Mar 31, 2015
We have audited the accompanying financial statements of M/s Anukaran
Commercial Enterprises Limited ("the company"),which comprise the
Balance Sheet as at March 31,2015, 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
The Company's Board of directors is responsible for the matters stated
in section 134(5) of the Companies Act, 2013 (the 'Act') with respect
to the preparation and presentation of these financial statements that
give a true and fair view of the financial position 8b financial
performance of the company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing 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 misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the company's
preparation and fair presentation of the financial statements in order
to design audit procedures that are appropriate in the circumstances.
An audit also includes evaluating the appropriateness of accounting
policies used and reasonableness of the accounting estimates made by
management, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) In the case of Balance sheet, of the state of affairs of the company
as at March 31,2015;
b) In the case of statement of Profit and Loss ,of the profit for the
year ended on that date; and
c) In the case of cash Flow statements, of the cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors 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 the paragraphs 3 & 4 of the
Order, to the extent applicable.
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet & Statement of Profit and Loss dealt with by this
Report are in agreement with the books of account.
(d) In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014
On the basis of the written representations received from the directors
as on 31st March, 2015 taken on record by the Board of Directors, none
of the directors is disqualified as on 31st March, 2015 from being
appointed as a director in terms of Section 164 (2) of the Act.
ANNEXURE TO THE INDEPENDENT AUDITOR REPORT
Annexure referred to in paragraph 7 Our Report of even date to the
members of M/S ANUKARAN COMMERCIAL ENTERPRISES LIMITED on the accounts
of the company for the year ended 31st March, 2015
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
our audit, we report that:
i. The Company do not have any Fixed Asset. Hence, the requirement of
clause (i) of paragraph 3 of the said Order is not applicable to the
Company;
ii. The nature of business of the Company does not require it to have
any inventory. Hence, the requirement of clause (ii) of paragraph 3 of
the said Order is not applicable to the Company
iii. The company has granted interest free loans, secured or unsecured
to/from companies, firms or other parties covered in the register
maintained under section 189 of the Act. The outstanding amount as on
31st March, 2015 is Rs. 50 lakhs.
iv. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of fixed assets and for the sale of services. Further, on the
basis of our examination of the books and records of the Company and
according to the information and explanations given to us, no major
weakness has not been noticed or reported.
v. The Company has not accepted any deposits from the public covered
under Section 73 to 76 of the Companies Act, 2013
vi. As informed to us, the Central Government has not prescribed
maintenance of cost records under sub-section (1) of Section 148 of the
Act
vii. (a) According to the information and explanations given to us and
based on the records of the company examined by us, the company is
regular in depositing the undisputed statutory dues, including
Provident Fund, , Employees' State Insurance, Income-tax, Sales-tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty and other material
statutory dues, as applicable, with the appropriate authorities in
India ;
(b) According to the information and explanations given to us and based
on the records of the company examined by us, there are no dues of
Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise
Duty which have not been deposited on account of any disputes.
(c) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of reporting delay in transferring such
sums does not arise.
viii. As at 31st March, 2015, the Company has been registered for less
than 5 years; hence, clause 4(x) of the Order is not applicable to it.
ix. According to the records of the company examined by us and as per
the information and explanations given to us, the company has not
availed of any loans from any financial institution or banks and has
not issued debentures.
x. In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loan taken by
others from a bank or financial institution during the year.
xi. In our opinion, and according to the information and explanations
given to us, the company has not raised any term loans during the year.
During the course of our examination of the books and records of the
company, carried in accordance with the auditing standards generally
accepted in India, we have neither come across any instance of fraud on
or by the Company noticed or reported during the course of our audit
nor have we been informed of any such instance by the Management.
For NPV & Associates
Chartered Accountants
Suchita Gaglani
Membership No.: 138473
Firm Registration No.: 129408W
Place: Mumbai.
Dated: 30th May,2015.
Mar 31, 2014
We have audited the accompanying financial statements of M/s Anukaran
Commercial Enterprises Limited ("the company"),which comprise the
Balance Sheet as at March 31,2014, the statement of profit and Loss and
Cash Flow statement for the year then ended and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance of the company in accordance with the Accounting
Standards notified under the Companies Act, 1956 (the Act) read with
the General Circular 15/2013 dated 13th September, 2013 of the Ministry
of Corporate Affairs in respect of Section 133 of the Companies Act,
2013 and in accordance with the accounting principles generally
accepted in India. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
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 misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a)In the case of Balance sheet, of the state of affairs of the company
as at March 31,2014;
b)In the case of statement of Profit and Loss ,of the profit for the
year ended on that date; and
c)In the case of cash Flow statements, of the cash flows for the year
ended on that date.
Report on other Legal and Regulatory Requirements
1.As required by the companies(Auditor''s Report Order,2003("the
order")issued by the Central Government of India in terms of section
227(4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the order.
2.As required by section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.,
b. In our opinion, proper books of account as required by law have been
kept by the company so far as appears from our examination of those
books of account.
c. The Balance sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d. In our opinion, the Balance sheet and the Statement of Profit and
Loss comply with the Accounting standards notified under the Act read
with the General Circular 15/2013 dated 13th September, 2013 of the
Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act,2013.
e. On the basis of the written representations received from the
directors as on March 31,2014 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31,2014
from being appointed as a director in terms of section 274(1)(g) of the
Act.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
Referred to in Paragraph 1 under the heading "Report on Other Legal and
Regulatory Requirements" of our report of even date
I. (a) The Company has no fixed assets and hence the said clause is
not applicable.
II. There is no inventory in the company during the current Financial
Year.
III. (a) According to the information and explanation given to us the
Company has granted loan to Maximaa Systems Limited ,the company
covered in register maintained under section 301of the companies act
1956 amounting to Rs. 50,00,000/-.
(b) According to the information and explanation given to us the
company has not taken any loan from the companies covered in the
register maintained under section 301 of the Companies Act, 1956.
(c) No terms of repayment of principal and interest are stipulated.
(d) In our opinion, the rate of interest and other terms and conditions
on which loan have been granted to other parties listed in the register
maintained under section 301 of the Companies Act 1956 are prejudicial
to the interest of the Company.
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 nature of its business for the
purchase of inventory, fixed assets and for the sale of goods. During
the course of audit, we have not observed the continuing failure to
correct major weakness in internal controls.
V. In respect of transactions entered in the register maintained in
pursuance of Section 301 of the Companies Act 1956.
(a) To the best of our knowledge and belief and according to the
information and explanation given to us, transaction that needed into
the register have been so entered.
(b) According to the information and explanations given to us, such
transactions have been made at prices, which are reasonable having
regard to the prevailing market prices at the relevant time.
VI. The Company has not accepted any deposits from public within the
meaning of provisions of section 58A & Section 58 AA of the Companies
Act, 1956.
VII. In our opinion the Company has an adequate internal audit system
commensurate with the size and nature of its business.
VIII. As informed to us the Company is not required to maintain cost
accounts and records as prescribed by Central Government under section
290 (1)(d) of the Companies Act 1956.
IX. The company is regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, investor education
fund, employees'' state insurance, income tax, sales tax, wealth tax,
service tax, custom duty, excise duty and other material statutory dues
applicable to it. According to the information and explanations given
to us, no undisputed amounts payable in respect of the statutory dues
were outstanding as on 31st March, 2014 for a period of more than six
months from the date of becoming payable.
X. The Company do not have accumulated losses as at March 31, 2014.
Hence, this clause is not applicable.
XI. Based on our audit procedures and according to the information and
explanations given to us, there is no outstanding loan from bank and
financial institution; hence the question of repayment does not arise.
XII. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company 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/society. Therefore, clause 4(xiii) of the Companies (Audit
Report) Order, 2003 is not applicable to the Company.
XIV. In our opinion, the Company is dealing in Shares, Securities and
proper records of the transactions have been maintained by the Company.
The Investments held for deriving the dividend income are in the name
of the Company.
XV. In our opinion, the Company has not given any guarantee for loans
taken by others from banks or financial institutions.
XVI. The Company has not raised any new term loans during the year.
XVII. On the basis of an overall examination of the Balance Sheet of
the Company and according to the information and explanations given to
us, in our opinion, funds raised on short term basis have not been used
during the year for long term investment and vice versa.
XVIII. The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Act during the year.
XIX. The Company has not issued any debentures till date.
XX. The Company has not raised any money by public issue during the
year.
XXI. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
audit 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, not
have we been informed of such case by the management.
For NPV & Associates
Chartered Accountants
Suchita Gaglani
Membership No.: 138473
Firm Registration No.: 129408W
Place: Mumbai.
Dated: 30th May,2014.
Mar 31, 2013
Report on the financial statements
We have audited the accompanying financial statements of M/s Anukaran
Commercial Enterprises Limited ("the company"),which comprise the
Balance Sheet as at March 31,2013, 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 principles generally accepted in India including
Accounting Standards referred to in section 211(3C) of the Companies
Act,1956("the Act").This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
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 misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
reasonableness of the accounting estimates made by management, as well
as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) In the case of Balance sheet, of the state of affairs of the company
as at march 31,2013.,
b) In the case of statement of Profit and Loss ,of the profit for the
year ended on that date., and
c) In the case of cash Flow statements, of the cash flows for the year
ended on that date.
Report on other Legal and Regulatory Requirements
1. As required by the companies(Auditor''s Report Order,2003("the
order")issued by the Central Government of India in terms of section
227(4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the order.
2. As required by section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.,
b. In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books of account.
c. The Balance sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d. In our opinion, the Balance sheet, the Statement of Profit and Loss
and the Cash Flow Statement comply with the Accounting standards
referred to in section 211(3C) of the Act.
e. On the basis of the written representations received from the
directors as on March 31, 2013 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 section 274(1)(g) of the
Act.
ANNEXURE TO THE AUDITORS REPORT
Referred to in Paragraph 1 under the heading "Report on Other Legal and
Regulatory Requirements" of our report of even date
I. (a) The Company has no fixed assets and hence the said clause is
not applicable.
II. There are no inventory in the company during the current Financial
Year.
III. (a) According to the information and explanation given to us the
Company has not granted loans to the companies covered in register
maintained under section 301of the companies act 1956.
(b) According to the information and explanation given to us the
company has not taken any loan from the companies covered in the
register maintained under section 301 of the Companies Act, 1956.
(c) No terms of repayment of principal and interest are stipulated.
(d) In our opinion, the rate of interest and other terms and conditions
on which loan have been taken from other parties listed in the register
maintained under section 301 of the Companies Act 1956 are not, prima
facie, prejudicial to the interest of the Company.
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 nature of its business for the
purchase of inventory, fixed assets and for the sale of goods. During
the course of audit, we have not observed the continuing failure to
correct major weakness in internal controls.
V. In respect of transactions entered in the register maintained in
pursuance of Section 301 of the Companies Act 1956.
(a) To the best of our knowledge and belief and according to the
information and explanation given to us, transaction that needed into
the register have been so entered.
(b) According to the information and explanations given to us, such
transactions have been made at prices, which are reasonable having
regard to the prevailing market prices at the relevant time.
VI. The Company has not accepted any deposits from public within the
meaning of provisions of section 58A & Section 58 AA of the Companies
Act, 1956.
VII. In our opinion the Company has an adequate internal audit system
commensurate with the size and nature of its business.
VIII. As informed to us the Company is not required to maintain cost
accounts and records as prescribed by Central Government under section
290 (1)(d) of the Companies Act 1956.
IX. The company is regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, investor education
fund, employees'' state insurance, income tax, sales tax, wealth tax,
service tax, custom duty, excise duty and other material statutory dues
applicable to it. According to the information and explanations given
to us, no undisputed amounts payable in respect of the statutory dues
were outstanding as on 31st March, 2013 for a period of more than six
months from the date of becoming payable.
X. The Company has accumulated losses as at March 31, 2013. However,
the company has made profit in the current financial year.
XI. Based on our audit procedures and according to the information and
explanations given to us, there is no outstanding loan from bank and
financial institution, hence the question of repayment does not arise.
XII. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company 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/society. Therefore, clause 4(xiii) of the Companies (Audit
Report) Order, 2003 is not applicable to the Company.
XIV. In our opinion, the Company is dealing in Shares, Securities and
proper records of the transactions have been maintained by the Company.
The Investments held for deriving the dividend income are in the name
of the Company.
XV. In our opinion, the Company has not given any guarantee for loans
taken by others from banks or financial institutions.
XVI. The Company has not raised any new term loans during the year.
XVII. On the basis of an overall examination of the Balance Sheet of
the Company and according to the information and explanations given to
us, in our opinion, funds raised on short term basis have not been used
during the year for long term investment and vice versa.
XVIII. The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Act during the year.
XIX. The Company has not issued any debentures till date.
XX. The Company has not raised any money by public issue during the
year.
XXI. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
audit 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, not
have we been informed of such case by the management.
For NPV & Associates
Chartered Accountants
Poorvi M. Chitalia
Membership No.: 117563
Firm Registration No.: 129408W
Place: Mumbai.
Dated: 30th May, 2013.
Mar 31, 2012
1. We have audited the attached Balance sheet of Anukaran Commercial
Enterprises Ltd. (Formerly known as ACL Projects Ltd.) as at 31st
March, 2012 and the Statement of Profit and Loss and 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 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 (Auditor's Report) order 2003, as
amended by Companies (Auditor's Report) (Amendment) Order, 2004
(together the "Order"), issued by the Central Government of India in
terms of sub section (4A) of section 227 of the Companies Act, 1956,
and on the basis of such checks as we considered appropriate and
according to the information and explanations given to us, 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:
(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 as 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 dealt with by this report comply with the
accounting standards referred to in sub- section (3C) of section 211 of
the Companies Act, 1956;
(e) in our opinion and based on information and explanations given to
us, none of the directors is disqualified as on 31st March 2012 from
being appointed as a directors in terms of clause (g) of sub-section
(1) of section 274 of the Companies Act, 1956;
(f) in our opinion and to the best of our information and according to
the explanations given to us, the said financial statements together
with the Significant Accounting Policies and Notes thereon and thereto
give, in the prescribed manner, the information required by the Act,
and give a true and fair view in conformity with the accounting
principles generally accepted in India.
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012;
(ii) In the case of the Statement of Profit and Loss of the loss for
the year ended on that date; and
(iii) In the case of the 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 our report even date to the members of
Anukaran Commercial Enterprises Ltd. we report that:
I. (a) The Company has no fixed assets and hence the said clause is
not applicable.
II. (a) As explained to us, inventories have been physically verified
by the management at regular intervals during the year.
(b) In our opinion, the procedures of physical verification of stocks
followed by the management are reasonable and adequate in relation to
the size of the company and nature of its business.
(c) The Company is maintaining proper records of inventory.
III. (a) According to the information and explanation given to us the
Company has not granted loans to the companies covered in register
maintained under section 301of the companies act 1956.
(b) According to the information and explanation given to us the
company has not taken any loan from the companies covered in the
register maintained under section 301 of the Companies Act, 1956.
(c) No terms of repayment of principal and interest are stipulated.
(d) In our opinion, the rate of interest and other terms and conditions
on which loan have been taken from other parties listed in the register
maintained under section 301 of the Companies Act 1956 are not, prima
facie, prejudicial to the interest of the Company.
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 nature of its business for the
purchase of inventory, fixed assets and for the sale of goods. During
the course of audit, we have not observed the continuing failure to
correct major weakness in internal controls.
V. In respect of transactions entered in the register maintained in
pursuance of Section 301 of the Companies Act 1956.
(a) To the best of our knowledge and belief and according to the
information and explanation given to us, transaction that needed into
the register have been so entered.
(b) According to the information and explanations given to us, such
transactions have been made at prices, which are reasonable having
regard to the prevailing market prices at the relevant time.
VI. The Company has not accepted any deposits from public within the
meaning of provisions of section 58A & Section 58 AA of the Companies
Act, 1956.
VII. In our opinion the Company has an adequate internal audit system
commensurate with the size and nature of its business.
VIII. As informed to us the Company is not required to maintain cost
accounts and records as prescribed by Central Government under section
290 (1)(d) of the Companies Act 1956.
IX. According to the records of the Company, statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty,
Cess and other statutory dues have been generally deposited with the
appropriate authorities. According to the information and explanations
given to us, no undisputed amounts payable in respect of the aforesaid
dues were outstanding as on 31st March, 2012 for a period of more than
six months from the date of becoming payable.
X. The Company has accumulated losses as at March 31, 2012 and it has
incurred cash loss in the financial year ended on that date and in the
immediately preceding financial year.
XI. Based on our audit procedures and according to the information and
explanations given to us, there is no outstanding loan from bank and
financial institution, then the question of repayment does not arise.
XII. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company 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/society. Therefore, clause 4(xiii) of the Companies (Audit
Report) Order, 2003 are not applicable to the Company.
XIV. In our opinion, the Company is dealing in Shares, Securities,
Debentures and proper records of the transactions have been maintained
by the Company. The Investments held for deriving the dividend income
are in the name of the Company.
XV. In our opinion, the Company has not given any guarantee for loans
taken by others from banks or financial institutions.
XVI. The Company has not raised any new term loans during the year.
XVII. On the basis of an overall examination of the Balance Sheet of
the Company and according to the information and explanations given to
us, in our opinion, funds raised on short term basis have not been used
during the year for long term investment and vice versa.
XVIII. The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Act during the year.
XIX. The Company has not issued any debentures till date.
XX. The Company has not raised any money by public issue during the
year.
XXI. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
audit 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, not
have we been informed of such case by the management.
For NPV & Associates
Chartered Accountants
Poorvi C
Membership No.: 117563
Firm Registration No.: 129408W
Place: Mumbai.
Dated: 26th July. 2012
Mar 31, 2010
1. We have audited the attached Balance sheet of ACL Projects Ltd.
(Formerly known as Anukaran Commercial Enterprises Ltd.) as at 31st
March, 2010 and also the 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 conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the companies (Auditors Report) order 2003, as
amended by Companies (Auditors Report) (Amendment) Order, 2004
(together the "Order"), issued by the Central Government of India in
terms of sub section (4A) of section 227 of the Companies Act, 1956,
and on the basis of such checks as we considered appropriate and
according to the information and explanations given to us, 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:
(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 as far as appears from our examination of
those books.
(c) The Balance Sheet and Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet and Profit and Loss Accounts
dealt with by this report comply with the accounting standards referred
to in sub-section (3C) of section 211 of the Companies Act 1956.
(e) In our opinion and based on information and explanations given to
us, none of the directors is disqualified as on 31st March 2010 from
being appointed as a directors in terms of clause (g) of sub-section
(1) of section 274 of the Companies Act 195.6.
(f) In our opinion and to best of our information and according to the
explanations given to us, the said accounts read with Significant
Accounting Policies and Notes on Accounts, give the information
required by the Companies Act 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India.
(i) In the case of the Balance Sheet, of the state affairs of the
Company as at 31st March, 2010
(ii) In the case of the Profit and Loss account of the profit for
the year ended on that date and
(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 our report even date to the members of
ACL Projects Ltd. we report that:
I. (a) The Company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets on the
basis of available information.
(b) The fixed assets have been physically verified by the management
during the year and we have been informed that no material
discrepancies have been noticed on such verification.
(c) In our opinion and according to the information & explanations
given to us, a substantial part of fixed assets have not been disposed
off by the company during year affecting going concern basis.
II. (a) As explained to us, inventories have been physically verified
by the management at regular intervals
during the year.
(b) In our opinion, the procedures of physical verification of stocks
followed by the management are reasonable and adequate in relation to
the size of the company and nature of its business.
(c) The Company is maintaining proper records of inventory.
III. (a) According to the information and explanation given to us the
company has not granted loans to the companies covered in register
maintained under section 301of the companies act 1956.
(b) According to the information and explanation given to us the
company has taken Rs. 945,785/- as loan from the companies covered in
register maintained under section 301 of the companies act 1956, the
total amount outstanding as on 31st March, 2010 is Rs.945,785/-.
(c) No terms of repayment of principal and interest are stipulated.
(d) In our opinion, the rate of interest and other terms and conditions
on which loan have been taken from other parties listed in the register
maintained under section 301 of the Companies Act 1956 are not, prima
facie, prejudicial to the interest of the company.
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 nature of its business for the
purchase of inventory and fixed assets and for the sale of goods.
During the course of audit, we have not observed the continuing failure
to correct major weakness in internal controls.
V. In respect of transactions entered in the register maintained in
pursuance of Section 301 of the Companies Act 1956.
(a) To the best of our knowledge and belief and according to the
information and explanation given to us, transaction that needed into
the register have been so entered.
(b) According to the information and explanations given to us, such
transactions have been made at prices, which are reasonable having
regard to the prevailing market prices at the relevant time.
VI. The company has not accepted any deposits from public within the
meaning of provisions of section 58 A & Section 58 AA of the Companies
Act, 1956.
VII. In our opinion the company has an adequate internal audit system
commensurate with the size and nature of its business.
VIII. As informed to us the company is not required to maintain cost
accounts and records as prescribed by Central Government under section
290 (l)(d) of the Companies Act 1956.
IX. According to the records of the company, statutory dues including
Provident Fund, Investor Education and Protection fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty,
Cess and other statutory dues have been generally deposited with the
appropriate authorities. According to the information and explanations
given to us, no undisputed amounts payable in respect of the aforesaid
dues were outstanding as on 31st March, 2010 for a period of more than
six months from the date of becoming payable.
X. The Company has no accumulated losses as at March 31, 2010 and it
has not incurred any cash losses in the financial year ended on that
date or in the immediately preceding financial year.
XI. Based on our audit procedures and according to the information and
explanations given to us, there is no outstanding loan from bank and
financial institution, then the question of repayment does not arise.
XII. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company 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/society. Therefore, clause 4(xiii) of the Companies (Audit
Report) Order, 2003 are not applicable to the company.
XIV. In our opinion, the company is dealing in shares, Securities,
debentures and proper records of the transactions have been maintained
by the company. The Investments held for deriving the dividend income
are in the name of the company.
XV. In our opinion, the company has not given any guarantee for loans
taken by others from banks or financial institutions.
XVI. The Company has not raised any new term loans during the year.
XVII. On the basis of an overall examination of the Balance Sheet of
the Company and according to the information and explanations given to
us, in our opinion, funds raised on short term basis have not been used
during the year for long term investment and vice versa.
XVIII. The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Act during the year.
XIX. The Company has not issued any debentures till date.
XX. The Company has not raised any money by public issue during the
year.
XXI. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
audit 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, not
have we been informed of such case by the management.
For Umesh P. Gosar & Associates.
Chartered Accountants
Firm Registration No. 117431W
SoV-
Umesh P. Gosar
Proprietor
Membership No. - 103111
Mumbai, 25th May, 2010