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Auditor Report of Megh Mayur Infra Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of MEGH MAYUR INFRA 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 then ended, and a summary of significant accounting policies and other explanatory information.

Management''s 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 principles generally accepted in India, including the Accounting Standards notified under the Companies Act, 1956 read with General Circular 15/2013 dated 13 September 2013, issued by 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.

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.

Opinion

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 Companies Act, 1956 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, 2014;

b) in the case of the Profit and Loss Account, of the loss for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the 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, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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 notified under the Companies Act, 1956 read with General Circular 15/2013 dated 13 September 2013, issued by the Ministry of Corporate Affairs, in respect of Section 133 of the Companies Act, 2013;

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.

Referred to in our Report of even date:

1. The company does not have any Fixed Assets during the year, therefore, provision regarding thereto are not applicable.

2. (a) The company has conducted physical verification of Inventories during the period at reasonable interval.

(b) In our opinion and according to the information and explanation given to us, the procedures adopted by the company for physical verification of inventory are reasonable and adequate in relation to the size of the company and the nature of its business. As explained, no material inadequacies in such procedures were found during the course of audit.

(c) The company has maintained proper records showing full particulars including the nature and location of inventories. As explained, no material discrepancy was noticed on physical verification as compared with the record of inventories.

3. (a) In our opinion and according to the information and explanation given to us, the company has not granted any loan secured or unsecured to the companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(b) As the company has not granted any loan as specified in Paragraph 4(iii)(a), reporting under Paragraph 4(iii)(b) of Companies(Auditor''s Report) Order,2003 is not applicable.

(c) As the company has not granted any loan as specified in Paragraph 4(iii)(a), reporting under Paragraph 4(iii)(c) of Companies(Auditor''s Report) Order,2003 is not applicable.

(d) As the company has not granted any loan as specified in Paragraph 4(iii)(a), reporting under Paragraph 4(iii)(d) of Companies(Auditor''s Report) Order,2003 is not applicable.

(e) In our opinion and according to the information and explanation given to us, the company has taken unsecured loan from the parties, covered in the register maintained under section 301 of the Companies Act, 1956. Company has taken loan from two party and amount of such loan is Rs. 11,35,000/-.

(f) All loans taken are interest free so terms and conditions thereof are prima facie not prejudicial to the interest of the company.

(g) No stipulation has been made for terms of repayment of the above mentioned loans.

4. The company has adequate internal control procedure commensurate with the size of the company and nature of its business with regard to purchase of inventory, fixed assets, and with regard to sale of goods. However there is no such purchase and sale of the goods.

5. In our opinion and according to the information and explanations given to us, there are no transactions exceeding Rs. 5,00,000/- in pursuance of contracts and agreements that needed to be entered into the register maintained under section 301 of the Companies Act, 1956. Therefore, no reporting under Paragraph 4(v) (b) of Companies (Auditor''s Report) Order, 2003 is required.

6. In our opinion and according to the information and explanations given to us, the company has not accepted / invited any deposits falling within the purview of Section 58A / 58AA of the Companies Act, 1956 during the financial year.

7. In our opinion and according to the information and explanations given to us, the company has adequate internal audit system commensurate with the size and nature of its business.

8. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(l)(d) of the Companies Act, 1956 and are of the opinion that prima facie, the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

9. (a) According to the records of the company, the company generally is regular in depositing undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amount payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty and Cess were in arrears, as of 31st March, 2014 for a period of more than six months from the date they became payable.

(c) According to the information and explanation given to us, there are no dues of Income Tax, Customs duty, Wealth Tax, Excise duty and Cess which have not been deposited on account of any dispute.

10. The company has incurred cash loss of Rs. 6,79,428/- during the financial year corresponding to that for of Rs. 6,12,404/- in the immediately preceding financial year. However the company has no accumulated losses at the end of the financial year.

11. According to the information and explanations given to us, the company has not taken any loans from any financial institutions, banks or debenture holders

12. 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. The company is not chit fund or a Nidhi/mutual benefit fund/ society. Therefore the provisions of Paragraph 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

14. In our opinion the company is not dealing in Shares, Debentures, Securities and other investments.

15. In our opinion and according to the information and explanations given to us, the company has not given guarantees for loans taken by others from bank or financial institutions.

16. The company has not taken any term loan during the year therefore the question of application of funds for the purpose for which they were raised does not arise.

17. 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 investments. No long-term funds have been used to finance short-term assets except permanent working capital.

18. The company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. The company has not issued any debentures during the year so the question of creating security in respect thereof does not arise.

20. The company has not made any public issue during the year and therefore the question of disclosing the end use of money does not arise.

21. Based upon the audit procedures performed for the purpose of reporting the true and fair view of financial statements and as per the information and explanation given by the management, we report that no fraud on or by the company has been noticed or reported during the year.

for RASESH SHAH & ASSOCIATES Chartered Accountants MEHULR. SHAH (PARTNER) M. No. 137148 Place : SURAT (F. R. NO. 108671W) Date:07/05/2014


Mar 31, 2013

Report On the Financial Statement

We have audited the accompanying financial statements of MEGH MAYUR INFRA LIMITED (the Company) which comprice the balence sheet as at March 31 2013, and the Statement of Profit and loss and c ash 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:

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 reffered to in sub-section (3C) of section 211 of the companies Act, 1956 (The Act). This responsibility includes the design, implementation and maintainence of internal control relevent 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 conducted our audit in accordance with the standards on auditing issued by the Institute of Charted Accountant of India. Those Standards require that we comply wit hethical requirements and plan and perform the audit to obtain reasonable assurence about whether the financial statements are free from material misstatements.

An Audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgement, including the assessment of the risk of material misstatement of the financial statements, whether due to froud and error. In Making those risk assessments, the auditor considers internal control relevent to the companies preparation and fair presentation of the financial statements in order to design audit procedures tha tare appropriate in the circumstances. An audit also includes evaluating the approppriateness of accounting policies used and the reasonableness of the accounting estimates made by mamagement, as welll as evaluating the overall presentation of the financial statements.

Opinion

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:

a) in the case of the Balance Sheet, of the state of affairs of the Company as '' at March 31, 2013;

b) in the case of the Profit and Loss Account, of the loss for the year ended on that date; and .

in the case of the Cash Flow Statement, of the 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, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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 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.

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;

on the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

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 Auditor''s Report:

Referred to in our Report of even date:

1. The company does not have any Fixed Assets during the year, therefore, provision regarding thereto are not applicable.

2. (a) The company has conducted physical verification of Inventories during the period at reasonable interval.

(b) In our opinion and according to the information and explanation given to us, the procedures adopted by the company for physical verification of inventory are reasonable and adequate in relation to the size of the company and the nature of its business. As explained, no material inadequacies in such procedures were found during the course of audit.

(c) The company has maintained proper records showing full particulars including the nature and location of inventories. As explained, no material discrepancy was noticed on physical verification as compared with the record of inventories.

3. (a) In our opinion and according to the information and explanation given to us, the company has not granted any loan secured or unsecured to the companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(b) As the company has not granted any loan as specified in Paragraph 4(iii)(a), reporting under Paragraph 4(iii)(b) of Companies(Auditor''s Report) Order,2003 is not applicable.

(c) As the company has not granted any loan as specified in Paragraph 4(iii)(a), reporting under Paragraph 4(iii)(c) of Companies(Auditor''s Report) Order,2003 is not applicable.

(d) As the company has not granted any loan as specified in Paragraph 4(iii)(a), reporting under Paragraph 4(iii)(d) of Companies(Auditor''s Report) Order,2003 is not applicable.

(e) In our opinion and according to the information and explanation given to us, the company has taken unsecured loan from the parties, covered in the register maintained under section 301 of the Companies Act, 1956. Company has taken loan from one party and amount of such loan is Rs. 13, 55,000/-.

(f) All loans taken are interest free so terms and conditions thereof are prima facie not prejudicial to the interest of the company.

(g) No stipulation has been made for terms of repayment of the above mentioned loans.

4. The company has adequate internal control procedure commensurate with the size of the company and nature of its business with regard to purchase of inventory, fixed assets, and with regard to sale of goods. However there is no such purchase and sale of the goods.

5. In our opinion and according to the information and explanations given to us, there are no transactions exceeding Rs. 5,00,000/- in pursuance of contracts and agreements that needed to be entered into the register maintained under section 301 of the Companies Act, 1956. Therefore, no reporting under Paragraph 4(v) (b) of Companies (Auditor''s Report) Order, 2003 is required.

6. In our opinion and according to the information and explanations given to us, the company has not accepted / invited any deposits falling within the purview of Section 58A / 58AA of the Companies Act, 1956 during the financial year.

7. In our opinion and according to the information and explanations given to us, the company has adequate internal audit system commensurate with the size and nature of its business.

8. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(1 )(d) of the Companies Act, 956 and are of the opinion that prima facie, the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost recoids with a view to determine whether they are accurate or complete.

9. (a) According to the records of the company, the company generally is regular in depositing undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amount payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty and Cess were in arrears, as of 31st March, 2013 for a period of more than six months from the date they became payable; except Professional Tax of Rs.2,100/- which was in arrears as at the 31st March, 2013 for a period of more than six months from the date it became payable.

(c) According to the information and explanation given to us, there are no dues of Income Tax, Customs duty, Wealth Tax, Excise duty and Cess (except Sales Tax) which have not been deposited on account of any dispute.

10. The company has incurred cash loss of Rs. 6,12,404/-durlng the financial year corresponding to that for of Rs. 5,90,264/- in the immediately preceding financial year. However the company has no accumulated losses at the end of the financial year.

11. According to the information and explanations given to us, the company has not taken any loans from any financial institutions, banks or debenture holders.

12. 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. The company is not chit fund or a nidhi / mutuai benefit fund/ society. Therefore the provisions of Paragraph 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

14. In our opinion the company is not dealing in Shares, Debentures, Securities and other investments.

15. In our opinion and according to the information and explanations given to us, the company has not given guarantees for loans taken by others from bank or financial institutions.

16. The company has not taken any term loan during the year therefore the question of application of funds for the purpose for which they were raised does not arise.

17. 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 investments. No long-term funds have been used to finance short-term assets except permanent working capital.

18. The company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. The company has not issued any debentures during the year so the question of creating security in respect thereof does not arise.

20. The company has not made any public issue during the year and therefore the question of disclosing the end use of money does not arise.

21. Based upon the audit procedures performed for the purpose of reporting the true and fair view of financial statements and as per the information and explanation given by the management, we report that no fraud on or by the company has been noticed or reported during the year.

for RASESH SHAH & ASSOCIATES

Chartered Accountants

MEHUL R.SHAH

(PARTNER)

M.No.137148

Place: SURAT (F. R. NO. 108671W)

Date : 15/05/2013


Mar 31, 2012

We have audited the attached Balance Sheet of the MEGH MAYUR INFRA LTD., 208, LALJI SHOPPING CENTRE, S.V. ROAD, BORIVALI WEST, MUMBAI - 400092. as at 31" March, 2012 and Profit and Loss account 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 have conducted our audit in accordance with auditing standards generally accepted in India. These 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.

As required by the Companies Auditors' report Order, 2003 as amended by Companies (Auditors' Report) Order, 2004 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 hereto a statement on matters specified in paragraph 4 & 5 of the said order.

Further to our comments in the Annexure referred to in paragraph 1 above, we report that:

(a) We have obtained all 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 accounts as required by the law have been kept by the company so far, as appears from our examinations of those books.

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

(d) In our opinion the Balance Sheet and the Profit and Loss account dealt with by this report have been prepared in compliance with the applicable Accounting Standards referred in section 211(3C) of the Companies Act, 1956.

(e) On the basis of written representations received from the Directors, as on 31st March, 2012 and taken on record by the Board of Directors, no Directors is disqualified as on 31s' March, 2012 from being appointed as Directors in terms of clause (g) of sub section (1) of the 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 Balance Sheet and Profit & Loss account, together with the Notes thereon and annexed thereto, give in the prescribed manner, the information required by the Companies Act, 1956 and also give a true & fair view in conformity with the accounting principals generally accepted in India:

i. in the case of the Balance Sheet of the company, of the state of affairs of the company as at 31st March, 2012 and, ii. in the case of the Profit and Loss account, of the Loss 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 Auditor's Report:

Referred to in our Report of even date:

1. The company does not have any Fixed Assets during the year, therefore, provision regarding thereto are not applicable.

2. (a) The company has conducted physical verification of Inventories during the period at reasonable interval.

(b) In our opinion and according to the information and explanation given to us, the procedures adopted by the company for physical verification of inventory are reasonable and adequate in relation to the size of the company and the nature of its business. As explained, no material inadequacies in such procedures were found during the course of audit.

(c) The company has maintained proper records showing full particulars including the nature and location of inventories. As explained, no material discrepancy was noticed on physical verification as compared with the record of inventories.

3. (a) In our opinion and according to the information and explanation given to us, the company has not granted any loan secured or unsecured to the companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(b) As the company has not granted any loan as specified in Clause 3(a), reporting under Clause 3(b) is not applicable.

(c) As the company has not granted any loan as specified in Clause 3(a), reporting under Clause 3(c) is not applicable.

(d) As the company has not granted any loan as specified in Clause 3(a), reporting under Clause 3(d) is not applicable.

(e) In our opinion and according to the information and explanation given to us, the company has taken unsecured loan from the parties, covered in the register maintained under section 301 of the Companies Act, 1956. Company has taken loan from 2 parties and amount of such loans is Rs. 4, 23,000/-.

(f) All loans taken are interest free so terms and conditions thereof are prima facie not prejudicial to the interest of the company.

(g) No stipulation has been made for terms of repayment of the above mentioned loans.

4. The company has adequate internal control procedure commensurate with the size of the company and nature of its business with regard to purchase of inventory, fixed assets, and with regard to sale of goods. However there is no such purchase and sale of the goods.

5. In our opinion and according to the information and explanations given to us, there are no transactions exceeding Rs. 5,00,000/- in pursuance of contracts and agreements that needed to be entered into the register maintained under section 301 of the Companies Act, 1956, have been so entered.

6. In our opinion and according to the information and explanations given to us, the company has not accepted / invited any deposits falling within the purview of Section 58A / 58AA of the Companies Act, 1956 during the financial year.

7. In our opinion and according to the information and explanations given to us, the company has adequate internal audit system commensurate with the size and nature of its business.

8. According to the information and explanations given to us, the company has not commenced any commercial activity and hence, maintenance of .cost records is not applicable during the year under audit.

9. (a) According to the records of the company, the company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amount payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty and Cess were in arrears, as of 31st March, 2012 for a period of more than six months from the date they became payable.

(c) According to the information and explanation given to us, there are no dues of Income Tax, Customs duty, Wealth Tax, Excise duty and Cess (except Sales Tax) which have not been deposited on account of any dispute.

10. The company has incurred cash loss during the financial year and also in the immediately preceding financial year. However the company has no accumulated losses at the end of the financial year.

11. According to the information and explanations given to us, the company has not taken any loans from any financial institutions, banks or debenture holders.

12. 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. The company is not chit fund or a nidhi / mutual benefit fund/ society. Therefore the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

14. In our opinion the company is not dealing in Shares, Debentures, Securities and other investments.

15. In our opinion and according to the information and explanations given to us, the company has not given guarantees for loans taken by others from bank or financial institutions.

16. The company has not taken any term loan during the year therefore the question of its application for the purpose of which they were raised does not arise.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report mat no funds raised on short-term basis have been used for long-term investments. No long-term funds have been used to finance short-term assets except permanent working capital.

18. The company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. The company has not issued any debentures during the year so the question of creating security in respect thereof does not arise.

20. The company has not made any public issue during the year and therefore the question of disclosing the end use of money does not arise.

21. Based upon the audit procedures performed for the purpose of reporting the true and fair view of financial statements and as per the information and explanation given by the management, we report that no fraud on or by the company has been noticed or reported during the year.

for RASESH SHAH & ASSOCIATES

Chartered Accountants

MEHUL R. SHAH

(PARTNER)

M. No. 137148

Place : SURAT O-l, SILVER PALM, TIMALIYAWAD,

Date :'l4/05/2012 NANPURA, SURAT, GUJARAT

(F. R. NO. 108671W)


Mar 31, 2011

1. We have audited the attached Balance Sheet of MEGH MAYUR INFRA LIMITED, as at 31st March, 2011, 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.

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.

We report that:

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


(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts;

(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement of the company comply with the Accounting Standards as referred in Sub-Section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable;

(e) As per information and explanations given to us, none of the directors of the company are disqualified from being appointed as a director under clause (g) of Sub-Section (1) of Section 274 of the Companies Act, 1956;

(f) In our opinion and to the best of our information and according to explanations given to us, the said accounts, read together with Significant Accounting Policies and Notes forming part of Accounts, give the information required by the Companies Act, 1956 in the manner so required, and give a true and fair view in conformity with the accounting principles generally accepted in India, Rs.55

(i) in the case of the Balance Sheet, of the state of the affairs of the company as at 31st March 2011.

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

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

ANNEXURE TO THE AUDITORS' REPORT

Referred to in our Report of even date:

1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) All the assets have been physically verified by the management during the year, 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) No disposal of fixed assets of the Company has taken place during the year.

2. The Company does not have any Inventory during the year, therefore provision regarding thereto are not applicable.

3. (a) in our opinion and according to the information and explanation given to us, the Company has not granted any loan secured or unsecured to the Companies, Firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, Clause 3 (b), (c) and (d) of the said order were not applicable.

(b) In our opinion and according to the information and explanation given to us, the Company has taken unsecured loan from the parties, covered in the register maintained under section 301 of the Companies Act, 1956. Company has taken loan from 3 parties and amount of such loans is Rs.12,90,000/-.

(c) All loans taken are interest free so terms and conditions thereof are prima facie not prejudicial to the interest of the company.

4. The Company has adequate internal control procedure commensurate with the size of the Company and nature of its Business with regard to purchase of inventory, Fixed Assets, and with regard to sale of goods. However there is no such purchase and sale of the goods.

5. In our opinion and according to the information and explanations given to us, no transactions that need to be entered into a register in pursuance of section 301 of the Companies Act, 1956, have been so entered.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted / invited any deposits falling within the preview of Section 58A / 58AA of the Companies Act, 1956 during the financial year.

7. In our opinion, the Company has Internal Audit system commensurate with the size and nature of its Business.

8. As informed to us the Central Govt. has not prescribed the maintenance of cost records by the Company under Section 209 (1) (d) of the Companies Act, 1956.

9. (a) The company is not required to pay any statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amount payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty and Cess were in arrears, as of 31st March, 2011 for a period of more than six months from the date they became payable.

(c) According to the information and explanation given to us, there are no dues of Income Tax, Customs duty, Wealth Tax, Excise duty and Cess (except Sales Tax) which have not deposited on Account of any dispute.

10. The Company has incurred cash loss during the financial year and also in the immediately preceding financial year. However the Company has no accumulated losses at the end of the financial year.

11. The company has not taken any loan from Financial Institutions, Banks or Debenture holders. Accordingly, Clause 11 of the said order is not applicable.

12. In our opinion and according to the information and explanations given to us, the Company has not granted any loans and advance on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the Company is not chit fund or a nidhi I Mutual benefit fund / Society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

14. In our opinion, the Company is not dealing in or trading in Shares, Securities, Debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

15. In our opinion and according to the information and explanations given to us, the Company has not given guarantees for loans taken by others from Bank or financial institutions.

16. The Company has not taken any term loan during the year therefore the question of its application for the purpose for which they were raised does not arise.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that the no funds raised on short - term basis have been used for long-term investment. No long - term funds have been used to finance short - term assets except permanent working Capital.

18. The Company has not made any preferential allotment of shares during the year 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 and therefore the question of creating security in respect thereof does not arise.

20. The Company has not made any public issue during the year and therefore the question of disclosing the end use of money does not arise.

21. According to the information and explanations given to us, based upon the audit procedures performed and representations made by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our Audit.

for RAJESH SHAH & ASSOCIATES

Chartered Accountants

RASESH B. SHAH

(PARTNER)

M. No. 34217

0-1, SILVER PALM, TIMALIYAWAD,

Place : Surat NANPURA, SURAT, GUJARAT Date : 30/05/2011 (F. R. NO. 108671W)


Mar 31, 2010

1. We have audited the attached Balance Sheet of MEGH MAYUR INFRA LIMITED, as at 31st March, 2010, 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.

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.

We report that:

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

(b) In our opinion, proper books of accounts as required by law have been kept by the company so far as appears from our examination of the books of accounts;

(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts;

(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement of the company comply with the Accounting Standards as referred in Sub-Section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable;

(e) As per information and explanations given to us, none of the directors of the company are disqualified from being appointed as a director under clause (g) of Sub-Section (1) of Section 274 of the Companies Act, 1956;

(f) In our opinion and to the best of our information and according to explanations given to us, the said accounts, read together with Significant Accounting Policies and Notes forming part of Accounts, give the information required by the Companies Act, 1956 in the manner so required, and give a true and fair view in conformity with the accounting principles generally accepted in India,

(i) in the case of the Balance Sheet, of the state of the affairs of the company as at 31st March 2010.

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

iii) In the case of the Cash Flow Statement, of the cash flows of the company for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT Referred to in our Report of even date:

1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) All the assets have been physically verified by the management during the year, 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) No disposal of fixed assets of the Company has taken place during the year.

2. The Company does not have any Inventory during the year, therefore provision regarding thereto are not applicable.

3. (a) In our opinion and according to the information and explanation given to us, the

Company has not granted any loan secured or unsecured to the Companies, Firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, Clause 3 (b), (c) and (d) of the said order were not applicable. (b) In our opinion and according to the information and explanation given to us, the Company has not taken any loan secured or unsecured from the Companies, Firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, Clause 3 (f) and (g) of the said order were not applicable.

4. The Company has adequate internal control procedure commensurate with the size of the Company and nature of its Business with regard to purchase of inventory, Fixed Assets, and with regard to sale of goods. However there is no such purchase and sale of the goods.

5. In our opinion and according to the information and explanations given to us, no transactions that need to be entered into a register in pursuance of section 301 of the Companies Act, 1956, have been so entered.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted / invited any deposits falling within the preview of Section 58A / 58AA of the Companies Act, 1956 during the financial year.

7. In our opinion, the Company has Internal Audit system commensurate with the size and nature of its Business.

8. As informed to us the Central Govt, has not prescribed the maintenance of cost records by the Company under Section 209 (1) (d) of the Companies Act, 1956.

9. (a) The company is not required to pay any statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amount payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty and Cess were in arrears, as of 31st March, 2010 for a period of more than six months from the date they became payable.

(c) According to the information and explanation given to us, there are no dues of Income Tax, Customs duty, Wealth Tax, Excise duty and Cess (except Sales Tax) which have not deposited on Account of any dispute.

10. The Company has incurred cash loss during the financial year and also in the immediately preceding financial year. However the Company has no accumulated losses at the end of the financial year.

11. The company has not taken any loan from Financial Institutions, Banks or Debenture holders. Accordingly, Clause 11 of the said order is not applicable.

12. In our opinion and according to the information and explanations given to us, the Company has not granted any loans and advance on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the Company is not chit fund or a nidhi / Mutual benefit fund / Society. Therefore, the provisions of clause 4{xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

14. In our opinion, the Company is not dealing in or trading in Shares, Securities, Debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

15. In our opinion and according to the information and explanations given to us, the Company has not given guarantees for loans taken by others from Bank or financial institutions.

16. The Company has not taken any term loan during the year therefore the question of its application for the purpose for which they were raised does not arise.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that the no funds raised on short - term basis have been used for long-term investment. No long - term funds have been used to finance short - term assets except permanent working Capital.

18. The Company has not made any preferential allotment of shares during the year to parties and Companies covered in the register maintained under Section 301 of the Companies Act,

19. The Company has not issued any debentures during the year and therefore the question of creating security in respect thereof does not arise.

20. The Company has not made any public issue during the year and therefore the question of disclosing the end use of money does not arise.

21. According to the information and explanations given to us, based upon the audit procedures performed and representations made by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our Audit.

for RASESH SHAH & ASSOCIATES Chartered Accountants

RASESH B. SHAH

(PARTNER)

M. No. 34217

SILVER PALM, TIMALIYAWAD,

Place : SURAT NANPURA, SURAT, GUJARAT

Date : 30/05/2010 (F. R. NO. 108671W)

 
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