Mar 31, 2014
We have audited the accompanying financial statements of Vaghani
Techno-Build Limited ("the Company"), which comprise the Balance Sheet
as at March 31, 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 Statements
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 Standards notified under the Companies Act, 1956 ("the
Act") read with General Circular 15/2013 dated 13th September, 2013 of
the Ministry of Corporate Affairs in respect of section 133 of the
Companies Act, 2013 and in accordance with the accounting principles
generally accepted in India. 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.
Auditors'' 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 misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India.
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of Section
227(4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books.
c. The reports on the accounts of the branches (location) audited by
the branch auditors appointed under Section 228 of the Act have been
forwarded to us and have been properly dealt with by us in preparing
this report.
d. The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
e. In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
notified under the Companies Act, 1956 read with the General Circular
15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs
in respect of section 133 of the Companies Act, 2013.
f. On the basis of the written representations received from the
Directors as on March 31, 2014, 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 Section 274(1)(g) of the
Act.
Annexure referred to in paragraph titled as "Report on Other Legal and
Regulatory Requirements" of Auditor''s report to the members of Vaghani
Techno-Build Limited for the year ended 31st March 2014.
On the basis of the records produced to us for our verification /
perusal, such checks as we considered appropriate, and in terms of
information and explanation given to us on our enquiries, we state
that:
(i) The Company does not have fixed assets and accordingly clause 4(i)
of the Order is not applicable to the company.
(ii) (a) During the year, the inventories have been physically verified
by the management. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
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 records of inventories, we
are of the opinion that the Company is maintaining proper records of
inventories. No discrepancies were noticed during the physical
verification of inventories.
(iii) During the year, the Company has not granted unsecured loan to
parties listed in the register maintained under Section 301 of the
Companies Act, 1956.
During the year, the Company has taken unsecured loans from parties
covered in the register maintained under section 301 of the Companies
Act, 1956. The details of unsecured loans taken are as follows:
No. of Amount (Rs.) Maximum Amount Amount
parties outstanding outstanding at the
during the year end of the year.
1 1,55,41,879 1,47,91,879 1,47,91,879
The rate of interest and other terms and condition on such loan are
prima facie not prejudicial to the interest of the Company. The Company
is regular in repayment of the loan and the interest thereon.
(iv) In our opinion and according to the information and explanations
given to us, having regard to the explanations that certain items
purchased are of special nature for which suitable alternative sources
do not exist for obtaining comparative quotations, 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 and for the sale of goods. No services has been rendered by the
Company during the year. During the course of our audit, no major
weakness has been noticed in internal controls.
(v) (a) According to the information and explanation given to us, we
are of the opinion that during the year, the particulars of the
contracts/arrangements referred to in section 301 of the Companies Act,
1956 have been entered in the register required to be maintained under
that section.
(b)Where each of the transactions is in excess of Rs. 5 lakhs in
respect of any party, having regard to the explanations that some of
the items purchased are of special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
the transactions have been made at prices which are prima facie
reasonable having regard to the prevailing market prices at the
relevant time .
(vi) The Company has not accepted deposits from the public during the
year within the meaning of the provision of section 58A of the
Companies Act, 1956.
(vii) The Company does not have formal internal audit system.
(viii) The Central Government has not prescribed maintenance of cost
records under Section 209 (1) (d) of the Companies Act, 1956, for any
of the products of the Company.
(ix) According to the records of the Company, the Company is regular in
depositing undisputed statutory dues including Provident Fund, Investor
Education and Protection Fund, Employees'' State Insurance, Sales Tax,
Customs Duty, Wealth Tax, Service Tax, Excise Duty, Cess and other
statutory dues applicable to it with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable were outstanding at the yearend for a period
of more than six months from the date they became payable.
According to the records of the Company, there are no dues of Sales
Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty or Cess which
have not been deposited on account of any dispute. The following are
the disputed amounts in respect of Income Tax.
Name of Statute Nature of Financial Amount Forum where
Dues year (Rs.) dispute is
pending
Income-tax Act, Income Tax 2003-04 23,15,882 Income Tax
1961 Dues Appellate
Tribunal
Income-tax Act, Income Tax 2007-08 2,22,010 C.I.T. (Appeal)
1961 Dues
Income-tax Act, Income Tax 2008-09 to 56,58,129 Income Tax
1961 Dues 2009-10 Appellate
Tribunal
(x) The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
current year but has incurred in immediately preceding financial year.
(xi) As per the information and explanation given to us, the Company
has not borrowed from the banks and financial institutions and does not
have any borrowings by way of debentures. Accordingly, clause (xi) of
the Order is not applicable to the Company.
(xii) Based on our examination of documents and records, the Company
has not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities. Accordingly, clause
4 (xii) of the Order is not applicable to the Company.
(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 application to chit fund and nidhi/mutual benefit
fund/societies. Accordingly, clause 4 (xiii) of the Order is not
applicable to the Company.
(xiv) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion, the
Company is not dealing / trading in shares, securities, debentures and
other investment. Accordingly, clause 4 (xiv) of the Order is not
applicable to the Company.
(xv) According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions. Accordingly, clause 4 (xv) of the
Order is not applicable to the Company.
(xvi) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no term loans were taken by the Company. Accordingly, clause 4
(xvi) of the Order is not applicable to the Company.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investment by the Company.
(xviii) 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.
(xix) The Company did not have any outstanding debentures during the
year.
(xx) The Company has not raised money by way of public issue during the
year.
(xxi) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the course of our audit
for the year ended March 31, 2014.
For and on behalf of
M. L. Bhuwania & Co.
Chartered Accountants
Firm Registration No. 101484 W
Sd/-
J. P. Bairagra
Partner
Membership No: 12839
Place: Mumbai
Date: 27th May, 2014
Mar 31, 2012
1. We have audited the attached Balance Sheet of Vaghani Techno-Build
Limited, Mumbai as at 31st March 2012, and the Statement of Profit and
Loss and also the 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.
2. We have conducted our audit in accordance with the 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.
3. As required by the Companies (Auditor's Report) Order, 2003 as
amended by the Companies (Auditor's Report) (Amendment) Order, 2004
(together the 'Order') issued by the Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956, we enclose
in the Annexure a statement on the matters specified in paragraphs 4
and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) 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;
(ii) 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;
(iii) 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;
(iv) In our opinion, the Balance Sheet, Statement of Profit and Loss
and Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956.
(v) On the basis of written representations received from the
Directors, as on 31st March 2012 and taken on record by the Board of
Directors, we report that none of the Directors 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;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with other notes
thereon more particularly Note No. 10.1 of Note No. 10, give the
information required by the Companies Act, 1956, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India subject to;
Non appointment of full time company secretary as required by section
383A of the Companies Act, 1956.
a. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2012;
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.
Annexure referred to in paragraph 3 of Auditor's report to the members
of Vaghani Techno-Build Limited for the year ended 31st March 2012.
On the basis of the records produced to us for our
verification/perusal, such checks as we considered appropriate, and in
terms of information and explanation given to us on our enquiries, we
state that:
(i) The Company does not have fixed assets and accordingly clause 4(i)
of the Order is not applicable to the company.
(ii) (a) During the year, the inventories have been physically verified
by the management. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
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 records of inventories, we
are of the opinion that the Company is maintaining proper records of
inventories. No discrepancies were noticed during the physical
verification of inventories.
(iii) During the year, the Company has not granted unsecured loan to
parties listed in the register maintained under Section 301 of the
Companies Act, 1956.
During the year, the Company has taken unsecured loans from companies,
firms and other parties covered in the register maintained under
section 301 of the Companies Act, 1956. The details of unsecured loans
taken are as follows:
No. of Amount (Rs.) Maximum Amount Amount outstanding at
parties outstanding the end of the year.
during the year
1 3,28,99,824 2,79,96,874 4,76,698
The other terms and condition on such loan are prima facie not
prejudicial to the interest of the Company. There is no stipulation
for the repayment of the principal amount.
(iv) In our opinion and according to the information and explanations
given to us, having regard to the explanations that certain items
purchased are of special nature for which suitable alternative sources
do not exist for obtaining comparative quotations, 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 and for the sale of goods and services. During the course of our
audit, no major weakness has been noticed in internal controls.
(v) (a) According to the information and explanation given to us, we
are of the opinion that during the year, the particulars of the
contracts/arrangements referred to in section 301 of the Companies Act,
1956 have been entered in the register required to be maintained under
that section.
(b) 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,
and exceeding the value of rupees five lacs in respect of any Party
during the year, have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
(vi) The Company has not accepted deposits from the public during the
year within the meaning of the provision of section 58A of the
Companies Act, 1956.
(vii) The Company does not have formal internal audit system.
(viii) The Central Government has not prescribed maintenance of cost
records under Section 209 (1) (d) of the Companies Act, 1956, for any
of the products of the Company.
(ix) According to the records of the Company, the Company is regular in
depositing undisputed statutory dues including Provident Fund, Investor
Education and Protection Fund, Employees' State Insurance, Income Tax,
Sales Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty, Cess and
other statutory dues applicable to it with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable were outstanding at the year end for a
period of more than six months from the date they became payable.
According to the records of the Company, there are no dues of Income
Tax, Sales Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty or
Cess which have not been deposited on account of any dispute. The
following are the disputed amounts in respect of Income Tax.
Name of Statute Nature of Financial Amount Forum where
Dues year (Rs.) dispute is
pending
Income-tax Act, Demand for 2007-08 2,22,010 Commissioner
1961 tax of Income
liability tax (Appeal)
(x) The Company has accumulated losses at the end of the financial
year. The Company has incurred cash loss during the current year and it
has not incurred cash loss in the immediately preceding financial year.
(xi) As per the information and explanation given to us, the Company
has not defaulted in repayment of dues to the banks. The Company has
not borrowed from the financial institutions and does not have any
borrowings by way of debentures.
(xii) Based on our examination of documents and records, the Company
has not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities. Accordingly, clause
4 (xii) of the order is not applicable to the Company.
(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 application to chit fund and nidhi/mutual benefit
fund/societies. Accordingly, clause 4 (xiii) of the order is not
applicable to the Company.
(xiv) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion, the
Company is not dealing/trading in shares, securities, debentures and
other investment. Accordingly, clause 4 (xiv) of the order is not
applicable to the Company.
(xv) According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions. Accordingly, clause 4 (xv) of the
order is not applicable to the Company.
(xvi) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no term loans were taken by the Company. Accordingly, clause 4
(xvi) of the order is not applicable to the Company.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investment by the Company.
(xviii) 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.
(xix) The Company did not have any outstanding debentures during the
year.
(xx) The Company has not raised any money through a public issue during
the year.
(xxi) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the course of our
audit for the year ended March 31, 2012
For and on behalf of
M. L. Bhuwania & Co.
Chartered Accountants
Sd/-
Ashish Bairagra
Partner
Membership No: 109931
Firm Registration No. 101484W
Place: Mumbai
Date: 28th August, 2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of Vaghani Techno-Build
Limited, Mumbai as at 31st March 2011, and the Profit and Loss Account
and also the 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.
2. We have conducted our audit in accordance with the 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.
3. As required by the Companies (Auditor's Report) Order, 2003 as
amended by the Companies (Auditor's Report) (Amendment) Order, 2004
(together the 'Order') issued by the Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956, we enclose
in the Annexure a statement on the matters specified in paragraphs 4
and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) 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;
(ii) 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;
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956.
(v) On the basis of written representations received from the
Directors, as on 31st March 2011 and taken on record by the Board of
Directors, we report that none of the Directors 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;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with other notes
thereon, give the information required by the Companies Act, 1956, in
the manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India:
a. In the case of the Balance Sheet of the state of affairs of the
Company as at 31st March 2011
b. In the case of the Profit and Loss Account of the profit for the
year ended on that date; and
c. In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Annexure referred to in paragraph 3 of Auditor's report to the members
of Vaghani Techno-Build Limited for the year ended 31st March 2011.
On the basis of the records produced to us for our verification /
perusal, such checks as we considered appropriate, and in terms of
information and explanation given to us on our enquiries, we state
that:
(i) The Company does not have fixed assets and accordingly clause 4(i)
of the Order
is not applicable to the company.
(ii) (a) During the year, the inventories have been physically verified
by the management. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
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 records of inventories, we
are of the opinion that the Company is maintaining proper records of
inventories. No discrepancies were noticed during the physical
verification of inventories.
(iii) During the year, the Company has not granted unsecured loan to
parties listed in the register maintained under Section 301 of the
Companies Act, 1956.
During the year, the Company has taken unsecured loans from companies,
firms and other parties covered in the register maintained under
section 301 of the Companies Act, 1956. The details of unsecured loans
taken are as follows:
No. of Total amount Maximum balance Amount outstanding at
parties of loan taken outstanding during
the year. the end of the year.
1 4,26,06,849 2,10,00,000 7,91,874
The other terms and condition on such loan are prima facie not
prejudicial to the interest of the Company. There is no stipulation for
the repayment of the principal amount.
(iv) In our opinion and according to the information and explanations
given to us, having regard to the explanations that certain items
purchased are of special nature for which suitable alternative sources
do not exist for obtaining comparative quotations, 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 and for the sale of goods and services. During the course of our
audit, no major weakness has been noticed in internal controls.
(v) (a) According to the information and explanation given to us, we
are of the opinion that during the year, the particulars of the
contracts/arrangements referred to in section 301 of the Companies Act,
1956 have been entered in the register required to be maintained under
that section.
(b) 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,
and exceeding the value of rupees five lacs in respect of any party
during the year, have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
(vi) The Company has not accepted deposits from the public during the
year within the meaning of the provision of section 58A of the
Companies Act, 1956.
(vii) The Company does not have an internal audit system.
(viii) The Central Government has not prescribed maintenance of cost
records under Section 209 (1) (d) of the Companies Act, 1956, for any
of the products of the Company.
(ix) According to the records of the Company, the Company is regular in
depositing undisputed statutory dues including Provident Fund, Investor
Education and Protection Fund, Employees' State Insurance, Income Tax,
Sales Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty, Cess and
other statutory dues applicable to it with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable were outstanding at the year end for a
period of more than six months from the date they became payable.
According to the records of the Company, there are no dues of Income
Tax, Sales Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty or
Cess which have not been deposited on account of any dispute.
(x) The Company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the current and
immediately preceding financial year.
(xi) As per the information and explanation given to us, the Company
has not defaulted in repayment of dues to the banks. The Company has
not borrowed from the financial institutions and does not have any
borrowings by way of debentures.
(xii) Based on our examination of documents and records, the Company
has not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities. Accordingly, clause
4 (xii) of the order is not applicable to the Company.
(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 application to chit fund and nidhi/mutual benefit
fund/societies. Accordingly, clause 4 (xiii) of the order is not
applicable to the Company.
(xiv) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion, the
Company is not dealing / trading in shares, securities, debentures and
other investment. Accordingly, clause 4 (xiv) of the order is not
applicable to the Company.
(xv) According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions. Accordingly, clause 4 (xv) of the
order is not applicable to the Company.
(xvi) According to the information and explanations given to us and an
overall examination of the Balance Sheet of the Company, we report no
term loans were taken by the Company. Accordingly, clause 4 (xvi) of
the order is not applicable to the Company.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investment by the Company.
(xviii) 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.
(xix) The Company did not have any outstanding debentures during the
year.
(xx) The Company has not raised any money through a public issue during
the year.
(xxi) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the course of our audit
for the year ended March 31, 2011.
For and on behalf of
M L Bhuwania & Co
Chartered Accountants
Sd/-
Ashish Bairagra
Partner
Membership No: 109931
Firm Registration No. 101484W
Place: Mumbai
Date: 30/05/2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of Vaghani Techno-Build
Limited, Mumbai as at 31st March 2010, and the Profit and Loss Account
and also the Cash Flow Statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Companys management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2. We have conducted our audit in accordance with the 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.
3. As required by the Companies (Auditors Report) Order, 2003 as
amended by the Companies (Auditors Report) (Amendment) Order, 2004
(together the Order) issued by the Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956, we enclose
in the Annexure a statement on the matters specified in paragraphs 4
and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) 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; (ii) 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; (iii) The Balance Sheet, Profit and Loss Account and
Cash Flow Statement dealt with by this report are in agreement with the
books of account;
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956.
(v) On the basis of written representations received from the
Directors, as on 31 st March 2010 and taken on record by the Board of
Directors, we report that none of the Directors 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;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with other notes
thereon, give the information required by the Companies Act, 1956, in
the manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India:
a. In the case of the Balance Sheet of the state of affairs of the
Company as at 31 st March 2010
b. In the case of the Profit and Loss Account of the profit for the
year ended on that date; and
c. In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Annexure referred to in paragraph 3 of Auditors report to the members
of Vaghani Techno-Build Limited for the year ended 31st March 2010.
(i) (a) The company is maintaining the proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets of the Company are physically verified by the
Management, which in our opinion is reasonable having regard to the
size of the Company and the nature of its assets. Discrepancies were
noticed between the book records and the physical inventories were not
material and have been properly dealt with in the accounts.
(c) In our opinion and according to the information and explanation
given to us, no substantial part of the fixed assets has not been
disposed off by the Company during the year.
(ii) (a) During the year, the inventories have been physically verified
by the management. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
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 records of inventories, we
are of the opinion that the Company is maintaining proper records of
inventories. The discrepancies noticed on physical verification of
inventories as compared to the book records were not material and have
been properly dealt with in the books of account.
(iii) During the year, the Company has granted unsecured loan to
parties listed in the register maintained under Section 301 of the
Companies Act, 1956.
No.of Total amount Maximum balance Amount outstanding at
parties of loan given outstanding
during the year. the end of the year.
2 3,57,30,350 3,57,30,350 2,57,30,350
During the year, the Company has taken loan from companies and other
parties covered in the register maintained under Section 301 of the
Companies Act, 1956. The rate of interest and other terms and
conditions are prima facie not prejudicial to the interest of the
Company. There are no stipulations with respect to the repayment of the
loan and the interest thereon. The details of loan transactions are as
under:
No. of Total amount Maximum balance Amount outstanding at
parties of loan taken outstanding
during the year. the end of the year.
2 53,50,000 53,50,000 Nil
(iv) In our opinion and according to the information and explanations
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 and for the
sale of goods. During the course of our audit, no weakness has been
noticed in the internal controls.
(v) (a) According to the information and explanation given to us, we
are of the opinion that during the year, the particulars of the
contracts/arrangements referred to in section 301 of the Companies Act,
1956 have been entered in the register required to be maintained under
that section.
(b) 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,
and exceeding the value of rupees five lacs in respect of any party
during the year, have beep made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
(vi) The Company has not accepted deposits from the public during the
year within the meaning of the provision of section 58A of the
Companies Act, 1956.
(vii) The Company does not have an internal audit system.
(viii) The Central Government has not prescribed maintenance of cost
records under Section 209 (1) (d) of the Companies Act, 1956, for any
of the products of the Company. .
(ix) According to the records of the Company, the Company is regular in
depositing undisputed statutory dues including Provident Fund, Investor
Education and Protection Fund, Employees State Insurance, Income Tax,
Sales Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty, Cess and
other statutory dues applicable to it with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable were outstanding at the year end for a
period of more than six months from the date they became payable.
According to the records of the Company, there are no dues of Income
Tax, Sales Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty or
Cess which have not been deposited on account of any dispute.
(x) The Company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the current and
immediately preceding financial year.
(xi) As per the information and explanation given to us, the Company
has not defaulted in repayment of dues to the banks. The Company has
not borrowed from the financial institutions and does not have any
borrowings by way of debentures.
(xii) Based on our examination of documents and records, the Company
has not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities. Accordingly, clause
4 (xii) of the order is not applicable to the Company.
(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 application to chit fund and nidhi/mutual benefit
fund/societies. Accordingly, clause 4 (xiii) of the order is not
applicable to the Company.
(ixv) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion, the
Company is not dealing / trading in shares, securities, debentures and
other investment. Accordingly, clause 4 (xjv) of the order is not
applicable to the Company.
(xv) According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions. Accordingly, clause 4 (xv) of the
order is not applicable to the Company.
(xvi) According to the information and explanations given to us and an
overall examination of the Balance Sheet of the Company, we report no
term loans were taken by the Company. Accordingly, clause 4 (xvi) of
the order is not applicable to the Company.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investment by the Company.
(xviii) 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.
(xix) The Company did not have any outstanding debentures during the
year.
(xx) The Company has not raised any money through a public issue during
the year.
(xxi) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the course of our audit
for the year ended March 31, 2010.
For and on behalf of
Kapadia and Gajaria Associates
Chartered Accountants
Sd/-
Kamlesh Gajaria
Partner
Membership No: 39280
Firm Registration No. 111874W
Place: Mumbai
Date: 06.10.2010