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Auditor Report of Manvijay Development Company Ltd.

Mar 31, 2013

1. We have audited the accompanying financial statements of "MANVIJAY DEVELOPMENT COMPANY LIMITED" ("the Company''1, which comprise the Balance Sheet as at 31s March, 2013, the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2. 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 principles generally accepted in India including Accounting Standards referred to in Section 211(3C) 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

3. 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 misstatements.

4. 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.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

6. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013, and

(b) In the case of the Statement of Profit and Loss, of the Profit for the year ended on that date.

Report on Other Legal and Regulatory Requirements

7. As required by the Companies (Auditor's Report) Order, 2003 ("the Order ) issued by the Central Government of India in terms of sub-section (4 A) 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.

8. As required by Section 227(3) of the Act, we report that:

(a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

In our opinion, proper books of account as required by as appears from our examination of those books.

(c) The Balance Sheet, and the Statement of Profit and Loss, dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the Balance Sheet, and the Statement of Profit and Loss, comply with the Accounting Standards referred to in section 211(3C) of the Act;

(e) On the basis of the written representations received from the directors as on 31st March, 2013, taken on record by the Board of Directors, none of the directors is disqualified as on 31 st March, 2013, from being appointed as a director in terms of Section 274(1 )(g) of the Act.

ANNEXURE TO THE REPORT OF THE AUDITORS TO THE MEMBERS OF MANV1JAY DEVELOPMENTS COMPANY LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2013

(i) The Company has no fixed assets.

(ii) As explained to us, there were shortages in the inventories which have been written off during the year.

(iii) (a) According to the information and explanation given to us, the company has granted loans to the companies covered in the register maintained u/s 301 of the companies Act, 1956.

(b) The company has taken loans from companies or other parties covered in the register maintained u/s 301 of the companies Act, 1956.

(c) The rate of interest and other terms and conditions of unsecured loan taken from and/or given to the company listed in the register maintained under section 301 of the companies Act, 1956 are not prima facie prejudicial to the interest of the company.

(d) The parties have been regular in the payment of interest.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of business with regard to purchase of inventory, fixed assets and with regard to the sale of goods. During the course of our Audit, we have not observed any continuing failure to correct major weakness in internal controls.

(v) (a) In our opinion and according to the information and explanations given to us, transactions that need to be entered into the register in pursuance of section 301 of the Companies Act, 1956 have been so entered.

(b) According to the information and explanation given to us, the transactions have been made in pursuance of contracts or arrangements entered in the register maintained u/s 301 of the Companies Act, 1956

(vi) The company has not accepted any deposit from the public and as such the provision of section 58A and 58 AB the Companies Act, 1956 and the rules framed there under have no application to the company.

(vii) In our opinion and explanation given to us the company has internal audit system commensurate with its size and nature of its business.

(viii) According to the information and explanation given by the management, the maintenance of cost records has not been prescribed in the case of the Company for the period under section 209(1) (d) of the Companies Act, 1956.

(ix) (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues have been generally regularly deposited with the appropriate authorities during the year. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March 2013 for a period of more than six months from the date of becoming payable.

(b)According to the information and explanations given to us and as per books and record examined by us, there are no such statutory dues, which have not been deposited on account of any dispute.

(x) The company has positive net worth at the end of the financial year. The company has no accumulated losses and has not incurred any cash losses during the current financial year and immediately preceding financial year.

(xi) According to the information and explanation given to us and as per the books and records examined by us, the Company has not defaulted in repayment of dues to any financial institutions or banks. The company has not issued any debentures.

(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 or shares, debentures and other securities.

(xiii) The Company does not fall within the category of Chit Fund / Nidhi / Mutual Benefit Fund/ Society and hence the related reporting requirements of the Orders are not applicable.

xiv) According to the information and explanations given to us, the Company is dealing or trading in shares, securities, debentures and other investments and the company has maintained proper records of transactions and contracts and timely entries have been made therein.

(xv) The Company has not given a guarantee jointly with other company to financial institution and bank for loan taken by others from the financial institution and bank.

(xvi) During the year the company has not raised any term loans.

(xvii) According to the information and explanations given to us and as per the books and records examined by us, as on the date of the Balance Sheet, the funds raised by the Company on short term basis not been applied for long term investment.

(xviii) The Company has not made preferential allotment of shares during the year, to the parties covered in the register maintained under section 301 of the Companies Act, 1956.

(xix) The company does not have any outstanding debentures.

(xx) The company has not raised money through public issue during the year.

(xxi) During the course of our examination of the books and records of the Company earned out in accordance with the generally accepted auditing practice in India, we have neither come across any instance of fraud on or by the Company, noticed and reported during the year, nor have we been informed of such case by the management.

FOR DHARMESH M. KANSARA & ASSOCIATES CHARETERED ACCOUNTATNTS FRN: 126719W

(Dharmesh M. Kansara - Proprietor) M. No - 120856

Date : 30th April, 2013 Place: Mumbai


Mar 31, 2012

1. We have audited the attached Balance Sheet of Manvijay Development Co. Ltd. of 130,Cotton Street, Kolkata - 700 007, as at 31st March 2011, the Profit & Loss Account and the Cash Flow Statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the 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 provide a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 (as amended) issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the annexure referred to above, we report that:

a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit:

b) In our opinion proper books of account as required by law have been kept by the Company, so far as appears from our examination of those books;

c) The Balance Sheet and Profit & Loss account dealt with by this report are in agreement with the books of account;

d) In our opinion the Balance Sheet and Profit & Loss account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 as applicable to this Company;

e) On the basis of the 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 are disqualified as on 31st March 2011 from being appointed as director in terms of clause (g) of Subsection (1) of Section 274 of the Companies Act, 1956;

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the significant accounting policies and notes appearing thereto in Schedule 14 give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with accounting principles generally accepted in India;

(i) In the case of Balance Sheet, of the state of affairs of Company as on 31st March 2011 and

(ii) In the case of Profit & Loss Account of the Company, of the loss for the year ended on that date.

(iii) In the case of Cash Flow Statement of the Cash Flow for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

Annexure referred to in paragraph '3' of the Auditor's Report of even date to the members of Manvijay Development Company Limited on the accounts for the year ended March 31, 2012:

i) The company has no fixed assets,

ii) a. As explained to us, inventories have been physically, verified by the management at reasonable intervals during the year. In our opinion the frequency of such verification is reasonable.

b. in our opinion and according to the information and explanations given us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c. The Company has maintained proper records of inventory. No material discrepancies were noticed on physical verification.

iii) a. According to the information and explanations given to us, the company had taken/given unsecured loan during the year to/from a company as covered in the register maintained under section 301 of the Companies Act, 1956.

b. The rate of interest and other terms and conditions of the unsecured loan taken from and/or given to the company listed in the register maintained under section 301 of the companies Act, 1956 are not prima facie prejudicial to the interest of the company.

c. The party has repaid the principal amounts as stipulated and have been regular in the payment of interest.

iv) According to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventories/shares and fixed assets and with regard to the sale of inventories/shares. During the course of our audit we have not observed any continuing failure to correct major weaknesses in internal controls.

v) a) According to the information and explanations given to us, any transactions that need to be entered into the register maintained under section 301 of the companies Act, 1956 have been so entered. b) According to the information given to us the transactions of sale of unquoted shares made in pursuance of such contracts or arrangements exceeding the value of rupees five lakh in respect of any party during the year have been made which in our opinion are below the intrinsic value. Such unquoted equity shares have been sold at a nominal profit to the company. As no comparative rates are available because of illiquidity of the unquoted shares the amount can not be quantified.

vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposit during the year within the meaning and provisions of Sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

vii) As the Company's paid up Capital and Reserves are not exceeding Rs. 50 Lakhs, paragraph 4 (vii) of the order is not applicable.

viii) Paragraph 4(viii) of the order regarding maintenance of the cost records under clause (d) of Sub-section 1 of Section 209 of the Companies Act 1956 is not applicable.

ix) a) According to the information and as explained to us the company is presently not liable to pay Provident Fund, Investor Education and Protection Fund, Employees State Insurance , Wealth Tax, Customs Duties, and Cess, Sales Tax .Fringe Benefit Tax, Income Tax and other statutory dues have been deposited regularly with the appropriate authorities.

b) According to the information and explanations given to us there are no undisputed material statutory dues as referred to above as at March 31, 2011 outstanding for a period of more than six months from the date they . become payable.

c) Paragraph 4 (ix)(b) of the order, is not applicable as the company has no disputed statutory dues according to the books of the company.

x) Paragraph 4(x) of the order, is not applicable, as the company has no accumulated losses. The company has not incurred cash loss during the current financial year but had incurred cash loss during the preceding financial year.

xi) As the company has not obtained any loan from financial institutions and / or bank, paragraph 4(xi) of the order, is not applicable.

xii) As the company has granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, paragraph 4(xii) of the order is not applicable.

xiii) As the company is not a chit fund / nidhi / mutual benefit funds / society to which the provisions of special statute relating to chit fund are applicable, paragraph 4(xiii) of the order is not applicable.

xiv) The company is dealing or trading in share and for which the company is maintaining proper records and timely entries have been made therein. The investments are held in the company's own name.

xv) As the company has not given any guarantee for loans taken by others from bank or financial institutions paragraph 4(xv) of the order is not applicable.

xvi) As explained to us the company has not taken any term loan during the year.

xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment. The company has not taken any loan on long-term basis.

xviii) As the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 Paragraph 4(xviii) of the order is not applicable.

xix) As the company has not issued any debentures, paragraph 4(xix) of the order is not applicable.

xx) During the year, since the company has not raised money by way of public issue, paragraph 4(xx) of the order is not applicable.

xxi) Based upon the audit procedures performed and according to the information and explanations given to us, we report that, no fraud on or by the company has been noticed or reported during the course of our audit.

Room No. 853 For R.P.DALMIA & CO. 33/1, Netaji Subhas Road Chartered Accountant Kolkata - 700 001 Firm Registration No.305092E

Dated : 28th May, 2012 R.P.Dalmia Place: Kolkata Proprietor Membership No.008074


Mar 31, 2011

1. We have audited the attached Balance Sheet of Manvijay Development Co. Ltd. of 130,Cotton Street, Kolkata - 700 007, as at 31st March 2011, the Profit & Loss Account and the Cash Flow Statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the 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 provide a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 (as amended) issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the annexure referred to above, we report that:

a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit:

b) In our opinion proper books of account as required by law have been kept by the Company, so far as appears from our examination of those books;

c) The Balance Sheet and Profit & Loss account dealt with by this report are in agreement with the books of account;

d) In our opinion the Balance Sheet and Profit & Loss account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 as applicable to this Company;

e) On the basis of the 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 are disqualified as on 31st March 2011 from being appointed as director in terms of clause (g) of Subsection (1) of Section 274 of the Companies Act, 1956;

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the significant accounting policies and notes appearing thereto in Schedule 14 give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with accounting principles generally accepted in India;

(i) In the case of Balance Sheet, of the state of affairs of Company as on 31st March 2011 and

(ii) In the case of Profit & Loss Account of the Company, of the loss for the year ended on that date.

(iii) 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 Auditor's Report of even date to the members of Manvijay Development Company Limited on the accounts for the year ended March 31, 2011:

i) The company has no fixed assets.

ii) a. As explained to us, inventories have been physically verified by the management at reasonable intervals during the year. In our opinion the frequency of such verification is reasonable.

b. In our opinion and according to the information and explanations given us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c.The company has maintained proper records of inventory. No material discrepancies were noticed on physical verification.

iii) a. According to the information and explanations given to us, the company had taken loan during the year from a company as covered in the register maintained under section 301 of the Companies Act, 1956.

Maximum amount Year end SI. Outstanding during balance (Rs.) No Number of the year (Rs.) Party

1. 1 3,88,000/- 3,88,000/-

b. The rate of interest and other terms and conditions of the unsecured loan taken from the company listed in the register maintained under section 301 of the companies Act, 1956 are not prima facie prejudicial to the interest of the company.

c. There is no stipulation regarding Loan & Interest.

iv) According to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventories and fixed assets and with regard to the sale of goods. During the course of our audit we have not observed any continuing failure to correct major weaknesses in internal controls. However, we have not come across any transaction of purchase of inventory and fixed asset and sale of finished goods during the year, covered under audit.

v) According to the information and explanations given to us, any transactions that need to be entered into the register maintained under section 301 of the companies Act, 1956.

vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposit during the year within the meaning and provisions of Sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

vii) As the Company's paid up Capital and Reserves are not exceeding Rs. 50 Lakhs, paragraph 4 (vii) of the order is not applicable.

viii) Paragraph 4(viii) of the order regarding maintenance of the cost records under clause (d) of Sub-section 1 of Section 209 of the Companies Act 1956 is not applicable.

ix) a) According to the information and as explained to us the company is presently not liable to pay Provident Fund, Investor Education and Protection Fund, Employees State Insurance , Wealth Tax, Customs Duties, and Cess, Sales Tax ,Fringe Benefit Tax, Income Tax and other statutory dues have been deposited regularly with the appropriate authorities.

b) According to the information and explanations given to us there are no undisputed material statutory dues as referred to above as at March 31, 2011 outstanding for a period of more than six months from the date they become payable.

c) Paragraph 4 (ix)(b) of the order, is not applicable as the company has no disputed statutory dues according to the books of the company.

x) Paragraph 4(x) of the order, is not applicable, as the company has no accumulated losses. The company has incurred cash loss during the current financial year and in the immediately preceding financial year also.

xi) As the company has not obtained any loan from financial institutions and / or bank, paragraph 4(xi) of the order, is not applicable.

xii) As the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, paragraph 4(xii) of the order is not applicable.

xiii) As the company is not a chit fund / nidhi / mutual benefit funds / society to which the provisions of special statute relating to chit fund are applicable, paragraph 4(xiii) of the order is not applicable.

xiv) The company is dealing or trading in share and for which the company is maintaining proper records and timely entries have been made therein. The investments are held in the company's own name.

xv) As the company has not given any guarantee for loans taken by others from bank or financial institutions paragraph 4(xv) of the order is not applicable.

xvi) As explained to us the company has not taken any term loan during the year.

xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment. The company has not taken any loan on long-term basis.

xviii) As the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 paragraph 4(xviii) of the order is not applicable.

xix) As the company has not issued any debentures, paragraph 4(xix) of the order is not applicable.

xx) During the year, since the company has not raised money by way of public issue, paragraph 4(xx) of the order is not applicable.

xxi) Based upon the audit procedures performed and according to the information and explanations given to us, we report that, no fraud on or by the company has been noticed or reported during the course of our audit.

Room No. 853 For R.P.DALMIA & CO. 33/1, Netaji Subhas Road Chartered Accountant Kolkata - 700 001 Firm Registration No305092E

Dated : 29.08.2011 R.P.Dalmia Proprietor Membership No. 008074

 
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