Mar 31, 2015
We have audited the accompanying financial statements of Wagend Infra
Venture Limited ("the Company"), which comprises of Balance Sheet as at
31st March, 2015, the statement of Profit and Loss Account and the Cash
Flow Statement for the year ended on that date annexed thereto and a
summary of significant accounting policies and other explanatory
information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Sub-Section (5) of Section 134 of the Companies Act, 2013 ("the
Act") with respect to the preparation of these financial statements to
give a true and fair view of the financial position, financial
performance and cash flow of the Company in accordance with the
accounting principles generally accepted in India, including Accounting
Standards prescribed in Section 133 of the Act, read with Rule 7 of the
Companies Accounts (Rule), 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making a judgment
and estimates that are reasonable and prudent; and the design,
implementation and maintenance of 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 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 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. 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.
audit iolves perfoig procedures to obtai audit evidence about te autos
ad te 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 financial 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. An audit
also includes evaluating the appropriateness of the 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 financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements along with
the notes thereon 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, of the state of
affairs of the Company as at 31st March, 2015, and its profit and its
cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
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 ("the order"), and on the basis of such checks of the
books and records of the Company as we consider appropriate and
according to the information and explanation given to us, we enclose in
the Annexure a statement on the matters specified in paragraphs 3 and 4
of the said order.
Further 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
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 it appears from our examination of those
books.
c) 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.
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) The going concern matter described in sub-paragraph (b) under the
Emphasis of Matters paragraph above, in our opinion, may have an
adverse effect on the functioning of the Company.
) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a Director in terms of Section 164(2) of the
Act.
g) With respect to the adequacy of the internal financial controls over
financial reporting of the Company and the operating effectiveness of
such controls, refer to our separate Report in "Annexure A".
h) 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 information and
according to the explanations given to us:
i. The Company does not have any pending litigations which would
impact its financial position.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.
ANNEXURE TO THE AUDITORS' REPORT ON THE FINANCIAL STATEMENT FOR THE
YEAR ENDED 31st MARCH, 2015 OF WAGEND INFRA VENTURE LIMITED
1. In respect of Fixed Assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the company and the
nature of its assets. No material discrepancies were noticed on such
physical verification.
2. (a) The nature of inventory held by the Company does not demand for
physical verification and hence, clause 3(ii)(a) and 3(ii)(b) of the
Companies (Auditor's Report ) Order, 2015 are not applicable.
(b) As explained, the Company has been maintaining proper records of
the inventory and no material discrepancies where noticed in relation
to it.
3. In respect of loans, secured or unsecured, granted to Companies,
firms or other parties covered in the register maintained under Section
189 of the Companies Act, 2013;
a) The Company has not granted any loans to such parties during the
year and hence the question of regular receipt of principal amount and
interest does not arise.
b) Since the Company has not granted loans to such parties, there is no
instance of overdue amount of Rupees One Lakh.
4. In our opinion, and according to the information and explanations
given to us, there exist adequate internal control systems commensurate
with the size of the Company and the nature of its business with
regards to sale of goods and services. During the course of our audit,
no major weakness has been noticed in the internal controls.
5. In our opinion and explanation given to us, during the year the
Company has not accepted any deposits to which the directives of the
Reserve Bank or provisions of Section 73 to 76 or any other relevant
provisions of the Companies Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014 framed there under would apply.
6. The Central Government has not prescribed maintenance of cost
records under sub-section (1) of Section 148 of the companies Act, 2013
for any of the services of the Company.
7. a) According to the information given to us and the records of the
Company examined by
us, the Company is regular in depositing the undisputed statutory dues
including provident fund, employee's state insurance, Income Tax, Sales
Tax, Wealth Tax, Customs Duty, Excise Duty, Service Tax, Investor
Education and Protection Fund and any other statutory dues as at 31st
March 2015.
b) According to the information and explanation given to us and the
records of the Company examined by us, there are no dues of income tax,
Sales Tax, Wealth Tax, Customs Duty, Excise Duty, Service Tax and no
statutory dues required to be deposited on account of any dispute.
c) The company is not required to transfer any amount to Investor
education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made
thereunder has been transferred to such fund within time.
8. The Company is registered for a period of not less than five years
but the Company has no accumulated losses at the end of the financial
and it has not incurred cash losses in the current and immediately
preceding financial year.
9. The Company has neither taken any loan from banks and financial
institutions nor issued any debentures hence the question of default in
repayment of dues does not arise.
10. As per the explanation and information given to us, the Company
has not given any guarantee for loans taken by others from bank or
financial institutions.
11. The Company has not raised any term loans during the year.
12. During the course of our examination of books and records of the
Company and according to the information and explanations given by the
management, we have neither come across any instance of material fraud
on or by the Company, noticed or reported during the year, nor have we
been informed of any such case by the Management.
For M/s Gupta Saharia & Co.
Chartered Accountants
Sd/-
(S.S. Rathi)
Partner
Place: Mumbai Membership No.: 73373
Date: 25.05.2015 Firm Reg. No. 103446W
Mar 31, 2014
We have audited the attached Balance Sheet of WAGEND INFRA VENTURE
LIMITED (Formally Known As Agarwal Holdings Limited ) as at 31st March,
2014 and also the Profit and Loss Account of the Company for the year
ended on that date annexed thereto and Cash Flow Statement for the year
ended on that date.
Managements 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 principles generally accepted in India including
Accounting Standards referred to in Section 211(3C) of the Companies
Act, 1956 ("the Act"). This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and 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 auditing standards issued by the Institute of Chartered
Accountants of India. Those Standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material mis-statement.
An audit includes examining on a test basis, evidence supporting the
amounts and disclo- sures 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 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 said accounts together with 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
i) in the case of Balance Sheet, of the state of affairs of the Company
as at 31st March, 2014;
ii) in the case of Profit And Loss Account, of the Profit of the
Company for the year ended on that date; and
iii) in the case of Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of Section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
a) We have obtained all the information and explanations which to the
best of our knowl- edge and belief were necessary for the purpose of
our audit;
b) In our opinion, proper books of accounts as required by law have
been kept by the Company, so far as it appears from our examination of
those books;
c) The Balance Sheet and Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet and Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the mandatory
accounting standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956.
e) On the basis of the written representations received from the
directors, as on 31st March, 2014 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2014 from being appointed as director in terms of clause
(g) of sub-section 1 of Section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS'' REPORT ON THE ACCOUNTS FOR THE YEAR ENDED
31st MARCH, 2014 OF WAGEND INFRA VENTURE LIMITED
(Referred to in paragraph 1 thereof)
1.IN RESPECT OF ITS FIXED ASSETS
a. The Company has maintained proper records showing full particulars
including quantitative details and the situation of fixed assets on the
basis of available information.
b. As explained to us, all the fixed assets have been physically
verified by the manage- ment in a phased periodical manner, which in
our opinion is reasonable, having regard to the size of the company and
the nature of its assets. No material discrep- ancies were noticed on
such physical verification.
c. In our opinion, the Company has not disposed off a substantial part
of its fixed assets during the year and the going concern status of the
Company is not affected
2. IN RESPECT OF INVENTORIES
As informed, the Company does not have any inventory and such ,clause
4(ii)(a) to 4 (ii) (c) of the Companies (Auditor''s Report ) Order ,2003
(as amended ) are not applicable.
3. IN RESPECT OF LOAN TAKEN OR GIVEN
a. According to the information and explanation given to us, the
company has not granted any loans covered in the register maintained
under section 301 of the Com- panies Act, 1956
b. There is no amount overdue for more than rupees one lakh, since no
loans have been granted to the parties.
c. In our opinion and according to the information and explanation
given to us, the rate of interest, where applicable and other terms and
condition, are not prima facie prejudicial to the interest of the
company.
d. The Company has not taken any loans during the year from companies,
firm or parties covered in the Registered maintained under section 301
of the companies Act, 1956. Consequently, the requirement of clauses
(iii) (f) and (iii) of paragraph 4 of the Order are not applicable.
4. In our opinion, and according to the information and explanations
given to us, there exist adequate internal control systems commensurate
with the size of the Company and the nature of its business with
regards to sale of goods and services. During the course of our audit,
no major weakness has been noticed in the internal controls.
5. According to the information and explanations given to us, there
were no contracts or arrangements entered into Section 301 of the
Companies Act, 1956 which were required to be entered in the register
maintained under that section.
6. According to the Information and explanation given to us, the
Company has not accepted any deposits during the year from public
within the meaning of provisions of Section 58A, 58AA or any other
relevant provisions of the Companies Act, 1956 and the rules made
thereunder. Therefore, the provisions of the Clause (vi) of paragraph 4
of the order are not applicable.
7. In our opinion, the company has an adequate internal audit system
commensurate with the size and nature of its Business.
8. The Central Government has not prescribed maintenance of cost
records under sub- section (1)(d) of Section 209 of the companies Act,
1956 for any of the products of the Company.
9. In Respect of Statutory Dues
According to the information and explanation given to us in respect of
statutory dues:
a. The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other material statutory dues
applicable to it with the appropriate authorities.
b. There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory
dues in arrears as at 31st March, 2014 for a period of more than six
months from the date they became payable.
10. According to the information and explanations given to us, the
Company has no accumulated losses at the end of the financial and it
has not incurred cash losses in the current and immediately preceding
financial year.
11. According to the information and explanations given to us and
based on the documents and records produced to us, the company did not
have any borrowing from a financial institution or bank or debenture
holders and hence clause 4(xi) of the companies (Auditor''s Report)
Order, 2003 (as amended) is not applicable.
12.In our opinion and according to the explanation available the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13.In our opinion the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4 (viii) of
the companies (Auditors Report) order, 2003 are not applicable to the
company.
14. The Company has maintained proper records of transaction and
contracts in respect of Investments in securities and timely entries
have been made therein. All Investments at the close of the year have
been held in name of the company except to the extent of exemption ; if
any , granted under section 49 of the Act.
15. According to the information and explanations given to us, the
Company has not given guarantee for loan taken by others from bank or
financial institutions.
16. The Company has not raised funds / Loans during the year.
17. We have been informed by the management that the funds raised on
short-term basis have not been used for long-term investment.
18. The Company has not made any preferential allotment of shares to
parties and compa- nies covered in Registered maintained under Section
301 of the Company Act, 1956.
19. The company has not issued any debentures during the year.
20. During the year, the Company has not raised money by public
issue(s).
21. 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 M/s Gupta Saharia & Co.
Chartered Accountants
Sd/-
(S.S. Rathi)
Partner
Place: Mumbai Membership No.: 73373
Date: 28th May, 2014 Firm Reg. No. 103446W
Mar 31, 2013
Report on the Financial Statements
We have audited the attached Balance Sheet of WAGEND INFRA VENTURE
LIMITED (Formally Known As Agarwal Holdings Limited ) as at 31st March,
2013 and also the Profit and Loss Account of the Company for the year
ended on that date annexed thereto and Cash Flow Statement for the year
ended on that date.
Managements 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 principles generally accepted in India including
Accounting Standards referred to in Section 211(3C) of the Companies
Act, 1956 ("the Act"). This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and 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 auditing standards issued by the Institute of Chartered
Accountants of India. Those Standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material mis-statement.
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 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 said accounts together with 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
i) in the case of Balance Sheet, of the state of affairs of the Company
as at 31st March,2013;
ii) in the case of Profit and Loss Account, of the Profit of the
Company for the year ended on that date; and
iii) in the case of Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of Section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of accounts as required by law have
been kept by the Company, so far as it appears from our examination of
those books;
c) The Balance Sheet and Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet and Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the mandatory
accounting standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956.
e) On the basis of the written representations received from the
directors, as on 31st March, 2013 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2013 from being appointed as director in terms of clause
(g) of sub-section 1 of Section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS'' REPORT ON THE ACCOUNTS FOR THE YEAR ENDED
31st MARCH, 2013 OF WAGEND INFRA VENTURE LIMITED
(Referred to in paragraph 1 thereof)
1. (a) The Company has maintained proper records showing full
particulars including Quantitative details and situation of fixed
assets,
(b) All the Fixed Assets have not been physically verified by the
management during the year but there is a regular programme of periodic
verification in a phased manner, which in our opinion, is reasonable
having regard to the size of the company and nature of fixed assets. No
Material discrepancies were noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, the Company has not disposed of substantial part of fixed
assets during the year and the going concern status of the Company is
not affected.
2. (a) The procedures of verification followed by the management are
reasonable and adequate in relation to the size of the Company and the
nature of its business.
(b) The Company is maintaining proper records of Inventory.
3. (a) According to the information and explanation given to us, the
company has not granted any loans covered in the register maintained
under section 301 of the Companies Act, 1956;
(b) There is no amount overdue for n.ore than rupees one Lacs, since no
loans have been granted.
(c) The company has not taken any loans, secured or unsecured from
companies, firms, or other parties covered in the register maintained
under Section 301 of the Act.
4. In our opinion, and according to the information and explanations
given to us, there exist adequate internal control systems commensurate
with the size of the Company and the nature of its business with
regards to sale of goods and services. During the course of our audit,
no major weakness has been noticed in the internal controls.
5. According to the information and explanations given to us, there
were no contracts or arrangements entered into Section 301 of the
Companies Act, 1956 which were required to be entered in the register
maintained under that section.
6. According to the Information and explanation given to us, the
Company has not accepted any deposits during the year from public
within the meaning of provisions of Section 58A, 58AA or any other
relevant provisions of the Companies Act, 1956 and the rules made
thereunder.
7. In our opinion, the company has an adequate internal audit system
commensurate with the size and nature of its Business.
8. The Central Government has not prescribed maintenance of cost
records under sub-section (l)(d) of Section 209 of the companies Act,
1956 for any of the products of the Company.
9. According to the information and explanation given to us in respect
of statutory dues:
a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other material statutory
material statutory dues applicable to it with the appropriate
authorities.
b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory
dues in arrears as at 31st March, 2013 for a period of more than six
months from the date they became payable.
10. According to the information and explanations given to us, the
Company has no accumulated losses at the end of the financial and it
has not incurred cash losses in the current and immediately preceding
financial year
11. Based on our audit procedures and as per the information and
explanations given by the management. The Company does not have any
borrowings from Banks, financial institution or by way of debentures.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion the Company is not a chit fund or a nidhi / mutual
benefit fund/society. Therefore, the provisions of clause 4 (viii) of
the companies (Auditors Report) order, 2003 are not applicable to the
company.
14. The Company has maintained proper records of transaction and
contracts in respect of Investments in securities and timely entries
have been made therein. All Investments at the close of the year have
been held in name of the company except to the extent of exemption ; if
any , granted under section 49 of the Act.
15. According to the information and explanations given to us, the
Company has not given guarantee for loan taken by others from bank or
financial Institutions.
16. The Company has not raised funds / Loans during the year.
17. We have been informed by the management that the funds raised on
short-term basis have not been used for long-term investment.
18. The Company has Converted 41,05,000 shares warrants of Rs.2/- each
of into 41,05,000 equity shares of Rs.2/- each at a premium of Rs.0.40
paisa each to parties or companies covered in the Register maintained
under Section 301 of the Companies Act, 1956. In our opinion, the price
at which shares have been issued is not pre judicial to the interest of
the company.
19. The company has not issued any debentures during the year.
20. During the year, the Company has not raised money by public
issue(s).
21. 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 M/s Gupta Saharia & Co.
Chartered Accountants
Sd/-
(S.S. Rathi)
Partner
Place: Mumbai Membership No.: 73373
Date: 30.05.2013 Firm Reg. No. 103446W
Mar 31, 2012
We have audited the attached Balance Sheet of WAGEND INFRA VENTURE
LIMITED, Mumbai as at 31st March, 2012 and also the Profit and Loss
Account and the Cash Flow Statement for the year ended as 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 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.
As required by the Companies (Auditor's Report) Order, 2003, issued
by the Central Government of India in terms of Sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
1. Further and subject to our comments in the Annexure referred to in
paragraph 3 above, we report that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(b) In our opinion, proper books of account as required by law have
been kept by the Company, so far as appears from our examination of
those books;
(c) The Balance Sheet, Statement of Profit and Loss Account and Cash
Flow Statement dealt with by this Report are in agreement with the
books of account;
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss
Account and Cash Flow Statement dealt with by this report are in
compliance with the Accounting Standards referred to in Sub-section
(3C) of Section 211 of the Companies Act, 1956, in so far as they apply
to the Company;
(e) 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;
(f) In our opinion and to the best of our information and according to
the explanations given to us, the accounts and Notes on accounts 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:
(i) In the case of the 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 the Profit of the
Company for the year ended as on that date; and
(iii) In the case of Cash Flow Statement, of the Cash Flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS' REPORT ON THE ACCOUNTS FOR THE YEAR ENDED
31st MARCH, 2012 OF WAGEND INFRA VENTURE LIMITED
(Referred to in paragraph 1 thereof)
1. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets. However
there were no fixed assets held during the year.
2. The Company's nature of operation does not require it to hold the
inventories and hence this clause of the order is not applicable.
3. (a) According to the information and explanation given to us, the
company has not granted any loans covered in the register maintained
under section 301 of the Companies Act, 1956
(b) There is no amount overdue for more than rupees one lakh.
(c) The company has not taken any loans, secured or unsecured from
companies, firms, or other parties covered in the register maintained
under section 301 of the Act.
4. In our opinion, and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with
regards to sale of goods and services. During the course of our audit,
no major weakness has been noticed in the internal controls.
5. According to the information and explanations given to us, there
were no contracts or arrangements entered into Section 301 of the
Companies Act, 1956 which were required to be entered in the register
maintained under that section except as mentioned below.
6. According to the Information and explanation given to us, the
Company has not accepted any deposits during the year from public
within the meaning of provisions of Section 58A, 58AA or any other
relevant provisions of the Companies Act, 1956 and the rules made
thereunder.
7. In our opinion, the company has an adequate internal audit system
commensurate with the size and nature of its Business.
8. The Central Government has not prescribed maintenance of cost
records under sub-section (1)(d) of Section 209 of the companies Act,
1956 for any of the products of the Company.
9. According to the information and explanation given to us in respect
of statutory dues:
a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Wealth
Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material
statutory dues applicable to it with the appropriate authorities.
b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory
dues in arrears as at 31st March, 2012 for a period of more than six
months from the date they became payable.
10. According to the information and explanations given to us, the
Company has no accumulated losses at the end of the financial and it
has not incurred cash losses in the current and immediately preceding
financial year
11. The Company has neither taken any loan from banks and financial
institutions nor issued any debentures.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion the Company is not a chit fund or a nidhi / mutual
benefit fund/society. Therefore, the provisions of clause 4 (viii) of
the companies (Auditors Report) order, 2003 are not applicable to the
company.
14. The Company has maintained proper records of transaction and
contracts in respect of Investments in securities and timely entries
have been made therein. All Investments at the close of the year have
been held in name of the company.
15 The Company has raised funds during the year.
16. During the year the Company has made allotment of 12,50,000
warrants which are convertible into equal number of Equity Shares of
Rs.10/- each at Premium of Rs.2 each, During the year the Company has
allotted 4,29,000 Equity Shares upon conversion of 4,29,000 warrants to
parties covered in the Register maintained under section 301 of the
Companies Act, 1956.
17. The company has not issued any debentures during the year.
18. During the year, the Company has not raised money by public
issue(s).
19. 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.
Place: Mumbai For M/s Gupta Saharia & Co.
Date: 13.08.2012 Chartered Accountants
Sd/-
(S.S. Rathi)
Partner
Membership No.: 73373
Firm Reg. No. 103446W
Mar 31, 2011
We have audited the attached Balance Sheet of AGARWAL HOLDINGS LIMITED,
Mumbai as at 31st March, 2011 and also the Profit and Loss Account and
the Cash Flow Statement for the year ended as 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.
We 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.
We report that:
1. As required by the Companies (Auditors Report) Order, 2003, issued
by the Central Government of India in terms of Sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
2. Further and subject to our comments in the Annexure referred to in
paragraph 3 above, we report that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(b) In our opinion, proper books of account as required by law have
been kept by the Company, so far as appears from our examination of
those books;
(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this Report are in agreement with the books of account;
(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report are in compliance with the
Accounting Standards referred to in Sub-section (3C) of Section 211 of
the Companies Act, 1956, in so far as they apply to the Company;
(e) 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;
(f) In our opinion and to the best of our information and according to
the explanations given to us, the accounts and Notes on accounts 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 Profit and Loss Account, of the Profit of the
Company for the year ended as on that date; and
(c) In the case of Cash Flow Statement, of the Cash Flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT ON THE ACCOUNTS FOR THE YEAR ENDED
31ST MARCH, 2011 OF AGARWAL HOLDINGS LIMITED
(Referred to in paragraph 1 thereof)
1. (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
according to are regular programme of periodic verification in a phased
manner which in our opinion is reasonable having regard to the size of
the company and nature of fixed assets. The discrepancies notices on
such physical verification were not material and provided for in the
books of accounts of the company.
(c) In our opinion and according to the information and explanations
given to us, the Company has not disposed of substantial part of fixed
assets during the year and the going concern status of the Company is
not affected
2. The Companys nature of operation does not require it to hold the
inventories and hence this clause of the order is not applicable.
3. (a) According to the information and explanation given to us, the
company has not granted any
loans covered in the register maintained under section 301 of the
Companies Act, 1956
(b) There is no amount overdue for more than rupees one lakh.
(c) The company has not taken any loans, secured or unsecured from
companies, firms, or other parties covered in the register maintained
under section 301 of the Act.
4. In our opinion, and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with
regards to sale of goods and services. During the course of our audit,
no major weakness has been noticed in the internal controls.
5. There are no transactions that need to be entered into the register
maintained under Section 301 of the Act.
6. During the year the Company has not accepted any deposits to which
provisions of Section 58A, 58AA or any other relevant provisions of the
Companies Act, 1956 and the rules framed there under would apply.
7. In our opinion, the company has an adequate internal audit system
commensurate with the size and nature of its Business.
8. The Central Government has not prescribed maintenance of cost
records under sub-section (1)(d) of Section 209 of the companies Act,
1956 for any of the products of the Company.
9. According to the information and explanation given to us, there are
no undisputed amounts payable in respect of Income Tax, Sales Tax,
Wealth Tax, Custom Duty, Service Tax, Investor Education and Protection
Fund, Excise Duty, Cess and any other statutory dues as at 31st March
2011.
10. The Company has no accumulated losses at the end of the financial
and it has not incurred cash losses in the current and immediately
preceding financial year
11. The Company has neither taken any loan from banks and financial
institutions nor issued any debentures.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provisions of clause 4 (viii)
of the companies (Auditors Report) order, 2003 are not applicable to
the company.
14. The Company has maintained proper records of transaction and
contracts in respect of Investments in securities and timely entries
have been made therein. All Investments at the close of the year have
been held in name of the company.
15. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
16. The Company has not taken any term loans during the year.
17. The Company has not raised any funds during the year.
18. The Company has not made any preferential allotment of shares to
parties or companies covered in the Register maintained under section
301 of the Companies Act, 1956.
19. The company has not issued any debentures during the year.
20. During the year, the Company has not raised money by public
issue(s).
21. 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 M/s Gupta Saharia & Co.
Chartered Accountants
(S.S. Rathi) Partner
Membership No.: 73373
Firm Reg. No. 103446W
Place: Mumbai
Date : 28.05.2011
Mar 31, 2010
We have audited the attached balance sheet of Agarwal Holdings Limited
as at 31st March 2010, profit and loss account annexed thereto and also
the Cash Flow Statement for the year ended on that date. 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
We report that:
1. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we have annexed a statement on
the matters specified in the paragraph 4 & 5 of the said order.
2. Further to our comments in the annexure referred to in paragraph 1
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
report;
ii) 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;
iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the Books of Accounts;
iv) In our opinion, the Balance Sheet and Profit and Loss Account are
in compliance 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 Directors as
on 31s 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 of the Company in terms of section
274 (1) (g) of the Act.
vi) In our opinion and to the best of our information and according the
explanation given to us, the accounts and notes on accounts 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 Balance Sheet, of the state of affairs of the Company
as at 31st March 2010;
b) in the case of Profit and Loss Account, of the Profit of the Company
for the year ended on that date; and
c) in the case of Cash
FlowStatementofthecashflowsfortheyearendedonthatdate.
Annexure to the Auditors Report Referred to in paragraph 1 of our
report of even date ,
1 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
managementaccording to are regular programme of periodic verification
in a phased manner which in our opinion is reasonable having regard to
the size of the! company and nature of fixed assets. The discrepancies
noticed on such physical verification were noi material and provided
for in the books of accounts of the company. .
c) During the year, the company has riot disposed off any substantial
part of fixed assets.
2 The company is not carrying any stock of finished goods, Stores,
parts & Raw material.
3 a) The company has not granted any loans, secured or unsecured to
companies, firms or other Parties covered in the register maintained
undersection 301 of theAct.
b) There is no amount overdue for more than rupees one lakh.
c) The company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
undersection 301 of theAct.
4 In our opinion, there were generally adequate internal control
procedure commensurate with the size of the companyj and nature of its
business for its income from operation. During the course of our audit,
no major weakness has beeni noticed in the internal control systems in
respect of these areas.
5 There are no transactions that need to be entered into the register
maintained under Section 301 of theAct.
6 The Company has not accepted any deposits within the meaning of the
Section 58A, 58AA or any other relevanl provisions of the Act.
7 In our opinion, the Company has an adequate internal audit system
commensurate with the size and nature of its! Business. !
8 The Central Government has not prescribed maintenance of Cost records
under section 209(1 )(d) of the Companies Act, 1956 for the activities
of the company. æ
9 According to the information and explanation given to us, there are
no undisputed amounts payable in respect ot Income Tax, Sales Tax,
Wealth Tax, Custom Duty, Service.Tax, Investor Education and Protection
Fund, Excise Duty, Cess and any other statutory dues as at 31sMarch
2010.
10 The Company has no accumulated losses at the end of the financial
year.and it has not incurred cash losses in the current and immediately
preceding financial year.
11 During the year there were no any dues repayable to banks.
12 The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13 In our opinion, the Company is not a chit fund or a. nidhi/mutual
benefit fund/society, therefore, the provisions ol clause 4(viii)ofthe
companies (AuditorsReport)order, 2003 are not applicable to the
company.
14 The Company has maintained proper records of transaction and
contracts in respect Of Investments in securities and timely entries
have been made therein. All Investments at the close of the year have
been held in name" of the company.
15 According to the information and explanation given to us, the
Company has not given any guarantee for Joans taken brothers lrom banks
or financial institutions. .
16 During the year there were no term loans availed by the company.
17 In our opinion and according to the information and explanation
given to us, the company has not raised any funds on a short-term
basis, which have been used for long-term investment during the year.
18 During the year, Company has not made any preferential allotment of
shares to parties and Companies covered in the register maintained
undersection 301 of the CompaniesAct, 1956.
19 There are no debentures issued and outstanding during the year and
hence the provisions of clause 4(xix) of the Companies (Auditors
Report) Order, 2003 are not applicable to the company.
20 The Company has not raised any money by way of public issues during
the year.
21 Based upon the audit procedures performed and according to the
information and explanations given to us, we report that no fraud on or
by the Company has been noticed or reported during the year.
For Sandeep Rathi & Associates
Chartered Accountants
Sd/-
Sandeep Rathi
Proprietor
Membership No.: 47377
Place: Mumbai
Date : 30th April, 2010