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Auditor Report of Sikozy Realtors Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statements of Sikozy Realtors Limited (the "Company"), which comprise the Balance Sheet as at March 31, 2015, 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 Standalone Financial Statements

The Company's Board of Directors is responsible for matters stated in Section 134(5) of the Companies Act, 2013(the "Act") with respect to 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 the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and faff view and are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act and the rules made there under including the accounting standards and matters which are required to be included in the audit report.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards & pronouncements 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 auditors consider internal control relevant to the Company's preparation of the financial statements that give a true and fair view, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose for expressing opinion on whether the Company has in place an adequate internal financial control system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statement.

Opinion

In our opinion, and to the best of our information and according to the explanations given to us, the accompanying 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 31,2015;

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.

Report on Other Legal and Regulatory Requirements

1. As required by 'the Companies (Auditor's Report) Order, 2015', issued by the Central Government of India in terms of sub section (11) of section 143 of the Act (hereinafter referred to as the "Order"), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the 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 it 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 aforesaid standalone financial statement comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 and;

e) On the basis of written representations received from the directors as on March 31, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of section 164 (2) of the Act

f) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our knowledge and belief and according to the information and explanation given to us:

i) The Company does not have any pending litigations as at 31st March, 2015, which would impacts its financial position.

ii) The Company did not have any long term contracts including derivative contracts, hence no loss on such contracts to be provided.

iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the year ended 31st March, 2015.

Annexure referred to in paragraph 1 under the heading " Report on other legal and regulatory requirements" of our report of even date of Sikozy Realtors Limited

i. a) The Company is maintaining proper records showing full particulars, including quantitative details and situation, of fixed assets.

b) The fixed assets have been physically verified by the management In our opinion, the frequency of verification is reasonable having regard to the size of the Company and the nature of its assets. The discrepancies reported on such verifications were not material and , have been properly dealt with in the books of accounts.

ii. a) The management has conducted physical verification of major items of building materials & stores at reasonable intervals during the year. In our opinion, the frequency of verification is reasonable.

b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c) On the basis of our examination of the inventory records, in our opinion, the Company is maintaining proper records of inventory and no material discrepancies has been noticed on physical verification of inventory.

iii. According to the information and explanation given to us, the company has granted unsecured loans, to some parties covered in the register maintained under Section 189 of the companies Act, 2013. Further receipt of the principal amount and interest is regular and as per the terms decided in this respect. However there is no overdue outstanding as informed by the management.

iv. In our opinion, and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. Further, on the basis of our examination of the books and records of the company,- and according to the information and explanations given to us, we have neither come across, nor have been informed of, any continuing failure to correct major weaknesses in the aforesaid internal control system.

v. The Company has not accepted any deposits from the public within the meaning of Sections 73 to 76 of the companies Act,2013 and the rules framed there under

vi. Being a Real Estate Company, the rules and the guidelines to maintain the cost record as prescribed by the Central Government of India under clause (1) of Section 148 of the companies Act,2013 are not applicable to the company .

vii. a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is generally regular, except few instances, in depositing the undisputed statutory dues, including provident fund, investor education and protection fund, employees' state insurance, income tax, sales tax, wealth tax, service tax, customs duty, excise duty and other material statutory dues, as applicable, with the appropriate authorities.

Further as per information, explanation given and examination of records, no such undisputed amount were outstanding , at the year end, for a period more than six months from the date they became payable except Rs.507886 towards income tax liability

b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of income-tax, sales-tax, wealth-tax, service-tax, customs duty, and excise duty which have not been deposited on account of any dispute.

c) There was no amount unpaid , which were required to be transferred to the Investor Education and Protection Fund by the company in accordance with the relevant provisions of the companies Act, 1956 and rules made there under.

viii. The company has accumulated losses as at the end of the financial year and it has incurred the cash losses in the current financial year ended on that date or in the immediately preceding financial year.

ix. According to the records of the Company examined by us and the information and explanation given to us, the Company has generally not defaulted in repayment of dues to any financial institution or bank as at the balance sheet date.

x. In our opinion, and according to the information and explanations given to us, company has not given any guarantee for loans taken by others from banks of financial institutions during the year.

xi. In our opinion, and according to the information and explanations given to us, the has not availed any term loans as on the date of the balance sheet.

xii. Based upon the audit procedures performed for the purpose of the reporting the true and fair view of the financial statement and according to the information and explanations given to us, we report that no material fraud on or by the company has been noticed or reported during the year, nor have we been informed of any such case by the Management.

For Shyam Gupta & Co. Chartered Accountants FRN: 103450W

CA Shyamsunder Gupta (Proprietor)

M.N.: 038484 Mumbai; 30th May 2015




Mar 31, 2014

We have audited the accompanying financial statements of Sikozy Realtors Limited which comprise the Balance Sheet as at March 31,2014, the Statement of Profit and Loss and Cash Flow 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 statement that give a true and fair view of the financial position, financial performance of the company and cash flows of the Company in accordance with the Accounting Principles Generally Accepted in India, including the Accounting Standards notified under ''the Companies Act, 1956'' read with the General Circular 15/2013 dated 13th September,2013 of the MCA 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. 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 an 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 31 March,2014

(b) in the case of the Profit and Loss Account, of the loss for the year ended on that date;

(c) in the case of Cash Flow Statement, Cash Flow 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 matter 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 purposes of our audit.

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

(c) The Balance Sheet, Statement of Profit & Loss Account 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, comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956, to the extent applicable.

(e) On the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the companies Act, 1956.

ANNEXURE TO THE AUDITORS REPORT

Referred to in Paragraph 1 of our report of even date on the accounts of SIKOZY REALTORS LIMITED (Formerly: Griffin Chemicals Ltd.) for the year ended March 31, 2014;

i. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management. In our opinion, the frequency of verification is reasonable having regard to the size of the Company and the nature of its assets. The discrepancies reported on such verifications were not material and have been properly dealt with in the books of accounts.

(c) As per the record available no part of the fixed assets is disposed off during the year which affects the going concern of the company.

ii. (a) The management has conducted physical verification of major items of building materials & stores at reasonable intervals during the year. In our opinion having regard to the nature of inventory, the frequency of verification is reasonable.

(b) In our opinion, the procedure followed by the management for such physical verifications are reasonable and adequate in relation to the size of the company and nature of its business.

(c) The Company is maintaining proper records of inventory. The discrepancies noticed on verification between physical stock and the book records were not material in relation to the operation of the Company and the same have been properly dealt with in the books of accounts.

(d) The valuation of inventory is fair & proper and in accordance of the normally accepted accounting principles and as on the same basis as in the preceding year.

iii. (a) The Company has granted interest free unsecured loan and advances of Rs. 4,61,000 to the two parties listed in the register maintained under section 301 of the Companies Act, 1956 and have aggregate outstanding of Rs.6523532 at the year end.

(b) In our opinion, and according to the information and explanation given to us, the rate of interest and other term and conditions of the loans granted are not prime-facie, prejudicial to the interest of the company.

(c) As per the information and explanation given to us the loan & advances given are recoverable on demand, accordingly company may recall the same accordingly.

(e) Since there is no stipulation as regards payment schedule, clause 4(iii)(d) is not applicable.

(f) The company has taken loan from two parties listed in the register maintained under Section 301 of the Companies Act,1956 during the year. The amount of loan involved was Rs. 22.07 lacs and year-end balance of loan taken was Rs. 1,15.24 lacs.

(g) In respect of loan taken terms & conditions are not prime-facie prejudicial to the interest of the company

(H) As informed by the management the loan is payable on demand, hence not overdue

iv. In our opinion and according to the information and explanations given to us, internal control procedures are in commensurate with the size of the Company and the nature of its business with regards to the purchase of construction materials and the fixed assets and with regards to sale of units. Further we have not observed any continuing failure or major weakness in the internal controls during the year.

v. (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that all transactions that need to be entered in the register in pursuance of section 301 of the Act, have been so entered.

(b) Based on the information and explanations given to us, the transactions made in pursuance to the contract or arrangements entered in the register maintained under section 301 and exceeding the value of Rs. 5 lacs in respect of any party during the year have been made at price which are reasonable having regard to the prevailing market prices at the relevant time.

vi. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

vii. In our opinion & as per the information given to us, the company do not have an internal audit system but internal controls are in commensurate with the size and nature of its business.

viii. As informed to us, the maintenance of cost records has not been prescribed by the Central Government u/s 209(1) (d) of the Companies Act, 1956 in respect of the activities carried on by the Company.

ix. (a) According to the records of the Company, the company is not regular in depositing the statutory dues of TDS with the appropriate authorities, however there is no other statutory dues of tax & duties which are outstanding for more than six months as on 31st March,14, except Rs. 3,34,298 on account of I Tax .

(b) According to the Information and explanation given to us, there are no disputed amount payable in respect of Income Tax, Sales Tax, Professional Tax, Wealth Tax, Custom Duty, Excise Duty, Cess as on 31st, March, 2014

x. Company has accumulated losses at the end of the financial year of Rs. 199.40 lacs which less than 50 % of the net worth of the company, however the company has incurred cash losses during the year and in the preceding financial year

xi. According to the information and explanations given to us and the records examined by us, Company has not defaulted in repayment of dues to a bank, financial Institution or Debenture holders during the year.

xii. According to the information and explanations given to us and the records examined by us, no loan has been granted by the Company on the basis of security by way of pledge of shares.

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 statute applicable to chit fund and nidhi/mutual benefit fund/societies.

xiv. In our opinion & according to the information given to us, the Company has to strengthen the maintenance of records in respect of investments in shares. All securities are held by the company in its own name except to the extent of exemptions granted under section 49.

xv. According to the information and explanations given to us and the records examined by us, the Company has not given any guarantees for loans taken by others from banks or financial institutions.

xvi. As per examination of record company have not taken any term loan taken from banks during the year.

xvii. On the basis of the overall examination of the balance sheet and cash flows of the Company and the information and explanation given to us, we report that the funds raised on short term basis have, prima-facie, not been used during the year for the long term investments.

xviii. The Company has not come out with a preferential issue of shares during the year,

xix. According to the information and explanations given to us, no debentures is issued by the Company during the year.

xx. The Company has not raised any money through a public issue during the year.

xxi. Based on the audit procedures performed and the information given by the management, we report that no fraud of material significance on or by the Company has been noticed or reported during the course of audit.

For Gupta Shyam & Company Chartered Accountants FRN;103450W

CA Shyamsunder Gupta (Proprietor) M.N.038484 Mumbai, 30th May, 2014


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Sikozy Realtors Private Limited which comprise the Balance Sheet as at March 31,2013, and the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatorytato/mation

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statement that give a rue and iaVvwiy ffjjw BftincTaT position, financial performance of the company in accordance with the Aui^tiOrijy[gfaj^rds referred to in sub-section (3C) of section 211 of the Companies Act.1966 Ss f^SBSSS^f Includes the design, Implementation and maintenance of internal control i^iiaiiT W j^jiifflBratiori and presentation of the financial statements that give a true and fair 4IBW Ifid iff 1ft**6m material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Auditors 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 wNh ethical r«lWremen^ IrB jpSn and perform the audit to obtain reasonable assurance about whether -» financial statements are free from material misstatement.

r:3taj«utit^ procedures to obtain audit evidence about 0m amounts and

Bi3cJ«Uie5 Jn Jbe_financial statements. The procedures selected depend on the audferfs j^ment, Including the assessment of the risks of material misstatement of the financial steten^rita, 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 1he financial statements in order to design audit procedures that are appropriate in the drcumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonaWenes''s of the accounting estimates made by management, as well as evaluating tite overall presentation of the financial statements. _.,-:¦''

—We-believe-that-the-eudit evidence we ^iave o^weoTfs^Bcient an appropriate to provide - baste for our audit opinion. ft?/«*mt YeV

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 viewin conformity with the accounting principles generally accepted in India:

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

(b) in the case of the Profit and Loss Account, of the profit/ loss for the year ended on that date; (c )in the case of Cash Flow Statement, Cash Flow 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 matter specified in paragraphs 4 and 5 of the Order.

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

''ji) «iic nSvc oDLuiiittu m uie information and expiuhauuii.; wiucri iu Uic oe&t oi our knowtedge and belief were necessary for the purposes of our audit.

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

(c) The Balance Sheet, Statement of Profit & Loss Account 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, comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956, to the extent applicable.

(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 THE AUDITORS REPORT

Referred to in Paragraph 1 of our report of even date on the accounts of SIKOZY REALTORS - UMfTED^Formeffy: Griffin Chemicals Ltd.) for the year ended March 31,2013;

i. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets .

(b) The fixed assets have been physically verified by the management. In our opinion, the frequency of verification is reasonable having regard to the size of the Company and the nature of its assets. The discrepancies .reported on such verifications were not material and have been properly dealt with in the books of accounts.

(c) As per the record available no part of the fixed assets is disposed off during the year which affects the going concern of the company.

ii. (a) The management has conducted physical verification of major items of building materials & stores at reasonable intervals during the year. In our opinion having regard to the nature of inventory, the frequency of verification ib itai^uabic.

(b) in our opiatou, the procedure followed by lut:- mauageuiciii. lot bucti physical verifications are reasonable and adequate in relation to the size of the company and nature of its business.

(c) The Company is maintaining proper records of inventory. The discrepancies noticed on verification between physical stock and the book records were not material in relation to the operation of the Company and the same have been properly dealt with in the books of accounts.

(d) The valuation Of inventory is fair & proper and inaccordance of the normally accepted accounting principles and as on the same basis as in the preceding year.

iii. (a) The Company has granted unsecured loan and advances of Rs.669239 to the tm parties listed in the register maintained under section 301 of the Companies Act, 1956 and have aggregate outstanding of Rs.7238731 at the year end.

(b) In our opinion, and according to the information and explanation given to us, the rate Of interest and other term and conditions of the loans granted are not prime-facie, prejudtctai to the interest of the company.

(c) As per the information and explanation given to us the loan & advances given are recoverable on demand , accordingly company may recall and received fie same accordingly.

(d) Since there is no stipulation as regards payment schedule, clause 4(lii)(d) is hot applicable.

(e) The company has taken loan from two parties listed in the register maintained under Section 301 of the Companies Act,1956 during the year. The amount of loan involved was Rs. 40.21 lacs and year-end balance of loan taken was Rs.108.86 lacs.

(0 In respect of loan taken terms & conditions are not prime-facie prejudicial to the interest of the company '' (a) As informed by the managementte^SResjs no stipulation regarding the repayment.

iv. In our opinion and according to the information and explanations given to us, internal control procedures are in commensurate with the size of the Company and the nature of its business with regards to the purchase of construction materials and the fixed assets and with regards to sale of units. Further we have not observed any continuing failure or major weakness in the internal controls during the year.

v. (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that all transactions that need to be entered in the register in pursuance of section 301 of the Act, have been so entered.

(b) Based on the information and explanations given to us, the transactions made in pursuance to the contract or arrangements entered in the register maintained under «- section 301 and exceeding the value of Rs. 5 lacs in respect of any party during the year have been made at price which are reasonable having regard to the prevailing market prices at the relevant time.

wl !r, cur opinion and according to the information and explanations given to uo , the Company has not accepted any deposits fr^^ t^« nxWir the Companies Act, 1956 and the rules framed the;a undo*.

vii. In our opinion & as per the information given to us, the company do not have an internal audit system but internal controls are in commensurate with the size and nature of its business.

viii. As informed to us, the maintenance of cost records has not been prescribed by the Central Govt u/s 209(1) (d) of the Companies Act, 1956 in respect of the activities carried on by the Company.

ix. (a) According to the records of the Company, the company is not regular in depositing the statutory dues of TDS with the appropriate authorities , however there is no other statutory dues of tax & duties which are outstanding for more than six months as on 31 * March'',13, except Rs 334298 on account of I Tax .

(b) According to the Information and explanation given to us, there are no disputed amount payable in respect of Income Tax , Sales Tax, Professional Tax , Wealth Tax, Custom Duty, Excise Duty. Cess as on 31", March, 2013

x. Company has accumulated losses at me end of the financial year of Rs. 182.09 lacs which less than 50 % of the net worth of the company, however the company has incurred cash losses during the year but has not incurred in the preceding financial year

xi. According to the information and explanations given to us and the records examined by us, Company has not defaulted in repayment of dues to a bank, financial Institution or Debenture holders during the year.

xii. According to the information and explanations given to us and the records examined by us. no loan has been granted by the Company on the basis of security by way of pledge of shares.

xiii. In our opinion and according to the infJ^por^^Kexplanations given to us. the nature of activities of the Company does not attract an^s^ec^Tatatute applicable to chit fund and rridhi /mutual benefit fund/societies. t»lMN'''' M*** ''sj}

xlv. In our opinion & according to the information given to us, the Company tuts to strengthen the maintenance of records in respect of investments in shares. All securities are held by the company in its own name except to the extent of exemptions granted under section 48.

xv. According to the information and explanations given to us and the records examined by us, the Company has not given any guarantees for loans taken by others from banks or financial institutions.

xvi. As per examination of record company have not taken apy term loan taken from banks during the year.

xyji. On the basis of the overall examination of the balance sheet and cash flows of the Company and the information and explanation given to us, we report that the funds raised on short term basis have, prima-facie , not been used during the year for the long term investments.

xviii. The Company has not come out with a preferential issue of shares during the year,

xy. According to the information and expia, ujik yivun lo us, no debentures is issued by the Company during the year

xx. The Company has not raised any money through a public issue during the year.

xxi. Based on the audit procedures performed and the information given by the management, we report that no fraud of material significance on or by the Company has been noticed or reported during the course of audit.

For Gupta Shyam & Company

Chartered Accountants

FRN.103450W

CA Shyamsunder Gupta (Proprietor)

M.N.038484

Mumbai,4th July, 2013


Mar 31, 2012

We have audited the attached Balance Sheet as at 31st March, 2012 and also the Profit and Loss Account of the Company 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.

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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We further report as follows:

1. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Govt in terms of section 227 (4A) of the Companies Act, 1956 and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, during the course of audit we further report herein below on the matters specified in paragraphs 4 & 5 of the said order to the extent applicable to the Company.

2. Further to our comments in the Annexure referred to in paral 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 purposes of our audit.

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

(c) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with books of accounts;

(d) In our opinion & explanation given the P & L a/c & Balance Sheet complied with the accounting standard referred to in clause (C) of the sub-section 3 of section 211 of the Companies Act, 1956 to the extent applicable.

(e) On the basis of the written representation received from the Directors of the Company as at 31st March 2012 and taken on record by the Board of Directors, and as per information and explanations given to us, none of the Directors of the Company is disqualified as on 31st March 2012, from being appointed as a Director of the Company under clause (g) of sub-section (1) of section 274 of Companies Act, 1956.

(f) In our opinion and to the best of our information and according to the explanations given to us and read together with the accounting policies and notes thereon given in Significant Accounting Policies and Notes on Accounts under "1" give the information required by Company's 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 2012

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

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

ANNEXURE TO THE AUDITORS REPORT

Referred to in Paragraph 1 of our report of even date on the accounts of SIKOZY REALTORS LIMITED (Formerly: Griffin Chemicals Ltd.) for the year ended March 31, 2012;

i. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets .

(b) The fixed assets have been physically verified by the management. In our opinion, the frequency of verification is reasonable having regard to the size of the Company and the nature of its assets. The discrepancies reported on such verifications were not material and have been properly dealt with in the books of accounts.

(c) As per the record available no part of the fixed assets is disposed off during the year which affects the going concern of the company.

ii. (a) The management has conducted physical verification of major items of building materials

& stores at reasonable intervals during the year. In our opinion having regard to the nature of inventory, the frequency of verification is reasonable.

(b) In our opinion, the procedure followed by the management for such physical verifications are reasonable and adequate in relation to the size of the company and nature of its business.

(c) The Company is maintaining proper records of inventory. The discrepancies noticed on verification between physical stock and the book records were not material in relation to the operation of the Company and the same have been properly dealt with in the books of accounts.

(d) The valuation of inventory is fair & proper and inaccordance of the normally accepted accounting principles and as on the same basis as in the preceding year.

iii. (a) The company has accepted unsecured loan from two the parties listed in the register maintained under section 301 of the Companies Act,1956 during the year involving amount of Rs.833919 and having aggregate balance of Rs. 2144083 The Company has granted unsecured loan and advances of Rs. 11366731 to the two parties listed in the register maintained under section 301 of the Companies Act, 1956 and have aggregate outstanding of Rs. 6897532 at the year end.

(b) In our opinion loan taken and given are interest fee and to the related companies and other term and conditions of the loans taken & granted is not prime-facie, prejudicial to the interest of the company.

(d) As per the information given the loan taken and advances given are payable and recoverable on demand , hence question of overdue is not arise.

iv. In our opinion and according to the information and explanations given to us, internal control procedures are in commensurate with the size of the Company and the nature of its business with regards to the purchase of construction materials and the fixed assets and with regards to sale of units. Further we have not observed any continuing failure or major weakness in the internal controls during the year.

v. (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management , we are of the opinion that all transactions that need to be entered in the register in pursuance of section 301 of the Act, have been so entered.

(b) Based on the information and explanations given to us, the transactions made in pursuance to the contract or arrangements entered in the register maintained under section 301 and exceeding the value of Rs. 5 lacs in respect of any party during the year have been made at price which are reasonable having regard to the prevailing market prices at the relevant time.

vi. In our opinion and according to the information and explanations given to us , the Company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

vii. In our opinion & as per the information given to us, the company do not have an internal audit system but internal controls are in commensurate with the size and nature of its business.

viii. As informed to us, the maintenance of cost records has not been prescribed by the Central Govt u/s 209(1) (d) of the Companies Act, 1956 in respect of the activities carried on by the Company.

ix. (a) According to the records of the Company, the company is not regular in depositing the statutory dues of TDS with the appropriate authorities , however there is no other statutory dues of tax & duties which are outstanding for more than six months as on 31st March, 12 , except Rs 413899 on account of I Tax & FBT.

(b) According to the Information and explanation given to us, there are no disputed amounts payable in respect of Income Tax , Sales Tax , Professional Tax , Wealth Tax, Custom Duty, Excise Duty, Cess as on 31st, March, 2012

x. Company has accumulated losses at the end of the financial year of Rs. 164.13 lacs which less than 50 % of the net worth of the company, however the company has not incurred cash losses during the year but has incurred in the preceding financial year

xi. According to the information and explanations given to us and the records examined by us , Company has not defaulted in repayment of dues to a bank, financial Institution or Debenture holders during the year, except amount related to one time settlement entered with a bank

xii. According to the information and explanations given to us and the records examined by us , no loan has been granted by the Company on the basis of security by way of pledge of shares.

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 statute applicable to chit fund and nidhi /mutual benefit fund/societies.

xiv. In our opinion & according to the information given to us, the Company has to strengthen the maintained of records in respect of investments in shares. All securities are held by the company in its own name except to the extent of exemptions granted under section 49 .

xv. According to the information and explanations given to us and the records examined by us, the Company has not given any guarantees for loans taken by others from banks or financial institutions.

xvi. As per examination of record company have utilized the term loan taken from banks for the purpose it is taken.

xvii. On the basis of the overall examination of the balance sheet and cash flows of the Company and the information and explanation given to us, we report that the Company has not utilized any funds raised on short term basis for the long term investments and vice- versa.

xviii. The Company has come out with a preferential issue of shares during the year, however not made any preferential allotment of shares to parties or Companies covered under Section 301 of the Act.

xix. According to the information and explanations given to us, no debentures is issued by the Company during the year.

xx. The Company has not raised any money through a public issue during the year.

xxi. Based on the audit procedures performed and the information given by the management, we report that no fraud of material significance on or by the Company has been noticed or reported during the course of audit.



For Gupta Shyam & Company Chartered Accountants FRN;103450W



CA Shyamsunder Gupta (Proprietor) M.N.038484 Mumbai, 27th August, 2012

 
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