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. _.,-:¦''
ÂWe-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