Mar 31, 2014
We have audited the accompanying financial statement of SARVAMANGAL
MERCANTILE COMPANY LIMITED, ("the Company") which comprise the Balance
Sheet as at 31st March, 2014, 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 Statement
1. 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 Section 211(3C) 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 free from the material misstatement, whether due
to fraud or error.
Auditors'' Responsibility
2. Our responsibility is to express an opinion on these financial
statement 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.
3. 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 judgement, 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
preparation and presentation of the financial statement that give a
true and fair view in order to design audit procedure 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 statement. 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, and based on consideration of the reports the
financial statements 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 31st March, 2014;
(b) In the case of the Statement of Profit and Loss, of the Loss for
the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Other Matters
4. Report on Other Legal and Regulatory Requirements
(i) As require 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 enclosed in the Annexure a
statement of the matters specified in paragraphs 4 and 5 of the said
order.
(ii) Further to our comments in the Annexure referred to in paragraph
6(i) above, 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
accounts.
d. In our opinion, the Balance Sheet , Statement of Profit & Loss and
Cash Flow statement dealt with by this report comply with the mandatory
Accounting Standards referred in Sub- Section (3C) of Section 211 of
the Companies Act, 1956 to the extent applicable.
e. On the basis of written representations received from the directors
of the company, as on 31st March, 2014 and taken on record by the Board
of Directors, we report that none of the Director is disqualified as on
31st March, 2014 from being appointed as a director in terms of clause
(g) of Sub-Section (1) of Section 274 of the Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, present a true and
fair view, in conformity with the accounting principles generally
accepted in India.
Annexure to Independent Auditors'' Report as on 31st March, 2014
On the basis of such checks, as we considered appropriate and in terms
of the information and explanations given to us, we state that:-
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.
b) We have been informed that most of fixed assets have been physically
verified by the management during the year. In our opinion the
frequency of the verification is reasonable. No material discrepancies
were noticed on such verification.
c) In our opinion, the Company has not disposed off any fixed assets
during the year and the going concern status of the Company is not
affected.
2. (a) The Inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) According to the information and explanations given to us, the
procedures followed for physical verification of the inventory are, in
our opinion, reasonable and adequate in relation to the size of the
Company and the nature of its business;
(c) According to the records produced before us for our verification,
there were no material discrepancies notices on physical verification
of stocks referred to in para 2(a) above as compared to the books
records;
3. In respect to loans, secured or unsecured, granted or taken by the
Company to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
a) The Company has not granted/taken any loan secured or unsecured
to/from firms or other parties listed in register maintained under
Section 301 of the Companies Act, 1956 during the year under audit.
Therefore, Clause (b), (c) and (d) of the Companies (Auditor''s Report)
Order, 2003 is not applicable to the company for the year. The Company
has not taken any loans, secured or unsecured, from companies, firms or
other parties covered in the Register maintained under Section 301 of
the Act.
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 fixed assets. During the
course of our audit, we have not observed any major weaknesses in
internal controls.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, have been entered in the register required to be
maintained under that section.
b) In our opinion and according to the information and explanation
given to us, no transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. The Central Government has not prescribed maintenance of Cost
Records under Section 209 (1) (d) of the Companies Act, 1956 for any of
the product of the Company
9. In respect of statutory dues.
a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-Tax, Sales-Tax, Wealth tax, Customs
Duty, Excise Duty, Cess and other statutory dues have been generally
regularly deposited with the appropriate authorities. According to the
information and explanation given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31st March,
2014 for a period of more than six months from the date of becoming
payable.
b) There are no disputed statutory dues that have not been deposited on
account of matters pending before appropriate authorities
10. The Company has no accumulated losses but has incurred cash losses
during the financial year covered by our audit, and has also incurred
cash losses in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
12. 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 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. The Company has maintained proper records of transactions and
contracts in respect of trading in securities, debentures and other
investments and timely entries have been made therein. All shares,
debentures and other investments have been held by the company in its
own name except to the extent of the exemption granted under Section 49
of the Company Act, 1956 and save for certain share which are either
lodged for transfer or held with valid transfer form.
15. The Company has not given any guarantees for loans taken by others
from banks or financial institutions.
16. The Company has not raised any new term loans during the year.
17. In our opinion, the funds raised on short - term or long - term
basis have been used for the purpose for which they were raised.
18. 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. The Company has not made any debenture issue.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
For S. G. Kabra & Co.,
Chartered Accountants
(F.R.N. 104507W)
Place : Mumbai (Malvika P. Mitra)
Date : 28th May, 2014 Partner
Membership No. 44105
Mar 31, 2013
We have audited the accompanying financial statement of SARVAMANGAL
MERCANTILE COMPANY LIMITED, (the Company) which comprise the Balance
Sheet as at March 31, 2013, 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 Statement
1. 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 Section 211 (3C) of the Company
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 free from the material misstatement, whether due
to fraud or error.
Auditors'' Responsibility
2. Our responsibility is to express an opinion on these financial
statement 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.
3. 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 judgement, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessment, the auditor considers internal control relevant to the
preparation and presentation of financial statement the give a true and
fair view in order to design audit procedure that are appropriate in
the circumstances. An audit also includes evaluating the
appropriateness of accounting polices used and the reasonable of the
accounting estimates made by management, as well as evaluating the over
presentation of the financial statement. 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, and based on consideration of the reports the
financial statements give a true and fair view in conformity with the
accounting principles generally accepted in India.
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013.
(b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on the date; and
(c) In the case of the Cash Flow Statement, of the Cash Flows for the
year ended on the date.
Other Matters
4. Report on Other Legal and Regulatory Requirements
(i) As require 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 enclosed in the Annexure a
statement of the matters specified in paragraphs 4 and 5 of the said
order.
(ii) Further to our comments in the Annexure referred to in
paragraph6(I)above, 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 and Statement of 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 and Statement of Profit & Loss
and Cash Flow Statement dealt with by this report comply with the
mandatory Accounting Standards referred in sub- section (3C) of section
211 of the Companies Act, 1956 to the extent applicable.
(e) On the basis of written representations received from the directors
of the company, as on 31st March, 2013and taken on record by the Board
of Directors, we report that none of the Director is disqualified as on
31st March, 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) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, present a true and
fair view, in conformity with the accounting principles generally
accepted in India:
Annexure to Independent Auditors'' Report
Referred to in paragraph 2 of our report of even date
On the basis of such checks, as we considered appropriate and in terms
of the information and explanations given to us, we state that:-
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.
b) We have been informed that most of fixed assets have been physically
verified by the management during the year. In our opinion the
frequency of the verification is reasonable. No material discrepancies
were noticed on such verification.
c) In our opinion, the company has not disposed off any fixed assets
during the year and the going concern status of the company is not
affected.
2. (a) The Inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) According to the information and explanations given to us, the
procedures followed for physical verification of the inventory are, in
our opinion, reasonable and adequate in relation to the size of the
Company and the nature of its business;
(c) According to the records produced before us for our verification,
there were no material discrepancies notices on physical verification
of stocks referred to in para 2(a) above as compared to the books
records;
3. In respect to loans, secured or unsecured, granted or taken by the
Company to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
a) The Company has not granted/taken any loan secured or unsecured
to/from firms or other parties listed in register maintained under
section 301 of the Companies Act, 1956 during the year under audit.
Therefore, Clause (b), (c) and (d) of the Companies (Auditor''s Report)
Order, 2003 is not applicable to the company for the year. The Company
has not taken any loans, secured or unsecured, from companies, firms or
other parties covered in the Register maintained under Section 301 of
the Act.
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, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weaknesses in internal controls.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, have been entered in the register required to be
maintained under that section.
b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. The Central Government has not prescribed maintenance of Cost
Records under Sanction 209 (1) (d) of the Companies Act, 1956 for any
of the product of the Company.
9. In respect of statutory dues.
a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-Tax, Sales-Tax, Wealth tax, Customs
Duty, Excise Duty, Cess and other statutory dues have been generally
regularly deposited with the appropriate authorities. According to the
information and explanation given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31st March,
2013 for a period of more than six months from the date of becoming
payable.
b) There are no disputed statutory dues that have not been deposited on
account of matters pending before appropriate authorities
10. The Company has no accumulated losses and has not incurred any
cash losses during the financial year covered by our audit and has not
incurred any cash losses in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
12. 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 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. The Company has maintained proper records of transactions and
contracts in respect of trading in securities, debentures and other
investments and timely entries have been made therein. All shares,
debentures and other investments have been held by the company in its
own name except to the extent of the exemption granted under section 49
of the Company Act 1956 and save for certain share which are either
lodged for transfer or held with valid transfer form.
15. The Company has not given any guarantees for loans taken by others
from banks or financial institutions.
16. The Company has not raised any new term loans during the year.
17. In our opinion, the funds raised on short - term or long - term
basis have been used for the purpose for which they were raised.
18. 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. The Company has not made any debenture issue.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
For S. G. Kabra & Co.,
Chartered Accountants
(F.R.N. 104507w)
Place : Mumbai (Malvika P. Mitra)
Date : 29th May, 2013 Partner
Membership No. 44105
Mar 31, 2012
We have audited the attached Balance Sheet of M/S. SARVAMANGAL
MERCANTILE COMPANY LIMITED, as at 31st March, 2012 and also statement
of Profit & Loss Account and Cash Flow Statement for the year ended
on that date annexed thereto. These financial statements are the
responsibility of the Company s management. Our responsibility is to
express an opinion on these financial statements based on our audit.
1. 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
include 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 thatouraudit provides a reasonable basis
forouropinion.
2. As required by the Companies (Auditor's Report) Order 2003 and read
with the amendments made by the Companies (Auditor's Report)
(Amendment) Order 2004 issued by the Central Government of India in
terms of sub-section (4A) of section 227 of the Companies Act, 1956,
and on the basis of such checks of books and records of the company as
we considered appropriate and according to the information and
explanation given to us we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said order to the extent
they are applicable to the Company.
3. Further to our comments in the Annexure referred to in paragraph 2
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 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 and Profit and statement of 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 and Profit & Loss Account and
Cash Flow Statement dealt with by this report comply with the mandatory
Accounting Standards referred in sub-section (3C) of section 211 of the
Companies Act, 1956 to the extent applicable.
(e) On the basis of written representations received from the directors
of the company, as on 31st March, 2012 and taken on record by the Board
of Directors, we report that none of the Director 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.
(f) We further report that: -
(a) Note No. 16 (2) regarding some of balances of sundry debtors,
sundry creditors, deposits, loans & advances and unsecured loan are
subject to confirmation and adjustments necessary upon reconciliation,
if any consequential impact thereof on the financial statement is not
ascertainable.
(g) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, subject to para (f)
above and 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 present a true and fair view, in
conformity with the accounting principles generally accepted in India:
(i) In so far as it relates to Balance Sheet, of the state of affairs
of the Company as at 31st March, 2012;
(ii) In so far as it relates to the statement of Profit and Loss
Account, of the Profit of the Company 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
Annexure to Auditors' Report
Referred to in paragraph 2 of our report of even date
On the basis of such checks, as we considered appropriate and in terms
of the information and explanations given to us, we state that:-
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.
b) We have been informed that most of fixed assets have been physically
verified by the management during the year. In our opinion the
frequency of the verification is reasonable. No material discrepancies
were noticed on such verification.
c) No substantial part of fixed assets has been disposed off during the
year.
2. (a) The Inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) According to the information and explanations given to us, the
procedures followed for physical verification of the inventory are, in
our opinion, reasonable and adequate in relation to the size of the
Company and the nature of its business;
(c) According to the records produced before us for our verification,
there were no material discrepancies notices on physical verification
of stocks referred to in para 2(a) above as compared to the books
records;
3. In respect to loans, secured or unsecured, granted or taken by the
Company to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
a) The Company has not granted/taken any loan secured or unsecured
to/from firms or other parties listed in register maintained under
section 301 of the Companies Act, 1956 during the year under audit.
Therefore, Clause (b), (c) and (d) of the Companies (Auditor's Report)
Order, 2003 is not applicable to the company for the year. The Company
has not taken any loans, secured or unsecured, from companies, firms or
other parties covered in the Register maintained under Section 301 of
the Act.
b) In our opinion and according to the information and explanation
given to us the rate of interest and other terms and conditions on
which these loans have been taken/granted are not prima facie
prejudicial to the interest of the Company.
c) The Company is regular in repaying the principal amounts as
stipulated and has been regular in the payment of interest.
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, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weaknesses in internal controls.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, have been entered in the register required to be
maintained underthat section.
b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. The Central Government has not prescribed maintenance of Cost
Records under Sanction 209 (1) (d) of the Companies Act, 1956 for any
of the product of the Company.
9. In respect of statutory dues.
a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-Tax, Sales-Tax, Wealth tax, Customs
Duty, Excise Duty, Cess and other statutory dues have been generally
regularly deposited with the appropriate authorities. According to the
information and explanation given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31st March,
2012 for a period of more than six months from the date of becoming
payable.
b) There are no disputed statutory dues that have not been deposited on
account of matters pending before appropriate authorities
10. The Company has no accumulated losses and not incurred cash losses
during the financial year covered by our audit, but have incurred cash
losses in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
12. 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 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. The Company has maintained proper records of transactions and
contracts in respect of trading in securities, debentures and other
investments and timely entries have been made therein. All shares,
debentures and other investments have been held by the company in its
own name except to the extent of the exemption granted under section 49
of the Company Act 1956 and save for certain share which are either
lodged for transfer or held with valid transfer form.
15. The Company has not given any guarantees for loans taken by others
from banks or financial institutions, the terms and conditions whereof
are prejudicial to the interest of the company except for certain
shares pledged by the company for loan taken by the other company.
However, in the opinion of the management, the same is not prejudicial
to the interest of the company.
16. The Company has not raised any new term loans during the year.
17. In our opinion, the funds raised on short - term or long - term
basis have been used for the purpose for which they were raised.
18. 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. The Company has not made any debenture issue.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
For S.G.Kabra & Co,
Chartered Accountants
Place: Mumbai (Malvika P. Mitra)
Date : 30/05/2012 Partner
Membership No. 44105
Mar 31, 2011
We have audited the attached Balance Sheet of M/s. SARVAMANGAL
MERCANTILE COMPANY LIMITED as at 31st March, 2011 and also Profit &
Loss Account and Cash Flow statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
1. 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 disclosure 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.
2. As required by the Companies (Auditor's Report) Order, 2003 and
read with the amendments made by the Companies (Auditor's Report)
Amendment) Order 2004, issued by the Central Government of India in
terms of sub section (4A) of section 227 of the Companies Act, 1956,
and on the basis of such checks of books and records of the company as
we considered appropriate and according to the information and
explanation given to us we give in the Annexure a statement on the
matters specified in paragraph 4 and 5 of the said Order to the extent
they are applicable to the Company.
3. Further to our comments in the Annexure referred to in paragraph 2
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 and 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 and Profit & Loss Account and the
Cash Flow statement dealt with by this report comply with the mandatory
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956 to the extent applicable.
(e) On the basis of written representations received from the directors
of the company, as on 31st March, 2011 and taken on record by the Board
of Directors, we report that none of the Director 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.
(f) We further report that :-
(a) Note No. 2 regarding some of balances of sundry debtors, sundry
creditors, deposits, loans & advances and unsecured loan are subject to
confirmation and adjustments necessary upon reconciliation, if any
consequential impact thereof on the financial statement is not
ascertainable.
(g) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, subject to para (f)
above and 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 present a true and fair view, in
conformity with the accounting principles generally accepted in India:
(i) In so far as it relates to Balance Sheet, of the state of affairs
of the Company as at 31st March, 2011;
(ii) 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
(iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITORS' REPORT
Referred to in paragraph 2 of our report of even date
On the basis of such checks, as we considered appropriate and in terms
of the information and explanations given to us, we state that :-
1. In respect of its fixed assets :
a) The Company has maintained proper records showing full particulars
and including quantitative details and situations of fixed assets.
b) We have been informed that most of fixed assets have been physically
verified by the management during the year. In our opinion the
frequency of the verification is reasonable. No material discrepancies
were noticed on such verification.
c) No substantial part of fixed assets has been disposed off during the
year.
2. a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
b) According to the information and explanations given to us, the
procedures followed for physical verification of the inventory are, in
our opinion, reasonable and adequate in relation to the size of the
Company and the nature of its business;
c) According to the records produced before us for our verification,
there were no material discrepancies notices on physical verification
of stocks referred to in para 2(a) above as compared to the books
records;
3. 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 under Section 301 of the Companies Act, 1956.
a) The Company has not granted/taken any loan secured or unsecured
to/from firms or other parties listed in register maintained under
section 301 of the Companies Act, 1956 during the year under audit.
Therefore, Clause (b), (c) and (d) of the Companies (Auditor's Report)
Order 2003 is not applicable to the company for the year.
b) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered in the Register maintained
under Section 301 of the Act.
c) In our opinion and according to the information and explanation
given to us the rate of interest and other terms and conditions on
which these loans have been taken/granted are not prima facie
prejudicial to the interest of the Company.
d) The Company is regular in repaying the principal amounts as
stipulated and has been regular in the payment of interest.
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, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weaknesses in internal controls.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, have been entered in the register required to be
maintained under that section.
b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. The Central Government has not prescribed maintenance of Cost
Records under Sanction 209 (1) (d) of the Companies Act, 1956 for any
of the product of the Company.
9. In respect of statutory dues.
a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-Tax, Sales Tax, Wealth Tax, Customs
Duty, Excise Duty, Cess and other statutory dues have been generally
regularly deposited with the appropriate authorities. According to the
information and explanation given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31st March,
2011 for a period of more than six months from the date of becoming
payable.
b) There are no disputed statutory dues that have not been deposited on
account of matters pending before appropriate authorities.
10. The Company has no accumulated losses but has incurred cash losses
during the financial year covered by our audit, and has not incurred
cash losses in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
12. 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 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. The Company has maintained proper records of transaction and
contracts in respect of trading in securities, debentures and other
investments and timely entries have been made therein. All shares,
debentures and other investments have been held by the company in its
own name except to the extent of the exemption granted under section 49
of the Company Act, 1956 and save for certain share which are either
lodged for transfer or held with valid transfer form.
15. The Company has not given any guarantees for loans taken by others
from banks or financial institutions, the terms and conditions whereof
are prejudicial to the interest of the company except for certain
shares pledged by the company for loan taken by the other company.
However, in the opinion of the management, the same is not prejudicial
to the interest of the company.
16. The Company has not raised any new term loans during the year.
17. In our opinion, the funds raised on short-term or long-term basis
have been used for the purpose for which they were raised.
18. 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. The Company has not made any debenture issue.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
For S. G. Kabra & Co.,
Chartered Accountants
(Malvika P. Mitra)
Place : Mumbai Partner
Date : 25-08-2011 Membership No. 44105
Mar 31, 2010
We have audited the attached Balance Sheet of M/S. SARVAMANGAL
MERCANTILE COMPANY LIMITED, as at 31st March, 2010 and also 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.
1. 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.
2. As required by the Companies (Auditors Report) Order 2003 and read
with the amendments made by the Companies (Auditors Report)
(Amendment) Order 2004 issued by the Central Government of India in
terms of sub-section (4A) of section 227 of the Companies Act, 1956,
and on the basis of such checks of books and records of the company as
we considered appropriate and according to the information and
explanation given to us we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said order to the extent
they are applicable to the Company.
3. Further to our comments in the Annexure referred to in paragraph 2
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 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 and 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 and Profit & Loss Account and
Cash Flow Statement dealt with by this report comply with the mandatory
Accounting Standards referred in sub-section (3C) of section 211 of the
Companies Act, 1956 to the extent applicable.
(e) On the basis of written representations received from the directors
of the company, as on 31st March, 2010 and taken on record by the Board
of Directors, we report that none of the Director 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.
(f) We further report that :-
(a) Note No. 2 regarding some of balances of sundry debtors, sundry
creditors, deposits, loans & advances and unsecured loan are subject to
confirmation and adjustments necessary upon reconciliation, if any
consequential impact thereof on the financial statement is not
ascertainable.
(g) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, subject to para (f)
above and 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 present a true and fair view, in
conformity with the accounting principles generally accepted in India:
(i) In so far as it relates to Balance Sheet, of the state of affairs
of the Company as at 31st March, 2010;
(ii) 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
(iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date
Annexure to Auditors Report
Referred to in paragraph 2 of our report of even date
On the basis of such checks, as we considered appropriate and in terms
of the information and explanations given to us, we state that:-
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.
b) We have been informed that most of fixed assets have been physically
verified by the management during the year. In our opinion the
frequency of the verification is reasonable. No material discrepancies
were noticed on such verification.
c) No substantial part of fixed assets has been disposed off during the
year.
2. (a) The Inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) According to the information and explanations given to us, the
procedures followed for physical verification of the inventory are, in
our opinion, reasonable and adequate in relation to the size of the
Company and the nature of its business;
(c) According to the records produced before us for our verification,
there were no material discrepancies notices on physical verification
of stocks referred to in para 2(a) above as compared to the books
records;
3. In respect to loans, secured or unsecured, granted or taken by the
Company to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
a) The Company has not granted/taken any loan secured or unsecured
to/from firms or other parties listed in register maintained under
section 301 of the Companies Act, 1956 during the year under audit.
Therefore, Clause (b), (c) and (d) of the Companies (Auditors Report)
Order, 2003 is not applicable to the company for the year.
b) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered in the Register maintained
under Section 301 of the Act.
c) In our opinion and according to the information and explanation
given to us the rate of interest and other terms and conditions on
which these loans have been taken/granted are not prima facie
prejudicial to the interest of the Company.
d) The Company is regular in repaying the principal amounts as
stipulated and has been regular in the payment of interest.
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, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weaknesses in internal controls.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, have been entered in the register required to be
maintained under that section.
b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. The Central Government has not prescribed maintenance of Cost
Records under Sanction 209 (1) (d) of the Companies Act, 1956 for any
of the product of the Company.
9. In respect of statutory dues.
a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income-Ta, Sales-Tax, Wealth tax, Customs
Duty, Excise Duty, Cess and other statutory dues have been generally
regularly deposited with the appropriate authorities. According to the
information and explanation given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31st March,
2010 for a period of more than six months from the date of becoming
payable.
b) There are no disputed statutory dues that have not been deposited on
account of matters pending before appropriate authorities
10. The Company has no accumulated losses but has not incurred cash
losses during the financial year covered by our audit, but has incurred
cash losses in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
12. 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 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. The Company has maintained proper records of transactions and
contracts in respect of trading in securities, debentures and other
investments and timely entries have been made therein. All shares,
debentures and other investments have been held by the company in its
own name except to the extent of the exemption granted under section 49
of the Company Act 1956 and save for certain share which are either
lodged for transfer or held with valid transfer form.
15. The Company has not given any guarantees for loans taken by others
from banks or financial institutions, the terms and conditions whereof
are prejudicial to the interest of the company except for certain
shares pledged by the company for loan taken by the other company.
However, in the opinion of the management, the same is not prejudicial
to the interest of the company.
16. The Company has not raised any new term loans during the year.
17. In our opinion, the funds raised on short - term or long - term
basis have been used for the purpose for which they were raised.
18. 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. The Company has not made any debenture issue.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
For S. G. Kabra & Co,
Chartered Accountants
(Malvika P. Mitra)
Partner
Membership No. 44105
Place: Mumbai
Date: 02-09-2010