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Auditor Report of Avishkar Infra Realty Ltd.
Mar 31, 2025
We have audited standalone financial statements of Avishkar Infra Realty Limited ("the company"),
which comprise the Balance Sheet as at 31st March 2025, the Statement of Profit and Loss (including
other Comprehensive Income), the Statement in Changes in Equity and the Cash Flow Statement for
the year then ended, and notes to the financial statement, including a summary of significant
accounting policies and other explanatory information (hereinafter referred to as "the standalone
financial statement").
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 manner so required and
give a true and fair view in conformity with the Indian Accounting Standards prescribed under
section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended, ("Ind AS") and other accounting principles generally accepted in india, of the state of
affairs of the company as at 31st March, 2025 and profit and total comprehensive income, change in
equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section
143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further
described in the Auditor''s Responsibilities for the Audit of the Financial Statements section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India together with the ethical requirements that are relevant
to our audit of the financial statements under the provisions of the Companies Act, 2013 and the
Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the standalone Ind AS financial statements of the current period. These matters were
addressed in the context of our audit of the standalone Ind AS financial statements as a whole, and
in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Information Other than the Financial Statements and Auditor''s Report Thereon
The Company''s Board of Directors is responsible for the other information. The other information
comprises the information included in the Management Discussion and Analysis, Board''s Report
including Annexures to Board''s Report, Business Responsibility Report, Corporate Governance and
Shareholder''s Information, but does not include the standalone financial statements and our
auditor''s report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do
not express any form of assurance conclusion thereon. In connection with our audit of the
standalone financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the standalone financial
statements or our knowledge obtained during the course of our audit or otherwise appears to be
materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information; we are required to report that fact. We have nothing to report in this regard.
Management''s Responsibility for the Standalone 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, 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 adequate 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.
In preparing the financial statements, management is responsible for assessing the Company''s
ability to continue as a going concern, disclosing, as applicable, matter related to going concern and
using the going concern basis of accounting unless management either intends to liquidate the
Company or to cease operations, of has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company''s financial reporting
process.
Auditor''s Responsibility
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error and to issue an auditor''s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal financial control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the
Companies Act, 2013, we are also responsible for expressing our opinion on whether the
company has adequate internal financial controls system in place and the operating
effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company''s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor''s report to the related disclosures in the financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor''s report. However,
future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the standalone financial
statements, including the disclosures, and whether the standalone financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that,
individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the financial statements may be influenced. We consider quantitative
materiality and qualitative factors in (i) planning the scope of our audit work and evaluating the
results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial
statement.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.
Report on other Legal and Regulatory Requirements
1. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of
our knowledge and belief were necessary for the purposes of our audit.
b) In our opinion proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive
Income, Statement of Changes in Equity and the Cash Flow statement dealt with by this
Report are in agreement with the books of account.
d) In our opinion, the aforesaid financial statements comply with the Ind AS specified under
Section 133 of the Act.
e) On the basis of written representations received from the directors as on 31st March,
2025, taken on record by the Board of Directors, none of the directors is disqualified as
on 31st March, 2025, from being appointed as a director in terms of Section 164(2) of the
Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of
the Company and the operating effectiveness of such controls, refer to our separate
report in "Annexure A". Our report expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company''s internal financial controls over financial
reporting.
g) In our opinion and to the best of our information and according to the explanations
given to us, we report as under with respect to other matters to be included in the
Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014:
i. The Company does not have any pending litigations to be disclosed in its Ind AS
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 were no amounts which required to be transferred by the Company to the
Investor Education and Protection Fund.
iv. (i) The management has represented that, to the best of its knowledge and belief,
other than as disclosed in the notes to the accounts, no funds have been advanced or
loaned or invested (either from borrowed funds or share premium or any other
sources or kind of funds) by the company to or in any other person(s) or entity(ies),
including foreign entities ("Intermediaries"), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall, whether, directly or
indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the company ("Ultimate Beneficiaries") or provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(ii) The management has represented, that, to the best of its knowledge and belief,
other than as disclosed in the notes to the accounts, no funds have been received by
the company from any person(s) or entity(ies), including foreign entities ("Funding
Parties"), with the understanding whether recorded in writing or otherwise, that the
company shall, whether, directly or indirectly, lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Funding Party
("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries, and
(iii) As per the information and explanation provided to us, the representation under sub
clause (i) and (ii) is not contained any material misstatement.
v. The company has not declared or paid any dividend during the year under audit.
vi. Based on our examination which included test checks, performed by us on the
Company, have used accounting software for maintaining their respective books of
account for the financial year ended March 31, 2025 which has a feature of recording
audit trail (edit log) facility and the same has operated throughout the year for all
relevant transactions recorded in the software. Further, during the course of audit,
we have not come across any instance of the audit trail feature being tampered with.
2. As required by the Companies (Auditor''s Report) Order, 2020 ("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 B" a statement on the matters Specified in paragraphs 3 and 4 of the Order.
Date : 30/05/2025 For S D P M & Co.
Place : Ahmedabad Chartered Accountants
Sd/-
Sunil Dad (Partner)
M.No. 120702
FRN : 126741W
UDIN: 25120702BMIFTS1526
Mar 31, 2024
Avishkar Infra Realty Limited (Formerly known as Joy Realty Limited)
Report on the Audit of the Standalone Financial Statements Opinion
We have audited standalone financial statements of Avishkar Infra Realty Limited (Formerly known as Joy Realty Limited) ("the company"), which comprise the Balance Sheet as at 31st March 2024, the Statement of Profit and Loss (including other Comprehensive Income), the Statement in Changes in Equity and the Cash Flow Statement for the year then ended, and notes to the financial statement, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as "the standalone financial statement").
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 manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in india, of the state of affairs of the company as at 31st March, 2024 and profit and total comprehensive income, change in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone Ind AS financial statements of the current period. These matters were
addressed in the context of our audit of the standalone Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Information Other than the Financial Statements and Auditor''s Report Thereon
The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report, Business Responsibility Report, Corporate Governance and Shareholder''s Information, but does not include the standalone financial statements and our auditor''s report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.
Management''s Responsibility for the Standalone 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, 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 adequate 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.
In preparing the financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matter related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, of has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibility
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statement.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Report on other Legal and Regulatory Requirements
1. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
b) In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Cash Flow statement dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of the Act.
e) On the basis of written representations received from the directors as on 31st March, 2024, taken on record by the Board of Directors, none of the directors is disqualified as
on 31st March, 2024, from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure A". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.
g) In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:
i. The Company does not have any pending litigations to be disclosed in its Ind AS 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 were no amounts which required to be transferred by the Company to the Investor Education and Protection Fund.
iv. (i) The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(ii) The management has represented, that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been received by the company from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries, and
(iii) As per the information and explanation provided to us, the representation under sub clause (i) and (ii) is not contained any material misstatement.
v. The company has not declared or paid any dividend during the year under audit.
vi. Based on our examination which included test checks, performed by us on the Company, have used accounting software for maintaining their respective books of account for the financial year ended March 31, 2024 which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of audit, we have not come across any instance of the audit trail feature being tampered with.
2. As required by the Companies (Auditor''s Report) Order, 2020 ("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 B" a statement on the matters Specified in paragraphs 3 and 4 of the Order.
Date : 20/05/2024 For S D P M & Co.
Place : Ahmedabad Chartered Accountants
Sd/-
Malay Pandit (Partner)
M.No. 046482
FRN : 126741W
UDIN: 24046482BKCIQS3381
Mar 31, 2023
We have audited the accompanying Financial statements of JOY REALTY LIMITED (âthe Companyâ), which comprise the Balance Sheet as at 31 March 2023, the Statement of Profit and Loss, the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information (hereinafter referred to as âthe financial statementsâ).
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 Companies Act, 2013 (âthe Actâ) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed u/s 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (âInd ASâ) and other accounting principles generally accepted in India, of the State of Affairs of the Company as at 31st March, 2023 in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditor''s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the company in Accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the Financial Statements under the provision of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Financial Statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
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 Act with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance, cash flows and changes in equity of the Company in accordance with the Ind AS and accounting principles generally accepted in India. 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 statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Financial Statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibility for the Audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit in accordance with SA''s, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty does not exists. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016 (âThe Orderâ) issued by the Central Government of India in terms of Section 143 (11) of the Act, we give in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order.
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 appears from our examination of those books;
c) The Balance Sheet, the Statement of Profit and Loss, Cash Flow Statement and the Statement of changes in Equity dealt with by this Report are in agreement with the books of account
d) In our opinion, the aforesaid Financial Statements comply with the Ind AS specified under Section 133 of the Act read with the relevant rule 7 of the Companies (Accounts) Rules, 2014;
e) On the basis of written representations received from the directors as on 31 March, 2023 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2023, from being appointed as a director in terms of Section 164(2) of the Act;
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to separate report of another Accountant. The said report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.
g) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rule, 2014, as amended in our opinion and to the best of our information and according to the explanation given to us:
i. The Company does not have any pending litigations which shall impact its financial positions.
ii. The Company does not have any long terms contracts for which provisions are required to be made.
iii. The Company is not liable to transfer any amount to the Investor Education and Protection Fund.
iv (a) The Management has represented that, to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s)/ entity(ies), including foreign entities (âIntermediariesâ), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that, to the best of its knowledge and belief, no funds have been received by the Company from any person(s) or
entity(ies), including foreign entity (âFunding Partiesâ), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.
v) No dividend has been declared by the company
For CHHAJED & DOSHI CHARTERED ACCOUNTANTS (ICAI Firm Reg. No.: 101794W)
H. N. Motiwalla PARTNER
(Membership No. 11423)
Place: Mumbai DATED: May 11, 2023 UDIN: 23011423BGYQUG7495
Mar 31, 2015
We have audited the accompanying financial statements of JOY REALTY
LIMITED ("the company"),which comprise the Balance Sheet as at
31st 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
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
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.
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.
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.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements, 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 Matter
We draw your attention to Note 23-lll(a) to the financial statements
which states that no provision is made for doubtful debts as the
Directors are exploring the possibility of one time settlement and
grant waiver which shall be accounted as bad debts after all the
efforts of the management to recover the debts by one time settlement
& installments granted to the debtors devolves on account of
non-payment by them shall be written off as bad debts. We would also
like to draw your attention to Note No. 23-lll(c) regarding the
investments in the Company which is in dormant / strike off status and
any short recovery of investments shall be accounted as loss duly
determined on receipt of actual amount.
Our opinion is not qualified in respect of these above matters Report
on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("The
Order") issued by the Government of India in terms of sub section
(11) of Section 143 of the Companies Act, 2013, we give in the
Annexure a statement on the matters specified in paragraphs 3 and 4
of the Order.
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 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 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.
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rule, 2014, in our opinion and to the best of our information and
according to the explanation given to us:
i. The Company does have pending litigations but which shall not
impact its financial positions.
ii. The Company does not have any long terms contracts for which
provisions are required to be made.
iii. The Company is not liable to transfer any amount to the Investor
Education and Protection Fund.
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 for the year
ended 31st March 2015)
(i) In respect of its Fixed Assets
(a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of its fixed
assets.
(b) As explained to us and according to the practice generally
followed by the Company, all the fixed assets have been verified in a
periodical manner by the management during the year and no material
discrepancies were noticed on such physical verification. In our
opinion, this periodicity of physical verification is reasonable
having regard to the size of the Company and nature of its assets.
(c) The Company has not disposed off any of its fixed assets during
the year under review, so as to affect its going concern.
(ii) In respect of inventories
(a) We are informed that inventories have been physically verified by
the management at reasonable intervals.
(b) In our opinion and according to the information and explanation
given to us, the procedure of stock-in-trade followed by the
management is reasonable and adequate in relation to the size of the
company and nature of its business.
(c) In our opinion, the company is generally maintaining proper
records of inventory. No material discrepancies have been notified
between the physical stock and book records.
(iii) In respect of loans granted, secured or unsecured, by the
Company to firms or other parties covered in the register maintained
u/s 189 of the Companies Act, 2013;
The Company has not granted any secured / unsecured loan to any of the
parties covered in the register maintained under section 189 of the
Companies Act, 2013. Accordingly, sub clauses (a) and (b) are not
applicable.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control procedure and
system commensurate with the size of the company and nature of its
business for purchase of inventory and fixed assets and for sale of
goods and services,. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in
internal control system.
(v) The Company has not accepted any deposits from the public within
the meaning of Section 73 to Section 79 of the Companies Act 2013.
(vi) We have broadly reviewed the books of accounts maintained by the
Company pursuant to the rules made by the Central Government of India
for the maintenance of cost records under section 148 (1) Companies
Act, 2013 and are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained being real estate
construction business. However, we have not made a detailed
examination of the records with a view to determine whether they are
accurate or complete.
(vii) In respect to statutory dues
(a) According to the records of the Company, the undisputed statutory
dues under Income tax, Service Tax and other Statutory Dues as
applicable to it have been generally regularly 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 at 31st March, 2014 for a period of more than six
months from the date they became payable.
(b) According to the information and explanations given to us, there
were no dues of Income Tax, Service Tax and other Statutory Dues as
applicable to it, which have not been deposited with the appropriate
authorities on account of anydispute.
(c) According to the records of the Company, no amount is pending to
be transferred to the Investor Education and Protection Fund.
(viii) The Company has been registered for a period more than five
years and does not have any accumulated loss at the year end,
therefore this clause is not applicable to the Company.
(ix) The Company has not defaulted in repayment of dues to any bank or
financial institution during the year under review.
(x) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
bank and financial institutions.
(xi) In our opinion and according to the information and explanations
given to us the Company has obtained term loan in the previous years
and the funds have been prima facie applied for the purpose for which
they were raised.
(xii) According to the information and explanation given to us, no
material fraud on or by the Company has been noticed or reported
during the course of our audit.
For Vora & Associates
Chartered Accountants
(ICAI Firm Reg. No.: 111612W)
Sd/-
Bhakti M. Vora
Partner
(Membership No.148837)
Place : Mumbai
Dated : 22/05/2015
Mar 31, 2014
Report on the Financial Statements
We have audited the accompanying financial statements of JOY REALTY
LIMITED ("The Company") which comprise the Balance Sheet as at March
31, 2014, the Statement of Profit and Loss and 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
The Company''s 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 notified in sub-section (3C) of section
211 of 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.
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, but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements, read together with
the Notes No. 1 to 24 thereon, give the information required by the
Companies Act in the manner so required and give a true and fair view
in conformity with the accounting principles generally accepted in
India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) In the case of the Statement of Profit and Loss, of the PROFIT for
the year ended on that date.
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Emphasis of Matter
We draw your attention to Note 24-lll(a) to the financial statements
which states that the Company shall account trade receivables as bad
debts after all the efforts of the management to recover the debts by
one time settlement & instalments granted to the debtors devolves on
account of non-payment by them shall be written off as bad debts. We
would also like to draw your attention to Note No. 24-lll(c) regarding
loss on short recovery of investments held long term in nature shall be
accounted on receipt of actual amount of investments.
Our opinion is not qualified in respect of these matters.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("The
Order") issued by the Government of India in terms of sub section (4A)
of Section 227 of the Companies Act, 1956, 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 Companies Act, 1956, we report
that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books.
c. the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards notified in
sub section(3C) of section 211 of the Companies Act, 1956 read with the
General Circular 15/2013 dated 13th September, 2013 of the Ministry of
Corporate Affairs in respect of section 133 of the Companies Act, 2013;
e. on the basis of 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 clause (g) of sub-section (1) of section 274 of
the Companies Act, 1956.
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 for the year
ended 31st March 2014)
(i) In respect of its Fixed Assets
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of its fixed assets.
(b) As explained to us and according to the practice generally followed
by the Company, all the fixed assets have been verified in a periodical
manner by the management during the year and no material discrepancies
were noticed on such physical verification. In our opinion, the
periodicity of physical verification is reasonable having regard to the
size of the Company and nature of its assets.
(c) The Company has not disposed off any of its fixed assets during the
year under review, so as to affect its going concern.
(ii) In respect of inventories
(a) We are informed that inventories in the nature of work in progress
undertaken have been physically verified by the management at
reasonable intervals..
(b) In our opinion and according to the information and explanation
given to us, the procedure of physical verification of stock followed
by the management is reasonable and adequate in relation to size of the
Company and nature of its business.
(c) In our opinion, the Company is generally maintaining proper records
of inventory. As explained to us, there was no material discrepancies
noticed on physical verification of inventories as compared to the book
records.
(iii) In respect of loans, secured or unsecured, granted or taken by
the Company to / from Companies, firms or other parties covered in the
register maintained u/s301 oftheCompaniesAct,1956;
(a) During the year, the Company has not granted any secured or
unsecured loans to companies, firms or other parties covered under
register maintained u/s 301 of the Companies Act, 1956. Consequently,
the requirements of paragraphs 4(iii) (b), (c), (d) of the "Order" are
not applicable to the Company.
(e) The Company has taken unsecured loan from 1 party covered in the
register maintained u/s 301*of the Companies Act, 1956. In respect of
the said loan, the maximum amount outstanding at any time during the
year was Rs.4,81,08,9121- and the year-end balance is Rs.4,81,08,912/-.
(f) The rate of interest and other terms and conditions of the
aforesaid loan taken is prima facie not prejudicial to the interest of
the Company.
(g) The Company has not repaid the principal amount and interest to the
aforesaid party.
(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 nature of its business for purchase of
inventory and fixed assets and for sale of goods and services, if any.
During the course of our audit, we have not observed any continuing
failure to correct major weaknesses in internal control system.
(v) In respect of contracts or arrangements entered in the register
maintained in pursuance of section 301 of the Companies Act, 1956;
(a) In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements referred to
in Section 301 of the Act have been entered in the register required to
be maintained under that section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts and
arrangements entered in the Register maintained u/s 301 of the
Companies Act, 1956 and exceeding the value of Rs. 5.00 lacs in respect
of each party during the year have been made at prices which appear
reasonable as per the information available with the Company.
(vi) The Company has not accepted any deposits from the public within
the meaning of Section 58Aand Section 58AAof the Companies Act 1956.
(vii) As informed to us, the Company has a formal internal audit system
commensurate with the size of the Company and nature of its business.
(viii) We have broadly reviewed the books of accounts maintained by the
Company pursuant to the rules made by the Central Government of India
for the maintenance of cost records under section 209(1) (d) of the
Companies Act, 1956 and are of the opinion that prima facie, the
prescribed accounts and records have been made and maintained being
real estate construction business. However, we have not made a detailed
examination of the records with a view to determine whether they are
accurate or complete.
(ix) In respect to statutory dues
(a) According to the records of the Company, the undisputed statutory
dues under Income Tax, Wealth Tax, Value Added Tax, Service Tax and
other Statutory Dues as applicable to it have been generally regularly
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 at 31st March, 2014 for a period of more than six months
from the date of becoming payable.
(b) According to the information and explanations given to us, there
were no dues of Income Tax, Wealth Tax, Value Added Tax, Service Tax
and other statutory dues as may be applicable to it, which have not
been deposited with the appropriate authorities on account of any
dispute.
(x) The accumulated losses of the company are less than 50% of the net
worth. The Company has not incurred cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.
(xi) Based on our audit procedure and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to any bank or financial institution
during the year under review.
(xii) The company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other securities.
(xiii) In our opinion and according to the information and explanation
given to us, the Company is not a chit fund or a nidhi / mutual benefit
fund / society. Therefore, the revisions of clause 4 (xiii) of "the
Order" are not applicable to the Company.
(xiv) In our opinion, the Company is not a dealer in or trader in
shares, securities, debentures and other investments. However, all the
investments are held by the Company in its own name.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
(xvi) In our opinion and according to the information and explanations
given to us, the Company has obtained a term loan during the year which
has been prima facie applied for the purpose for which they were
raised.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment. (xviii) The Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Companies Act 1956, during the
year.
(xix) The Company has not raised any funds by way of debenture during
the year.
(xx) The Company has not raised any money by way of public issue during
the year.
(xxi) According to the information and explanation given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For SHAH & CO. For VORA & ASSOCIATES
CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS
Firm Regn. No.: 109430W Firm Regn. No.: 111612W
Sd/- Sd/-
A.H. SHAH BHAKTI M. VORA
PARTNER PARTNER
(Membership No. 103750) (Membership No.148837)
Place : Mumbai Place : Mumbai
Dated : 20/05/2014 Dated : 20/05/2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of JOY REALTY
LIMITED which comprise the Balance Sheet as at March 31, 2013, the
Statement of Profit and Loss and 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
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 (lows of.the Company in accordance with
the accounting principles generally accepted in India including
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956 ("the Act"). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error, in making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the said financial statements, read together
with the notes thereon, subject to;
Note 23: III a - Regarding non-provision of doubtful debts of Rs.
83,80,299/- Note 23: Ml c - Regarding non-provision for diminution in
the value of investments give the information required by the Companies
Act, 1956, in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) In the case of the Statement Profit and Loss Account, of the PROFIT
for the year ended on that date.
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("The
Order") issued by the Government of India in terms of sub section (4A)
of Section 227 of the Companies Act, 1956, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books.
c. the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection(3C) of section 211 of the Companies Act, 1956;
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.
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 for the year
ended 31sl March 2013)
(i) In respect of its Fixed Assets
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of its fixed assets.
(b) As explained to us and according to the practice generally followed
by the Company, ali the fixed assets have been physically verified by
the management in a phased periodical manner, which in our opinion is
reasonable, having regard to the size of the Company and nature of its
assets. We are informed that no material discrepancies were noticed on
such physical verification.
(c) The Company has not disposed off any of its fixed assets during the
year under review, so as to affect its going concern.
(ii) In respect of inventories
(a) We are informed that inventories in the nature of work in progress
undertaken have been physically verified by the management at
reasonable intervals.
(b) In our opinion and according to the information and explanation
given to us, the procedure of physical verification of stock in trade
followed by the management is reasonable and adequate in relation to
size of the Company and nature of its business.
(c) In our opinion, the Company is generally maintaining proper records
of inventory. As explained to us, there were no material discrepancies
noticed on physical verification of inventories as compared to the book
records.
(iii) In respect of the loans, secured or unsecured, granted or taken
by the company to/from companies, firms or other parties covered in the
register maintained u/s301 of The Companies Act, 1956:
(a) During the year, the Company has not granted any secured or
unsecured loans to companies, firms or other parties covered under
register maintained u/s 301 of the Companies Act, 1956. Consequently,
the requirements of paragraphs 4(iii) (b), (c), (d) of the "Order" are
not applicable to the Company.
(b) During the year under review, the Company has taken one interest
free unsecured loan from a party covered in the register maintained u/s
301 of the Act. In respect of the said loan, the maximum amount
outstanding at any time during the year was Rs. 7,00,000/- and the
year-end balance is Rs. NIL/-.
(c) The terms and conditions of the said foan is prima facie not
prejudicial to the interest of the Company.
(d) The principal amount has been repaid
(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 nature of its business for purchase of inventory and fixed assets
and for sale of goods and services, if any. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal control system. (v) In respect of contracts or
arrangements referred to in Section 301 of the Companies Act, 1956;
(a) In our opinion and according to the information and explanations
given to us, in respect of the transactions made during the year in
pursuance of contracts or arrangements that need to be entered in the
register maintained under Section 301 of the Companies Act, 1956, is
under process of updating and not made available to us for our
verification.
(b) In our opinion and according to the information and explanations
given to us, the transactions made during the year in pursuance of
contracts and arrangements referred to in (v)(a) above and exceeding
the value of Rs. 5 lacs with any party have been made at.prices which
are reasonable having regard to the prevailing market prices at the
relevant time in the opinion of the management.
(vi) The Company has not accepted any deposits from the public within
the meaning of Section 58A and Section 58AA of the Companies Act 1956
and the rules framed there under.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size of the Company and nature of its business.
(viii) We have broadly reviewed the books of accounts maintained by the
Company pursuant to the rules made by the Central Government of India
for the maintenance of cost records under section 209(1) (d) of the
Companies Act, 1956 and are of the opinion that prima facie, the
prescribed accounts and records have been made and maintained being
real estate construction business. However, we have not made a detailed
examination of the records with a view to determine whether they are
accurate or complete.
(ix) In respect to statutory dues
(a) According to the records of the Company, the undisputed statutory
dues under Income tax and other Statutory Dues as applicable to it have
been generally regularly 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 at 31s1 March, 2013 for a period of more than six months
from the date they became payable.
(b) There were no dues of Income Tax and other statutory dues which
have not been deposited with the appropriate authorities on account of
any dispute.
(x) The accumulated losses of the Company are more than 50% of its net
worth. The Company has not incurred cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.
(xi) Based on our audit procedure and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to any bank or financial institution
during the year under review.
(xii) In our opinion and according to the information and explanations
given to us, the company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion and according to the information and explanation
given to us, the Company is not a chit fund or a nidhi / mutual benefit
fund / society. Therefore, the provisions of clause 4 (xiii) of "the
Order" are not applicable to the Company.
(xiv) The Company has maintained proper records of the transactions and
contracts in respect of dealing in shares, securities, debentures,
mutual funds and other investments and timely entries have been made
therein. All the shares, securities, debentures, mutual funds and other
investments have been held by the Company in its own name.
(xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
and financial institutions.
(xvi) In our opinion and according to the information and explanations
given to us, the Company has obtained a term loan during the year which
has been prima facie applied for the purpose for which they were
raised.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Companies Act 1956, during the year.
(xix) The Company has not issued debentures during the year under
review.
(xx) The Company has not raised any money by way of public issue during
the year under review.
(xxi) During the year covered by our audit and as explained to us, to
the best of our knowledge and belief, no material fraud has been
noticed or reported by the company.
Sd/-
For SHAH & CO. For VORA& ASSOCIATES
CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS
Firm Regn. No,: 109430W Firm Regn. No.: 111612W
Sd/- Sd/-
A. H. SHAH MAYURA. VORA
PARTNER PARTNER
(Membership No. 103750) (Membership No.030097)
PLACE: MUMBAI DATED: 28/05/2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of JOY REALTY LIMITED
(Formerly Madhusudan easing and Finance Limited) as at 31st March 2012,
the Profit and Loss statement and the Cash Flow Statement for the year
ended on that date annexed thereto. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with the Standards on Auditing
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 reasonable
basis for our opinion.
3. As required by Companies (Auditor's Report) Order,2003 issued by
the Central Government in terms of Section 227(4A) of the Companies
Act, 1956, we enclose in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to in Paragraph 3
and 4 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
those books;
(iii) the Balance Sheet, the Profit & Loss statement and the Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts;
(iv) in our opinion, the Balance Sheet, the Profit & Loss statement and
the Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in Section 211 (3C) of the Companies
Act, 1956;
(v) On the basis of written representation received from the Directors
as on March 31, 2012 and taken on record by the Board of Directors of
the Company, we report that none of the Directors are prima-facie
disqualified from being appointed as a director in terms of Section
274(1 )(g) of the Companies Act, 1956
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts are subject to:
Note- 23: III a - Regarding non-provision of doubtful debts of
Rs.83,80,299/- Note-23: III d - Regarding diminution in the value of
Investments give the information required by the Companies Act, 1956,
in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the State of affairs of the
company as at March 31, 2012;
(b) in the case of the Profit & 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.
Annexure to the Auditors' Report
(Referred to in paragraph 3 of our Report of even date for the year
ended 31st March 2012.)
(i) In respect of its Fixed Assets
(a) The records maintained by the Company showing full particulars,
including quantitative details and situation of its fixed assets are
not made available to us for verification being under the process of
updation.
(b) As explained to us, according to the practice generally followed by
the Company, all the fixed assets of the Company are physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on
physical verification;
(c) The Company has not disposed off any substantial part of its fixed
assets so as to effect its going concern;
(ii) In respect of inventories
(a) We are informed that inventories in the nature of work in progress
undertaken have been physically verified by the management at
reasonable intervals.
(b) In our opinion and according to the information and explanation
given to us, the procedure of stock-in-trade followed by the management
is reasonable and adequate in relation to the size of the company and
the nature of its business.
(c) In our opinion, the company is generally maintaining proper records
of inventory. No material discrepancies have been notified between the
physical stock and book records.
(iii) In respect of the loans, secured or unsecured, granted or taken
by the company to/from companies, firms or other parties covered under
register maintained u/s 301 of The Companies Act, 1956:
(a) The Company has not granted any secured or unsecured loans to
companies, firms and other parties as covered in the register
maintained u/s 301 of The Companies Act, 1956. Accordingly, paragraphs
4(iii) (b) (c) and (d) of "the Order" are not applicable.
(b) The Company has not taken any secured or unsecured loans from
companies, firms and other parties as covered in the register
maintained u/s 301 of The Companies Act, 1956. Accordingly, paragraphs
4(iii) (e) (f) and (g) of "the Order" are not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control procedure commensurate
with the size of the company and nature of its business for purchase of
fixed assets, inventories and for sale of goods, if any. During the
course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal control system.
(v) (a) In our opinion and according to the information and
explanations given to us, in respect of the transactions made in
pursuance of contracts or arrangements that need to be entered in the
register maintained under
Section 301 of the Companies Act, 1956, we report that the same was not
produced before us for verification as it is under the process of
updation
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts and
arrangements referred to in (v)(a) above and exceeding the value of Rs.
5 lacs with any party during the year have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
(vi) The Company has not accepted any deposits from the public within
the meaning of Section 58A and Section 58AA of the Companies Act 1956
and the rules framed there under.
(vii) The Company has outsourced the internal audit assignment to an
external agency. In our opinion, the internal audit system commensurate
with the size of the Company and nature of its business.
(viii) As informed to us, Central Government has not prescribed the
maintenance of cost records under Section 209 (1) (d) of the Companies
Act, 1956, in respect of activities carried on by the Company.
(ix) According to information and explanation given to us, in respect
to statutory dues
(a) The company is generally regular in depositing with the appropriate
authorities in India the undisputed statutory dues under Provident
Fund, Income tax, Wealth Tax, Value Added Tax, Service Tax, Duties and
other material statutory dues as applicable to it. As at the end of the
financial year there were no undisputed amounts payable for a period of
more than six months from the date they become payable.
(b) There are no dues of Income Tax/Wealth Tax/ Service Tax which have
not been deposited with the appropriate authorities on account of any
dispute.
(x) The accumulated losses of the Company are more than 50% of its net
worth. The Company has not incurred cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.
(xi) Based on our audit procedure and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to any bank or financial institution
during the year under review.
(xii) In our opinion and according to the information and explanations
given to us the company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion and according to the information and explanation
given to us the Company is not a chit fund or a nidhi/mutual benefit
fund / society. Therefore, the provisions of clause 4 (xiii) of "the
Order" are not applicable to the Company.
(xiv) The Company has maintained proper records of the transactions and
contracts in respect of dealing in shares, securities, debentures,
mutual funds and other investments and timely entries have been made
therein. All the shares, securities, debentures and other investments
have been held by the Company in its own name.
(xv) In our opinion and according to the information and explanations
given to us the company has not given any guarantee for loans taken by
others from bank and financial institutions.
(xvi) In our opinion and according to the information and explanations
given to us the Company has not obtained term loans during the year.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Companies Act 1956, during the year.
(xix) The Company has not raised any funds by the way of debenture
issue during the year. Accordingly, the provision of clause 4 (xix) of
"the Order" is not applicable to the Company.
(xx) The Company has not raised any money by way of public issue during
the year under review.
(xxi) During the year covered by our audit report and as explained to
us, to the best of our knowledge and belief, no material fraud has been
noticed or reported by the company.
Sd/- Sd/-
For SHAH & CO. For VORA & ASSOCIATES
CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS
Firm Regn. No.: 109430W Firm Regn. No.: 111612W
Sd/- Sd/-
A. H. SHAH MAYURA. VORA
PARTNER PARTNER
(Membership No. 103750) (Membership No.030097)
PLACE: MUMBAI
DATED: 23/07/2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of JOY REALTY LIMITED
(Formerly Madhusudan Leasing and Finance Limited) as at 31st March
2011, the Profit and Loss Account and the Cash flow statement of the
Company for the year ended on that date as 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 standards of auditing
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 reasonable
basis for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 as
amended by the Companies (Auditor's Report) (Amendment) Order, 2004
("the order") issued by the Central Government of India in terms of
sub section (4A) of Section 227 of the Companies Act, 1956, we enclose
in the Annexure a statement on the matters specified in paragraphs 4
and 5 of the said order.
4. Further to our comments in the Annexure referred to in Paragraph
(3) above; we report that;
(i) we have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the 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
those books;
(iii) the Balance Sheet, the Profit & Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts;
(iv) in our opinion, the Balance Sheet, the Profit & Loss Account and
the 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) based on the representations made by the Directors and taken on
record by the Board of Directors of the Company and the information and
explanations given to us, none of the Directors is, as at March 31,
2011, prima-facie disqualified from being appointed as a director in
terms of clause (g) of sub- section (1) of Section 274 of the Companies
Act, 1956 and
(vi) in our opinion and to the best of our information and according to
the explanations given to us, the said accounts, subject to :
Note V(i) - regarding non-provision of doubtful debts of 83,80,299/-;
Note V(ii) - regarding diminution in the value of investments;
Note VII - non amortization of miscellaneous expenditure.
Read together with other notes in Schedule 'N', give the
information required by the Companies Act, 1956, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the State of affairs of the
company as at March 31, 2011;
(b) in the case of Profit & Loss Account of the PROFIT of the Company
for the year ended on that date and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Annexure to the Auditors' Report
(Referred to in paragraph 3 of our Report of even date for the year
ended 31" March 2011.)
(i) In respect of its Fixed Assets
(a) The records showing full particulars including quantitative details
and situation of fixed assets needs to be updated.
(b) As explained to us according to the practice generally followed,
the fixed assets of the Company are physically verified by the
management at reasonable intervals, in a proper manner, which in our
opinion is reasonable and no discrepancies were noticed on physical
verification;
(c) The Company has not disposed off any substantial part of its fixed
assets so as to effect its going concern;
(ii) In respect of inventories
(a) We are informed that inventories in the nature of work in progress
undertaken have been physically verified by the management at
reasonable intervals.
(b) In our opinion and according to the information and explanation
given to us, the procedure of stock-in-trade followed by the management
is reasonable and adequate in relation to the size of the company and
the nature of its business.
(c) In our opinion, the company is generally maintaining proper records
of inventory. No material discrepancies have been notified between the
physical stock and book records.
(iii) In respect of the loans, secured or unsecured, granted or taken
by the company to/from companies, firms or other parties covered under
register maintained u/s 301 of The Companies Act, 1956:
(a) The Company has not granted any secured or unsecured loans to
companies, firms and other parties as covered in the register
maintained u/s 301 of The Companies Act, 1956. Accordingly, paragraphs
4(iii) (b) (c) and (d) of "the Order" are not applicable.
(b) The Company has not taken any secured or unsecured loans from
companies, firms and other parties as covered in the register
maintained u/s 301 of The Companies Act, 1956. Accordingly, paragraphs
4(iii) (e) (f) and (g) of "the Order" are not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control procedure commensurate
with the size of the company and nature of its business for purchase of
fixed assets, inventories and for sale of goods, if any. During the
course of our audit no major weakness has been observed in the internal
control procedures but it requires to be further standardized.
(v) According to the information and explanations given to us, there
are transactions in pursuance of contracts and arrangements entered in
the register maintained under section 301 of the Companies Act, 1956
aggregating during the year to Rs.500,000/- or more in respect of any
party in the year under report, but the Register needs to be updated.
(vi) The Company has not accepted any deposits from the public within
the meaning of Section 58A and Section 58AA of the Companies Act 1956
and the rules framed there under.
(vii) In our opinion, the internal audit function carried out during
the year by a firm of Chartered Accountants appointed by the Management
has been commensurate with the size of the Company and the nature of
its business but the First Internal Audit Report of the Company is not
made available by the audit firm to the Company till date.
(viii) As informed to us, the maintenance of cost records has not been
prescribed by the Central Government under Section 209 (1) (d) of the
Companies Act, 1956, in respect of activities carried on by the
Company.
(ix) According to information and explanation given to us, in respect
to statutory dues
(a) The company is generally regular in depositing with the appropriate
authorities in India the undisputed statutory dues under Income tax Act
and other material statutory dues as applicable to it.
(b) At the end of the financial year there were no undisputed amounts
payable in respect of income tax and other material statutory dues as
applicable, for a period of more then six months from the date they
become payable.
(x) The accumulated losses of the Company are more than 50% of its net
worth. The Company has not incurred cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.
(xi) In our opinion and according to the information and explanations
given to us the Company has not defaulted in repayment of dues to any
bank or financial institution.
(xii) In our opinion and according to the information and explanations
given to us the company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion and according to the information and explanation
given to us the Company is not a chit fund or a nidhi/mutual benefit
fund / society. Therefore, the provisions of clause 4 (xiii) of "the
Order" are not applicable to the Company!
(xiv) The Company has maintained proper records of the transactions and
contracts in respect of dealing in shares, securities, debentures,
mutual funds and other investments and timely entries have been made
therein. All the shares, securities, debentures and other investments
have been held by the Company in its own name.
(xv) In our opinion and according to the information and explanations
given to us the company has not given any guarantee for loans taken by
others from bank and financial institutions.
(xvi) In our opinion and according to the information and explanations
given to us the Company has not obtained term loans during the year.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Companies Act 1956, during the year.
(xix) The Company has not raised any funds by the way of debenture
issue during the year. Accordingly, the provision of clause 4 (xix) of
"the Order" is not applicable to the Company.
(xx) The Company has not raised any money by way of public issue during
the year under review.
(xxi) During the year covered by our audit report and as explained to
us, to the best - of our knowledge and belief, no material fraud has
been noticed or reported by the company.
For SHAH & CO. For VORA & ASSOCIATES
CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS
Firm Regn. No.: 109430W Firm Regn. No.: 111612W
Sd/- Sd/-
H. N. SHAH MAYURA.VORA
PARTNER PARTNER
(Membership No. 008152) (Membership No.030097)
PLACE: MUMBAI
DATED: 03/09/2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of JOY REALITY LIMITED
(Formerly Madhusudan Leasing and Finance Limited) as at 31 st March
2010, the Profit and Loss Account and the Cash flow statement of the
Company for the year ended on that date as 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 standards of auditing
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 reasonable
basis for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 as
amended by the Companies (Auditors Report) (Amendment) Order, 2004
("the order") issued by the Central Government of India in terms of sub
section (4A) of Section 227 of the Companies Act, 1956, we enclose in
the Annexure a statement on the matters specified in paragraphs 4 and 5
of the said order.
4. Further to our comments in the Annexure referred to in Paragraph
(3) above; we report that;
(i) we have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the 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
those books;
(iii) the Balance Sheet, the Profit & Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts;
(iv) in our opinion, the Balance Sheet, the Profit & Loss Account and
the 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) based on the representations made by the Directors and taken on
record by the Board of Directors of the Company and the information and
explanations given to us, none of the Directors is, as at March 31,
2010, prima-facie disqualified from being appointed as a director in
terms of clause (g) of sub-section (1 of Section 274 of the Companies
Act, 1956 and
Note V(i) - regarding non-provision of doubtful debts of Rs.83,80 299/-
Note V(ii)- regarding diminution in the value of investments
read together with other notes in Schedule M, give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair View in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the State of affairs of the
company as at March 31,2010
b) in the case of Profit & Loss Account of the PROFIT of the Company
for the year ended on that date and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in Paragraph 3 of our Report of even date for the year 31
st March 2010) (i) In respect of its Fixed Assets
(a) The records showing full particulars including quantitative details
and situation of fixed assets needs to be updated.
(b) As explained to us according to the practice generally followed,
the fixed assets of the Company are physically verified by the
management at reasonable intervals in a proper manner, which in our
opinion is reasonable and no discrepancies were noticed on
physical verification;
(c) The Lease Assets has been dispensed during the year amounting to
Rs.1.46.06,426/- (WDV 69,02.339/-) in view of the closure of Lease
Business, and this does not affect the going concern status of the
Company;
(ii) In respect of inventories
(a) We are informed that inventories in the nature of work in progress
undertaken have been physically verified by the management at
reasonable intervals.
(b) In our opinion and according to the information and explanation
given to us, the procedure of stock-in-trade followed by the management
is reasonable and adequate in relation to the size of the company and
the nature of its business.
(c) In our opinion, the company is generally maintaining proper records
of inventory No material discrepancies have been notified between the
physical stock and book records.
(iii) In respect of the loans, secured or unsecured, granted or taken
by the company to/from companies, firms or other parties covered under
register maintained u/s 301 of The Companies Act, 1956:
(a) The Company has not granted any secured or unsecured loans to
companies, firms and other parties as covered in the register
maintained u/s 301 of The Companies Act, 1956. Accordingly, paragraphs
4(iii) (b) (c) and (d) of "the Order" are not applicable.
(b) The Company has taken unsecured loan from two parties covered in
the register maintained under section 301 of the Companies Act, 1956.
The maximum amount involved during the year is 35,00,000/- and the
year-end Balance of loans taken from such parties was NIL.
(c) The rate of interest and other terms and conditions of loans taken
by the company are not prima facie prejudicial to the interest of the
company.
(d) There is full repayment of principal amount.
IV. In our opinion and according to the information and explanations
given to us, there is adequate internal control procedure commensurate
With the size of the company and nature of its business for purchase of
fixed assets, inventories and for sale of goods, if any. During the
course of our audit no major weakness has been observed in the internal
control procedures.
V. According to the information and explanations given to us, there
are no transactions in pursuance of contracts and arrangements entered
in the register maintained under section 301 of the Companies Act, 1956
aggregating during the year to Rs.500,000/- or more in respect of any
party in the year under report.
VI. The Company has not accepted any deposits from the public within
the meaning of Section 58A and Section 58AA of the Companies Act 1956
and the rules framed there under.
VII. As informed to us, the Company has no formal internal audit
system as such but its internal control procedures ensure reasonable
internal check of its financial and other records.
VIII. As informed to us, the maintenance of cost records has not been
prescribed by the Central Government under Section 209 (1) (d) of the
Companies Act, 1956, in respect of activities carried on by the Company
IX. According to information and explanation given to us, in respect
to statutory dues
(a) The company is generally regular in depositing with the appropriate
authorities in India the undisputed statutory dues under Income tax Act
and other material statutory dues as applicable to it.
(b) At the end of the financial year there were no undisputed amounts
payable in respect of income tax and other material statutory dues as
applicable, for a period of more then six months from the date they
become payable.
x. The accumulated losses of the Company are more than 50% of its net
worth. The Company has not incurred cash losses during the financial
year covered by our audit and in the immediately preceeding financial
year.
xi. In our opinion and according to the information and explanations
given to us the Company has not defaulted in repayment of dues to any
bank or financial institution.
xii. In our opinion and according to the information and explanations
given to us the company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
xiii. In our opinion and according to the information and explanation
given to us the Company is not a chit fund or a nidhi/mutual benefit
fund / society. Therefore, the provisions of clause 4 (xiii) of "the
Order" are not applicable to the Company.
xiv. In our opinion and according to the information and explanations
given to us, the Company is not a dealer in or trader in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of "the Order" are not applicable to the
Company.
xv. In our opinion and according to the information and explanations
given to us the company has not given any guarantee for loans taken by
others from bank and financial institutions.
xvi. In our opinion and according to the information and explanations
given to us the Company has not obtained term loans during the year
xvii. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company we report
that no funds raised on short-term basis have been used for long-term
investment.
xviii. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act 1956, during the year.
xix. The Company has not raised any funds by the way of debenture issue
during the year. Accordingly, the provision of clause 4 (xix) of "the
Order" is not applicable to the Company
xx. The Company has not raised any money by way of public issue during
the year under review.
xxi. According to the information and explanations given to us no fraud
on or by the Company was noticed or reported during the year.
For SHAH & COMPANY
CHARTERED ACCOUNTANTS For VORA & ASSOCIATES
Firm Regn. No. : 109430W CHARTERED ACCOUNTANTS
Firm Regn. No. : 111b12W
Sd/-
MAYURA.VORA
PARTNER
Sd/- EMBERSHIP NO. : 030097
H.N.SHAH
PARTNER
MEMBERSHIP NO. : 008152
Place: Mumbai
Dated: August 30, 2010
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Avishkar Infra Realty Ltd. Financial Data
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Avishkar Infra Realty Ltd. Reports
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Avishkar Infra Realty Ltd. Corporate Announcements
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