheet
as at 31 March 2013, and the Statement of Profit and Loss and the Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies other explanatory information.
(II) Management Responsibility for the Financial Statements.
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and fair presentation of the financial statements
that are free from material misstatement, whether due to fraud or
error.
(III) Auditor''s Responsibility.
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our qualified audit
opinion.
(IV) Basis for Qualified Opinion
1) The company has w/off Rs. 13,80,500 (including interest of Rs.
3,80,500) due from a party to whom advance was given without any
security in F.Y 2010-11. The interest of Rs.3,80,500 (Credited to
interest not collected on other loans in the F.Y 2010- 11/ 2011-12) is
transferred to P&L account this year.
2) Advances which are unsecured given to 5 parties involving
Rs.3,59,84,436 in the aggregate remain unconfirmed.
(V) 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 matters
described in the basis for qualified opinion paragraph, 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 2013, and
b) In the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date.
c) In case of the Cash Flow Statement, of the cash flows for the year
ended on that date.
(VI) Emphasis of Matter
The Company has granted loans aggregating to Rs. 13,32,01,708 during
the year (balance as on 31-03-2013 Rs.14,42,61,132 )to certain parties
and an advance of Rs. 70,00,000 (balance as on 31.03.2013-Rs.
74,54,512) to a relative of a Director only on the basis of an
agreement to furnish documents to create security to repay the same on
demand. However, no security is created till this date.
(VII) Report on other Legal & Regulatory Requirements
(1) As required by the Companies (Auditor''s Report) Order, 2003 as
amended by Companies (Auditors'' Report) Amendment Order, 2004
(together the ''Order'') issued by the Central Government of India in
terms of sub- section (4A) of section 227 of 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 annexure A'' a statement on the matters specified in
paragraph 4 and 5 of the said Order.
(2) As required u/s. 227 (3) of the Act, we report that;
i. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii. In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
iii. 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;
iv. Except for the effects of the matters described in the basis for
qualified opinion paragraph, in our opinion, the Balance Sheet,
Statement of Profit and Loss and Cash Flow Statement dealt with by this
report comply with the accounting standards referred to in sub-section
(3C) of the section 211 of the Companies Act, 1956 to the extent
applicable.
v. On the basis of the written representations received from the
directors as on 31 March, 2013 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31 March, 2013 from being appointed as director in terms of clause (g)
of sub-section (1) of Section 274 of the Act.
Annexure A referred to in paragraph (VII) 1 of the Independent
Auditor''s Report of even date
i) a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
were noticed on such verification.
c) During the year, the Company has not disposed off any of fixed
assets so as to affect its going concern status.
ii) a) The Management has conducted physical verification of inventory
at reasonable intervals;
b) The procedures of physical verification of inventory followed by the
management are reasonable and adequate in relation to the size of the
company and the/iature of its business.
c) The company has maintained proper records of inventory and no
material discrepancies were noticed on physical verification;
iii) a) The company has granted an advance of Rs.70,00,000 (balance as
on 31/03/2013 Rs. 74,54,512), to a brother of a director covered in
register maintained u/s. 301 of the companies Act, 1956.
b) In our opinion the rate of interest charged are not prima facie
prejudicial to the interest of the company, no security is taken
against the said loan.
c & d) There are no stipulation for the repayment of principal and
interest charged. The outstanding interest receivable as at 31st March,
2013 is Rs. 4,54,511. Accordingly the question of regularity in
repayment of principal amount, and determination of overdue amount, if
any, does not arise.
e) The company has not taken any loans, secured or unsecured, from any
company, firm or other parties covered in the register maintained under
section 301 of the Companies Act, 1956 and hence sub clauses (f) and
(g) are not applicable.
iv) There is an adequate internal control system commerfsurate with the
size of the company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods and services.
v) a) According to the information and explanation given to us the
transactions that need to be entered into a register in pursuance of
section 301 of the Act.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
vi) The company has not accepted any deposit within the meaning of the
provisions of section 58A and 58AA of the Companies Act, 1956 and the
rules framed there under.
vii) The company does not have a formal internal audit system. However,
in our opinion there are adequate internal control procedures
commensurate with the size and nature of its business
viii) The company has not undertaken any construction / manufacturing
activity during the year under review and as such question of
maintaining any records in terms of Sec. 209(1 )(d) of the Companies
Act, 1956 read with Cost Accounting Records Rules 2011 (which have
become applicable to the company w.e.f .1.4.2011) does not arise.
ix) a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion the company
is generally regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees''
State Insurance, Income tax, Wealth Tax, service Tax, cess and all
other material statutory dues applicable to it with the appropriate
authorities. Further according to the information and explanations
given to us, there are no undisputed amounts payable in respect of such
statutory dues which have remained outstanding as at 31st March, 2013
for a period more than six months from the date they became payable.
b) There are no dues of Income tax/MVAT/Wealth tax/Service Tax/Custom
duty/Excise duty/cess that have been deposited on account of any
dispute.
x) The company has no accumulated losses as at 31st March 2013 and has
not incurred any cash loss during the financial year ended on that date
or in the immediately preceding financial year.
xi) According to the information and explanation given to us the
Company has not defaulted in repayment of dues to a financial
institution or bank at the balance sheet date.
xii) The company has not granted loans and advances on the basis of
security by way of pledge of fixed deposits, shares, debentures and
other securities. -
xiii) The provisions of any special statute applicable to Chit Fund,
Nidhi or Mutual Fund/ Societies are not applicable to the company
xiv) 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 from bank
or financial institutions;
xvi) The Company has not obtained any term loan and hence the question
of its utilization does not arise;
xvii) According to the information and explanations given to us, the
funds raised on short term basis have not been used for long-term
investments.
xviii) The company has not made any fresh allotment of shares during
the year and hence question of allotting them on preferential basis to
parties and companies covered in the Register maintained under section
301 of the Companies Act , 1956 does not arise.
xix) The Company has not issued any debentures during the year under
review and hence question of creating securities in respect thereof
does not arise.
xx) The Company has not raised any money by public issues during the
year under review.
xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of audit.
FOR N.S.DOSHI & CO.
Chartered Accountants
Jalgaon
28 May 2013 (N. S. Doshi Proprietor)
M. No.10212
FRN. 102738W
Mar 31, 2012
1) We have audited the attached Balance Sheet of Manraj Housing Finance
Limited, as at 31st March 2012 and also the Profit And Loss Account for
the year ended on that date annexed thereto. These statements are
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 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 as
amended by Companies (Auditors' Report) Amendment Order, 2004
(together the 'Order') issued by the Central Government of India in
terms of sub- section (4A) of section 227 of the Companies Act, 1956
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 annexure 'A' a statement on
the matters specified in paragraph 4 and 5 of the said Order.
4) The Company has granted loans to certain parties during the year
under review aggregating to Rs. 3,00,00,000 and in earlier years
aggregating to Rs. 3,81,74,000/- only on the basis of an agreement to
create security as and when required.
However no such security is created till date.
5) Attention is drawn to Note No. 7 to Notes on Accounts regarding
writing off of certain housing loans and other advances aggregating to
Rs. /- 13,30,892.
6) Further to our comments in para 5 and the Annexure referred to in
para 3 above and subject to our comments in para 4 above, we report
that:
i. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii. In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
xviii) The company has not made any fresh allotment of shares during
the year and hence question of allotting them on preferential basis to
parties and companies covered in the Register maintained under section
301 of the Companies Act, 1956 does not arise.
xix) The Company has not issued any debentures during the year under
review and hence question of creating securities in respect thereof
does not arise.
xx) The Company has not raised any money by public issues during the
year under review.
xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of audit.
Annexure A referred to in paragraph 3 of the Auditors' Report of even
date
i) a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
were noticed on such verification.
c) During the year, the Company has not disposed off any substantial/
major part of fixed assets so as to affect its going concern status.
ii) a) The Management has conducted physical verification of inventory
at reasonable intervals;
b) The procedures of physical verification of inventory 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 has maintained proper records of inventory and no
material discrepancies were noticed on physical verification;
iii) a) The company has not granted any loans, secured or unsecured ,to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956 and hence sub clauses
(b),(c) and (d) are not applicable.
b) The company has not taken any loans, secured or unsecured, from any
company, firm or other parties covered in the register maintained under
section 301 of the Companies Act, 1956 and hence sub clauses (f) and
(g) are not applicable.
iv) There is an adequate internal control system commensurate with the
size of the company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods and services.
v) a) According to the information and explanation given to us the
transactions that need to be entered into a register in pursuance of
section 301 of the Act have been properly entered, b) In our opinion
and according to the information and explanations given to us, the
transactions made in pursuance of contracts or arrangements have been
made at prices which are reasonable having regard to the prevailing
market prices at the relevant time.
vi) The company has not accepted any deposit within the meaning of the
provisions of section 58A and 58AA of the Companies Act, 1956 and the
rules framed there under.
vii) The company does not have a formal internal audit system. However,
in our opinion there are adequate internal control procedures
commensurate with the size and nature of its business
viii) The company has not undertaken any construction / manufacturing
activity during the year under review and as such question of
maintaining any records in terms of Sec. 209(1 )(d) of the Companies
Act, 1956 read with Cost Accounting Records Rules 2011 (which have
become applicable to the company w.e.f. 1.4.2011) does not arise.
ix) a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion the company
is generally regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees'
State Insurance, Income tax, Wealth Tax, Service Tax, cess and all
other material statutory dues applicable to it with the appropriate
authorities. Further according to the information and explanations
given to us, there are no undisputed amounts payable in respect of such
statutory dues which have remained outstanding as at 31st March, 2012
for a period more than six months from the date they became payable.
b) There are no dues of Income tax/MVAT/Wealth tax/Service Tax/Custom
duty/Excise duty/cess that have not been deposited on account of any
dispute.
x) The company has no accumulated losses as at 31st March 2012 and has
not incurred any cash loss during the financial year ended on that date
or in the immediately preceding financial year.
xi) According to the information and explanation given to us the
Company has not defaulted in repayment of dues to a financial
institution or bank at the balance sheet date.
xii) The company has not granted loans and advances on the basis of
security by way of pledge of fixed deposits, shares, debentures and
other securities.
xiii) The provisions of any special statute applicable to Chit Fund,
Nidhi or Mutual Fund/ Societies are not applicable to the company
xiv) 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 from bank
or financial institutions;
xvi) The Company has not obtained any term loan and hence the question
of its utilization does not arise;
xvii) According to the information and explanations given to us, the
funds raised on short term basis have not been used for long-term
investments.
iii. The Balance Sheet and Profit and Loss account dealt with by this
report in agreement with the books of account;
iv. In our opinion, the Balance Sheet and Profit and Loss Account
dealt with by this report comply with the accounting standards referred
to in sub-section (3C) of the section 211 of the Companies Act, 1956 to
the extent applicable.
v. On the basis of the written representations received from the
directors as on 31st March, 2012 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2012 from being appointed as director in terms of clause
(g) of sub-section (I) of Section 274 of the Companies Act, 1956.
vi. In our opinion and to the best of our information and according to
the explanations given to us, the accounts together with the notes
thereon and attached thereto give the information required by the
Companies Act, 1956, in the manner so required and give true and fair
view in conformity with the accounting principles generally accepted in
India:
a) In the case of the Balance Sheet of the state of affairs of the
Company as at 31st March, 2012, and
b) In the case of the Profit and Loss Account, of the Profit for the
year ended on that date.
And
c) In case of cash flow statement, of the cash flow for the year ended
on that date.
For N.S.DOSHI & CO.
Chartered Accountants
Jalgaon (N. S. Doshi-Proprietor)
21st May, 2012. M.No.10212
FRN. 102738W
Mar 31, 2011
1) We have audited the attached Balance Sheet of Manraj Housing Finance
Limited, as at 31st March 2011 and also the Profit And Loss Account for
the year ended on that date annexed thereto. These 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 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 (Auditor's Report) Order, 2003 as
amended by Companies (Auditor's Report) Amendment Order, 2004 (together
the 'Order') issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956 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 annexure 'A' a statement on the
matters specified in paragraph 4 and 5 of the said Order.
4) The Company has granted loans to certain parties during the year
under review aggregating to Rs.3,81,74,000/- only on the basis of an
agreement to create security as and when required. However no such
security is created till date.
5) Attention is drawn to Note No. 7 to Notes on Accounts regarding
writing off of certain housing loans aggregating to Rs.25,43,272/-.
6) Further to our comments in Para 5 and the Annexure referred to in
Para 3 above and subject to our comments in Para 4 above, we report
that:
i. We have obtained all the information and explanations, which to the
best of our knowledge and belief which were necessary for the purposes
of our audit;
ii. 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;
iii. The Balance Sheet and Profit and Loss Account dealt with by this
report in agreement with the books of account;
iv. In our opinion, The Balance Sheet and Profit and Loss Account
dealt with by this report comply with the accounting standards referred
to in sub- section (3C) of the section 211 of the Companies Act 1956
to the extent applicable.
v. On the basis of written representations received from the
directors, as on 31st March, 2011 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2011 from being appointed as director in terms of clause (g)
of sub-section (1) of section 274 of the Companies Act, 1956;
vi. In our opinion and to the best of our information and according to
the explanations given to us, the accounts together with the notes
thereon and attached thereto give the information required by the
Companies Act, 1956, in the manner so required and give true and fair
view in conformity with the accounting principles generally accepted in
India:
a) In case of the Balance Sheet of the state of affairs of the Company
as at 31st March, 2011; and
b) In the case of the Profit and Loss Account of the Profit for the
year ended on that date;
And
c) In case of cash flow statement, of the cash flow for the year ended
on that date.
Annexure referred to in paragraph 3 of the Auditors' Report of even
date
i) a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
were noticed on such verification.
c) During the year, the Company has not disposed off any substantial /
major part of fixed assets.
ii) a) The Management has conducted physical verification of inventory
at reasonable intervals;
b) The procedures of physical verification of inventory 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 has maintained proper records of inventory and no
material discrepancies were noticed on physical verification;
iii) a) The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956 and hence sub clauses
(b), ( c) and (d )are not applicable
b) The company has not taken any loan secured or unsecured from any
company, firm or other parties covered in the register maintained under
section 301 of the Companies Act, 1956 and hence sub clauses (f) and
(g) are not applicable.
iv) There is an adequate internal control system commensurate with the
size of the company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods & services.
v) According to the information and explanation given to us the company
has not entered in to any transactions during the relevant financial
year that need to be entered into a register in pursuance of section
301 of the Act;
vi) The company has not accepted deposits from the public during the
financial year and there are no outstanding deposits at the year end.
vii) The company does not have a formal internal audit system. However,
in our opin- ion there are adequate internal control procedures
commensurate with its size and nature of its business.
viii) Maintenance of cost records has not been prescribed by the
Central Government under section 209 (1) (d) of the Companies Act;
1956.
ix) a) According to the information and explanations given to us of the
Company examined by us, in our opinion, the Company is generally
regular in depositing undisputed statutory dues including provident
fund, investor education and protection fund, employees state
insurance, income-tax, sales tax wealth tax, service tax, custom duty,
excise duty, cess and other material statutory dues applicable to it
with the appropriate authorities.
b) There are no dues of Income tax/MVATA Wealth tax/ Service tax/Custom
Duty/Excise duty/cess that have not been deposited on account of any
dispute.
x) The company has no accumulated losses as at 31st March 2011 are has
not incurred any cash loss during the financial year ended on that date
or in the immediately preceding financial year.
xi) According to the information and explanation given to us the
company has not defaulted in repayment of dues to a financial
institution or bank at the balance sheet date.
xii) The company has not granted any loans and advances on the basis of
security by way of pledge of fixed deposits, shares, debentures and
other securities.
xiii) The provisions of any special statute applicable to Chit Fund,
Nidhi or Mutual Fund/ Societies are not applicable to the company.
xiv) The company is not dealing or trading in shares, securities,
debentures and other investments.
xv) According to the information and explanation given to us the
company has not given any guarantee for loans taken by others from bank
or financial institutions;
xvi) The Company has not obtained any term loan and hence the question
its utilisation does not arise;
xvii) According to the information and explanations given to us, the
funds raised on short term basis have not been used for long-term
investments.
xviii) The company has not made any fresh allotment of shares during
the year and hence question of allotting them on preferential basis to
parties and companies covered in the Register maintained under section
301 of the Companies Act 1956 does not arise.
xix) The Company has not issued any debentures during the year under
review and hence question of creating securities in respect thereof
does not arise.
xx) The Company has not raised any money by public issues during the
year under review;
xxi) According to the information and explanation given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
For N.S. Doshi & Co.,
Chartered Accountants
Jalgaon (N.S.Doshi-Proprietor)
26th May, 2011 M. No. 10212
FRN. 102737W
Mar 31, 2010
1) We have audited the attached Balance Sheet of Manraj Housing Finance
Limited, as at 31st March 2010 and also the Profit And Loss Account for
the year ended on that date annexed thereto. These statements are the
responsibility of the Companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2) We conducted our audit in accordance with 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 statement. An audit also includes
assessing the accounting principles used and significant estimates made
by man- agement, 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 Companies (Auditors Report) Amendment Order, 2004 (together
the Order) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956 and on the
basis of such checks of books and records of the company as we
considered appropriate and according to the infor- mation and
explanations given to us, we enclose in annexure A a statement on the
matters specified in paragraph 4 and 5 of the said Order.
4) We are informed that the company has surrendered to NHB its
registration for cancellation and consequently the question of
reporting in terms of CI. 29/30 of the Chapter IV of National Housing
Bank Directions 2001, does not arise.
5) Further to our comments in the Annexure referred to above, we report
that:
i. We have obtained all the information and explanations, which to the
best of our knowledge and belief which were necessary for the purposes
of our audit;
ii. In our opinion, proper books of accounts as required by law have
been kept by the company so far as appear from our examination of those
books;
iii. The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
iv. In our opinion, The Balance Sheet and Profit and Loss Account
dealt with by this report comply with the accounting standards referred
to in sub- sec- " tion (3C) of the section 211 of the Companies Act
1956 to the extent applicable.
v. On the basis of written representations received from the
directors, as on 31st March, 2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2010 from being appointed as director in terms of clause (g)
of sub-section (1) of section 274 of the Companies Act, 1956;
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements together
with the notes thereon and attached thereto give the information
required by the Companies Act, 1956, in the manner so required and give
true and fair view in conformity with the accounting principles
generally accepted in India:
a) In case of the Balance Sheet of the state of affairs of the Company
as at 31st March, 2010;
b) In case of the Profit and Loss Account of the Profit for the year
ended on that date;
And
c) In the case of cash flow statement, of the cash flow for the year
ended on that date.
Annexure referred to in paragraph 3 of the Auditors Report of even date
i) a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
were noticed on such verifica- tion.
c) During the year, the Company has not disposed of any substantial /
major part of fixed assets.
ii) a) The Management has conducted physical verification of inventory
at reasonable intervals;
b) The procedures of physical verification of inventory 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 has maintained proper records of inventory and no
material discrepan- cies were noticed on physical verification;
iii) a) The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Act and hence sub clauses (b), (c) and (d )are
not applicable
b) The company has not taken any loan secured or unsecured from any
company, firm or other parties covered in the register maintained under
section 301 of the Act and hence sub clauses (f) and (g) are not
applicable.
iv) There is an adequate internal control system commensurate with the
size of the company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods & services.
v) According to the information and explanation given to us the company
has not en- tered in to any transactions during the relevant financial
year that need to be entered into a register in pursuance of section
301 of the Act;
vi) The company has no outstanding deposits during the financial year
and hence it is not required to comply with the directives issued by
the Reserve Bank Of India, the provisions of section 58A and 58AA or
any other provisions of the Companies Act, 1956 and the Companies
(Acceptance Of Deposits) Rules, 1975, According to the information and
explanations given to us, no order has been passed by the Com- pany Law
Tribunal or National Company Law Tribunal or Reserve Bank Of India or
any Court or any other Tribunal on the company in respect of the
deposits ac- cepted by the company in the past.
vii) The company has an internal audit system commensurate with its
size and nature of its business.
viii) Maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Act;
ix) a) a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is generally regular in de- positing undisputed statutory dues
including provident fund, investor education and protection fund,
employees state insurance, income-tax, sales tax, wealth tax, ser- vice
tax, custom duty, excise duty, cess and other material statutory dues
as appli- cable with the appropriate authorities.
b) There are no dues of Income tax/MVAT/Wealth tax/ Service tax/Custom
Duty/Ex- cise duty/cess that have not been deposited on account of any
dispute.
x) The company has no accumulated losses as at 31st March 2010 and has
not incurred any cash loss in the financial year ended on that date or
in the immediately preceding financial year.
xi) According to the information and explanation given to us the
company has not defaulted in repayment of dues to a financial
institution or bank at the balance sheet date.
xii) The company has not granted any loans/ advances on the basis of
security by way of pledge of fixed deposits, shares, debentures and
other securities.
xiii) The provisions of any special statute applicable to Chit Fund,
Nidhi or Mutual - Fund/Societies are not applicable to the company.
xiv) The company is not dealing or trading in shares, securities,
debentures and other investments.
xv) According to the information and explanation given to us the
company has not given any guarantee for loans taken by others from bank
or financial institutions;
xvi) The Company has not obtained any term loan and hence the question
its utilisation does not arise;
xvii) The company has not raised any short term funds during the year
under review and hence the question of using such funds for long term
investments does not arise;
xviii) The company has not made any fresh allotment of shares during
the year and hence question of allotting them on preferential basis to
parties and companies covered in the Register maintained under section
301 of the Companies Act 1956 does not arise.
xix) The Company has not issued any debentures and hence question of
creating securi- ties in respect thereof does not arise.
xx) The Company has not raised any money by public issues during the
year under review;
xxi) According to the information and explanation given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
For N.S. Doshi & Co.,
Chartered Accountants
Jalgaon (N.S.Doshi-Proprietor)
28th May, 2010 M. No. 10212
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