Mar 31, 2015
We have audited the accompanying standalone financial statements of
PARSHWANATH CORPORATION LIMITED ("the Company"), which comprise the
Balance Sheet as at March 31, 2015, the Statement of Profit and Loss,
the Cash Flow Statement for the year then ended on that date and a
summary of the significant accounting policies and other explanatory
information.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at March 31, 2015, and its profit and its cash flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order, 2015 ("the
Order"), issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order.
As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on March 31, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us :
(i) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 15 to the
financial statements;
(ii) The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses;
(iii) There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.
ANNEXURE TO INDEPENDENT AUDITOR'S REPORT
(Referred to in paragraph 1 under "Report on Other Legal and Regulatory
Requirements" of our report of even date)
1. In respect of fixed assets:
a. The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
b. The fixed assets have been physically verified by the management
once in a year which we consider reasonable having regard to the size
of the Company and the nature of its assets. According to the
information and explanations given to us, no material discrepancies
were noticed on such verification.
2. In respect of inventories:
The company is involved in the business of housing finance and
construction and development of housing projects. Therefore, the
provisions of clause 3 (ii) of the Companies (Auditor's Report) Order,
2015 are not applicable to the company.
3. In respect of loans granted to parties covered in the register
maintained u/s 189 of the Act:
The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under Section 189 of the Act. Therefore, the provisions of Clause 3
(iii) [(a) and (b)] of the said Order are not applicable to the
Company.
4. In respect of internal controls
In our opinion, and according to the information and explanations given
to us, there is an adequate internal control system commensurate with
the size of the Company and the nature of its business for the purchase
of inventory and fixed assets and for the sale of goods and services.
We have not observed any major weakness in the internal control system
during the course of the audit.
5. In respect of deposits
The Company has not accepted any deposits.
6. In respect of maintenance of cost records
The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act, for any of the activities
carried out by the Company.
7. In respect of statutory dues
a. According to the information and explanations given to us and the
records of the Company examined by us, in our opinion, the Company is
regular in depositing the undisputed statutory dues, including income
tax, sales tax, wealth tax, service tax, value added tax, cess and
other material statutory dues, as applicable, with appropriate
authorities. As explained to us, the Company did not have any dues on
account of duty of excise, provident fund, employees' state insurance
and duty of customs.
b. According to the information and explanations given to us and the
records of the Company examined by us, in our opinion, no undisputed
amounts payable as applicable were in arrears as at March 31, 2015 for
a period of more than six months from the date they became payable.
c. According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of sales tax,
wealth tax, service tax, value added tax and cess which have not been
deposited on account of any dispute.
The particulars of dues of income tax as at March 31, 2015 which have
not been deposited on account of a dispute, are as follows:
Period to which
Name of statute Nature of dues Rs. in lacs the amount
relates
Income Tax Act 9.11 F. Y. 2001 - 02
1961
57.03 F. Y. 2003 - 04
Income Tax 8.34 F. Y. 2004 - 05
5.75 F. Y. 2010 - 11
Name of statute Forum where the
dispute is
pending
Income Tax Act
1961
High Court
d. Therewere no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company in accordance
with the relevant provisio Assessing Officerns of the Companies Act, 1956 (1 of 1956) and
rules made thereunder.
8. In respect of accumulated losses and cash losses
The Company has no accumulated losses at the end of the financial year.
It has not incurred cash losses in the financial year under report;
however, there was cash loss in the immediately preceding financial
year.
9. In respect of dues to financial institutions / banks / debentures
The Company did not have any outstanding dues to financial
institutions, banks or debenture holders during the year.
10. In respect of guarantee given for loans taken by others
In our opinion and according to the information and the explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions.
11. In respect of application of term loans
The Company did not have any term loans outstanding during the year.
12. In respect of fraud
According to the information and explanations given to us, no material
fraud on or by the Company has been noticed or reported during the
course of our audit.
For Manubhai & Shah
Chartered Accountants
ICAI Firm Registration No. 106041W
Place: Ahmedabad
Date: May 26, 2015 (K. B. Solanki)
Partner
Membership No.110299
Mar 31, 2014
We have audited the accompanying financial statements of Parshwanath
Corporation Limited (''the Company'') which comprise the Balance Sheet as
at March 31, 2014, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
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 notified under the Companies Act, 1956 ("The
Act") read with the General Circular 15 / 2013 dated September 13, 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.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
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:
i. in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
ii. in the case of the Statement of Profit and Loss, of the loss for
the year ended on that date; and
iii. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Reports on Other Legal & Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
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 the General Circular 15 / 2013 dated
September 13, 2013 of 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 Act.
ANNEXURE TO INDEPENDENT AUDITOR''S REPORT
[Referred to in paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date]
1. In respect of its fixed assets:
a. The Company has maintained 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
by the management during the year, which in our opinion is reasonable,
having regard to the size of the Company and nature of its assets. No
material discrepancies were noticed on such physical verification.
c. In our opinion, the Company has not disposed of substantial part of
fixed assets during the year.
2. In respect of its inventories:
The company is involved in the business of housing finance and
construction and development of housing projects. Therefore, the
provisions of clause 4 (ii) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the company.
3. In respect of loans granted and taken to / from parties covered in
the register maintained u/s 301 of the Companies Act, 1956.
According to the information and the explanations given to us, the
company has not granted and taken any loans, secured or unsecured, to /
from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956. Consequently,
requirement of clauses {iii (a) to (g)} of the paragraph 4 of the
Companies (Auditor''s Report) Order, 2003 are not applicable.
4. In respect of internal control
In our opinion and according to the information and explanations given
to us, there are adequate internal controls procedures commensurate
with the size of the Company and the nature of its business with regard
to purchase of construction material and fixed assets. During the
course of audit, we have not observed any continuing failure to correct
major weakness in internal control.
5. In respect of transactions need to be entered into a register
maintained u/s 301 of the Companies Act, 1956.
a. In our opinion and according to the information and explanations
given to us, the particulars of contract or arrangements and referred
to in section 301 of the Companies Act, 1956 have been entered in the
register required to me maintained under that section.
b. In our opinion and according to the information and explanations
given to us, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
Companies Act, 1956 aggregating during the year to Rs. 5 Lacs or more
in respect of any party.
6. In respect of deposits from public
The Company has not accepted any deposits from the public during the
year.
7. In respect of internal audit system
In our opinion the company has an internal audit system commensurate
with the size and nature of business.
8. In respect of maintenance of cost records
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, 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. In respect of statutory dues:
a. According to the records of the Company, undisputed statutory dues
including Provident Fund, Income Tax, Wealth Tax, Investor Education
and Protection Fund, Employees'' State Insurance dues, Sales Tax,
Service Tax, Custom duty, Excise duty, Professional tax and other
statutory dues as may be applicable to the company have generally been
regularly deposited with the appropriate authorities.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, sales tax, wealth
tax, service tax, customs duty and excise duty were in arrears as at
31st March, 2014 for a period of more than six months from the date
they become payable.
c. According to the information and explanations given to us, there
are no dues of sales tax, wealth tax, service tax, custom duty and
excise duty which have not been deposited on account of dispute. In
respect of income tax, details of disputed dues which are not deposited
are given hereunder:
Nature of Rs. in lakhs Period to which Forum where dispute
Dues the amount relates is pending
Income Tax 5.75 A.Y. 2011-12 Assessing Officer
10. In respect of accumulated losses and cash losses
The Company has no accumulated losses at the end of the financial year.
It has incurred cash losses in the financial year under report;
however, there was no cash loss in the immediately preceding financial
year.
11. In respect of dues to financial institution / banks / debentures
In our opinion and according to the information and explanation given
to us, during the year the company has not defaulted in repayment of
dues to financial institution.
12. In respect of loans and advances granted on the basis of security.
In our opinion and according to the information and explanation given
to us, no loans and advances have been granted by the Company on the
basis of security by way of pledge of shares, debentures and other
securities.
13. In respect of provisions applicable to Chit fund
In our opinion, the Company is not a chit fund or a nidhi /mutual
benefit fund/ society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) Order 2003 is not applicable to the Company.
14. In respect of dealing or trading in shares, securities, debentures
and other investment
As the company is not dealing or trading in shares, securities,
debentures and other investments, the provision of clause 4(xiv) of the
Companies (Auditor''s Report) Order, 2003 is not applicable to the
Company.
15. In respect of guarantee given for loans taken by others
According to the information and explanations given to us, during the
year the Company has not given any guarantee for loans taken by others
from banks or financial institutions. Therefore the provision of clause
4(xv) of the Companies (Auditor''s Report) Order, 2003 is not applicable
to the Company.
16. In respect of application of term loans
According to the information and explanations given to us, the company
has not obtained any term loans during the year.
17. In respect of fund used
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 have, prima facie, not been used for long-term
investment.
18. In respect of preferential allotment of shares
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. In respect of securities created for debentures
The Company has not issued any debentures during the year.
20. In respect of end use of money raised by public issues
The Company has not raised any money by way of public issue during the
year.
21. In respect of fraud
According to the information and explanations given to us, no fraud on
or by the Company has been noticed or reported during the year.
For Manubhai & Shah
Chartered Accountants
(Registration No. 106041W)
K. B. SOLANKI
Place : Ahmedabad Partner
Date : 27/05/2014 (Membership. No. 110299)
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Parshwanath
Corporation Limited (''the Company'') which comprise the Balance Sheet as
at March 31, 2013, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended and a summary of significant
accounting policies and other explanatory information. Management''s
Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India including
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956 ("the Act"). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and 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.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion. 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:
i. in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013; ii. in the case of the Statement of
Profit and Loss, of the profit for the year ended on that date; and
iii. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date. Reports on Other Legal & Regulatory
Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
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- fa. 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
sub-section (3C) of section 211 of the Act;
e. 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 Act.
ANNEXURE TO INDEPENDENT AUDITOR''S REPORT
[Referred to in paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date]
1. In respect of its fixed assets:
a. The Company has maintained 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
by the management during the year, which in our opinion is reasonable,
having regard to the size of the Company and nature of its assets. No
material discrepancies were noticed on such physical verification.
c. In our opinion, the Company has not disposed of substantial part of
fixed assets during the year. I
2. In respect of its inventories:
The company is involved in the business of housing finance and
construction and development of housing projects. Therefore, the
provisions of clause 4 (ii) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the company.
3. In respect of loans granted and taken to / from parties covered in
the register maintained u/s 301 of the Companies Act, 1956.
a. The Company has given interest free loan to two parties covered in
the register maintained under section 301 of the Act. The maximum
amount involved during the year was Rs. 113 Lacs and the year end
balance of loan given to such party was Rs. Nil.
b. The terms and conditions of such loans are not, prima face,
prejudicial to the interest of the company.
c. The parties have repaid the principal amounts as stipulated. i
d. There is no overdue amount in respect of such loans. j
e. The company has not taken any loan during the year from parties
covered in the Register maintained under Section 30 of the Act.
Consequently, the requirements of Clauses (iii) (f) to (g) of paragraph
4 of the Order are not applicable.
4. In respect of internal control
In our opinion and according to the information and explanations given
to us, there are adequate internal controls procedures commensurate
with the size of the Company and the nature of its business with regard
to purchase of construction material and fixed assets and sale of
completed unit. During the course of audit, we have not observed any
continuing failure to correct major weakness in internal control.
5. In respect of transactions need to be entered into a register
maintained u/s 301 of the Companies Act, 1956.
a. In our opinion and according to the information and explanations
given to us, the particulars of contract or arrangements and referred
to in section 301 of the Companies Act, 1956 have been entered in the
register required to me maintained under that section.
b. In our opinion and according to the information and explanations
given to us, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
Companies Act, 1956 aggregating during the year to Rs. 5 Lacs or more
in respect of any party.
6. In respect of deposits from public
The Company has not accepted any deposits from the public during the
year.
7. In respect of internal audit system
In our opinion the company has an internal audit system commensurate
with the size and nature of business.
8. In respect of maintenance of cost records
In our opinion and according to information and explanations given to
us, the Company is required to maintain cost records pursuant to the
Companies (Cost Accounting Records) Rules, 2011 prescribed by the
Central Government under Section 209 (1) (d) of the Companies Act,
1956. The Company is in the process of preparing cost records.
9. In respect of statutory dues:
a. According to the records of the Company, undisputed statutory dues
including Income Tax, Wealth Tax, Investor Education and Protection
Fund, Sales Tax, Service Tax, Professional tax, Cess and other
statutory dues as may be applicable to the company have been generally
regularly deposited with the appropriate authorities.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of sales tax, wealth tax, service
tax, customs duty and excise duty were in arrears as at 31st March,
2013 for a period of more than six months from the date they become
payable. The undisputed dues which are outstanding at the year end for
a period of more than six months from the date they became payable are
as under:
Nature of Dues Amount Period to which
(Rs. in lakhs) the amount relates
Income Tax 31.91 A.Y. 2004 - 05
c. According to the records of the Company, there are no dues of
income tax, custom duty, sales tax, wealth tax, service tax, excise
duty and cess which have not been deposited on account of dispute.
10. In respect of accumulated losses and cash losses
The Company has no accumulated losses at the end of the financial year.
It has not incurred cash losses in the financial year under report and
in the immediately preceding financial year.
11. In respect of dues to financial institution / banks / debentures
In our opinion and according to the information and explanation given
to us, during the year the company has not defaulted in repayment of
dues to financial institution.
12. In respect of loans and advances granted on the basis of security.
In our opinion and according to the information and explanation given
to us, no loans and advances have been granted by the Company on the
basis of security by way of pledge of shares, debentures and other
securities.
13. In respect of provisions applicable to Chit fund
In our opinion, the Company is not a chit fund or a nidhi /mutual
benefit fund/ society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) Order 2003 is not applicable to the Company.
14. In respect of dealing or trading in shares, securities, debentures
and other investment
As the company is not dealing or trading in shares, securities,
debentures and other investments, the provision of clause 4(xiv) of the
Companies (Auditor''s Report) Order, 2003 is not applicable to the
Company.
15. In respect of guarantee given for loans taken by others
According to the information and explanation given to us, the Company
has given guarantee for loans taken by its group entities from a bank,
the terms and conditions thereof in our opinion are not prima facie
prejudicial to the interest of the Company.
16. In respect of application of term loans
According to the information and explanations given to us, the company
has not obtained any term loans during the year.
17. In respect of fund used
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 have, prima facie, not been used for long-term
investment.
18. In respect of preferential allotment of shares
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. In respect of securities created for debentures
The Company has not issued any debentures during the year.
20. In respect of end use of money raised by public issues
The Company has not raised any money by way of public issue during the
year.
21. In respect of fraud
According to the information and explanations given to us, no fraud on
or by the Company has been noticed or reported during the year.
For Manubhai & Company
Chartered Accountants
(Reg. No.: 106041W)
K. B. SOLANKI
Place : Ahmedabad Partner
Date : May 22, 2013 M. No. 110299
Mar 31, 2012
1. We have audited the attached Balance Sheet of Parshwanath
Corporation Limited as at 31st March, 2012, and also Profit and Loss
Account for the year ended on that date annexed thereto and Cash Flow
Statement 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 enclose in the Annexure
hereto 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 accounts as required by law, have
been kept by the Company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with books of account;
(iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement 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 31st March, 2012 and taken on record by the Board of
Directors, we report that none of 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;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts 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 give a true and fair view in conformity with the
accounting principles generally accepted in India:
(a) in so far as it relates to Balance Sheet, of the state of affairs
of the company as at 31st March, 2012;
(b) in so far as it relates to the Profit and Loss Account, of the
profit of the Company for the year ended on that date; and
(c) in so far as it relates to the Cash Flow Statement, of the cash
flows of the Company for the year ended on that date.
ANNEXURE TO AUDITOR'S REPORT
[Referred to paragraph 3 of our report of even date]
1. In respect of its fixed assets:
a. The Company has maintained 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
by the management during the year, which in our opinion is reasonable,
having regard to the size of the Company and nature of its assets. No
material discrepancies were noticed on such physical verification.
c. In our opinion, the Company has not disposed of substantial part of
fixed assets during the year.
2. In respect of its inventories:
The company is involved in the business of housing finance and
construction and development of housing projects. Therefore, the
provisions of clause 4 (ii) of the Companies (Auditor's Report) Order,
2003 are not applicable to the company.
3. In respect of loans granted and taken to / from parties covered in
the register maintained u/s 301 of the Companies Act, 1956.
According to the information and explanations given to us, the company
has not taken or granted any 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. Consequently,
requirements of clauses (iii a), (iii b), (iii c), (iii d), (iii e),
(iii f) and (iii g) of paragraph 4 of the Order are not applicable.
4. In respect of internal control
In our opinion and according to the information and explanations given
to us, there are adequate internal controls procedures commensurate
with the size of the Company and the nature of its business with regard
to purchase of construction material and fixed assets. During the
course of audit, we have not observed any continuing failure to correct
major weakness in internal control.
5. In respect of transactions need to be entered into a register
maintained u/s 301 of the Companies Act, 1956. In our opinion and
according to the information and explanations given to us, the
particulars of contract or arrangements and referred to in section 301
of the Companies Act, 1956 have been entered in the register required
to me maintained under that section.
In our opinion and according to the information and explanations given
to us, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
Companies Act, 1956 aggregating during the year to Rs. 5 Lacs or more
in respect of any party.
6. In respect of deposits from public
The Company has not accepted any deposits from the public during the
year.
7. In respect of internal audit system
In our opinion the company has an internal audit system commensurate
with the size and nature of business.
8. In respect of maintenance of cost records
In our opinion and according to information and explanations given to
us, the Company is required to maintain cost records pursuant to the
Companies (Cost Accounting Records) Rules, 2011 prescribed by the
Central Government under Section 209 (1) (d) of the Companies Act,
1956. The Company is in the process of preparing cost records.
9. In respect of statutory dues:
a. According to the records of the Company, undisputed statutory dues
including Provident Fund, Income Tax, Wealth Tax, Investor Education
and Protection Fund, Employees' State Insurance dues, Sales Tax,
Service Tax, Custom duty, Excise duty, Professional tax, Cess and other
statutory dues as may be applicable to the company have been generally
regularly deposited with the appropriate authorities.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of sales tax, wealth tax, service
tax, customs duty and excise duty were in arrears as at 31st March,
2012 for a period of more than six months from the date they become
payable. The undisputed dues which are outstanding at the year end for
a period of more than six months from the date they became payable are
as under:
Nature of dues Amount (Rs. in lakhs) Assessment Year to Which
amount relates
Income Tax 31.91 A.Y. 2004 - 05
c. According to the records of the Company, there are no dues of
custom duty, sales tax, wealth tax, service tax, excise duty and cess
which have not been deposited on account of dispute. In respect of
income tax, details of disputed dues which are not deposited are given
hereunder :
Nature of
Status Nature of Amount Period to which Forum where dispute
Dues (Rs. in
lakhs) the amount
relates is pending
Income Tax
Act, 1961 Income Tax 20.09 A.Y. 2009 - 10 CIT (A)
10. In respect of accumulated losses and cash losses
The Company has no accumulated losses at the end of the financial year.
It has not incurred cash losses in the financial year under report and
in the immediately preceding financial year.
11. In respect of dues to financial institution / banks / debentures
In our opinion and according to the information and explanation given
to us, during the year the company has not defaulted in repayment of
dues to financial institution.
12. In respect of loans and advances granted on the basis of security.
In our opinion and according to the information and explanation given
to us, no loans and advances have been granted by the Company on the
basis of security by way of pledge of shares, debentures and other
securities.
13. In respect of provisions applicable to Chit fund
In our opinion, the Company is not a chit fund or a nidhi /mutual
benefit fund/ society. Therefore, clause 4(xiii) of the Companies
(Auditor's Report) Order 2003 is not applicable to the Company.
14. In respect of dealing or trading in shares, securities, debentures
and other investment
As the company is not dealing or trading in shares, securities,
debentures and other investments, the provision of clause 4(xiv) of the
Companies (Auditor's Report) Order, 2003 is not applicable to the
Company.
15. In respect of guarantee given for loans taken by others
According to the information and explanation given to us, the Company
has given guarantee for loans taken by its group entities from a bank,
the terms and conditions thereof in our opinion are not prima facie
prejudicial to the interest of the Company.
16. In respect of application of term loans
According to the information and explanations given to us, the company
has not obtained any term loans during the year.
17. In respect of fund used
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 have, prima facie, not been used for long-term
investment.
18. In respect of preferential allotment of shares
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. In respect of securities created for debentures
The Company has not issued any debentures during the year.
20. In respect of end use of money raised by public issues
The Company has not raised any money by way of public issue during the
year.
21. In respect of fraud
According to the information and explanations given to us, no fraud on
or by the Company has been noticed or reported during the year.
For Manubhai & Company
Chartered Accountants
(Reg. No.: 106041W)
K. B. SOLANKI
Place : Ahmedabad Partner
Date : August 27, 2012 M. No. 110299
Mar 31, 2011
1. We have audited the attached Balance Sheet of Parshwanath
Corporation Limited as at 31st March, 2011, and also Profit and Loss
Account for the year ended on that date annexed thereto and Cash Flow
Statement 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 (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
hereto 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 accounts as required by law, have
been kept by the Company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with books of account;
(iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement 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 31st March, 2011 and taken on record by the Board of
Directors, we report that none of directors is disqualified as on 31st
March, 2011 from being appointed as a director in terms of Clause (g)
of sub Section (1) of Section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts 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 give a true and fair view in conformity with the
accounting principles generally accepted in India:
(a) in so far as it relates to Balance Sheet, of the state of affairs
of the company as at 31st March, 2011;
(b) in so far as it relates to the Profit and Loss Account, of the
profit of the Company for the year ended on that date; and
(c) in so far as it relates to the Cash Flow Statement, of the cash
flows of the Company for the year ended on that date.
ANNEXURE TO AUDITORS' REPORT
[Referred to paragraph 3 of our report of even date]
1. In respect of its fixed assets:
a. The Company has maintained 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
by the management during the year, which in our opinion is reasonable,
having regard to the size of the Company and nature of its assets. No
material discrepancies were noticed on such physical verification.
c. In our opinion, the Company has not disposed of substantial part of
fixed assets during the year.
2. In respect of its inventories:
The company is involved in the business of housing finance and
construction and development of housing projects and does not have any
inventory. Therefore, the provisions of clause 4 (ii) of the Companies
(Auditor's Report) Order, 2003 are not applicable to the company.
3. In respect of loans granted and taken to / from parties covered in
the register maintained u/s 301 of the Companies Act, 1956.
According to the information and explanations given to us, the company
has not taken or granted any 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. Consequently,
requirements of clauses (iii a), (iii b), (iii c), (iii d), (iii e),
(iii f) and (iii g) of paragraph 4 of the Order are not applicable.
4. In respect of internal control
In our opinion and according to the information and explanations given
to us, there are adequate internal controls procedures commensurate
with the size of the Company and the nature of its business with regard
to purchase of construction material and fixed assets. There was no
sale of goods during the year. During the course of audit, we have not
observed any continuing failure to correct major weakness in internal
control.
5. In respect of transactions need to be entered into a register
maintained u/s 301 of the Companies Act, 1956.
In our opinion and according to the information and explanations given
to us, the particulars of contract or arrangements and referred to in
section 301 of the Companies Act, 1956 have been entered in the
register required to me maintained under that section.
In our opinion and according to the information and explanations given
to us, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
Companies Act, 1956 aggregating during the year to Rs. 5 Lacs or more
in respect of any party.
6. In respect of deposits from public
The Company has not accepted any deposits from the public during the
year.
7. In respect of internal audit system
In our opinion the company has an internal audit system commensurate
with the size and nature of business.
8. In respect of maintenance of cost records
In our opinion and according to information and explanations given to
us. Central Government has not prescribed maintenance of cost records
under clause (d) of sub-section (1) of Section 209 of the Act.
9. In respect of statutory dues:
a. According to the records of the Company, undisputed statutory dues
including Provident Fund, Income Tax, Wealth Tax, Investor Education
and Protection Fund, Employees' State Insurance dues, Sales Tax,
Service Tax, Custom duty. Excise duty, Professional tax, Cess and other
statutory dues as may be applicable to the company have been generally
regularly deposited with the appropriate authorities.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of sales tax, wealth tax, service
tax, customs duty and excise duty were in arrears as at 31st March,
2011 for a period of more than six months from the date they become
payable. The undisputed dues which are outstanding at the year end for
a period of more than six months from the date they became payable are
as under:
Nature of
Dues Amount (Rs. In Lakhs) Assessment Year to
which amount
relates
Income Tax 31.91 A.Y. 2004-05.
c. According to the records of the Company, there are no dues of custom
duty, sales tax, wealth tax, service tax, excise duty and cess which
have not been deposited on account of dispute. In respect of income
tax, details of disputed dues which are not deposited are given
hereunder:
Nature of
dues Amount Period to which Forum where
dispute
(Rs. in lakhs) the amount
relates is pending
Income Tax 7.01 A.Y. 2008-09 CIT (A)
10. In respect of accumulated losses and cash losses
The Company has no accumulated losses at the end of the financial year.
It has not incurred cash losses in the financial year under report and
in the immediately preceding financial year.
11. In respect of dues to financial institution / banks / debentures
In our opinion and according to the information and explanation given
to us, during the year the company has not defaulted in repayment of
dues to financial institution.
12. In respect of loans and advances granted on the basis of security.
In our opinion and according to the information and explanation given
to us, no loans and advances have been granted by the Company on the
basis of security by way of pledge of shares, debentures and other
securities.
13. In respect of provisions applicable to Chit fund
In our opinion, the Company is not a chit fund or a nidhi /mutual
benefit fund/ society. Therefore, clause 4(xiii) of the Companies
(Auditor's Report) Order 2003 is not applicable to the Company.
14. In respect of dealing or trading in shares, securities, debentures
and other investment As the company is not dealing or trading in
shares, securities, debentures and other investments, the provision of
clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 is not
applicable to the Company.
15. In respect of guarantee given for loans taken by others According
to the information and explanation given to us, the Company has given
guarantee for loans taken by its group entities from a bank, the terms
and conditions thereof in our opinion are not prima facie prejudicial
to the interest of the Company.
16. In respect of application of term loans According to the
information and explanations given to us, the company has not obtained
any term loans during the year.
17. In respect of fund used 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 have, prima
facie, not been used for long-term investment.
18. In respect of preferential allotment of shares 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. In respect of securities created for debentures The Company has
not issued any debentures during the year.
20. In respect of end use of money raised by public issues The Company
has not raised any money by way of public issue during the year.
21. In respect of fraud According to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year.
For Manubhai & Company
Chartered Accountants
(Reg. No.: 106041W)
K. B. SOLANKI
Place : Ahmedabad Partner
Date : 26th August, 2011 M. No. 110299
Mar 31, 2010
1. We have audited the attached Balance Sheet of Parshwanath Housing
Finance Corporation Limited as at 31st March, 2010, and also Profit and
Loss Account for the year ended on that date annexed thereto and Cash
Flow Statement for the year ended on that date. These financial
statements are the responsibility of the Companys management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2. We conducted our audit in accordance with Auditing Standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial 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 (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
hereto 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 accounts as required by law, have
been kept by the Company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with books of account;
(iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement 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 31st March, 2010 and taken on record by the Board of
Directors, we report that none of directors is disqualified as on 31st
March, 2010 from being appointed as a director in terms of Clause (g)
of sub -Section (1) of Section 274 of the Companies Act, 1956 ;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts 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 give a true and fair view in conformity with the
accounting principles generally accepted in India:
(a) in so far as it relates to Balance Sheet, of the state of affairs
of the company as at 31st March, 2010;
(b) in so far as it relates to the Profit and Loss Account, of the
profit of the Company for the year ended on that date; and
(c) in so far as it relates to the Cash Flow Statement, of the cash
flows of the Company for the year ended on that date.
ANNEXURETO AUDITORS REPORT (Referred to paragraph 3 of our report of
even date)
1. In respect of its fixed assets:
a. The Company has maintained 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
by the management during the year, which in our opinion is reasonable,
having regard to the size of the Company and nature of its assets. No
material discrepancies were noticed on such physical verification.
c. In our opinion, the Company has not disposed of any part of fixed
assets during the year.
2. In respect of its inventories:
The company is involved in the business of housing finance and
construction and development of housing projects and does not have any
inventory Therefore, the provisions of clause 4 (ii) of the Companies
(Auditors Report) Order, 2003 are not applicable to the company.
3. In respect of loans granted and taken to / from parties covered in
the register maintained u/s 301 of the Companies Act, 1956.
According to the information and explanations given to us, the company
has not taken or granted any 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. Consequently,
requirements of clauses (iii a), (iii b), (iii c), (iii d), (iii e),
(iii f) and (iii g) of paragraph 4 of the Order are not applicable.
4. In respect of internal control
In our opinion and according to the information and explanations given
to us, there are adequate internal controls procedures commensurate
with the size of the Company and the nature of its business with regard
to purchase of construction material and fixed assets. There was no
sale of goods during the year During the course of audit, we have not
observed any continuing failure to correct major weakness in internal
control.
5. In respect of transactions need to be entered into a register
maintained u/s 301 of the Companies Act, 1956.
In our opinion and according to the information and explanations given
to us, the particulars of contract or arrangements and referred to in
section 301 of the Companies Act, 1956 have been entered in the
register required to be maintained under that section.
In our opinion and according to the information and explanations given
to us, there are on transactions in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
Companies Act, 1956 aggregating during the year to Rs. 5 Lacs or more
in respect of any party.
6. In respect of deposits from public
The Company has not accepted any deposits from the public during the
year
7. In respect of internal audit system
The Company did not have formal internal audit system as such, but its
control procedures ensure reasonable internal checking of its financial
records.
8. In respect of maintenance of cost records
In our opinion and according to information and explanations given to
us, Central Government has not prescribed maintenance of cost records
under clause (d) of sub-section (1) of Section 209 of the Act.
9. In respect of statutory dues:
a. According to the records of the Company undisputed statutory dues
including Provident Fund, Income "lax, Wealth "lax, Investor Education
and Protection Fund, Employees State Insurance dues, Sales Tax,
Service "lax, Custom duty, Excise duty, Professional tax, Cess and
other statutory dues as may be applicable to the company have been
generally regularly deposited with the appropriate authorities.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of sales tax, wealth tax, service
tax, customs duty and excise duty were in arrears as at 31st March,
2010 for a period of more than six months from the date they become
payable. The undisputed dues which are outstanding at the year end for
a period of more than six months from the date they became payable are
as under:
Amount Period to which
Nature of dues (Rs. In Lakhs) amount relates
Income Tax 31.91 F.Y 2003 - 04
c. According to the records of the Company there are no dues of custom
duty, sales tax, wealth tax, service tax, excise duty and cess which
have not been deposited on account of dispute. In respect of income
tax, details of disputed dues which are not deposited are given
hereunder:
Period to Forum
Amount
Nature of Dues
Income Tax 22.00 F.Y 2005-06 CIT-A
Income Tax 18.3 F.Y 2006-07 CIT-A
Income Tax 17.07 F.Y 2007-08 CIT-A
Total 57.37
10. In respect of accumulated losses and cash losses
Accumulated losses of the company at the end of the financial year are
less than 50% of its net worth. The Company has not incurred cash
losses in the current financial year. However in the immediately
preceding financial year there was cash loss.
11. In respect of dues to financial institution / banks / debentures
In our opinion and according to the information and explanation given
to us, during the year the company has not defaulted in repayment of
dues to financial institution.
12. In respect of loans and advances granted on the basis of security.
In our opinion and according to the information and explanation given
to us, no loans and advances have been granted by the Company on the
basis of security by way of pledge of shares, debentures and other
securities.
13. In respect of provisions applicable to Chit fund
In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, clause 4(xiii) of the Companies
(Auditors Report) Order 2003 is not applicable to the Company
14. In respect of dealing or trading in shares, securities, debentures
and other investment
As the company is not dealing or trading in shares, securities,
debentures and other investments, the provision of clause 4(xiv) of the
Companies (Auditors Report) Order, 2003 is not applicable to the
Company.
15. In respect of guarantee given for loans taken by others
According to the information and explanation given to us, the Company
has given guarantee for loans taken by its group company from a bank,
the terms and conditions whereof in our opinion are not prima facie
prejudicial to the interest of the Company.
16. In respect of application of term loans
According to the information and explanations given to us, the company
has not obtained any term loans during the year
17. In respect of fund used
According to the information and explanations given to us and on an
overall examination of the examination of the balance sheet of the
company, funds raised on short-term basis have, prima facie, not been
used for long-term investment.
18. In respect of preferential allotment of shares
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. In respect of securities created for debentures
The Company has not issued any debentures during the year
20. In respect of end use of money raised by public issues
The Company has not raised any money by way of public issue during the
year
21. In respect of fraud
According to the information and explanations given to us, no fraud on
or by the Company has been noticed or reported during the year
For Manubhai & Company
Chartered Accountants
Reg. No. 106041W
Place : Ahmedabad K. B. SOLANKI
Date : 31 st August, 2010 Partner
M. No. 110299
Mar 31, 2009
1. We have audited the attached Balance Sheet of Parshwanath Housing
Finance Corporation Limited as at 31st March, 2009, and also Profit and
Loss Account for the year ended on that date annexed thereto and Cash
Flow Statement for the year ended on that date. These financial
statements are the responsibility of the Companys management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2. We conducted our audit in accordance with Auditing Standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial 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 (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
hereto 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 accounts as required by law, have
been kept by the Company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with books of account;
(iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement 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 31st March, 2009 and taken on record by the Board of
Directors, we report that none of directors is disqualified as on 31st
March, 2009 from being appointed as a director in terms of Clause (g)
of sub Section (1) of Section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts 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 give a true and fair view in conformity with the accounting
principles generally accepted in India:
(a) in so far as it relates to Balance Sheet, of the state of affairs
of the company as at 31st March, 2009;
(b) 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; and
(c) in so far as it relates to the Cash Flow Statement, of the cash
flows of the Company for the year ended on that date.
ANNEXURE TO AUDITORS REPORT
(Referred to paragraph 3 of our report of even date)
1. In respect of its fixed assets:
a. The Company has maintained 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
by the management during the year, which in our opinion is reasonable,
having regard to the size of the Company and nature of its assets. No
material discrepancies were noticed on such physical verification.
c. In our opinion, the Company has not disposed off substantial part
of fixed assets during the year.
2. In respect of its inventories:
The company is a housing finance company and does not have any
inventory. Therefore, the provisions of clause 4 (ii) of the Companies
(Auditors Report) Order, 2003 are not applicable to the company.
3. In respect of loans granted and taken to / from parties covered in
the register maintained u/s 301 of the Companies Act, 1956.
According to the information and explanations given to us, the company
has not taken or granted any 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. Consequently,
requirements of clauses (iii a), (iii b), (iii c), (iii d), (iii e),
(iii f) and (iii g) of paragraph 4 of the Order are not applicable.
4. In respect of internal control
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 with regard to
purchase of construction materialand fixed assets. There was no sale
of goods during the year. During the course of audit, we have not
observed any continuing failure to correct major weakness in internal
control.
5. In respect of transactions need to be entered into a register
maintained u/s 301 of the Companies Act, 1956.
In our opinion and according to the information and explanations give i
to us, the particulars of contract or arrangements and referred to in
section 301 of the Companies Act, 1956 have been entered in the
register required to me maintained under that section.
In our opinion and according to the information and explanations given
to us, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
Companies Act, 1956 aggregating during the year to Rs. 5 Lacs or more
in respect of any party.
6. In respect of deposits from public
The Company has not accepted any deposit from the public during the
year.
7. In respect of internal audit system
The Company did not have formal internal audit system as such, but its
control procedures ensure reasonable internal checking of its financial
records.
8. In respect of maintenance of cost records
In our opinion and according to information and explanations given to
us, Central Government has not prescribed maintenance of cost records
under clause (d) of sub-section (1) of Section 209 of the Act.
9. In respect of statutory dues:
a. According to the records of the Company, undisputed statutory dues
including Provident Fund, Income Tax, Wealth Tax, Investor Education
and Protection Fund, Employees State Insurance dues, Sales Tax,
Service Tax, Custom duty, Excise duty, Professional tax, Cess and other
statutory dues as may be applicable to the company have been generally
regularly deposited with the appropriate authorities.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, sales tax, wealth
tax, service tax, customs duty and excise duty were in arrears as at 31
st March, 2009 for a period of more than six months from the date they
become payable. The undisputed dues which are outstanding at the year
end for a period more than six months from the date they became payable
are as under:
Nature of dues Amount Period to which
(Rs. in lakhs) amount relates
Income Tax 31.91 F.Y. 2003-04.
c. According to the records of the Company, there are no dues of
custom duty, sales tax, wealth tax, service tax, excise duty and cess
which have not been deposited on account of dispute. In respect of
income tax, details of disputed dues which are not deposited are given
hereunder:
Nature of dues Amount Period to which Forum where
(Rs. in lakhs) amount relates dispute is pending
Income Tax 8.62 F.Y. 2001-02. CIT-A
Income Tax 8.59 F.Y. 2002-03. CIT-A
Income Tax 10.74 F.Y. 2003-04. CIT-A
Income Tax 18.30 F.Y. 2005-06. CIT-A
Total 46.25
10. In respect of accumulated losses and cash losses
Accumulated losses of the company at the end of the financial year are
less than 50 % of its net worth. The Company has not incurred cash
losses in the current financial year and in the immediately preceding
financial year there was no cash loss.
11. In respect of dues to financial institution / banks / debentures
In our opinion and according to the information and explanation given
to us, during the year the company has not defaulted in repayment of
dues to financial institution.
12. In respect of loans and advances granted on the basis of security.
In our opinion and according to the information and explanation given
to us, no loans and advances have been granted by the Company on the
basis of security by way of pledge of shares, debentures and other
securities. ,
13. In respect of provisions applicable to Chit fund
In our opinion, the Company is not a chit fund or a nidhi /mutual
benefit fund/ society. Therefore, clause 4(xiii) of the Companies
(Auditors Report) Order 2003 is not applicable to the Company.
14. In respect of dealing or trading in shares, securities, debentures
and other investment
As the company is not dealing or trading in shares, securities,
debentures and other investments, the provision of clause 4(xiv) of the
Companies (Auditors Report) Order, 2003 is not applicable to the
Company.
15. In respect of guarantee given for loans taken by others
According to the information and explanation given to us, the Company
has given guarantee for loans taken by its group company from a bank,
the terms and conditions whereof in our opinion are not prima facie
prejudicial to the interest of the Company.
16. In respect of application of term loans
According to the information and explanations given to us, the company
has not obtained any term loans during the year.
17. In respect of fund used
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 have, prima facie, not been used for long-term
investment.
18. In respect of preferential allotment of shares
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. In respect of securities created for debentures
The Company has not issued any debentures during the year.
20. In respect of end use of money raised by public issues
The Company has not raised any money by way of public issue during the
year.
21. In respect of fraud
According to the information and explanations given to us, no fraud on
or by the Company has been noticed or reported during the year.
For Manubhai & Company
Chartered Accountants
Place : Ahmedabad K. B. SOLANKI
Date : 31st July, 2009 Partner
M.No. 110299