Dec 31, 2013
1. We have audited the attached Balance Sheet of Mehta Housing Finance
Limited as on December 31,2013, and also the Profit & Loss Account of
the Company for the year ended on that date. These financial statements
are the responsibility of the Company''s management. Our responsibility
is to express an opinion on these financial statements, based on our
audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in terms of sub section (4A) of
Section 227 of the Companies Act, 1956, we give 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 in paragraph 3
above, we report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the Company so far it appears from our examination of such
books;
(iii) The Balance Sheet and the Profit & Loss Account dealt with by
this report are in agreement with the books of account;
(iv) In our opinion, the Balance Sheet and the 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;
(v) On the basis of written representations received from the directors
as on December 31, 2013 and taken on record by the Board of Directors,
we report that none of its directors is disqualified as on December 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.
5 In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required, and give
a true and fair view in the case of:
(a) Balance Sheet. of the state of affairs of the Company as on
December 31, 2013;
(b) Profit & Loss Account, of the profit for the year ended on that
date and
(c) Cash Flow Statement, of the Cash Flows for the year ended on that
date.
(1) Fixed assets:
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) All fixed assets have been physically verified by the management at
reasonable intervals. No material discrepancies were noticed on such
verification.
(c) None of the Fixed Assets has been revalued during the year.
(2) Investments:
Investments are stated at cost and any diminution in the value, if any,
of a long term nature has been provided for.
(3) Investments:
(a) The stock of shares held as investments have been physically
verified during the year by the management at reasonable intervals.
(b) In our opinion, the procedure of physical verification of stock of
shares held as stock in trade followed by the management are reasonable
and adequate in relation to the size of the Company and nature of its
business.
(c) No discrepancies were noticed on physical verification of stock of
shares as compared to book records.
(d) On the basis of the explanation of stock records, in our opinion
the valuation of stock of shares has been fair and proper in accordance
with the normally accepted accounting principles.
(4) Loans and Advances:
Loans and Advances in the nature of loans, have been given to employees
and other parties who are repaying the principal amount as stipulated
and are also regular in payment of interest whatever applicable.
(5) According to the information and explanations given to us, the
Company has neither granted nor taken any loan secured or unsecured
to/from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956. Accordingly,
paragraph 4(iii) (b), (c), (d), (f) and (g) of the order are not
applicable.
(6) 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 inventory and Fixed Assets and for the
sale of goods.
(7) The Company has not accepted any deposits from the public during
the year.
(8) In our opinion, the internal audit is commensurate with the size of
the Company and the nature of its business.
(9) Maintenance of Cost Records has not been prescribed by the Central
Government under Section 209(1)(d) of the Companies Act, 1956 for the
products manufactured by the Company.
(10) Statutory & Other Dues:
i. According to the information and explanations given to us and based
on the records examined by us, the Company has been generally regular
in depositing undisputed statutory dues, including Provident Fund,
Employees'' State Insurance, Income tax, Service tax, Cess and any other
Statutory dues with the appropriate authorities during the year.
ii. There are no disputed dues in respect of Service tax, Income tax,
Wealth tax, and Cess, which have not been deposited with the relevant
authorities.
(11) The Provident Fund Act is not applicable to the Company.
(12) In relation to the service activities of the Company, there exists
a reasonable Internal Control System commensurate with the size of the
Company and the nature of its business.
(13) In our opinion and on the basis of the information and explanation
given to us, the services rendered by the Company do not require any
allocation of man-hours.
(14) The Company is not Sick Industrial Company within the meaning of
clause (o) of section 3(1) of the Sick Industrial Companies (Special
Provisions) Act, 1985.
(15) The provisions of any special statute applicable to Chit Funds,
Nidhi or Mutual Benefit Society do not apply to the Company.
(16) The Company is investing in securities, debentures and other
investments. All Shares, Debentures or Other securities have been held
by the company in its own name except to the extent of the exemption
granted U/s.49 of The Companies Act, 1956.
(17) No personal expenses have been charged to revenue account other
than those payable under contractual obligations or in accordance with
generally accepted business practice.
(18) The Company has no accumulated losses exceeding fifty percent of
its net worth at the end of the financial year.
(19) Based on the records examined by us and the informsation and
explanations given to us, on an overall basis, the company has not
borrowed money from the Financial Institutions.
(20) The Company has not granted / taken any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
(21) No guarantee given by the Company for loans taken by others from
banks and financial institutions.
(22) Based on the records examined by us and the information and
explanations given to us, on an overall basis, the company has not
availed any term loan during the year.
(23) As per the information and explanations given to us, on an overall
basis, funds raised on short- term basis have, prima facie, not been
used during the year for long term purposes.
(24) 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.
(25) The Company has not issued any debentures during the year.
(26) The Company has not raised any money by way of public issues
during the year.
(27) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For DINESH K. SHAH & CO.
Chartered Accountants
Sd/-
DINESH K. SHAH
Partner
Membership No. F-010477
Ahmedabad, Dated: 15/04/2014
Dec 31, 2011
1. We have audited the attached Balance Sheet of Mehta Housing Finance
Limited as on December 31, 2011, and also the Profit & Loss Account of
the Company for the year ended on that date. These financial statements
are the responsibility of the Company's management. Our responsibility
is to express an opinion on these financial statements, based on our
audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sub section (4A) of
Section 227 of the Companies Act, 1956, we give 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 in paragraph 3
above, we report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the Company so far it appears from our examination of such
books;
(iii) The Balance Sheet and the Profit & Loss Account dealt with by
this report are in agreement with the books of account;
(iv) In our opinion, the Balance Sheet and the 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;
(v) On the basis of written representations received from the directors
as on December 31, 2011 and taken on record by the Board of Directors,
we report that none of its directors is disqualified as on December 31,
2011 from being appointed as a director in terms of clause (g) of Sub-
section (1) of Section 274 of the Companies Act, 1956.
5 In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required, and give
a true and fair view in the case of:
(a) Balance Sheet. of the state of affairs of the Company as on
December 31, 2011;
(b) Profit & Loss Account, of the profit for the year ended on that
date and
(c) 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)
(1) Fixed assets:
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) All fixed assets have been physically verified by the management at
reasonable intervals. No material discrepancies were noticed on such
verification.
(c) None of the Fixed Assets has been revalued during the year.
(2) Investments:
Investments are stated at cost and any diminution in the value, if any,
of a long term nature has been provided for.
(3) Investments:
(a) The stock of shares held as investments have been physically
verified during the year by the management at reasonable intervals.
(b) In our opinion, the procedure of physical verification of stock of
shares held as stock in trade followed by the management are reasonable
and adequate in relation to the size of the Company and nature of its
business.
(c) No discrepancies were noticed on physical verification of stock of
shares as compared to book records.
(d) On the basis of the explanation of stock records, in our opinion
the valuation of stock of shares has been fair and proper in accordance
with the normally accepted accounting principles.
(4) Loans and Advances:
Loans and Advances in the nature of loans, have been given to employees
and other parties who are repaying the principal amount as stipulated
and are also regular in payment of interest whatever applicable.
(5) According to the information and explanations given to us, the
Company has neither granted nor taken any loan secured or unsecured
to/from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956. Accordingly,
paragraph 4(iii) (b), (c), (d), (f) and (g) of the order are not
applicable.
(6) 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 inventory and Fixed Assets and for the
sale of goods.
(7) The Company has not accepted any deposits from the public during
the year.
(8) In our opinion, the internal audit is commensurate with the size of
the Company and the nature of its business.
(9) Maintenance of Cost Records has not been prescribed by the Central
Government under Section 209(1)(d) of the Companies Act, 1956 for the
products manufactured by the Company.
(10) Statutory & Other Dues:
i. According to the information and explanations given to us and based
on the records examined by us, the Company has been generally regular
in depositing undisputed statutory dues, including Provident Fund,
Employees' State Insurance, Income tax, Service tax, Cess and any other
Statutory dues with the appropriate authorities during the year.
ii. There are no disputed dues in respect of Service tax, Income tax,
Wealth tax, and Cess, which have not been deposited with the relevant
authorities.
(11) The Provident Fund Act is not applicable to the Company.
(12) In relation to the service activities of the Company, there exists
a reasonable Internal Control System commensurate with the size of the
Company and the nature of its business.
(13) In our opinion and on the basis of the information and explanation
given to us, the services rendered by the Company do not require any
allocation of man-hours.
(14) The Company is not Sick Industrial Company within the meaning of
clause (o) of section 3(1) of the Sick Industrial Companies (Special
Provisions) Act, 1985.
(15) The provisions of any special statute applicable to Chit Funds,
Nidhi or Mutual Benefit Society do not apply to the Company.
(16) The Company is investing in securities, debentures and other
investments. All Shares, Debentures or Other securities have been held
by the company in its own name except to the extent of the exemption
granted U/s.49 of The Companies Act, 1956.
(17) No personal expenses have been charged to revenue account other
than those payable under contractual obligations or in accordance with
generally accepted business practice.
(18) The Company has no accumulated losses exceeding fifty percent of
its net worth at the end of the financial year.
(19) Based on the records examined by us and the information and
explanations given to us, on an overall basis, the company has not
borrowed money from the Financial Institutions.
(20) The Company has not granted / taken any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
(21) No guarantee given by the Company for loans taken by others from
banks and financial institutions.
(22) Based on the records examined by us and the information and
explanations given to us, on an overall basis, the company has not
availed any term loan during the year.
(23) As per the information and explanations given to us, on an overall
basis, funds raised on short- term basis have, prima facie, not been
used during the year for long term purposes.
(24) 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.
(25) The Company has not issued any debentures during the year.
(26) The Company has not raised any money by way of public issues
during the year.
(27) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For DINESH K. SHAH & CO.
Chartered Accountants
Sd/-
DINESH K. SHAH
Partner
Membership # 10477
Ahmedabad,
Dated: 16/04/2012
Dec 31, 2010
1. We have audited the attached Balance Sheet of Mehta Housing Finance
Limited as on December 31, 2010, and also the Profit & Loss Account of
the Company for the year ended on that date. These financial statements
are the responsibility of the Company''s management. Our responsibility
is to express an opinion on these financial statements, based on our
audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in terms of sub section (4A) of
Section 227 of the Companies Act, 1956, we give 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 in paragraph 3
above, we report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the Company so far it appears from our examination of such
books;
(iii) The Balance Sheet and the Profit & Loss Account dealt with by
this report are in agreement with the books of account;
(iv) In our opinion, the Balance Sheet and the 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;
(v) On the basis of written representations received from the directors
as on December 31, 2010 and taken on record by the Board of Directors,
we report that none of its directors is disqualified as on December 31,
2010 from being appointed as a director in terms of clause (g) of Sub-
section (1) of Section 274 of the Companies Act, 1956.
5 In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required, and give
a true and fair view in the case of:
(a) Balance Sheet. of the state of affairs of the Company as on
December 31, 2010;
(b) Profit & Loss Account, of the profit for the year ended on that
date and
(c) Cash Flow Statement, of the Cash Flows for the year ended on that
date.
(1) Fixed assets:
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) All fixed assets have been physically verified by the management at
reasonable intervals. No material discrepancies were noticed on such
verification.
(c) None of the Fixed Assets has been revalued during the year.
(2) Investments:
Investments are stated at cost and any diminution in the value, if any,
of a long term nature has been provided for.
(3) Investments:
(a) The stock of shares held as investments have been physically
verified during the year by the management at reasonable intervals.
(b) In our opinion, the procedure of physical verification of stock of
shares held as stock in trade followed by the management are reasonable
and adequate in relation to the size of the Company and nature of its
business.
(c) No discrepancies were noticed on physical verification of stock of
shares as compared to book records.
(d) On the basis of the explanation of stock records, in our opinion
the valuation of stock of shares has been fair and proper in accordance
with the normally accepted accounting principles.
(4) Loans and Advances:
Loans and Advances in the nature of loans, have been given to employees
and other parties who are repaying the principal amount as stipulated
and are also regular in payment of interest whatever applicable.
(5) According to the information and explanations given to us, the
Company has neither granted nor taken any loan secured or unsecured
to/from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956. Accordingly,
paragraph 4(iii) (b), (c), (d), (f) and (g) of the order are not
applicable.
(6) 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 inventory and Fixed Assets and for the
sale of goods.
(7) The Company has not accepted any deposits from the public during
the year.
(8) In our opinion, the internal audit is commensurate with the size of
the Company and the nature of its business.
(9) Maintenance of Cost Records has not been prescribed by the Central
Government under Section 209(1)(d) of the Companies Act, 1956 for the
products manufactured by the Company.
(10) Statutory & Other Dues:
i. According to the information and explanations given to us and based
on the records examined by us, the Company has been generally regular
in depositing undisputed statutory dues, including Provident Fund,
Employees'' State Insurance, Income tax, Service tax, Cess and any other
Statutory dues with the appropriate authorities during the year.
ii. There are no disputed dues in respect of Service tax, Income tax,
Wealth tax, and Cess, which have not been deposited with the relevant
authorities.
(11) The Provident Fund Act is not applicable to the Company.
(12) In relation to the service activities of the Company, there exists
a reasonable Internal Control System commensurate with the size of the
Company and the nature of its business.
(13) In our opinion and on the basis of the information and explanation
given to us, the services rendered by the Company do not require any
allocation of man-hours.
(14) The Company is not Sick Industrial Company within the meaning of
clause (o) of section 3(1) of the Sick Industrial Companies (Special
Provisions) Act, 1985.
(15) The provisions of any special statute applicable to Chit Funds,
Nidhi or Mutual Benefit Society do not apply to the Company.
(16) The Company is investing in securities, debentures and other
investments. All Shares, Debentures or Other securities have been held
by the company in its own name except to the extent of the exemption
granted U/s.49 of The Companies Act, 1956.
(17) No personal expenses have been charged to revenue account other
than those payable under contractual obligations or in accordance with
generally accepted business practice.
(18) The Company has no accumulated losses exceeding fifty percent of
its net worth at the end of the financial year.
(19) Based on the records examined by us and the information and
explanations given to us, on an overall basis, the company has not
borrowed money from the Financial Institutions.
(20) The Company has not granted / taken any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
(21) No guarantee given by the Company for loans taken by others from
banks and financial institutions.
(22) Based on the records examined by us and the information and
explanations given to us, on an overall basis, the company has not
availed any term loan during the year.
(23) As per the information and explanations given to us, on an overall
basis, funds raised on short- term basis have, prima facie, not been
used during the year for long term purposes.
(24) 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.
(25) The Company has not issued any debentures during the year.
(26) The Company has not raised any money by way of public issues
during the year.
(27) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For DINESH K. SHAH & CO.
Chartered Accountants
Sd/-
DINESH K. SHAH
Partner
Membership # 10477
Ahmadabad, Dated: 16/04/2011
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