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Auditor Report of Yogi Infra Projects Ltd.

Mar 31, 2015

1. We have audited the accompanying financial statements of M/S Yogi Infra Projects Limited ("the company"),which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss, the 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

2. The Company's Board of Directors is responsible for the matters in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial control, 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.

Auditor's Responsibility

3. 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, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

4. 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.

5. 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 financial control relevant to the Company's preparation of the financial statements that give true and fair view 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 Company's Directors, as well as evaluating the overall presentation of the financial statements.

6. 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

7. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements, give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015;

b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Emphasis of Matters

We draw attention to the following matters in the Notes to the financial statements :

a) Note (n) to the financial statements which describes the uncertainty related to the outcome of the proceedings pending before the Income Tax Appellate Tribunal for the Financial year: 1994-1995 and Financial year : 1995-1996.

Our opinion is not modified in respect of this matter.

b) The company has granted unsecured loans to various parties, in excess of the limits prescribed under Section 186 of the Act without obtaining the prior approval of the shareholders by way of a Special Resolution.

Report on other Legal and Regulatory Requirements

8. As required by the Companies (Auditor's Report) Order, 2015("the Order"), issued by the Central Government of India in terms of sub section(11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

9. 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 appears from our examination of those books.

c) the Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid 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) On the basis of written representations received from the directors as on 31 March, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2015, from being appointed as a director in terms of Section 164(2) of the Act.

f) With respect to the other matters included in the Auditor's Report and to our best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements;

ii The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative Contracts.;

iii. There has been no delay in transferring amounts, if any, required to be transferred, to the Investor Education and Protection Fund by the Company.

Annexure to the Auditor's Report

Referred to in paragraph 8 of our report of even date

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

(b) The fixed assets have been physically verified by the management at regular intervals and no discrepancies were noticed on such verification.

(ii) (a) Physical Verification of Inventory has been conducted by the Management at reasonable intervals.

(b) 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) The company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

(iii) In our opinion and according to the information and explanations given to us, the company has not granted any loans secured or unsecured to companies, firms or other parties covered in the register maintained under Section 189 of the Act. Therefore, clauses (iiia), and (iiib) of paragraph 3 of the Order are not applicable to the company for the year.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

(v) The company has not accepted any deposits from the public to which the directives issued by the Reserve Bank of India and the provision of section 73 to 76 of the act or any other relevant provisions of the Act and the rules framed there under, apply.

(vi) In our opinion and according to the information and explanations given to us, maintenance of cost records have not been specified by the government under sub-section (1) of section 148 of the Companies Act. Therefore, this clause is not applicable to the company.

(vii) (a) The company is regular in depositing undisputed statutory dues as regards income tax, wealth tax, service tax and other statutory dues applicable to the company with the appropriate authorities. Further according to the information given to us, there are following dues to income tax department which have not been deposited on account of some dispute. And the same has been disclosed as a contingent liability by way of note to the balance sheet.

(b) Based on our audit procedures and on the information and explanations given to us, there are no dues outstanding in respect of income tax, sales tax, excise-duty, custom duty, wealth tax, service tax, and cess on account of any dispute.

(c) According to the information and explanations given to us, the amounts were not required to be transferred to the Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder. Therefore, this clause is not applicable to the company.

(viii) In our opinion and according to the information and explanations given to us, the company has accumulated losses at the end of the financial year and has not incurred any cash losses during the financial year and in the immediately preceding financial year.

(ix) During the year under report, the company did not have any borrowings from banks or financial institutions and also did not have any debentures outstanding during the year under report. Accordingly, the provisions of clause 3(ix) of the Order are not applicable.

(x) In our opinion and according to the information and explanations given to us, the company has not given any guarantees for loans taken by others from banks or financial institutions. Accordingly, the provisions of clause 3(x) of the order are not applicable.

(xi) The company has not availed any term loans during the year and accordingly, the provisions of clause 3(xi) of the Order are not applicable.

(xii) To the best of our knowledge and belief and according to the information and explanations given to us, no cases of fraud on or by the company has been noticed or reported during the year under report.

For G. L. Singhal & Co. Chartered Accountants C.A. R.L. Singhal M.No : 54408 Partner Address: 23A, N.S.Road, 4th Floor Room No.7A, Kolkata - 700 001 Date: The 28th Day of May, 2015


Mar 31, 2014

We have audited the accompanying financial statements of Yogi Infra Projects Limited which comprise the Balance Sheet as at March 31, 2014, and the Profit and Loss Statement 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. 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 Profit and Loss Statement, of the profit for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 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, Profit and Loss Statement, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

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;

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Govt. and on the basis of such checks of the books and records of the Company, as I considered appropriate and the information and explanations given to me during the course of my audit, we further report that:

4 (i) (a) to 4 (i) (c) The company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. The fixed assets have been physically verified by the management at the year end and no discrepancies were noticed on such verification. Further fixed assets have not been disposed off during the year.

4 (ii) (a) Physical verification of inventory has been conducted at reasonable intervals by the management.

4 (ii) (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 the nature of the business.

4 (ii) (c) The company is maintaining proper records of inventory and no material discrepancies have been notices on physical verification of inventory as compared to book records.

4 (iii) (a) to 4 (iii) (d) The company has not granted unsecured loan to a company covered in the register maintained under section 301 of the Act. Hence clauses (a) to (d) are not applicable to the Company.

4 (iii) (e) 4 (iii) (g) The company has taken unsecured loans from companies, firms or other parties covered in the register maintained under section 301 of the Act. And the outstanding amount of loan was Rs. 1,81,32,041/- as on 31st March, 2014. The rate of interest and other terms and conditions of loan taken by the company are not prima facie prejudicial to the interest of the Company. There are no stipulations as regards payment of principal amount and interest.

4 (iv) There is an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and for the sale of goods and services and fixed asset.

4 (v) (a) According to the information and explanation given to us we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956, have been so entered.

4 (v) (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

4 (vi) The company has not accepted deposit from public. Therefore the directives issued by the Reserve Bank of India and the provisions of sections 58A, 58AA or any other relevant provisions of the Act and the Rules framed there under are not applicable to the company during the year under audit.

4 (vii) The company has an internal audit system commensurate with its size and nature of its business.

4 (viii) The Central Government has not prescribed maintenance of cost records by the company.

4 (ix) (a) The company is regular in depositing undisputed statutory dues as regards income tax, and wealth tax, service tax and other statutory dues applicable to the company with the

4 (ix) (b) appropriate authorities. Further according to the information given to us, there are following dues to income tax department which have not been deposited on account of some dispute. And the same has been disclosed as a contingent liability by way of note to the balance sheet.

Sr. Financial Amount(Rs.) Remarks No. Year

01. 1994-95 54,73,988 Appeal Pending with ITAT, Ahmadabad

02. 1995-96 8,65,427 Appeal Pending with ITAT, Ahmadabad

According to the information and explanation given to us, there are no dues of sales tax, custom duty, wealth tax, service tax, excise duty and cess which have not been deposited on account of any dispute.

4 (x) The accumulated losses are not more than fifty percent of its net worth, and also the company has not incurred any cash losses during the current financial year, but has incurred cash losses in the immediately preceding financial year.

4 (xi) The Company has not taken any loan from any Financial Institution and / or Bank. Also the company has not issued any debentures.

4 (xii) The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Hence the clause is not applicable the company.

4 (xiii) The company does not carry on the business of Chit Fund; hence clauses (a) to (d) are not applicable to the Company.

4 (xiv) Proper records have been maintained by the company of the transactions and contracts in respect of dealing or trading in shares, securities, debentures and other investments and timely entries have been made therein. Further the company holds investment in its own name.

4 (xv) According to the information and explanations given to us, the company has not given guarantees for loans taken by other from banks or financial institutions.

4 (xvi) As the company has not taken any term loans. The clause is not applicable to the company.

4 (xvii) The company has not used the funds raised on short-term basis for long-term investment.

4 (xviii) The company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Sec. 301 of the Act.

4 (xix) The company has not issued any debentures. Hence the clause is not applicable to the company.

4 (xx) The company has not raised any money by public issue. Hence the clause is not applicable to the company.

4 (xxi) No fraud on or by the company has been noticed or reported during the year.



For G. L. SINGHAL & CO. Chartered Accountants FRN:313078E

Sd/- ROSHAN LAL SINGHAL (Partner) MEMBERSHIP No.: 054408

Place: Kolkata Date : 30th MAY 2014


Mar 31, 2013

- Report on the Financial Statements

We have audited the accompanying financial statements of Yogi Infra Projects Limited which comprise the Balance Sheet as at March 31, 2013, and the Profit and Loss Statement 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. 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, 2013;

b) in the case of the Profit and Loss Statement, of the profit for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

- Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 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, Profit and Loss Statement, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e) On the basis of written representations received from the Directors as on March 31, 2013, and taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 2013, from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Govt. and on the basis of such checks of the books and records of the Company, as I considered appropriate and the information and explanations given to me during the course of my audit, we further report that:

4 (i) (a) The Company is maintaining proper records showing full particulars including quantitative

to details and situation of fixed assets. However, the Company does not have any fixed

4 (i) (c) assets as on 31.03.2013.

4 (ii) (a) Physical verification of inventory has been conducted at reasonable intervals by the management.

4 (ii) (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 the nature of the business.

4 (ii) (c) The Company is maintaining proper records of inventory and no material discrepancies have been notices on physical verification of inventory as compared to book records.

4 (iii) (a) The Company has not granted unsecured loan to a Company covered in the register to maintained under section 301 of the Act. Hence clauses (a) to (d) are not applicable to the

4 (iii) (d) Company.

4 (iii) (e) The Company has taken unsecured loans from companies, firms or other parties covered to in the register maintained under section 301 of the Act. And the outstanding amount of

4 (iii) (g) loan was Rs. 2,96,72,041/- as on 31st March, 2013. The rate of interest and other terms and conditions of loan taken by the Company are not prima facie prejudicial to the interest of the Company. There are no stipulations as regards payment of principal amount and interest.

4 (iv) There is an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory and for the sale of goods and services and fixed asset.

4 (v) (a) According to the information and explanation given to us we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956, have been so entered.

4 (v) (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

4 (vi) The Company has not accepted deposit from public. Therefore the directives issued by the Reserve Bank of India and the provisions of sections 58A, 58AA or any other relevant provisions of the Act and the Rules framed there under are not applicable to the Company during the year under audit.

4 (vii) The Company has an internal audit system commensurate with its size and nature of its business.

4 (viii) The Central Government has not prescribed maintenance of cost records by the Company.

4 (ix) (a) The Company is regular in depositing undisputed statutory dues as regards income tax,

and wealth tax, service tax and other statutory dues applicable to the Company with the

4 (ix) (b) appropriate authorities. Further according to the information given to us, there are

following dues to income tax department which have not been deposited on account of some dispute. And the same has been disclosed as a contingent liability by way of note to the balance sheet.

Sr. No. Financial Year Amount (Rs.) Remarks

01. 1994-95 54,73,988 Appeal Pending with ITAT, Ahmadabad

02. 1995-96 8,65,427 Appeal Pending with ITAT, Ahmadabad

According to the information and explanation given to us, there are no dues of sales tax, custom duty, wealth tax, service tax, excise duty and cess which have not been deposited on account of any dispute.

4 (x) The accumulated losses are not more than fifty percent of its net worth, and also the Company has not incurred any cash losses during the current financial year, but has incurred cash losses in the immediately preceding financial year.

4 (xi) The Company has not taken any loan from any Financial Institution and / or Bank. Also the Company has not issued any debentures.

4 (xii) The Company has not granted loans and advances on the basis of security by way of

pledge of shares, debentures and other securities. Hence the clause is not applicable the Company.

4 (xiii) The Company does not carry on the business of Chit Fund; hence clauses (a) to (d) are not applicable to the Company.

4 (xiv) Proper records have been maintained by the Company of the transactions and contracts in respect of dealing or trading in shares, securities, debentures and other investments and timely entries have been made therein. Further the Company holds investment in its own name.

4 (xv) According to the information and explanations given to us, the Company has not given guarantees for loans taken by other from banks or financial institutions.

4 (xvi) As the Company has not taken any term loans. The clause is not applicable to the Company.

4 (xvii) The Company has not used the funds raised on short-term basis for long-term investment.

4 (xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Sec.301 of the Act.

4 (xix) The Company has not issued any debentures. Hence the clause is not applicable to the Company.

4 (xx) The Company has not raised any money by public issue. Hence the clause is not applicable to the Company.

4 (xxi) No fraud on or by the Company has been noticed or reported during the year.

for G. L. SINGHAL & Co.

Chartered Accountants

FRN:313078E

Name of the Member: ROSHAN LAL SINGHAL

(Partner)

Membership No. : 054408

Place: Kolkata

Date: 18th MAY 2013


Mar 31, 2012

1. We have audited the attached Balance Sheet of M/s. YOGI Infra Projects Ltd. as at 31st March, 2012 and also the Profit and Loss Account for the year ended on that date annexed thereto both of which we have signed under reference to this report. 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 the 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 principals used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. In my opinion and to the best of our information and according to the explanations given to us, the said accounts read with the notes thereon and attached thereto and the statement on Significant Accounting Policies give in the prescribed manner the information required by the Companies Act, 1956 of India (the "Act") and also give respectively, a true and fair view in conformity with the accounting principles generally accepted in India:

i) in the case of Balance Sheet of the State of Affairs of the Company as at 31st March,2012 and

ii) in the case of Profit & Loss Account, of the Net Loss for the year ended on that date.

iii) in the case of the Cash flow statement, of the cash flows for the year ended on that date.

4. 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. In our opinion, proper books of account have been kept by the company as required by

law as far as appears from our examination of these books and the afore mentioned Balance Sheet and Profit and Loss Account are in agreement therewith.

5. In my opinion, these accounts have been prepared in compliance with the applicable accounting standards referred to in Section 211(3C) of the Act.

6. 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.

As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Govt, and on the basis of such checks of the books and records of the Company, as I considered appropriate and the information and explanations given to me during the course of my audit, we further report that:

4 (1) (a) The company has maintained proper records to show full particulars to including qualitative details and situation of its Fixed Assets. The 4 (1) (c) company was in possession of freehold office equipment which was written off during the year. However, there are no fixed assets as on 31.03.2012.

4 (ii) (a) Physical verification of inventory has been conducted at reasonable intervals by the management.

4 (ii) (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 the nature of the business.

4 (ii) (c) The company is maintaining proper records of inventory and no material discrepancies have been notices on physical verification of inventory as compared to book records.

4 (iii) (a) The company has granted unsecured loan a company covered in the to register maintained under section 301 of the Act. And the outstanding 4 (iii) (d) amount of loan was Rs. 55,14,693/- as on 31st March, 2012. The rate of interest and other terms and conditions of loan given by the company are not prima facie prejudicial to the interest of the Company. There are no stipulations as regards payment of principal amount and interest.

4 (iii) (e) The company has not taken any loans secured or unsecured from to companies, firms or other parties covered in the register maintained under 4 (iii) (g) section 301 of the Act. Hence clauses (e) to (g) are not applicable to the Company.

4 (iv) There is an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and for the sale of goods and services and fixed asset.

4 (v) (a) According to the information and explanation given to us we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956, have been so entered.

4 (v) (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

4 (vi) The company has not accepted deposit from public. Therefore the

directives issued by the Reserve Bank of India and the provisions of sections 58 A, 58 A A or any other relevant provisions of the Act and the Rules framed there under are not applicable to the company during the year under audit.

4 (vii) The company has an internal audit system commensurate with its size and nature of its business. 4 (viii) The Central Government has not prescribed maintenance of cost records by the company 4 (ix) (a) The company is regular in depositing undisputed statutory dues as regards and income tax, wealth tax, service tax and other statutory dues applicable to

4 (ix) (b) the company with the appropriate authorities. However an amount of Rs. 2,10,902/- on account of TDS payable as at the last day of the financial year concerned is outstanding for a period of more than six months from the date it became payable. Further according to the information given to us , there are following dues to income tax which have not been deposited on account of any dispute. And the same has been disclosed as a contingent liability by way of note to the balance sheet.

S.No. Financial Year Amount(Rs.) Remarks 01. 1994-95 54,73,988 Appeal Pending with ITAT, Ahemadabad

02. 1995-96 8,65,427 Appeal Pending with ITAT, Ahemadabad

According to the information and explanation given to us, there are no dues of sales tax, custom duty, wealth tax, service tax, excise duty and cess which have not been deposited on account of any dispute.

4 (x) As the accumulated losses are not more than fifty percent of its net worth, and also the company has not incurred any cash losses during the immediately preceding year hence the clause is not applicable to the company.

4 (xi) The company has not defaulted in repayment of dues to Bank. However the Company has not taken any loan from any Financial Institution. Also the company has not issued any debentures.

4 (xii) The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Hence the clause is not applicable the company.

4 (xiii) The company does not carry on the business of Chit Fund; hence clauses (a) to (d) are not applicable to the Company.

4 (xiv) Proper records have been maintained by the company of the transactions and contracts in respect of dealing or trading in shares, securities, debentures and other investments and timely entries have been made therein. As the company does not hold any investment in its own name, hence this clause is not applicable.

4 (xv) According to the information and explanations given to us, the company has not given guarantees for loans taken by other from banks or financial institutions.

4 (xvi) As the company has not taken any term loans. The clause is not applicable to the company.

4 (xvii) The company has not used the funds raised on short-term basis for long- term investment.

4 (xviii) The company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Sec.301 of the Act.

4 (xix) The company has not issued any debentures. Hence the clause is not applicable to the company.

4 (xx) The company has not raised any money by public issue. Hence the clause is not applicable to the company.

4 (xxi) No fraud on or by the company has been noticed or reported during the year.

For G.L.Singhal & Co.

Chartered Accountants

C.A. R.L. Singhal

M No. 54408

Partner

Address: 23A, N.S.Road,

4th Floor, Room No.7A KOLKATA - 700 001

Dated: The 31st

Day of August, 2012


Mar 31, 2011

1. We have audited the attached Balance Sheet of Yogi Infra Projects Limited (Formerly Yogi Sung-Won (India) Limited) as at March 31, 2011 and also the Profit & Loss Account and the Cash Flow Statement for the period 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 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.

3. 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' of India (the Act) and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we set out in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to 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 purpose of our audit.

(ii) In our Opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of such books.

(iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

(iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

(v) On the basis of the written representation received from the directors, as on March 31, 2011, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on March 31, 2011 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

(vi) In our opinion and to the best of our information and according to the explanation given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view and are 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, 2011.

(b) In the case of the Profit & Loss account, of the Profit for the period ended on that date ; and

(c) In the case of Cash Flow Statement, of the Cash Flows for the period ended on that date subject to:

a. In our opinion the debtors amounting to Rs. 55.34 Lakhs, Loans & Advances of Rs. 759.94 lakhs and Investments Rs.131.01 Lakhs are doubtful, for which no provision is made in the books.

b. Sundry Debtors, creditors, advances and Bank Balances are subject to confirmation.

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE

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

(b) The Company has very negligible Fixed assets.

(c) There was no disposal of fixed assets during the year.

II. (a) The Management has conducted physical verification of inventory at reasonable intervals during the period.

(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 the nature of its business.

(c ) The Company is maintaining proper records of inventory and no Material discrepancies were noticed on physical verification.

III. (a) The Company has not granted any secured or unsecured loans to any companies, firms or other parties covered in the registered maintained under section 301 of the Act.

(b) The Company has not granted any secured or unsecured loans to any companies, firms or other parties covered in the registered maintained under section 301 of the Act, hence the comment on the rate of interest and terms and conditions thereon is not applicable.

(c) The Company has not granted any secured or unsecured loans to any companies, firms or other parties covered in the register maintained under section 301 of the Act, hence the comment on the receipt of the principle and interest thereon is not applicable.

(d) The Company has not granted any secured or unsecured loans to any companies, firms or other parties covered in the register maintained under section 301 of the Act, hence the comment on the overdue amount is not applicable.

(e) The Company had not taken any Secured or Unsecured loans from companies, firms or other parties, covered in the register maintained under section 301 of The Companies Act, 1956.

(f) Company has not taken any Secured or Unsecured loans from the parties covered in the register maintained under section 301 of The Companies Act, 1956. Hence, the comment on the receipt of principal amount and interest thereon is not applicable.

(g) The company has not taken any secured or unsecured loans from companies; firms or other parties covered are the register maintained under section 301 of the Companies Act. Hence, the comment on the overdue amount is not applicable.

IV In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal controls in respect of these areas.

V. (a) According to the information and explanations given to us we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956, have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of The Companies Act, 1956 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

VI. The Company has not accepted any deposits from the Public.

VII. In our opinion, the Company has no internal audit system, commensurate with the size of the Company and the nature of its business.

VIII. The Central Government has not prescribed maintenance of cost records by the Company under section 209 (1) (d) of the Act.

IX. (a) According to the information and explanation given to us and records of the Company examined by us, the Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, Investor Education 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.

(b) According to the information and explanation given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax and customs duty, excise duty, cess, Service Tax outstanding, at the period end for a period of more than six months from the date they became payable.

(c) According to the information and explanation given to us, there are following dues to income tax which have not been deposited on account of any dispute. And the same has been disclosed as a contingent liability by way of note to the Balance Sheet.

S.No Financial Year Amount Remarks

01. 1994-1995 54,73,988.00 Appeal pending with ITAT, A'bad

02. 1995-1996 8,65,427.00 Appeal pending with ITAT, A'bad

According to the information and explanation given to us, there are no dues of sales tax, customs duty, wealth tax, Service Tax, excise duty and cess which have not been deposited on account of any dispute.

X. The Company has accumulated losses of Rs. 3,23,30,281 at the end of the financial period and it has made Profit of Rs. 1,24,642 in the current and there were no Cash Losses in immediately preceding financial year.

XI. Based on our audit procedures and on the information and explanation given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to financial institution, banks or debenture holders.

XII. According to the information and explanations given to us and based on the documents and records produced 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. Accordingly the clause 4 (xii) of the order is not applicable.

XIII. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of The Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

XIV. In our opinion and explanation given to us the Company is maintaining proper records of the transactions and contracts for dealing or trading in shares, securities, debentures and other investment. All investments are held in the name of the Company, except shares of TECIL Limited and Pieces Aqua Venture Limited, Which are not held in the name of the Company.

XV. According to the information and explanation given to us, the Company has not given any guarantee of loans taken by others from bank or financial institutions.

XVI. Based on information and explanation given to us by the management, term loans were applied for the purpose for which the loans were obtained.

XVII. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that no funds have been raised on short term basis. Therefore, the provisions of clause 4 (xvii) of the companies (Auditor's - Report) order, 2003, is not applicable to the Company.

XVIII. According to information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in register maintained under section 301 of the Act. Therefore, the provisions of clause 4 (xviii) of the companies (Auditor's - Report) order, 2003, is not applicable to the Company.

XIX. The Company has not issued any debentures. Therefore, the provisions of clause 4 (xix) of the companies (Auditor's - Report) order, 2003, is not applicable to the Company.

XX. The Company has not raised any funds by way of Public Issue during the period. Therefore, the provisions of clause 4 (xx) of the companies (Auditor's - Report) order, 2003, is not applicable to the Company.

XXI. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the 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 Murugendrappa and Co

Chartered Accountants

Firm Regn. No. 5945s

K B Murugendrappa

Proprietor

Place : Bangalore

Date : 30.05.2011 Membership No :200249










Mar 31, 2010

1. We have audited the attached Balance Sheet of Yogi Infra Projects Limited (Formerly Yogi Sung-Won (India) Limited) as at March 31, 2010 and also the Profit & Loss Account and the Cash Flow Statement for the period 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 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 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 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 sub-section (4A) of Section 227 of The Companies Act, 1956 of India (the Act) and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we set out in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to 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 purpose of our audit.

(ii) In our Opinion, proper books of accounts as required bylaw have been kept by the Company so far as appears from our examination of such books.

(iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

(iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

(v) On the basis of the written representation received from the directors, as on March 31, 2009, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on March 31,2009 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

(vi) In our opinion and to the best of our information and according to the explanation given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view and are 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, 2010.

(b) In the case of the Profit & Loss account, of the Profit for the period ended on that date ; and

(c) In the case of Cash Flow Statement, of the Cash Flows for the period ended on that date subject to:

a. The debtors amounting to Rs. 56 thousand, Loans & Advances of Rs. 156.26 lakhs and investments Rs. 131. 01 Lakhs are doubtful, in our opinion, for which no provision is made.

b. Sundry Debtors, creditors, advances and Bank balances are subject to confirmation.



ANNEXURE REFERRED TO IN PARAGRAPH 3

OF OUR REPORT OF EVEN DATE

I. (a) The Company has maintained proper records showing full particulars, including quantitative details and

situation, of fixed assets.

(b) The Company does not have fixed assets, stores, spare parts and raw materials.

(c) There was no disposal of fixed assets during the period.

II. (a) The Management has conducted physical verification of inventory at reasonable intervals during the period.

(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 the nature of its business.

(c) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

III. (a) The Company has not granted any secured or unsecured loans to any companies, firm or other parties covered in the registered maintained under section 301 of the Act.

(b) The Company has not granted any secured or unsecured loans to any companies, firms or other parties covered in the registered maintained under section 301 of the Act, hence the comment on the rate of interest and terms and conditions thereon is not applicable.

(c) The Company has not granted any secured or unsecured loans to any companies, firms or other parties covered in the register maintained under section 301 of the Act, hence the comment on the receipt of the principle and interest thereon is not applicable.

(d) The Company has not granted any secured or unsecured loans to any companies, firms or other parties covered in the register maintained under section 301 of the Act, hence the comment on the overdue amount is not applicable.

(e) The Company had not taken any Secured or Unsecured loans from companies, firms or other parties, covered in the register maintained under section 301 of The Companies Act, 1956.

(f) Company has not taken any Secured or Unsecured loans from the parties covered in the register maintained under section 301 of The Companies Act, 1956. Hence, the comment on the receipt of principal amount and interest thereon is not applicable.

(g) The company has not taken any secured or unsecured loans from companies; firms or other parties covered are the register maintained under section 301 of the Companies Act. Hence, the comment on the overdue amount is not applicable.

IV In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal controls in respect of these areas.

V (a) According to the information and explanations given to us we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956, have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of The Companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the period have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

VI. The Company has not accepted any deposits from the Public.

VII. In our opinion, the Company has no internal audit system, commensurate with the size of the Company and the nature of its business.

VIII. The Central Government has not prescribed maintenance of cost records by the Company under section 209 (1) (d) of the Act.

DC (a) According to the information and explanation given to us and records of the Company examined by us, the Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, Investor Education 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.

(b) According to the information and explanation given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax and customs duty, excise duty, cess, Service Tax outstanding, at the period end for a period of more than six months from the date they became payable.

(c) According to the information and explanation given to us, there are following dues to income tax which have not been deposited on account of any dispute. And the same has been disclosed as a contingent liability by way of note to the Balance Sheet.

S.No Financial Year Amount Remarks

01. 1994-1995 54,73,988.00 Appeal pending with ITAT, Abad

02. 1995-1996 8,65,427.00 Appeal pending with ITAT, Abad

According to the information and explanation given to us, there are no dues of sales tax, customs duty, wealth tax, Service Tax, excise duty and cess which have not been deposited on account of any dispute.

X. The Company has accumulated losses of Rs. 3,24,54,922.92 at the end of the financial period and it has made a profit of Rs. 20,70,594.00 in the current and there were Cash Losses in immediately preceding financial year.

XI. Based on our audit procedures and on the information and explanation given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to financial institution, bank or debenture holders.

XII. According to the information and explanations given to us and based on the documents and records produced 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. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of The Companies (Auditors Report) Order, 2003 are not applicable to the Company.

XIV In our opinion and explanation given to us the Company is maintaining proper records of the transactions and contracts for dealing or trading in shares, securities, debentures and other investment. All investments are held in the name of the Company, except shares of TECIL Limited and Pieces Aqua Venture Limited, Which are not held in the name of the Company.

XV According to the information and explanation given to us, the Company has not given any guarantee of loans taken by others from bank or financial institutions.

XVI. Based on information and explanation given to us by the management, term loans were applied for the purpose for which the loans were obtained.

XVII. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that no funds have been raised on short term basis.

XVIII. According to information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in register maintained under section 301 of the Act.

XTX The Company did not have any debentures during the period.

XX The Company has not raised any funds by way of Public Issue during the period.

XXI. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the 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 Murugendrappa and Co

Chartered Accountants

Firm Regn. No. 5945s

Murugendrappa K B

Proprietor

Membership No :200249

Place: Bangalore

Date : 31.05.2010

 
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