Mar 31, 2014
We have audited the accompanying financial statements of Citiport
Financial Services Limited ("the Company"), which comprise the Balance
Sheet as at March 31, 2014, and the Statement of Profit and Loss and
Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements:
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with the circular 15/2013
dated 13 September 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.
Auditors'' Responsibility:
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing 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 judgement, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Profit and Loss Account, of the profit/ loss for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory
Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956 read with the
General circular 15/2013 dated 13 September 2013of 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, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
Annexure to Independent Auditor''s Report
(Referred to in Paragraph 1 under the heading of "report on other legal
and regulatory requirements" of our report of even date)
I. In respect of its Fixed Assets
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b. All the fixed assets have been physically verified by the
management at the reasonable interval. According to the information and
explanations given to us, no material discrepancies were noticed on
such verification.
c. In our opinion and according to information and explanations given
to us, the Company has not disposed off substantial part of fixed
assets during the year.
II. The Company is a financial services company, therefore physical
verification and maintenance of adequate record of inventory is not
applicable to the company.
III. a. The company has granted unsecured loans, to companies, firms
and other parties covered in the register maintained under section 301
of the Act.
b. In our opinion and according to the information and explanations
given to us, the rate of interest, whenever applicable and other terms
and conditions of the unsecured loans given by the company are not
prima facie, prejudicial to the interest of the company.
IV. In my opinion and according to the information and explanation
given to me, there are adequate internal control procedures
commensurate with the size of the company and nature of its business.
V. In our opinion and according to the information and explanations
given to us, we are of the opinion, that the transaction that need to
be entered in the register maintained under section 301 of the
companies act, 1956 have been so entered and they have been made at
price which are reasonable having regard to the prevailing market price
at the relevant time.
VI. In my opinion and according to the information and explanations
given to us, the company has not accepted deposits from public and
therefore, the provision of Section 58A and 58AA of the Companies Act,
1956 and rules there under are not applicable to the company.
VII. In my opinion, there is an internal audit system commensurate with
the size of business.
VIII. The Central Government has not prescribed maintenance of cost
records by the Company under section 209(1) (d) of the Act.
IX. The company has been regular in depositing undisputed statutory
dues, including provident fund, investor education and protection fund,
employees'' state insurance, income-tax, sales-tax, wealth-tax, custom
duty, excise duty, cess and other statutory dues with the appropriate
authorities. According to the information and explanation given to me,
no undisputed amounts payable in respect of income tax, wealth tax,
sales tax, customs duty and excise duty were outstanding, at the
year-end for a period of more than six months from the date they became
payable.
X. The Company have accumulated losses at the end of the year of Rs.
Nil and the company has not incurred cash losses during current year
and the company wasn''t incurred any cash losses in the immediately
preceding financial year.
XI. Based on my audit procedures and on the information and
explanation given by the management, I am of the opinion that the
company has not defaulted in the repayment of dues to financial
institutions, banks and debenture holders.
XII. According to the information and explanations given to me, the
company has given loans and advances on the basis of security by way of
Pronotes, post dated instruments, pledge of shares, debentures and
other securities.
XIII. The provisions of any special statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund / Societies are not applicable to the
Company.
XIV. In my opinion the company is not dealing or trading in shares,
securities, debentures and other investments during the year under
review; however there are long- term investments in the company.
XV. According to the information and explanations given to me, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
XVI. There were no term loans obtained by the company during the year.
XVII. According to the cash flow statement and other records examined
by me and the information and explanations given to me, on overall
basis, funds raised on short term basis have, prima facie, not been
used during the year for long term investment and vice versa, other
than temporary deployment pending application.
XVIII. The company has not made any preferential allotment during the
year nor does the company have any outstanding debentures during the
year.
XIX. The company has not issued any debentures and no securities and
charges are required to be created.
XX. The company has not raised any money by public issue during the
year.
XXI. To the best of my knowledge and belief and according to the
information explanation given to me, no fraud on or by the company was
noticed or reported during the year.
For G.V & Co.,
CHARTERED ACCOUNTANTS
Sd/-
Grandhi Vittal
Proprietor.
Membership No.206462
Firm Regn. No.012875S
Place : Hyderabad
Date : 30.05.2014
Mar 31, 2013
We have audited the accompanying financial statements of Citiport
Financial Services Limited ("the Company"), which comprise the Balance
Sheet as at March 31,2013, and the Statement of Proft and Loss and Cash
Flow Statement for the year ended, and a summary of signifcant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements:
Management is responsible for the preparation of these fnancial
statements that give a true and fair view of the fnancial position,
fnancial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the ActÂ). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the fnancial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditors'' Responsibility:
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing 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 inancial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the inancial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the fnancial 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 fnancial 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 fnancial statements.
We believe that the audit evidence we have obtained is suffcient 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 fnancial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) in the case of the Proft and Loss Account, of the proft/ loss for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash fows 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
OrderÂ) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, Statement of Proft 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 Proft 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 disqualifed as on March 31,2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notifcation as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITOR''S REPORT
(Referred to in Paragraph 1 under the heading of "report on other legal
and regulatory requirements of our report of even date)
I. In respect of its Fixed Assets
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fxed assets.
b. All the xed assets have been physically verifed by the management
at the reasonable interval. According to the information and
explanations given to us, no material discrepancies
c. were noticed on such verifcation. In our opinion and according to
information and explanations given to us, the Company has not disposed
off substantial part of fxed assets during the year.
II. The Company is a fnancial services company, therefore physical
verifcation and maintenance of adequate record of inventory is not
applicable to the company.
III. a. The company has granted unsecured loans, to companies, frms
and other parties covered in the register maintained under section 301
of the Act.
b. In our opinion and according to the information and explanations
given to us, the rate of interest, whenever applicable and other terms
and conditions of the unsecured loans given by the company are not
primafacie, prejudicial to the interest of the company.
IV. In my opinion and according to the information and explanation
given to me, there are adequate internal control procedures
commensurate with the size of the company and nature of its business.
V. In our opinion and according to the information and explanations
given to us, we are of the opinion, that the transaction that need to
be entered in th register maintained under section 301 of the companies
act, 1956 have been so entered and they have been made at price which
are reasonable having regard to the prevailing market price at the
relevant time.
VI. In my opinion and according to the information and explanations
given to us, the company has not accepted deposits from public and
therefore, the provision of Section 58A and 58AA of the Companies Act,
1956 and rules there under are not applicable to the company.
VII. In my opinion, there is an internal audit system commensurate
with the size of business.
VIII. The Central Government has not prescribed maintenance of cost
records by the Company under section 209(1) (d) of the Act.
IX. The company has been regular in depositing undisputed statutory
dues, including provident fund, investor education and protection fund,
employees'' state insurance, income-tax, sales-tax, wealth-tax, custom
duty, excise duty, cess and other statutory dues with the appropriate
authorities. According to the information and explanation given to me,
no undisputed amounts payable in respect of income tax, wealth tax,
sales tax, customs duty and excise duty were outstanding, at the
year-end for a period of more than six months from the date they became
payable.
X. The Company have accumulated losses at the end of the year of Rs.
Nil and the company has not incurred cash losses during current year
and the company hasn''t incurred any cash losses in the immediately
preceding fnancial year.
XI. Based on my audit procedures and on the information and
explanation given by the management, I am of the opinion that the
company has not defaulted in the repayment of dues to inancial
institutions, banks and debenture holders.
XII. According to the information and explanations given to me, the
company has given loans and advances on the basis of security by way of
Pronotes, post dated instruments, pledge of shares, debentures and
other securities.
XIII. The provisions of any special statute applicable to Chit Fund,
Nidhi or Mutual Beneft Fund / Societies are not applicable to the
Company.
XIV. In my opinion the company is not dealing or trading in shares,
securities, debentures and other investments during the year under
review; however there are long- term investments in the company.
XV. According to the information and explanations given to me, the
company has not given any guarantee for loans taken by others from bank
or fnancial institutions.
XVI. There were no term loans obtained by the company during the year.
XVII. According to the cash fow statement and other records examined
by me and the information and explanations given to me, on overall
basis, funds raised on short term basis have, prima facie, not been
used during the year for long term investment and vice versa, other
than temporary deployment pending application.
XVIII. The company has not made any preferential allotment during the
year nor does the company have any outstanding debentures during the
year.
XIX. The company has not issued any debentures and no securities and
charges are required to be created.
XX. The company has not raised any money by public issue during the
year.
XXI. To the best of my knowledge and belief and according to the
information explanation given to me, no fraud on or by the company was
noticed or reported during the year.
For G.V & Co.,
CHARTERED ACCOUNTANTS
Sd/-
Grandhi Vittal
Proprietor.
Membership No.206462
Firm Regn. No.012875S
Place : Hyderabad
Date : 06.06.2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s. Citi Port
Financial Services Limited as at 31st March, 2012, the Profit and Loss
account and the cash flow statement of the company for the year ended
on that date annexed thereto. These financial statements are the
responsibility of the company's management. My responsibility is to
express an opinion on these financial statements based on my audit.
2. I conducted my audit in accordance with auditing standards
generally accepted in India. Those standards require that I 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 managements, as well as evaluating the overall financial statement
presentation. I believe that my audit provides a reasonable basis for
my opinion.
3. As required by the Companies (Auditors Report) Order, 2003, issued
by the central Government of India in terms of section 227 (4A) of the
Companies Act, 1956,1 give in the annexure, a statement on the matters
specified in paragraphs 4 of the said Order.
4. Further to my comments in the annexure referred to in Para 3 above,
I report that:
(a) I have obtained all the information and explanation, which to the
best or my knowledge and belief were necessary for the purpose of my
audit in my opinion, proper books of accounts as required by law have
been kept by the company so far as appears from my examination of such
books.
(b) The balance sheet, profit & loss account and cash flow statement
dealt with by this report are in agreement with the book of account.
(c) In my opinion, the balance sheet, profit &, loss account and cash
flow statement dealt with by this report comply with the accounting
standards referred to in sub-section (3c) of section 211 of the
Companies Act, 1956.
(d) On the basis of the written representation received from the
directors as on 31st March 2012 and taken on record by board of
directors, I report that none of the directors is disqualified as on 3
1st March, 2012 from being appointed as a director in terms of clause
(g) of sub section (1) of section 274 of the companies act, 1956. As
regards government - nominee directors, they are exempted from the
provision of section 274 (1) (g) in view of general circular issued by
the department of company affairs.
5. In my opinion and to the best of my information and according to
the explanation given to me, the said accounts read with significant
accounting policies and the other note thereon, give the information
required by the companies act,1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
i. in case of the balance sheet of the state of affairs of the company
as at 31st March, 2012;
ii. in case of profit & loss account of the loss for the year ended on
that date, and
iii. in case of cash flow statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
(Referred to in Paragraph 3 of our Report of even date)
I. In respect of its Fixed Assets
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b. All the fixed assets have been physically verified by the
management at the reasonable interval. According to the information and
explanations given to us, no material discrepancies were noticed on
such verification.
c. In our opinion and according to information and explanations given
to us, the Company has not disposed off substantial part of fixed
assets during the year.
II. The Company is a financial services company, therefore physical
verification and maintenance of adequate record of inventory is not
applicable to the company.
III. a. The company has granted unsecured loans, to companies, firms
and other parties covered in the register maintained under section 301
of the Act.
b. In our opinion and according to the information and explanations
given to us, the rate of interest, whenever applicable and other terms
and conditions of the unsecured loans given by the company are not
primafacie, prejudicial to the interest of the company.
IV. In my opinion and according to the information and explanation
given to me, there are no laid down internal control procedures
commensurate with the size of the company and nature of its business.
V. In our opinion and according to the information and explanations
given to us, we are of the opinion, that the transaction that need to
be entered in the register maintained under section 301 of the
companies act, 1956 have been so entered and they have been made at
price which are reasonable having regard to the prevailing market price
at the relevant time.
VI. In my opinion and according to the information and explanations
given to us, the company has not accepted deposits from public and
therefore, the provision of Section 58A and 58AA of the Companies Act,
1956 and rules there under are not applicable to the company.
VII. In my opinion, there is an internal audit system commensurate with
the size of business.
VIII. The Central Government has not prescribed maintenance of cost
records by the Company under section 209(1) (d) of the Act.
IX. The company has been regular in depositing undisputed statutory
dues, including provident fund, investor education and protection fund,
employees' state insurance, income-tax, sales-tax, wealth-tax, custom
duty, excise duty, cess and other statutory dues with the appropriate
authorities. According to the information and explanation given to me,
no undisputed amounts payable in respect of income tax, wealth tax,
sales tax, customs duty and excise duty were outstanding, at the
year-end for a period of more than six months from the date they became
payable.
X. The Company have accumulated losses at the end of the year of
Rs.Nil and the company has not incurred cash losses during current year
and the company wasn't incurred any cash losses in the immediately
preceding financial year.
XI. Based on my audit procedures and on the information and
explanation given by the management, I am of the opinion that the
company has not defaulted in the repayment of dues to financial
institutions, banks and debenture holders.
XII. According to the information and explanations given to me, the
company has given loans and advances on the basis of security by way of
Pronotes, post dated instruments, pledge of shares, debentures and
other securities.
XIII. The provisions of any special statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund / Societies are not applicable to the
Company.
XIV. In my opinion the company is not dealing or trading in shares,
securities, debentures and other investments during the year under
review; however there are long- term investments in the company. The
records, however, does not fully comply with the provisions of clause
4(xiv) of the Companies (Auditor's Report) Order, 2003 applicable to
the company.
XV. According to the information and explanations given to me, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
XVI. There were no term loans obtained by the company during the year.
XVII. According to the cash flow statement and other records examined
by me and the information and explanations given to me, on overall
basis, funds raised on short term basis have, prima facie, not been
used during the year for long term investment and vice versa, other
than temporary deployment pending application.
XVIII. The company has not made any preferential allotment during the
year nor does the company have any outstanding debentures during the
year.
XIX. The company has not issued any debentures and no securities and
charges are required to be created.
XX. The company has not raised any money by public issue during the
year.
XXI. To the best of my knowledge and belief and according to the
information explanation given to me, no fraud on or by the company was
noticed or reported during the year.
For G.V & Co.,
CHARTERED ACCOUNTANTS
Sd/-
Grandhi Vittal
Proprietor.
Membership No.206462
Firm Regn. No.012875S
Place: Hyderabad
Date : 30.05.2012
Mar 31, 2010
1. I have audited the attached Balance Sheet of M/s. Citi Port
Financial Services Limited as at 31st March, 2010, the Profit and Loss
account and the cash flow statement of the company for the year ended
on that date annexed thereto. These financial statements are the
responsibility of the companys management. My responsibility is to
express an opinion on these financial statements based on my audit.
2. I conducted my audit in accordance with auditing standards
generally accepted in India. Those standards require that I 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 managements, as well as evaluating the overall financial statement
presentation. I believe that my audit provides a reasonable basis for
my opinion.
3. As required by the Companies Order, 2003, issued by the central
Government of India in terms of section 227 (4A) of the Companies Act,
1956,1 give in the annexure, a statement on the matters specified in
paragraphs 4 of the said Order.
4. Further to my comments in the annexure referred to in Para 3 above,
I report that:
(a) I have obtained all the information and explanation, which to the
best of my knowledge and belief were necessary for the purpose of my
audit in my opinion, proper books of accounts as required by law have
been kept by the company so far as appears from my examination of such
books.
(b) The balance sheet, profit & loss account and cash flow statement
dealt with by this report are in agreement with the book of account.
(c) In my opinion, the balance sheet, profit &, loss account and cash
flow statement dealt with by this report comply with the accounting
standards referred to in sub-section (3c) of section 211 of the
Companies Act, 1956.
(d) On the basis of the written representation received from the
directors as on 31st March 2010 and taken on record by board of
directors, I report that none of the directors is disqualified as on 3
1st March, 2010 from being appointed as a director in terms of clause
(g) of sub section (1) of section 274 of the companies act, 1956. As
regards government - nominee directors, they are exempted from the
provision of section 274 (1) (g) in view of general circular issued by
the department of company affairs.
5. In my opinion and to the best of my information and according to the
explanation given to me, the said accounts read with significant
accounting policies and the other note thereon, give the information
required by the companies act,1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India :
i. in case of the balance sheet of the state of affairs of the company
as at 31st March, 2010;
ii. in case of profit & loss account of the loss for the year ended on
that date, and
iii. in case of cash flow statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
I. In respect of its Fixed Assets
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b. All the fixed assets have been physically verified by the
management at the reasonable interval.
c. In our opinion and according to information and explanations given
to us, the Company has not disposed off substantial part of fixed
assets during the year.
II. The Company is a financial services company, therefore physical
verification and maintenance of adequate record of inventory is not
applicable to the company.
III. a. The company has granted Rs.51,69,779/- unsecured loans, to
companies, firms and other parties covered in the register maintained
under section 301 of the Act.
b. In my opinion and according to the information and explanations
given to us, the rate of interest, whenever applicable and other terms
and conditions of the unsecured loans given by the company are not
primafacie, prejudicial to the interest of the company.
IV. In my opinion and according to the information and explanation
given to me, there are no laid down control procedures commensurate
with the size of the company and nature of its business.
V. In our opinion and according to the information and explanations
given to us, we are of the opinion, that the transaction that need to
be entered in the register maintained under section 301 of the
companies act, 1956 have been so entered and the have been made at
price which are reasonable having regard to the prevailing market price
at the relevant time.
VI. In my opinion and according to the information and explanations
given to us, the company has not accepted deposits from public and
therefore, the provision of Section 58A and 58AA of the Companies Act,
1956 and rules there under are not applicable to the company.
VII. In my opinion, there is no internal audit system commensurate
with the size of business.
VIII. The Central Government has not prescribed maintenance of cost
records by the Company under section 209(1) (d) of the Act.
IX. The company has been regular in depositing undisputed statutory
dues, including provident fund, investor education and protection fund,
employees state insurance, income-tax, sales-tax, wealth-tax, custom
duty, excise duty, cess and other statutory dues with the appropriate
authorities. According to the information and explanation given to me,
no undisputed amounts payable in respect of income tax, wealth tax,
sales tax, customs duty and excise duty were outstanding, at the
year-end for a period of more than six months from the date they became
payable.
X. The Company have accumulated losses at the end of the year of
Rs.Nil and the company has not incurred cash losses during current year
and the company doesnt incurred any cash losses in the immediately
preceding financial year.
XI Based on my audit procedures and on the information and explanation
given by the management, I am of the opinion that the company has not
defaulted in the repayment of dues to financial institutions, banks and
debenture holders.
XII. According to the information and explanations given to me, the
company has given any loans and advances on the basis of security by
way of Pronotes, post dated instruments, pledge of shares, debentures
and other securities.
XIII. The provisions of any special statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund / Societies are not applicable to the
Company.
XIV. In my opinion the company is not dealing or trading in shares,
securities, debentures and other investments during the year under
review, however there are long- term investment in the company. The
records however does not fully comply with the provisions of clause
4(ixv) of the Companies (Auditors Report) Order, 2003 applicable to
the company.
XV. According to the information and explanations given to me, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
XVI. There were no term loans obtained by the company during the year.
XVII. According to the cash flow statement and other records examined
by me and the information and explanations given to me, on overall
basis, funds raised on short term basis have, prima facie, not been
used during the year for long term investment and vice versa, other
than temporary deployment pending application.
XVIII. The company has not made any preferential allotment during the
year nor does the company have any outstanding debentures during the
year.
XIX. The company has not issued any debentures and no securities and
charges are required to be created.
XX. The company has not raised any money by public issue during the
year.
XXI. To the best of my knowledge and belief and according to the
information explanation given to me, no fraud on or by the company was
noticed or reported during the year.
For Grandhi Vittal
CHARTERED ACCOUNTANTS
Sd/-
Grandhi Vittal
Proprietor.
Membership No.206462
Place : Hyderabad
Date : 29.05.2010
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