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Auditor Report of Rapid Investments Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of M/s. Rapid Investments Limited, which comprise the Balance Sheet as at March 31, 2014, and the statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance 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 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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 Company''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:

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014; and

(b) In the case of the statement Profit and Loss, of the profit for the year ended on that date, and

(c) In the case of the Cash Flow statement, of the cash flows for the year ended on that date

Report on Other Legal and Regulatory Requirements

1. As required by the Companies {Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

a. We have obtained all the information and explanations which to the best of our

knowledge and belief were necessary for the purpose of our audit; .

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

c. The Balance Sheet, Statement of Profit and Loss and Cash Flow statement dealt with by this Report are in agreement with the books of account;

d. In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 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 are disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE TO AUDITOR''S REPORT RAPID INVESTMENTS LTD. Referred to in paragraph 3 of our report of even date:-

I. In respect of its Fixed Assets:

(a) The company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets

(b) As explained to us, the fixed assets have been physically verified by the Management at reasonable intervals during the year. We are informed that no material discrepancies have been noticed by the management on such verification as compared to the aforesaid records of fixed assets;

(c) In our opinion and according to the information and explanations given to us the company has made substantial disposal during the year.

II. The company does not have any inventory hence clause (a), (b) and (c) of paragraph (ii) of the Order are not applicable.

III. In respect of loans, secured or unsecured granted or taken by the Company to/from Companies, firms or other parties covered in the register maintained u/s. 301 of the Companies Act 1956 :

(a) The Company has not granted secured or unsecured loan to-parties covered in the register maintained under section 301 of the Companies Act, 1956, hence sub-clause (a), (b), (c) and (d) of clause (iii) of the Order are not applicable to the company; -

(b) The company has not taken secured or unsecured loan from parties covered in the register maintained under section 301 of the Companies Act, 1956, hence sub-clause (e), (f) and (g) of clause (iii) of the Order are not applicable to the company;

iv. In our opinion, and according to the information and explanations given to us, there is an adequate internal control procedure commensurate with the size of the company and the nature of its business with regards to purchase and sale of Investments, and purchase of fixed assets.

V. In respect of transactions entered in the register maintained in pursuance of section 301 of the companies Act 1956.

(a) To the best of our knowledge and belief and according to the information and explanation given to us, transaction that needed to be entered into the register has been so entered.

(b) Transaction made in pursuance of contracts or arrangements entered into the register maintained under section 301 and exceeding the value of five lacs rupees in respect of any party during the year, these in our opinion and according to the information and explanation given to us, have been made at price which are reasonable have regard to prevailing market price at the relevant time.

VI. The Company has not accepted any deposits from the Public, therefore, the provisions of Section 58A and 58AA of the Companies Art, 1956 and the rules framed there under and the directives issued by the Reserve bank of India are not applicable.

VII. As per information and explanations given to us and in our opinion, the company does not have formal internal audit system during the year.

VIII. We have been informed that the maintenance of cost records has not been prescribed by the central government under section 209(1) (d) of the companies Act, 1956

IX. According to the information and explanation given to us in respect of statutory and other dues;

(a) The Company has been generally regular in depositing undisputed statutory dues, including, Investor Education and Protection Fund, Income tax, Wealth Tax, Fringe Benefit Tax and any other statutory dues with the appropriate authorities during the year,

(b) According to the information & explanation given to us there are no undisputed amounts payable in respect of Investor Education and Protection Fund, Income tax, Wealth Tax, Fringe Benefit Tax and any other statutory dues which were outstanding at the year end for a period of more than 6 month from the date they became payable.

(c) According to the information & explanation given to us there are no dues of Investor Education and Protection Fund, Income tax, Wealth Tax, Fringe Benefit Tax and any other statutory dues which have not been deposited on account of any dispute.

X. The company is not having accumulated losses at the end of the financial year. The company has not incurred any cash losses during the financial year covered by the audit and there were no cash losses in the immediately preceding financial year.

XI. The Company has not taken any loan from any financial institution or banks.

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

XIII. In our opinion and according to the information and explanations given to us, the nature of activities of the company does not attract any special statue applicable to chit fund and nidhi / mutual benefit fund / societies.

XIV. Based on our examination of the records and evaluation of related internal controls, we are of the opinion that proper records have been maintained of the transactions and contracts and timely entries have been made in those records. We also report that the company has held the shares, securities and other investments in its own name.

XV. In our opinion according to information and explanation given to us the company has not given any guarantee for loans taken by others from banks and financial institutions.

XVI. The company has not raised any term loans during the year under audit.

XVII. According to the information and explanations given to us and on the over all examination of Balance Sheet of the company we are of the opinion that the fund raised on short term basis has not been used for Long Term investments, repayment of borrowings or acquisition of fixed assets.

XVIII. The Company has not made preferential allotment of shares of the parties and companies covered in the register maintained u/s section 301 of the Act during the year.

XIX. The Company has not issued any debentures during the year. Therefore the provision of clause (xix) of the companies (Auditor''s Reports) Order, 2003 is not applicable to the company.

XX. The Company has not raised any money by public issue during the year.

Therefore the provision of clause (xx) of the companies {Auditor''s Reports) Order, 2003 is not applicable to the company. -

XXI. To the best of our Knowledge and belief and according to the information an explanation given to us, no material fraud on or by the company was noticed or reported during the year.

For Chaturvedi Sohan & Co. Firm Reg. No.-118424W Chartered Accountants

-sd- Devanand Chaturvedi Partner M.No. 41898

Place: Mumbai Date: 30-05-2014


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of M/s. Rapid Investments Limited, which comprise the Balance Sheet as at March 31, 2013, and the statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance 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.

Opinion

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

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013; and

(b) In the case of the statement Profit and Loss, of the profit for the year ended on that date, and

(c) In the case of the Cash Flow statement, of the cash flows for the year ended on that date

Report on Other Legal and Regulatory Requirements

1. As required by the Companies [Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

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

c. The Balance Sheet, Statement of Profit and Loss and Cash Flow statement dealt with by this Report are in agreement with the books of account;

d. In our opinion, The Balance Sheet, Statement of Profit and Loss and Cash Flow statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

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

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO AUDITOR''S REPORT

RAPID INVESTMENTS LTD.

Referred to in paragraph 3 of our report of even date:-

I. In respect of its Fixed Assets:

(a) The company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets

(b) As informed to us, the management has physically verified fixed assets during the year in accordance with a program of verification which is our opinion is reasonable having regards to the size of the company and nature of its assets. According to the information and explanation given to us no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us the company has made substantial disposal during the year.

II. The company does not have any inventory hence clause (a), (b] and (c) of paragraph (ii) of the Order are not applicable.

III. The Company has not given any advances secured or unsecured to companies, firms or other party as per register maintained u/s. 301 of the Companies Act, 1956. The company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained u/s. 301 of the Act.

IV. In our opinion, and according to the information and explanations given to us, there is an adequate internal control procedure commensurate with the size of the company and the nature of its business with regards to purchase and sale of Investments, and purchase of fixed assets.

V. In respect of transactions entered in the register maintained in pursuance of section 301 of the companies Act 1956.

[a) To the best of our knowledge and belief and according to the information and explanation given to us, transaction that needed to be entered into the register have been so entered.

(b) Transaction made in pursuance of contracts or arrangements entered into the register maintained under section 301 and exceeding the value of five lacs rupees in respect of any party during the year, these in our opinion and according to the information and explanation given to us, have been made at price which are reasonable have regard to prevailing market price at the relevant time.

VI. The Company has not accepted any deposits from the Public, therefore, the provisions of Section 58A and 58AA of the Companies Act, 1956 and the rules framed there under and the directives issued by the Reserve bank of India are not applicable.

VII. As per information and explanations given to us and in our opinion, the company does not have formal internal audit system during the year.

VIII. We have been informed that the maintenance of cost records has not been prescribed by the central government under section 209(1) (d) of the companies Act, 1956

IX. According to the information and explanation given to us in respect of statutory and other dues;

(a) The Company has been generally regular in depositing undisputed statutory dues, including, Investor Education and Protection Fund, Income tax, Wealth Tax, Fringe Benefit Tax and any other statutory dues with the appropriate authorities during the year.

(b) According to the information & explanation given to us there are no undisputed amounts payable in respect of Investor Education and Protection Fund, income tax, Wealth Tax, Fringe Benefit Tax and any other statutory dues which were outstanding at the year end for a period of more than 6 month from the date they became payable.

(c) According to the information & explanation given to us there are no dues of Investor Education and Protection Fund, Income tax, Wealth Tax, Fringe Benefit Tax and any other statutory dues which have not been deposited on account of any dispute.

X. The company is not having accumulated losses at the end of the financial year. The company has not incurred any cash losses during the financial year covered by the audit and there were no cash losses in the immediately preceding financial year.

XI. The Company has not taken any loan from any financial institution or banks.

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

XIII. In our opinion and according to the information and explanations given to us, the nature of activities of the company does not attract any special statue applicable to chit fund and nidhi / mutual benefit fund / societies.

XIV. Based on our examination of the records and evaluation of related internal controls, we are of the opinion that proper records have been maintained of the transactions and contracts and timely entries have been made in those records. We also report that the company has held the shares, securities and other investments in its own name.

XV. In our opinion according to information and explanation given to us the company has not given any guarantee for loans taken by others from banks and financial institutions.

XVI. The company has not raised any term loans during the year under audit.

XVII. According to the information and explanations given to us and on the over all examination of Balance Sheet of the company we are of the opinion that the fund raised on short term basis has not been used for Long Term investments, repayment of borrowings or acquisition of fixed assets.

XVIII. The Company has not made preferential allotment of shares of the parties and companies covered in the register maintained u/s section 301 of the Act during the year.

XIX. The Company has not issued any debentures during the year. Therefore the provision of clause (xix) of the companies (Auditor''s Reports] Order, 2003 is not applicable to the company.

XX. The Company has not raised any money by public issue during the year. Therefore the provision of clause (xx) of the companies (Auditor''s Reports) Order, 2003 is not applicable to the company.

XXI. To the best of our Knowledge and belief and according to the information an explanation given to us, no material fraud on or by the company was noticed or reported during the year.

For Chaturvedi Sohan & Co.

Firm Reg. No.-118424W

Chartered Accountants

Devanand Chaturvedi

Partner M.No, 41898

Place; Mumbai

Date:


Mar 31, 2010

1. We have audited the attached Balance Sheet of RAPID INVESTMENTS LTD. at 31st March, 2010 and also the Profit & Loss Account and Cash Flow Statement for the year ended on that date annexed thereto. 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 assurances about whether the financial statements are free of material misstatements. An audit includes examining, on test basis, evidence supporting the amounts and disclosure in the financial statements. An audit also includes assessing the accounting principle used and significant estimates made by the 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 a statement on the matters specified in paragraphs 4 and 5 of the said order to the extent applicable.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that:

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

(b) In our opinion, proper Books of Accounts as required by Law have been kept by the Company so far as appears from our examination of those books.

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

(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Section 211 (3C) of Companies Act, 1956,

(e) On the basis of the written representation received from the directors, and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31st March, 2010 from being appointed as a director in the terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956: _

(f) Subject to above in our opinion and to the best of our information and according to the explanations given to us, the said accounts read with significant accounting policies and other notes thereon, give the information as required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i. In the case of Balance Sheet, of the State of Affairs of the Company as at 31st March 2010 ;

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

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

ANNEXURE TO AUDITORS REPORT RAPID INVESTMENTS LTD. Referred to in paragraph 3 of our report of even date :-

I. In respect of its Fixed Assets:

(a) The company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets

(b) As informed to us the management has verified fixed assets during the year in accordance with a program of verification which is our opinion is reasonable having regards to the size of the Company and nature of its assets. According to the information and Explanation given to us no material discrepancies were noticed on such verification.

(c) During the year, the Company has not disposed off substantial part of its fixed assets.

II. The company does not have any inventory hence clause (a), (b) and (c ) of paragraph (ii) of the Order are not applicable.

III. (a) The Company has given advances to a party as per register maintained u/s. 301 of the Companies Act, 1956 for Rs. 650000/-(maximum balance outstanding Rs.. 650000/-).

(b) The advances are interest free however the terms and conditioned of the advances given by the company are not prejudicial to the interest of the compan

(c) The receipt of principal amount is not regular.

(d) The company has taken reasonable steps to recover the principal amount.

(e) The company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained u/s. 301 of the Act. Accordingly clause (f) and (g) of paragraph (iii) of the Order are not applicable.

IV. In our opinion, and according to the information and explanations given to us, there is an adequate internal control procedure commensurate with the size of the company and the nature of its business with regards to purchase and sale of Investments, and purchase of fixed assets.

V. In respect of transactions entered in the register maintained in pursuance of section 301 of the companies Act 1956.

(a) To the best of our knowledge and belief and according to the information and explanation given to us, transaction that needed to be entered into the register has been so entered.

(b) Transaction made in pursuance of contracts or arrangements entered into the register maintained under section 301 and exceeding the value of five lacs rupees in respect of any party during the year, these in our opinion and according to the information and explanation given to us, have been made at price which are reasonable have regard to prevailing market price at the relevant time.

VI. The Company has not accepted any deposits from the Public, therefore, the provisions of Section 58A and 58AA of the Companies Act, 1956 and the rules framed there under and the directives issued by the Reserve bank of India are not applicable.

VII. As per information and explanations given to us and in our opinion, the company does not have formal internal audit system during the year.

VIII. We have been informed that the maintenance of cost records has not been prescribed by the central government under section 209(1) (d) of the companies Act, 1956

IX. According to the information and explanation given to us in respect of statutory and other dues;

(a) The Company has been generally regular in depositing undisputed statutory dues, including, Income tax, Fringe Benefit Tax and any other statutory dues with the appropriate authorities during the year.

(b) According to the information & explanation given to us there are no undisputed amounts payable in respect of Income tax, Fringe Benefit Tax which were outstanding at the year end for a period of more than 6 month from the date they became payable.

(c) According to the information & explanation given to us there are no dues of Income Tax, Fringe Benefit Tax etc. which have not been deposited on account of any dispute.

X. The company is not having accumulated losses at the end of the financial year. The company has not incurred any cash losses during the financial year covered by the audit and there were no cash losses in the immediately preceding financial year.

XI. The Company has not taken any loan from any financial institution or banks.

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



XIII. In our opinion and according to the information and explanations given to us, the nature of activities of the company does not attract any special statue applicable to chit fund and nidhi / mutual benefit fund / societies.

XIV. Based on our examination of the records and evaluation of related internal controls, we are of the opinion that proper records have been maintained of the transactions and contracts and timely entries have been made in those records. We also report that the company has held the shares, securities and other investments in its own name.

XV. In our opinion according to information and explanation given to us the company has not given any guarantee for loans taken by others from banks and financial institutions.

XVI. The company has not raised any term loans during the year under audit.

XVII. According to the information and explanations given to us and on the over all examination of Balance Sheet of the company we are of the opinion that the fund raised on short term basis has not been used for Long Term investments and vice versa.

XVIII. The Company has not made preferential allotment of shares of the parties and companies covered in the register maintained u/s section 301 of the Act during the year.

XIX. The Company has not issued any debentures during the year. Therefore the provision of clause (xix) of the companies (Auditors Reports) Order, 2003 is not applicable to the company.

XX. The Company has not raised any money by public issue during the year. Therefore the provision of clause (xx) of the companies (Auditors Reports) Order, 2003 is not applicable to the company.

XXI. To the best of our Knowledge and belief and according to the information an explanation given to us, no material fraud on or by the company was noticed or reported during the year.

For Chaturvedi Sohan & Co.

Firm Reg. NO.-118424W Chartered Accountants

Devanand Chaturvedi Partner

M.No. 41898 Place: Mumbai

Date: 30th May, 2010


Mar 31, 2009

1. We have audited the attached Balance Sheet of RAPID INVESTMENTS LTD. at 31st March, 2009 and also the Profit & Loss Account and Cash Flow Statement for the year ended on that date annexed thereto. 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 assurances about whether the financial statements are free of material misstatements. An audit includes examining, on test basis, evidence supporting the amounts and disclosure in the financial statements. An audit also includes assessing the accounting principle used and significant estimates made by the 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 a statement on the matters specified in paragraphs 4 and 5 of the said order to the extent applicable.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that:

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

(b) In our opinion, proper Books of Accounts as required by Law have been kept by the Company so far as appears from our examination of those books.

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

(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Section 211(3C) of Companies Act, 1956,

(e) On the basis of the written representation received from the directors, and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31* March, 2009 from being appointed as a director in the terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956;

(f) Subject to above in our opinion and to the best of our information and according to the explanations given to us, the said accounts read with significant accounting policies and other notes thereon, give the information as required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i. In the Case of Balance Sheet, of the State of Affairs of the Company as at 31st March 2009 ;

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

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



ANNEXURE TO AUDITORS REPORT

RAPID INVESTMENTS LTD.

Referred to in paragraph 3 of oar report of even date :-

I. In respect of its Fixed Assets:

(a) The company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets

(b) As informed to us the management has verified fixed assets during the year in accordance with a program of verification which is our opinion is reasonable having regards to the size of the Company and nature of its assets. According to the information and Explanation given to us no material discrepancies were noticed on such verification.

(c) During the year, the Company has not disposed off substantial part of its fixed assets.

II. The company does not have any inventory hence clause (a), (b) and (c ) of paragraph (ii) of the Order are not applicable.

III. (a) The Company has given advances to parties as per register maintained u/s. 301 of the Companies Act, 1956 for Rs. 38,57,692/-(maximum balance outstanding Rs.. 38,57,692/-).

(b) The advances are interest free however the terms and conditioned of the advances given by the company are not prejudicial to the interest of the company.

(c ) The receipt of principal amount is not regular.

(d) The company has taken reasonable steps to recover the principal amount.

(e) The company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained u/s. 301 of the Act. Accordingly clause (f) and (g) of paragraph (iii) of the Order are not applicable.

IV. In our opinion, and according to the information and explanations given to us, there is an adequate internal control procedure commensurate with the size of the company and the nature of its business with regards to purchase and sale of Investments, and purchase of fixed assets.

V. In respect of transactions entered in the register maintained in pursuance of section 301 of the companies Act 1956.

(a) To the best of our knowledge and belief and according to the information and explanation given to us, transaction that needed to be entered into the register has been so entered.

(b) Transaction made in pursuance of contracts or arrangements entered into the register maintained under section 301 and exceeding the value of five lacs rupees in respect of any party during the year, these in our opinion and according to the information and explanation given to us, have been made at price which are reasonable have regard to prevailing market price at the relevant time.

VI. The Company has not accepted any deposits from the Public, therefore, the provisions of Section 58 A and 58 AA of the Companies Act, 1956 and the rules framed there under and the directives issued by the Reserve bank of India are not applicable.

VII. As per information and explanations given to us and in our opinion, the company does not have formal internal audit system during the year.

VIII. . We have been informed that me maintenance of cost records has not been prescribed by the central government under section 209(1) (d) of the companies Act, 1956

IX. According to the information and explanation given to us in respect of statutory and other dues;

(a) The Company has been generally regular in depositing undisputed statutory dues, including, Income tax, Fringe Benefit Tax and any other statutory dues with me appropriate authorities during the year.

(b) According to the information & explanation given to us there are no undisputed amounts payable in respect of Income tax, Fringe Benefit Tax which were outstanding at the year end for a period of more than 6 month from the date they became payable.

(c) According to the information & explanation given to us there are no dues of Income Tax, Fringe Benefit Tax etc. which have not been deposited on account of any dispute.

X. The company is not having accumulated losses at the end of the financial year. The company has not incurred any cash losses during the financial year covered by the audit and there were no cash losses in the immediately preceding financial year.

XI. The Company has not taken any loan from any financial institution or banks.

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

XIII.. In our opinion and according to the information and explanations given to us, the nature of activities of the company does not attract any special statue applicable to chit fond and nidhi / mutual benefit fund / societies.

XIV. Based on our examination of the records and evaluation of related internal controls, we are of the opinion mat proper records have been maintained of the transactions and contracts and timely entries have been made in those records. We also report that the company has held the shares, securities and other investments in its own name.

XV. In our opinion according to information and explanation given to us the company has not given any guarantee for loans taken by others from banks and financial institutions.

XVI. The company has not raised any term loans during the year under audit.

XVII. According to the information and explanations given to us and on the over all examination of Balance Sheet of the company we are of the opinion that the fund raised on short term basis has not been used for Long Term investments and vice versa.

XVIII. The Company has not made preferential allotment of shares of the parties and companies covered in the register maintained u/s section 301 of the Act during the year.

XIX. The Company has not issued any debentures during the year. Therefore the provision of clause (xix) of the companies (Auditors Reports) Order, 2003 is not applicable to the company.

XX. The Company has not raised any money by public issue during the year. Therefore the provision of clause {xx) of the companies (Auditots Reports) Order, 2003 is not applicable to the company.

XXI. To the best of our Knowledge and belief and according to the information an explanation given to us, no material fraud on or by the company was noticed or reported during the year.



For Chaturvedi Sohan & Co.

Chartered Accountants

Devanand Chaturvedi

Partner

M.No. 41898

Place: Mumbai

Date 30th May, 2009

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