Mar 31, 2014
We have audited the accompanying financial statements of M/s Matra
Realty Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2014, and the Statement of Profit and Loss and Cash Flow
Statement for the year ended on that date, and a summary of significant
accounting policies and other explanatory information.
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 13 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.
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 audit 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, subject to our report as required under section 227(3) of the
Act and annexure to our report:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) In the case of the Profit and Loss Account, of the profit/ loss for
the year ended on that date.
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date
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 enclose in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the
Order.
2. Further to our comments in the Annexure referred to above, and as
required by section 227(3) of the Act, we report that
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956;
e. On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company
ANNEXURE TO THE AUDITORS'' REPORT
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Matra Realty Limited on the accounts of the company
for the year ended 31st March, 2014.On the basis of such checks as we
considered appropriate and on the basis of examination of records and
according to the information and explanation given to us during the
course of our audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed.
(b) As explained to us, all fixed assets have not been physically
verified by the management during the period but there is a regular
programme of verification which, in our opinion, is reasonable having
regard to the size of the Company and the nature of its assets. No
material discrepancies were noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. (a) As explained to us,presently the Company doesn''t hold any
inventory during the reporting period hence this clause is not
applicable to the Company..
3. (a) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lakhs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has internal audit system commensurate with its size and the
nature of its business.
8. The Company is not required to maintain cost records under section
209(1) (d) of the Companies Act, 1956.
9. (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, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2014 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company has accumulated losses of Rs 53.21/- Lacs as at the end
of financial period and has incurred a cash loss of Rs.6.43/- Lacs, net
loss of Rs 8.24/- Lacs in current financial year.
11. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
12. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
13. According to information and explanations given to us, the Company
is not dealing or trading in Shares, Securities, Debentures, Mutual
funds & other Investments. Therefore, the requirements of clause 4(xiv)
of the order relating to the maintenance of the proper records of the
transactions are not applicable.
14. According to the information and explanations given to us, the
Company has not given guarantees for loan taken by others from a bank
or financial institution.
15. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the reporting period.
16. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
17. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares to the parties and
companies covered in the register maintained under section 301 of the
Companies Act, 1956 during the reporting period.
18. The Company has not issued any secured debentures during the
period, hence the question of creation of security or charge in respect
of debenture issued does not apply
19. The Company has not raised any money by public issue during the
reporting period.
20. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported by the company during the period under
review, nor have we been informed of such case by the management.
E GATHANI AND ASSOCIATE
Chartered Accountants
Sd/-
EKTA GATHANI
(Proprietor)
Membership No. 069671
FRN.327530E
Place: Kolkata
Date: 21.06.2014
Mar 31, 2012
1) We have audited the attached Balance Sheet of M/s Matra Realty
Limited as at 31st March, 2012 and also the Profit and Loss Account and
the Cash Flow Statement for the Period ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
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 from any 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 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 the
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, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account of
the Company;
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with accounting
standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956.
e) On the basis of representations made by the Directors of the Company
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 a Director in terms of Clause (g) of sub- section (1) of
Section 274 of the Companies Act, 1956;
In our opinion and to the best of our information and according to the
explanations given to us, the said financial statements read together
with Significant Accounting Policies and Notes on Accounts forming part
thereof, give the information required by the Companies Act, 1956, in
the manner so required and present 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 for the
Period ended on that date; and
III. In the case of Cash Flow Statement of the cash flows for the
Period ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
Annexure referred to in paragraph 3 our report of even date
On the basis of such checks as we considered appropriate and on the
basis of examination of records and in terms of the information and
explanations given to us, we state that:
I (a) The Company is maintaining proper records to show full
particulars, including
quantitative details and situation of fixed assets.
(b) All fixed assets have not been physically verified by the
management during the period but there is a regular programme of
verification which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. No material
discrepancies were noticed on such verification.
(c) The Company has not disposed off any part of fixed assets so it
will not affect on its going concern status.
II (a) The Inventories have been physically verified by the management
at reasonable intervals
during the period. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management were reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and according to the information and explanation
given to us, the company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
Ill (a) The Company has not granted loans, secured or unsecured, to or
from companies, firms or other parties covered in the register
maintained under section 301 of the companies Act 1956.
(b) The other terms and conditions on which the loans have been taken
is prima facie, not prejudicial to the interest of the company.
(c) In view of our comments in Para III (d) and (e) above, clause III
(g) of the said order is not applicable to the company.
IV. In our opinion, there are generally adequate internal control
procedures commensurate with the size of the Company and nature of its
business. We have not come across any instance of major weakness in the
said internal controls.
V (a) On the basis of audit procedures performed by us, we are of the
opinion that the transactions in which directors were interested and
which were required to be entered in the register maintained under
section 301 of the Companies Act, 1956, have been so entered.
(b) Based on the information and explanation given to us, in our
opinion, these transactions have been made at reasonable prices having
regard to the prevailing market prices at the relevant time.
VI. The Company has not accepted any deposits from public; hence
clause (vi) of the Order does not apply.
VII. In our opinion, the internal audit system is commensurate with
the size of the Company and the nature of its business.
VIII. The Company is not required to maintain cost records under
section 209(1) (d) of the Companies Act, 1956.
IX. The Company is regular in depositing undisputed statutory dues
including Provident Fund, Income Tax, Sales Tax, Wealth Tax, Customs
Duty and other material statutory dues with appropriate authorities. As
per information and explanations given to us, no such undisputed
statutory dues were in arrears as on 31st March 2012 for a period of
more than six months from the date they became payable.
X. The Company has accumulated losses of Rs. 39, 52,878/- as at the end
of the financial period and has incurred a net profit of Rs. 135,134/- in
the current financial period.
XI. The Company has not taken any loan from Financial Institution or
bank so this clause (xi) does not apply.
XII. The Company has not granted any loans or advances on the pledge
of any securities; hence clause (xii) of the order does not apply.
XIII. In our opinion and according to the information and explanation
given to us, the company is not a Chit fund or nidhi /mutual benefit
fund/ society. Therefore, the provisions of clause (xiii) of paragraph
4 of the companies (Auditor's Report) order, 2003 are not applicable to
the Company.
XIV. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, debentures and
other investments, the requirements of clause
(xiv) of the order relating to the maintenance of the proper records of
the transactions are not applicable.
XV In our opinion and according to the information and explanation
given to us, the terms & conditions of the guarantees given by the
company for loans taken by others from banks and financial
institutions, are not prima facie prejudicial to the interest of the
company.
XVI. In our opinion and according to the information and explanation
given to us, the term loans obtained during the Period have been prima
facie applied for the purpose for which they were taken.
XVII. According to the information and explanation given to us and an
overall examination of the Balance Sheet of the company, funds raised
on short-term basis, have not been used for long-term investments.
XVIII. During the Period under review, the Company did not make any
preferential allotment of shares to the parties and companies covered
in the register maintained under section 301 of the Companies Act,
1956.
XIX. The Company has not issued any secured debentures during the
Period, hence the question of creation of security or charge in respect
of debenture issued does not apply.
XX. The company has not raised any money by public issues during the
Period under review.
XXI. According to the information and explanations given to us and to
the best of our knowledge and belief, no fraud on or by the Company has
been noticed or reported by the Company during the Period.
For and on behalf of
TUSHAR PAREKH AND ASSOCIATE
Chartered Accountants
Sd/-
TCISHAR PAREKH
(Proprietor)
Membership No. 103230
FRN. 117307W
Place : Mumbai
Date : 24.08.2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of M/s. Matra Realty
Limited as at 31st March, 2011 and also the Profit and loss Account and
the Cash Flow Statement of the Company for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with Auditing Standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in 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.
2. As required by the Companies (Auditors' Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956 we enclose in the Annexure a
statement on the matters specified in paragraph 4 and 5 of the said
Order.
3. Further to our comments in the Annexure referred to in paragraph 2
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 the Profit Loss Account dealt with by this
report are in agreement with the books of account;
d) In our opinion the Balance Sheet, Profit and Loss Account and Cash
Flow Statements dealt with by this report comply with the mandatory
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956.
e) On the basis of written representations received from the directors,
and taken on record by the Board of Directors, in our opinion none of
the director 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 as on that date.
f) Attention is invited to the following:
i) Note no. 5 of Schedule-9 of the financial statement wherein the
management acknowledges that there are no employees being employed by
the company. Further, the company has not been I carrying out any business
operations since last two years and also does not have any new projects in hand.
This raises a substantial doubt as to the Company's ability to continue as a
going concern and therefore, may not be able to realise its assets and
discharge its liabilities in the normal course of business though the
management has represented otherwise.
g) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts subject to the effects
of matters discussed in para (f) above read together with the
Significant Accounting Policies and other notes thereon give the
information required by the Companies Act, 1956, in the manner so
required, and present a true and fair view, in conformity with the
accounting principles generally accepted in India:
i. in so far as it relates to Balance Sheet, of the state of affairs
of the Company as at 31sl March, 2011;
ii. in so far as it relates to the Profit and Loss Account, of the
Loss of the Company for the year ended on that date;
iii. in case of Cash Flow Statement of the cash flows for the year
ended on that date.
Annexure to the Auditors' Report
(Referred to in Paragraph 3 of our report of even date)
Based upon the information and explanations furnished to us, and the
books and records examined by us in the normal course of our audit, we
report that to the best of our knowledge and belief:
1. In respect of its fixed assets:
a) As explained to us, the company is in the process of maintaining
proper records showing full particulars including quantitative details
and situation of fixed assets on the basis of available information. As
on the date of signing of this report the register was not available
for verification.
b) According to the information and explanations given to us, the fixed
assets of the company have been physically verified at the year-end,
which in our opinion is reasonable, having regard to the size of the
company and nature of its assets. However, no documentary evidence
supporting such physical verification carried out, were made available
to us, and hence we are unable to express any opinion on the material
discrepancies noticed on such verification. As per the management
representation, no material discrepancies have been reported on such
verification as compared to book records.
c) In our opinion and according to the information and explanations
given to us, the Company has not disposed of substantial part of fixed
assets during the year and the going concern status of the Company is
not affected. However, this may be read with our comments in clause
(ii) of para (f) of our main report above.
2. In respect of its inventories:
The company does not hold any inventories hence clause 4(ii) of the
Companies (Auditor's Report) order, 2003 is not applicable to the
Company.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
The Company has not granted/taken any unsecured loans to/from
companies, firms or other parties covered in the register maintained
u/s. 301 of the Companies Act, 1956.'
4. 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 its
business for the purchase of fixed assets. During the course of our
audit, we have not observed any weaknesses in internal control.
5. To the best of our knowledge and belief and according to the
information and explanations given to us, the particulars of contracts
or arrangements that need to be entered into the register maintained
under section 301 of the Companies Act, 1956 have been so entered.
According to the information and explanations given to us, there were
no transactions in pursuance of contracts or arrangements entered in
the register maintained under section 301 of the Companies Act, 1956,
aggregating during the year to' 5,00,000/- (Rupees five lacs) or more
in respect of any party.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the meaning of section 58A and section 58AA or other relevant
provisions of the of the Companies Act, 1956 and Companies (Acceptance
of Deposits) Rules, 1975 with regard to acceptance of deposits from the
public.
7. There is no internal audit system prevalent in the Company.
8. According to information and explanations give to us. Central
Government has not prescribed maintenance of Cost Records under Section
209(1 )(d) of the Companies Act, 1956 in respect of business activities
of the Company.
9. In respect of statutory dues:
a) According to the records of the Company, and according to the
information and explanations given to us, the company is generally
regular in depositing undisputed statutory dues including Investor
Education & Protection Fund, Provident Fund, Income-Tax, Service tax
and other material statutory dues applicable to the company with the
appropriate authorities during the year.
b) 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, 2011 for a period of more than six months
from the date of becoming payable.
c) According to the records of the Company, and as per information and
explanations given to us there are no disputed statutory dues
outstanding during the year.
10. The accumulated losses of the Company at the end of the financial
year are not less than 50% of its net worth. The Company has incurred
cash loss in the current financial year and had not incurred cash loss
in the immediately preceding financial year.
11. In our opinion, and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks or financial institutions. The company has not obtained any
borrowings by issue of debentures.
12. In our opinion and according to the information and explanations
given to us, the company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society.
14. !n our opinion, the company is not dealing or trading in shares,
securities, debentures and other investments.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks or financial institutions.
16. In our opinion, the Company has not raised any term loans during
the year.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, funds
raised on short-term basis during the year have not been used for
long-term investments.
18. According to the information and explanations given to us, during
the year, 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, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during
the year covered by our audit report
21. To the best of our knowledge and according to the information and
explanations given to us by the management, no fraud on or by the
Company has been noticed or reported during the year that causes the
financial statements to be materially misstated.
For Tushar Parekh & Associates
Chartered Accountants
(FRN: 117307W)
C A Tushar Parekh
Proprietor
Place: Mumbai
Date: 13th August, 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/s. Matra Realty
Limited as at 31st March, 2010 and also the Profit and loss Account and
the Cash Flow Statement of the Company for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with Auditing Standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in 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
presentatioa We believe that our audit provides a reasonable basis for
our.opinion.
2. As required by the Companies (Auditors' Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956 we enclose in the Annexure a
statement on the matters specified in paragraph 4 and 5 of the said
Order.
3. Further to our comments in the Annexure referred to in paragraph 2
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 the Profit Loss Account dealt with by this
report are in agreement with the books of account;
d) In our opinion the Balance Sheet, Profit-and Loss Account and Cash
Elow Statements dealt with by this report comply with the mandatory
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956 except for non compliance with the provisions
of Accounting Standard 15 "Accounting for Employee Benefits" in respect
of leave encashment and Gratuity liability not provided and accordingly
not funded as explained in the note 4 of Schedule-9.
e) On the basis of written representations received from the directors,
and taken on record by the Board of Directors, in our opinion none of
the director 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 as on that date.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts subject to para (e)
above read together with the Significant Accounting Policies and other
notes thereon give the information required by the Companies Act, 1956,
in the manner so required, and present a true and fair view, in
conformity with the accounting principles generally accepted in India:
i. in so far as it relates to Balance Sheet, of the state of affairs
of the Company as at 31st March, 2010;
ii. in so far as it relates to the Profit and Loss Account, of the
Loss of the Company for the year ended on that date;
iii. in case of Cash Flow Statement of the cash flows for the year
ended on that date.
Annexure to the Auditors' Report
(Referred to in Paragraph 3 of our report of even date)
Based upon the information and explanations furnished to us, and the
books and records examined by us in the normal course of our audit, we
report that to the best of our knowledge and belief:
1. In respect of its fixed assets:
a) As explained to us, the company is in the process of maintaining
proper records showing full particulars including quantitative
details and situation of fixed assets on the basis of available
information.
b) As explained to us, the fixed assets have been physically verified
at the year-end, which in our opinion is reasonable, having regard to
the size of the company and nature of its assets. No material
discrepancies have been reported on such verification as compared to
book records.
c) In our opinion and according to the information and explanations
given to us, the Company has not disposed of substantial part of fixed
assets during the year and the going concern status of the Company is
not affected.
2. In respect of its inventories:
The company does not hold any inventories hence clause 4(ii) of the
Companies (Auditor's Report) order, 2003 is not applicable to the
Company.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
a) The Company had granted interest free unsecured loan to one company
covered in the register maintained under section 301 of the Companies
Act, 1956. The maximum amount involved during the year aggregated to
Rs. 10,00,000/- and the year-end balance in respect of this loan was
Rs. Nil.
b) In our_opinion and-according-to-the information-and-explanations
given to us, the-terms-andà conditions on which such loans had been
granted are not, prima facie prejudicial to the interest of the
Company.
c) The principal amounts were payable on demand and there were no
written stipulations as to the repayment schedule.
d) In respect of said loans, these have been repaid during the year and
hence the question of overdue amounts as such does not arise.
e) The Company has not taken unsecured loans from companies, firms or
other parties covered in the register maintained u/s. 301 of the
Companies Act, 1956.
4. 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 its
business-for the purchase of fixed assets. During the course of our
audit, we have not observed any weaknesses in internal control.
5. To the best of our knowledge and belief and according to the
information and explanations given to us, the particulars of contracts
or arrangements that need to be entered into the register maintained
under section 301 of the Companies Act, 1956 have been so entered.
According to the information and explanations given to us, there were
no transactions in pursuance of contracts or arrangements entered in
the register maintained under section 301 of the Companies Act, 1956,
aggregating during the year to Rs. 5,00,000/- (Rupees five lacs) or
more in respect of any party.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the meaning of section 58A and section 58AA or other relevant
provisions of the of the Companies Act, 1956 and Companies (Acceptance
of Deposits) Rules, 1975 with regard to acceptance of deposits from the
public.
7. There is no internal audit system prevalent in the Company.
8. According to information and explanations give to us, Central
Government has not prescribed maintenance of Cost Records under Section
209(1 )(d) of the Companies Act, 1956 in respect of business activities
of the Company.
9. In respect of statutory dues:
a) According to the records of the Company, and according to the
information and explanations given to us, the company is generally
regular in depositing undisputed statutory dues including Investor
Education & Protection Fund, Provident Fund, Income-Tax, Service tax
and other material statutory dues applicable to the company with the
appropriate authorities during the year.
b) 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, 2010 for a period of more than six months
from the date of becoming payable.
c) According to the records of the Company, and as per information and
explanations given to us there are no disputed statutory dues
outstanding during the year.
10. The accumulated losses of the Company at the end of the financial
year are not less than 50% of its net worth. The Company has not
incurred cash loss in the current financial year but had incurred cash
loss in the immediately preceding financial year.
11. In our opinion, and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks or financial institutions. The company has not obtained any
borrowings by issue of debentures.
12. In our opinion and according to the information and explanations
given to us, the company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society.
14. In our opinion, the company is not dealing or trading in shares,
securities, debentures and' other investments.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks or financial institutions.
16. In our opinion, the Company has not raised any term loans during
the year.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, funds
raised on short-term basis during the year have not been used for
long-term investments.
18. According to the information and explanations given to us, during
the year, 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, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during
the year covered by our audit report.
21. To the best of our knowledge and according to the information and
explanations given to us by the management, no fraud on or by the
Company has been noticed or reported during the year that causes the
financial statements to be materially misstated.
For Tushar Parekh & Associates
Chartered Accountants
(FRN: 117307W)
CA Tushar Parekh
Proprietor
Place: Mumbai
Date: 6th September, 2010