Mar 31, 2015
We have audited the accompanying financial statements of Wellesley
Corporation Limited ("the Company"), which comprise the Balance
Sheet as at March 31,2015, and the Statement of Profit and Loss and
Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the 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 referred to in section 133 of the Companies
Act, 2013 ("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.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company's preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in
the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient 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 financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2015;
b) in the case of the Statement of Profit and Loss, of the loss for the
year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015
("the Order") as amended issued by the Central Government of India
in terms of sub-section (3) of section 143 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 143(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
section 133 of the Companies Act, 2013 to the extent applicable;
e) On the basis of written representations received from the directors
as on March 31,2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31,2015, from being
appointed as a director in terms of section 164 (2) of the Companies
Act, 2013.
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us :
(1) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 18 to the
financial statements;
(2) No provision is required to be made for any long term contract
including derivative contracts.
(3) No amount required to be transferred to the Investor Education and
Protection Fund by the company.
The Annexure referred to in paragraph 1 of the Independent Auditor's
Report to the members of Wellesley Corporation Limited for the year
ended 31st March, 2015.
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) In our opinion and according to the information and explanations
given to us, fixed assets have been physically verified by the
management at reasonable intervals having regard to the size of the
company and nature of its business. No material discrepancies were
noticed on such verification.
(ii) (a) Inventories have been physically verified during the year by
the management at reasonable intervals.
(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) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of
inventories by the management as compared to book records.
(iii) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 189 of
the Companies Act, 2013. Consequently, the provisions of clauses 3 iii
(a) & (b) of the order are not applicable to the Company.
(iv) In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets & for sale of
goods & services. During the course of our audit, no major instance of
continuing failure to correct any weaknesses in the internal controls
has been noticed.
(v) The Company has not accepted any deposits from the public covered
under section 2(31), 73 to 76 of the Companies Act,2013.
(vi) As per information & explanation given by the management,
maintenance of cost records is not applicable on the company since Cost
(Records & Audit) Rules 2014 does not applicable on the company.
(vii) (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, Cess to the extent applicable
and any other statutory dues have generally been regularly deposited
with the appropriate authorities. According to the information and
explanations given to us there were no outstanding statutory dues as on
31st of March, 2015 for a period of more than six months from the date
they became payable.
(b) According to the information and explanations given to us, there is
no disputed demand pending as at 31st March,2015
(viii) The company has accumulated losses of more than fifty percent of
its net worth as at the end of the financial year 31st March, 2015 and
the company has not incurred any cash losses during such financial year
and also in the financial year immediately preceding such financial
year.
(ix) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank as at 31st March,2015 .
(x) According to the information and explanations given to us, the
Company has not given guarantee for loans taken by other from bank or
financial institutions.
(xi) Based on the audit procedures performed and 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, nor have we been informed
of such case by the management.
For Srivastava Kumar & Company
Chartered Accountants
(Firm Regn No 011204N)
(M.K.Jain)
Place: New Delhi Partner
Date: 28th May, 2015 Membership No.F-88223
Mar 31, 2014
We have audited the accompanying financial statements of Wellesley
Corporation Limited ("the Company"), which comprise the Balance Sheet
as at March 31,2014, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the 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 referred to in sub-section (3C) of section 211
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.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient 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 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 profits 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") as amended issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Act, we give in the Annexure
a statement on the 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 Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956 to the extent
applicable;
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
The Annexure referred to in paragraph 1 of the Independent Auditor''s
Report to the members of Wellesley Corporation Limited for the year
ended 31st March, 2014.
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) In our opinion and according to the information and explanations
given to us, fixed assets have been physically verified by the
management at reasonable intervals having regard to the size of the
company and nature of its business. No material discrepancies were
noticed on such verification.
(c) Some of the fixed assets having "NIL"WDV have been disposed off
during the year.
(ii) (a) Inventories have been physically verified during the year by
the management at reasonable intervals.
(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) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of
inventories by the management as compared to book records.
(iii) (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses 4 iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses 4 (iii) (f) & (g) are not applicable to the company.
(iv) In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets & for sale of
goods & services. During the course of our audit, no major instance of
continuing failure to correct any weaknesses in the internal controls
has been noticed.
(v) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the company
has not entered into transaction which requires to be recorded in a
register to be maintained in pursuance of Section 301 ,of the Companies
Act. Consequently ,the provision of clause 4 (v)(b) of the order is not
applicable to the company.
(vi) The Company has not accepted any deposits from the public covered
under section 58Aand 58AAof the Companies Act, 1956.
(vii) As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
(viii) As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act.
(ix) (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2014 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no disputed demand pending as at 31st March, 2014.
(x) The company has accumulated losses of more than fifty percent of
its net worth as at the end of the financial year 31s'' March, 2014 and
the company has not incurred any cash losses during such financial year
and also in the financial year immediately preceding such financial
year.
(xi) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank as at 31st March, 2014.
(xii) According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xiii) The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of the clause 4(xiii) of the
Companies (Auditor''s Report) Order, 2003 (as amended) is not applicable
to the Company.
(xiv) According to information and explanations given to us, the
Company is not dealing or trading in Shares, securities, debentures &
other Investments hence no comment is required under this clause.
(xv) According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank orfinancial institution hence no comment is required underthis
clause.
(xvi) Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year hence no comment is required under this clause.
(xvii) Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31s1
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
(xviii) Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year hence
no comment is required under this clause.
(xix) Company has not issued any debentures hence no comment is
required under this clause.
(xx) The Company has not raised any money by public issue during the
year hence no comment is required under this clause.
(xxi) Based on the audit procedures performed and 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, nor have we been informed
of such case by the management.
For Srivastava Kumar & Company
Chartered Accountants
(FirmRegnNo 011204N)
(M.K.Jain)
Place: New Delhi Partner
Date : May 19, 2014 Membership No.F-88223
Mar 31, 2012
1. We have audited the attached Balance Sheet of Wellesley Corporation
Limited (Formerly known as Usha Housing Development Company Limited) as
at 31 st March, 2012 and the related Profit and loss account and 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 the 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
issued by the Central Government of India in terms of Section 227(4A)
of the Companies Act, 1956 and on the basis of such checks of the books
and records of the company as we considered appropriate and according
to the information and explanations given to us during the course of
our audit, we report in the Annexure of this report, on the matters
specified in paragraphs 4 and 5 of the said Order, to the extent
applicable to the Company.
4. Further 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 purposes four 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 such
books.
(c) The Balance Sheet and the Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(d) In our opinion, the Balance Sheet and the Profit and Loss Account
and the Cash Flow Statement comply with the mandatory Accounting
Standards referred to in section 211 (3C) of the Companies Act, 1956 to
the extent applicable;
(e) On the basis of written representation 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 are disqualified as on 31st March
2012 from being appointed as Directors Under Section 274(1 )(g) of the
Companies Act 1956.
(f) In our opinion and to the best of our information and according to
explanations given to us, the said accounts read together with notes
thereon as per schedule Ã8' gives 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 31 thMarch, 2012:
(ii) I n the case of Profit and Loss Account, of the profit of the
company for the year ended on that date.
(iii) In the case of Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
REFERRED TO IN PARAGRAPH 3 OF AUDITORS' REPORT OF EVEN DATE TO THE
MEMBERS OF WELLESLEY CORPORATION LIMITED ON THE ACCOUNTS FOR THE YEAR
ENDED ON 31th MARCH, 2012
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The physical verification of fixed assets has been carried out by
the management during the year and no material discrepancy was found
during such verification.
(c) During the year the company has not disposed off any of its fixed
assets.
(ii) (a) The stocks of work in progress of the company have been
physically verified by the management as at the year end.
There is no stock of finished goods with the company.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and nature of its business.
(c) According to the information and explanations given to us, the
company has maintained proper records of inventory and no material
discrepancies were noticed on physical verification of inventory as
compared to book records.
(iii) The company has not granted or taken any loan secured or
unsecured to/from companies, firms and parties covered in the register
maintained under Section 301 of the Companies Act, 1956 and as such the
provisions of clause (iii) (b),(c),(d) are not applicable.
(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 purchases of inventory and fixed assets and for sale
of goods.
(v) (a) The transactions need to be entered in to the register
maintained in pursuance of Section 301 of the Companies Act,
1956 have been so entered.
(b) The company has not entered in any transactions with the parties
mentioned in the register maintained in pursuance of the provisions of
Section 301 of Companies Act, 1956.
(vi) The Company has not accepted any deposit from public within the
meaning of Sections 58Aand 58AAof the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 and directives issued by
the Reserve Bank of India.
(vii) The company has an internal audit system commensurate with its
size and nature of its business.
(viii) Maintenance of cost records has not been prescribed by the
Central Government under section 209(1 )(d) of the Companies Act, 1956.
(ix) According to the records of the company, the company is generally
been regular in depositing undisputed statutory dues including income
tax, provident fund and other statutory dues. According to the
information and explanations given to us, no undisputed amount is
payable in respect of above was outstanding, as at 31st March, 2012 for
a period of more than six months from the date it became payable. As
explained to us, Investor education and protection fund, employees
state insurance, custom duty, excise duty, cess and wealth tax is not
applicable to the company.
(x) The company has accumulated losses of more than fifty percent of
its net worth as at the end of the financial year 31 March, 2012 and
the company has not incurred any cash losses during such financial year
and also in the financial year immediately preceding such financial
year.
(xi) The company has not taken any loans from banks and no loan has
been taken from the financial institution and debentures holders, hence
this clause is not applicable.
(xii) According to information and explanations given, the company has
not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
(xiii) The provisions of any special statute applicable to chit fund /
nidhi / mutual benefit fund / societies are not applicable to the
company.
(xiv) In our opinion, the company is not dealing or trading in shares,
securities, debenture and other investment.
(xv) According to information and explanations given, the company has
not given any guarantee for loans taken by others from bank or
financial institutions.
(xvi) The company has not obtained any term loan during the year.
(xvii) In our opinion and according to the information and explanations
given to us, there are no funds raised on short-term basis which have
been used for long-term investment and vice-versa.
(xviii) The company has not made any preferential allotment of shares
during the year.
(xix) The company has not issued any debentures.
(xx) The company has not raised any money by public issue during the
year.
(xxi) During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanations
given to us, we have neither come across any instance of fraud on or by
the company, noticed or reported during the year, nor have we been
informed of such case by the management.
For & on behalf of
Sri vastava Kumar & Company
Chartered Accountants
(Firm Regn No011204N)
(M.K.Jain)
Place: New Delhi Partner
Date: 26th May 2012 Membership No.88223
Mar 31, 2010
1. We have audited the attached Balance Sheet of Usha Housing
Development Company Limited as at 31st March, 2010 and the related
Profit and loss account and 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 the 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 issued
by the Central Government of India in terms of Section 227(4A) of the
Companies Act, 1956 and on the basis of such checks of the books and
records of the company as we considered appropriate and according to
the information and explanations given to us during the course of our
audit, we report in the An nexure of this report, on the matters
specified in paragraphs 4 and 5 of the said Order, to the extent
applicable to the Company.
4. Further 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 purposes of our
audit;
(b) In our opinion, proper books of account as required by law, have
been kept by the company so far as appears from our examination of such
books.
(c) The Balance Sheet and the Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(d) In our opinion, the Balance Sheet and the Profit and Loss Account
and the Cash Flow Statement comply with the mandatory Accounting
Standards referred to in section 211 (3C) of the Companies Act, 1956 to
the extent applicable;
(e) On the basis of written representation received from the Directors
as on 31st March 2010 and taken on record by the Board of Directors, we
report that none of the Directors are disqualified as on 31st March
2010 from being appointed as Directors Under Section 274(1 )(g) of the
Companies Act 1956.
(f) In our opinion and to the best of our information and according to
explanations given to us, the said accounts read together with notes
thereon as per schedule 6 gives 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, 2010:
(ii) In the case of Profit and Loss Account, of the profit of the
company forthe year ended on that date.
(iii) In the case of Cash Flow Statement, of the cash flows forthe year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
REFERRED TO IN PARAGRAPH 3 OF AUDITORS REPORT OF
EVEN DATE TO THE MEMBERS OF USHA HOUSING DEVELOPMENT COMPANY LIMITED ON
THE ACCOUNTS FOR THE YEAR ENDED ON 31st MARCH, 2010
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The physical verification of fixed assets has been carried out by
the management during the year and no material discrepancy was found
during such verification.
(c) The company has not disposed off any of its fixed assets during the
year.
(ii) (a) The stocks of work in progress of the company have been
physically verified by the management as at the year end. There is no
stock of finished goods with the company.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and nature of its business.
(c) According to the information and explanations given to us, the
company has maintained proper records of inventory and no material
discrepancies were noticed on physical verification of inventory as
compared to book records.
(iii) The company has not granted or taken any loan secured or
unsecured to / from companies, firms and parties covered in the
register maintained under Section 301 of the Companies Act, 1956 and as
such the provisions of clause (iii) (b),(c),(d) are not applicable.
(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 purchases of inventory and fixed assets and for sale
of goods.
(v) (a) The transactions need to be entered in to the register
maintained in pursuance of Section 301 of the Companies Act, 1956 have
been so entered.
(b) The company has not entered in any transactions with the parties
mentioned in the register maintained in pursuance of the provisions of
Section 301 of Companies Act, 1956.
(vi) The Company has not accepted any deposit from public within the
meaning of Sections 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 and directives issued by
the Reserve Bank of India.
(vii) The company has an internal audit system commensurate with its
size and nature of its business.
(viii) Maintenance of cost records has not been prescribed by the
Central Government under section 209(1 )(d) of the Companies Act, 1956.
(ix) According to the records of the company, the company is generally
been regular in depositing undisputed statutory dues including income
tax, provident fund and other statutory dues. According to the
information and explanations given to us, no undisputed amount is
payable in respect of above was outstanding, as at 31st March, 2010 for
a period of more than six months from the date it became payable. As
explained to us, Investor education and protection fund, employees
state insurance, custom duty, excise duty, cess and wealth tax is not
applicable to the company.
(x) The company has accumulated losses of more than fifty percent of
its net worth as at the end of the financial year 31sMarch, 2010 and
the company has not incurred any cash losses during such financial year
but incurred cash losses in the financial year immediately preceding
such financial year.
(xi) The company has not taken any loans from banks and no loan has
been taken from the financial institution and debentures holders, hence
this clause is not applicable.
(xii) According to information and explanations given, the company has
not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
(xiii) The provisions of any special statute applicable to chit fund /
nidhi / mutual benefit fund / societies are not applicable to the
company.
(xiv) In our opinion, the company is not dealing or trading in shares,
securities, debenture and other investment.
(xv) According to information and explanations given, the company has
not given any guarantee for loans taken by others from bank or
financial institutions.
(xvi) The company has not obtained any term loan during the year.
(xvii) Inouropinionand according to the information and explanations
given to us, there are no funds raised on short-term basis which have
been used for long-term investment and vice-versa.
(xviii)The company has not made any preferential allotment of shares
during the year.
(xix) The company has not issued any debentures.
(xx) The company has not raised any money by public issue during the
year.
(xxi) During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanations
given to us, we have neither come across any instance of fraud on or by
the company, noticed or reported during the year, nor have we been
informed of such case by the management.
For & on behalf of
Srivastava Kumar & Company
Chartered Accountants
(M.K.Jain)
Place : New Delhi Partner
Date: 29th April 2010 Membership No.88223
Mar 31, 2009
1. We have audited the attached Balance Sheet of Usha Housing
Development Company Limited as at 31st March, 2009 and the related
Profit and loss account and 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 the 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 issued
by the Centra! Government of India in terms of Section 227(4A) of the
Companies Act, 1956 and on the basis of such checks of the bocks and
records cf the company as we considered appropriate and according to
the information and explanations given to us during the course of our
audit, we report in the Anncxure of this report, on the matters
specified in paragraphs 4 and 5 of the said Order, to the exient
applicable to the Company.
4. Further 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 knov/ledge and belief were necessary for the purposes of
our audit;
(b) In our opinion, proper books of account as required by law, have
been kept by the company so far as appears from our examination of such
books.
(c) The Balance Sheet and the Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(d) in our opinion, the Balance Sheet and the Profit and Loss Account
and the Cash Flow Statement comply with the mandatory Accounting
Standards referred to in section 211(3C) of the Companies Act, 1956 to
the extent applicable;
(e) On the basis of written representation received from the Directors
as on 31st ^ Mardh 2009 and taken on record by the Board ofDirectors,
we report that
none of the Directors are disqualified as on 31st March 2009 from being
appointed as Directors Under Section 274(1 )(g) of the Companies Act
1956. ,
(f) In our opinion and to the best of our information and according to
explanations J given to us, 4he said accounts read together witlr notes
thereon as per schedule 6 gives the information required by the
Companies Act 1956, manner so required and give a true
and fair view in conformity with the accounting principles generally
accepted in India.
(i)ln the case of Balance Sheet, of the state of affairs of the company
as at 31st March, 2009:
(ii) In the case of Profit and Loss Account, of the loss of the company
for the year ended on that date. /
(iii) In the case of Cash Flow Statement, of the cash flows for the
year ended on that date. ;
ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH 3 OF
AUDITORS REPORT OF EVEN DATE TO THE MEMBERS OF USHA HOUSING
DEVELOPMENT COMPANY LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED ON 31st
MARCH. 2009
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The physical verification of fixed assets has been carried out by
the management during the year and no material discrepancy was found
during such verification.
(c) The company has not disposed off any of its fixed assets during the
year.
(ii) (a) The stocks of work in progress of the company have been
physically verified by the management as at the year end. There is no
stock of finished goods with the company.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and nature of its business.
(c) According to the information and explanations given to us, the
company has maintained proper records of inventory and no material
discrepancies were noticed on physical verification of inventory as
compared to book records.
(iii) The company has not granted or taken any loan secured or
unsecured to / from companies, firms and parties covered in the
register maintained under Section 301 of the Companies Act, 1956 and as
such the provisions of clause (iii) (b),(c),(d) are not applicable.
(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 purchases of inventory and fixed assets and for sale
of goods.
(v) (a) The transactions need to be entered in to the register
maintained in pursuance of Section 301 of the Companies Act, 1956 have
been so entered.
(b) The company has not entered in any transactions with the parties
mentioned in the register maintained in pursuance of the provisions of
Section 301 of Companies Act, 1956.
(vi) The Company has not accepted any deposit from public within the
meaning of Sections 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 and directives issued by
the Reserve Bank of India.
(vii) The company has an internal audit system commensurate with its
size and nature of its business.
(viii) Maintenance of cost records has not been prescribed by the
Central Government under section 209(1 )(d) of the Companies Act, 1956.
(ix) (a) According to the records of the company, the company is
generally been regular in depositing undisputed statutory dues
including income tax, provident fund and other statutory dues.
According to the information and explanations given to us, no
undisputed amount is payable in respect of above was outstanding, as at
31st March, 2009 for a period of more than six months from the date it
became payable. As explained to us, Investor education and protection
fund, employees state insurance, custom duty, excise duty, cess and
wealth tax is not applicable to the company.
(b) As at 31st March, 2009, according to information provided by the
company, following amount have not been deposited on account of dispute
as follows :
Name of Nature of Dues Amount Period to
which amount Forum where
Statute (Rs) relates the dispute is
pending
Income
Tax Block Assessment 8,35,313 Period from
01.04.90 to Income Tax
14.02.2001 Appellate
Tribunal
(x) The company has accumulated losses of more than fifty percent of
its net worth as at the end of the financial year 31st March, 2009 and
the company has incurred cash losses during such financial year and
also in the financial year immediately preceding such financial year.
(xi) The company has not taken any loans from banks and no loan has
been taken from the financial institution and debentures holders, hence
this clause is not applicable.
(xii) According to information and explanations given, the company has
not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
(xiii) The provisions of any special statute applicable to chit fund /
nidhi / mutual benefit fund / societies are not applicable to the
company.
(xiv)ln our opinion, the company is not dealing or trading in shares,
securities, debenture and other investment.
(xv) According to information and explanations given, the company has
not given any guarantee for loans taken by others from bank or
financial institutions.
(xvi) The company has not obtained any term loan during the year.
(xvii) In our opinion and according to the information and explanations
given to us, there are no funds raised on short-term basis which have
been used for long-term investment and vice-versa.
(xviii) The company has not made any preferential allotment of shares
during the year.
(xix) The company has not issued any debentures.
(xx) The company has not raised any money by public issue during the
year.
(xxi) During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanations
given to us, we have neither come across any instance of fraud on or by
the company, noticed or reportedduring the year, nor have we been
informed of such case by the management.
For & on behalf of
Srivastava Kumar & Company
Chartered Accountants
Place : New Delhi Partner
Date: 29th July 2009 Membership No.66223