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Auditor Report of PC Products India Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statements of PC Products India Limited ('the Company'), which comprise the balance sheet as at 31 March 2015, 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 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 and presentation 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 31 March 2015 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 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 the paragraph 3 and 4 of the Order, to the extent applicable.

2. 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 31 March 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2015 from being appointed as a director in terms of Section 164 (2) of the Act; and

(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;

ii. the Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts and

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT

The Annexure referred to in our Independent Auditors' Report to the members of the Company on the standalone financial statements for the year ended 31 March 2015, we report that:

(i) (a) The Company does not have any fixed assets. Thus paragraph 3(i) of the order is not applicable.

(ii) The management has conducted physical verification of inventory at reasonable intervals. In my opinion, the procedures of physical verification of inventory followed by the management are reasonable adequate in relation to the size of the company and the nature of its business. In my opinion and according to the information and explanation given to us, the company is maintaining proper records of inventory. The discrepancies noticed on verification between physical inventories and books of records were not material in relation to the operations of the Company and the same have been properly dealt with the books of accounts.

(iii) (a) The Company has granted loans to one party covered in the register

maintained under section 189 of the Companies Act, 2013 ('the Act'). The details are as under:

Sl.No. Name of the Party Amount

1. Bhimasen Khurana 6,00,000.00/-

(b) In the case of the loans granted to the bodies corporate listed in the register maintained under section 189 of the Act, the borrowers have been regular in the payment of the interest as stipulated. The terms of arrangements do not stipulate any repayment schedule and the loans are repayable on demand. Accordingly, paragraph 3(iii)(b) of the Order is not applicable to the Company in respect of repayment of the principal amount.

(c) There are no overdue amounts of more than rupees one lakh in respect of the loans granted to the bodies corporate listed in the register maintained under section 189 of the Act.

(iv) 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 with regard to purchase of fixed assets and sale of goods.

(v) The Company has not accepted any deposits from the public.

(vi) The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act, for any of the services/ goods rendered/ traded by the Company.

(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of employees' state insurance and duty of excise.

According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues were in arrears as at 31 March 2015 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no material dues of wealth tax, duty of customs and cess which have not been deposited with the appropriate authorities on account of any dispute.

(c) According to the information and explanations given to us there were no such cases where the amount was required to be transferred to the investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules there under has been transferred to such fund within time.

(viii) According to information and explanation given to us the Company has been registered for the period not less than five years and its accumulated losses at the end of financial year are less than fifty percent of net wealth and it has not incurred any cash losses in the financial year and in the immediate preceding financial year.

(ix) The Company did not have any outstanding dues to financial institutions, banks or debenture holders during the year.

(x) 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.

(xi) The Company did not have any term loans outstanding during the year.

(xii) 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 N.M. Khatavkar & Co Chartered Accountants Sd/- N M Khatavkar Partner Membership number: 206569 Firm Regd No.007939S Hubli 29 May, 2015


Mar 31, 2014

We have audited the accompanying financial statements of "Jayavant Industries Limited", which comprises the Balance Sheet as at 31 March, 2014, and the Statement of Profit and Loss account 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 gives a true and fair view of the financial position, financial performance of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act”). 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.

Option:

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

a. in the case of the Balance Sheet, of the state of affairs of the Company as at 31 March, 2014;

b. in the Case of the Statement of Profit and Loss, of the Profit for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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

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 dealt with by this report is in agreement with the books of accounts.

d. In our opinion, the Balance Sheet and statement of 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.

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

ANNEXURE TO THE AUDITORS' REPORT OF JAYAVANT INDUSTRIES LIMITED

Referred to in Paragraph 3 of our Report of even date

1. Maintenance of proper records showing full particulars regarding the quantitative details and situation of fixed assets of the Company, and physical verification of Assets by the management is not applicable for the year, as company does not hold any Fixed Assets.

2. a. According to information and explanation given to us, physical verification of inventory has not been conducted by the management as there was no trading or manufacturing activity during the year and the Company did not deal with any kind of inventory

b. In our opinion and according to the information and explanation given to us procedures of physical verification of Inventory followed by the management reasonable and adequate in relation to the size of the company and nature of its business but there was no trading of inventory in the financial year 2013-14.

c. The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification; however there was no trading during the year.

3. The Company has not taken/granted any loans, secured or unsecured from/to companies, firms or other parties listed in Register maintained under Section 301 of the Companies Act 1956

4. In our opinion and according to the information and explanation 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 sale of goods. However company did not purchase or sell inventories during the year. There are no continuing failures to correct major weaknesses in internal control.

5. To the best of our knowledge and belief and as explained to us, the Company has not entered into any transactions during the year under preview, which required to be entered in the Register maintained under section 301 of the Companies Act 1956

6. Company has not accepted any deposits from the public as explained under section 58A of the Companies Act 1956 and the companies (Acceptance of deposits) rules 1975.

7. In our opinion, the Company has no internal audit system commensurate with the size and nature of its business.

8. Provisions of Section 209 (1) (d) of the Companies Act 1956 relating to maintenance of cost records are not applicable to this Company.

9. According to the information and explanations, given to us, there are no undisputed amounts remaining to be deposited in respect of Provident fund, Investor Education and protection Fund, Employees State Insurance, Income Tax. Wealth Tax, Customs duty, Excise duty, cess Which has remained arrears, as at 31st March 2014 for a period of more than six months from the date they become payable.

10. In our opinion accumulated losses of the Company are not more than fifty percent of its net worth. The Company has not incurred cash losses during the financial year covered by our audit and it has also incurred cash losses during the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us the Company has not defaulted in repayment of dues to financial Institution, Bank or debenture holders during the year covered for audit.

12. According to the information and explanation given to us the Company has not granted any loans & advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not chit fund or Nidhi, mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor Report) Order 2003 are not applicable to the Company.

14. In our opinion, the proper records have been maintained of transactions and contracts and timely entries have been made therein in respect of shares and securities held by the Company. Shares, Securities and other securities have been held by the Company, in its own name.

15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from Bank or financial institution.

16. As per the information and explanations given to us, the Company has not availed any term loans during the year.

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

18 According to the information and explanations given to us no preferential allotment of shares has been made by the company to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act.

19 The Company has not issued any secured debentures.

20 The company has not raised any money through a public issue during the year. However the allotment money arrears has been received in cash during the current financial year.

21 According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during year.

Place: Hubli Date: 19/04/2014.

As Per Our Report of Even Date

Sheshgiri B Kulkarni Chartered Accountant




Mar 31, 2013

We have audited the accompanying financial statements of "Jayavant Industries Limited", which comprises the Balance Sheet as at 31 March, 1013, and the Statement of Profit and Loss account for the year then ended, and a summary / of significant accounting policies and other explanatory information.

Management's Responnsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that gives a true and fair view of the financial position, financial performance of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). 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 Responsbility

Our responsibility to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards in Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirement 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 prepare ion 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 i 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 wit! the accounting principles generally accepted in India:

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

b. in the Case of the Statement of Profit and Loss, of the loss or the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As require by the Companies [Auditor's Report] Order, 2003 (as amended) issued by the Cental Government of India in terms of sub-section [4A] of Section 227 of the Compnies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said order to the extent applicable.

2. As require 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 dealt with by this report is in agreement with the books of acounts.

d. In ur opinion, the Balance Sheet and statement of Profit & Loss account, dealt with by this report comply with the Acc unting Standards referred to in sub - section (3C) of section 211 of the Companies Act, 1956.

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

ANNEXURE TO

THE AUDIORS' REPORT OF JAYAVANT INDUSTRIES LIMITED Referred to in Paragraph 3 of our Report of even date

1. Maintenance of proper records showing full particulars regarding the quantitative details and situation of fixed assets of the Company, and physical verification of Assets by the management is not applicable for the year, as company does not hold any Fixed Assets.

2.

a. According t information and explanation given to us, physical verification of inventory has not been cor acted by the management as there was no trading or manufacturing activity during the year and the Company did not deal with any kind of inventory

b. In our opinion and according to the information and explanation given to us procedures of physical verification of Inventory followed by the management reasonable and adequate in relation to the size of the company and nature of its business but there was no trading of inventory in he financial year 2012-13.

c. The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification; however there was no trading during the year.

3. The Company has not taken/granted any loans, secured or unsect red from/to companies, firms or other parties listed Register maintained under Section 301 of the Companies Act 1956

4. In our opinion and according to the information and explanation 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 sale of goods. Howe sr company did not purchase or sell inventories during the year. There are no continuing failures to correct major weaknesses in internal control.

5. To the best of our knowledge and belief and as explained to us, the Company has not entered into any transactions during the year under preview, which require i to be entered in the Register maintained under section 301 of the Companies Act 1956

6. Company has not accepted any deposits from the public as explained under section 58A of the Companies Act 1956 and the companies (Acceptance of deposits) rules 1975.

7. In our opinion, the company has no internal audit system commensurate with the size and nature of its business.

8. Provisions of Section 209 (1) (d) of the Companies Act 1956 relating to maintenance of cost records are not applicable to this Company,

9. According to the information and explanations, given to us, there are no undisputed amounts remaining to be deposited in respect of Provident fund, Investor Education and protection Fund, Employees State Insurance, Income Tax. Wealth Tax, Customs duty, Excise duty, cess Which has remained arrears, at 31st March 2013 for a period of more than six months from the date they become payable.

10. In our opinion accumulated losses of the Company are more than fifty percent of its net worth. The Company has incurred cash losses during the financial year covered by our audit and, it has also incurred cash loss; during the immediately preceding financial year.

11. In our opinion am according to the information and explanations given to us the Company has not defaulted in repayment of dues to financial Institution, Bank or debenture holders during the year covered for audit.

12. According to the information and explanation given to us the Company has not granted any loans & advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is t chit fund or Nidhi, mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor Report) Order 2003 are not applicable to the Company.

14. In our opinion, the proper records have been maintained of transactions and contracts and timely entries have been made therein in respect of shares and securities held by the Company. Shares, Securities and other securities have been held by the Company, in its own name.

15. According to the formation and explanations given to us, the company has not given any guarantee for loans taken by others from Bank or financial institution.

16. As per the information and explanations given to us, the Company has not availed any term loans during the year.

17 According to the it information and explanations given to us and on an overall examination of the balance sheet and cash flow statement of the company, we report that no funds raised on short-term basis have been us; for long-term investment. No long-term fund have been used to finance short-term assets except permanent working capital or losses.

18 According to the information and explanations given to us no preferential allotment of shares has been made by the company to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act.

19 The Company has not issued any secured debentures.

20 The company has not raised any money through a public issue during the year.

21 According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during year.

Place: Hubli Date: 1st September 2013

As Per Our Report of Even Date

Sheshgiri B. Kulkarni Chartered Accountants


Mar 31, 2012

1 We have audited the attached Balance Sheet of JAYAVANT INDUSTRIES LIMITED as at 31st March 2012 and also Statement of profit &. Loss for the year ended on that date annexed thereon. 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 reason able assurance about whether the financial statements are tree of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. as well as evaluating Lite overall financial statement presentation. We believe that our audit provides a reasonable basis of our opinion.

a. As requires by the Companies (Auditors Report) Order 2003 issued by the Central Government of India in terms of Sub-Section (4 A) of Section 227 of the Companies Act 1956, we annex here to a statement on the matter matters sped tied in paragraph 4 & 5 of the said order.

4. further to our comments in the Annexure referred to above, We report that

a) We have obtained all the information and explanations which 10 the best of our knowledge and the belief which necessary for the purpose of our audit.

b) In Our opinion, proper books of account as required by law have been kept by company so far as appears from our examination of the books.

c) The Company Las incurred a net Loss of Rs. 8,94,148.23 during the year ended March 2012 and, as of that date, the Company's current Liabilities exceeded its current good assets by Rs. 3,22,99,089/- and its total liabilities exceeded its total assets by Rs. 1,68,735,01 The ability of the company to continue as a going concern is dependent on the future business plans of the Company for which no indications do exist as referred to in Note 1.5 of Note 1, however the financial statements have been prepared on a going concent basis based on matters as set forth in Note No. 1.1 of Notes on Accounts"

d) The Balance Sheet and Statement of Profit and loss dealt with by this Report arc in agreement with the books of account.

e) In our opinion the Balance Sheet and Statement of Profit and Loss dealt with by this report Comply with the accounting standards referred to the sub-section (3C) of Section 211 of the companies Act. 1956, Except Accounting Standard 22.,the company considering accumulated losses and management's perception of virtual uncertainty of making profit in the past results have not created or assumed any deferred tax asset or deferred Lax liability for the current year as required to he done according to the Accounting standard 22 issued by Institute of Chattered Accountants of India.

On the basis of the written representations from the Directors, taken on record by the Board of Directors, none of the director is disqualified as on 31st March 2012 from being appointed as a Director in terms section 274 (I) (g) of the Companies Act 1956,

g) In our opinion,, and to the best of our information and according to the explanation given to us, the accounts read together with the accounting policies and notes given in Note 1 & 2 give the information required by the Companies Act 1956 In the manner so required and give True and fair view.

I. in the case of the Balance Sheet, of the state of affairs of the Company as at 32st March 2012.

II. In the case of Statement of Profit and loss of the for the twelve months period ended on that date.

III. In case of cash flow statement, of the cash flows for the year ended on that date

ANNEXURE TO

THE AUDIORS' REPORT OF JAYAVANT INDUSTRIES LIMITED Referred to in Paragraph 3 of our Report of even date

1. Maintenance of proper records showing full particulars regarding the quantitative details and situation of fixed assets of the Company, and physical verification of Assets by the management is not applicable for the year, as company does not hold any Fixed Assets.

2.

a. According t information and explanation given to us, physical verification of inventory has not been cor acted by the management as there was no trading or manufacturing activity during the year and the Company did not deal with any kind of inventory

b. In our opinion and according to the information and explanation given to us procedures of physical verification of Inventory followed by the management reasonable and adequate in relation to the size of the company and nature of its business but there was no trading of inventory in he financial year 2012-13.

c. The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification; however there was no trading during the year.

3. The Company has not taken/granted any loans, secured or unsect red from/to companies, firms or other parties listed Register maintained under Section 301 of the Companies Act 1956

4. In our opinion and according to the information and explanation 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 sale of goods. Howe sr company did not purchase or sell inventories during the year. There are no continuing failures to correct major weaknesses in internal control.

5. To the best of our knowledge and belief and as explained to us, the Company has not entered into any transactions during the year under preview, which require i to be entered in the Register maintained under section 301 of the Companies Act 1956

6. Company has not accepted any deposits from the public as explained under section 58A of the Companies Act 1956 and the companies (Acceptance of deposits) rules 1975.

7. In our opinion, the company has no internal audit system commensurate with the size and nature of its business.

8. Provisions of Section 209 (1) (d) of the Companies Act 1956 relating to maintenance of cost records are not applicable to this Company,

9. According to the information and explanations, given to us, there are no undisputed amounts remaining to be deposited in respect of Provident fund, Investor Education and protection Fund, Employees State Insurance, Income Tax. Wealth Tax, Customs duty, Excise duty, cess Which has remained arrears, at 31st March 2013 for a period of more than six months from the date they become payable.

10. In our opinion accumulated losses of the Company are more than fifty percent of its net worth. The Company has incurred cash losses during the financial year covered by our audit and, it has also incurred cash loss; during the immediately preceding financial year.

11. In our opinion am according to the information and explanations given to us the Company has not defaulted in repayment of dues to financial Institution, Bank or debenture holders during the year covered for audit.

12. According to the information and explanation given to us the Company has not granted any loans & advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is t chit fund or Nidhi, mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor Report) Order 2003 are not applicable to the Company.

14. In our opinion, the proper records have been maintained of transactions and contracts and timely entries have been made therein in respect of shares and securities held by the Company. Shares, Securities and other securities have been held by the Company, in its own name.

15. According to the formation and explanations given to us, the company has not given any guarantee for loans taken by others from Bank or financial institution.

16. As per the information and explanations given to us, the Company has not availed any term loans during the year.

17 According to the it information and explanations given to us and on an overall examination of the balance sheet and cash flow statement of the company, we report that no funds raised on short-term basis have been us; for long-term investment. No long-term fund have been used to finance short-term assets except permanent working capital or losses.

18 According to the information and explanations given to us no preferential allotment of shares has been made by the company to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act.

19 The Company has not issued any secured debentures.

20 The company has not raised any money through a public issue during the year.

21 According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during year.

Place: Hubli Date: 1st September 2012

As Per Our Report of Even Date

Sheshgiri B. Kulkarni Chartered Accountants






Mar 31, 2011

1. We have audited the attached Balance Sheet of JAYAVANT INDUSTRIES LIMITED as at 31 March 2011 and also Profit & Loss Account for the year ended on that date annexed thereto, lhese 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, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis of 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 annex here to a statement on the matter matters specified in paragraph 4 & 5 of the said order.

4. Further to our comments in the Annexure referred to above, We report that

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

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

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

d) In our opinion the Balance Sheet and Profit and Loss Account dealt with by this report Comply with the accounting standards referred to the sub-section (3C) of Section 211 of the companies Act, 1956. Except

Accounting Standard 22, the company considering accumulated losses and management's perception of virtual uncertainty of making profit in the past results have not created or assumed any deferred tax asset or deferred tax liability for the current year as required to be done according to the Accounting Standard 22 issued by Institute of Chartered Accountants of India.

e) On the basis of the written representations from the Directors, taken on record by the Board of Directors, none of the director is disqualified as on 31st March 2011 from being appointed as a Director in terms section 274 (1) (g) of the Companies Act 1956.

f) In our opinion, and to the best of our information and according to the explanation given to us, the accounts read together with the accounting policies and notes given in schedule 7 give the information required by the Companies Act 1956 in the manner so required and give true and fair view.

I. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2011.

II. In the case of Profit and Loss Account of the Loss for the twelve months period ended on that date,

III. In case of cash flow statement, of the cash flows for the year ended on that date

ANNEXURE TO THE AUDITORS' REPORT OF JAYAVANT INDUSTRIES LIMITED

Referred to in Paragraph 3 of our Report of even date

1. Maintenance of proper records showing full particulars regarding the quantitative details and situation of flxed assets of the Company, and physical verification of Assets by the management is not applicable for the year, as company does not hold any Fixed Assets.

2.

a. According to information and explanation given to us, physical verification of inventory has not been conducted by the management as there was no trading or manufacturing activity during the year and the Company did not deal with any kind of inventory

b. In our opinion and according to the information and explanation given to us procedures of physical verification of Inventory followed by the management reasonable and adequate in relation to the size of the company and nature, of its business but there was no trading of inventory in the financial year 2010-11.

c. The Company Is maintaining proper records of inventory and no material discrepancies were noticed on physical verification; however there was no trading during the year.

3. The Company has not taken/granted any loans, secured or unsecured from/to companies, firms or other parties listed in Register maintained under Section 301 of the Companies Act 1956

4. In our opinion and according to the information and explanation 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 sale of goods. However company did not purchase or sell inventories during - the year. There are no continuing failures to correct major weaknesses in internal control.

5. To the best of our knowledge and belief and as explained to us, the Company has not entered into any transactions during the year under preview, which required to be entered in the Register maintained under section 301 of the Companies Act 1956

6. Company has not accepted any deposits from the public as explained under section 58A of the Companies Act 1956 and the companies (Acceptance of deposits) rules 1975.

7. In our opinion, the Company has no internal audit system commensurate with the size and nature of its business.

8. Provisions of Section 209 (1) (d) of the Companies Act 1956 relating to maintenance of cost records are not applicable to this Company.

9. According to the information and explanations, given to us, there are no undisputed amounts remaining to be deposited in respect of Provident fund, Investor Education and protection Fund, Employees State Insurance, Income Tax. Wealth Tax, Customs duty, Excise duty, cess Which has remained arrears, as at 31st March 2011 for a period of more than six months from the date they become payable .

10. In our opinion accumulated losses of the Company are more than fifty percent of its net worth. The Company has incurred cash losses during the financial year covered by our audit and It has also incurred cash losses during the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us the Company has not defaulted hi repayment of dues to financial Institution, Bank or debenture holders during the year covered for audit.

12. According to the information and explanation given to us the Company has not granted any loans & advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not chit fund or Nidhi, mutual benefit fund/sodety. Therefore, the provisions of clause 4 (xlii) of the Companies (Auditor Report) Order 2003 are not applicable to the Company.

14. In our opinion, the proper records have been maintained of transactions and contracts and timely entries have been made therein in respect of shares and securities held by the Company. Shares, Securities and other securities have been held by the Company, in its own name.

15. According to the information and explanations given to us,, the company has 6©|lngIiMt>en^i
16. As per the information and explanations given to us, the Company has not availed any term loans during the year.

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

18 According to the information and explanations given to us no preferential allotment of shares has been made by the company to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act.

19 The Company has not issued any secured debentures.

20 The company has not raised any money through a public issue during the year.

21 According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during year.

Place: Hubli Sheshgiri B, Kttfitarnl. Date: 1/9/2011 Chartered Accountant. M, Moj 204618







 
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