Mar 31, 2012
1. We have audited the attached Balance Sheet of Genus Commu-trade
Limited as at 31st March 2012 and also the Statement of Profit & Loss
and Cash Flow Statement for the year on that date annexed thereto
(together referred to as ''financial statements''). These financial
statements are the responsibility of the Company''s management. Our
responsibility is to express an opinion on the financial statements
based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor''s Report) Order, 2003, as
amended by the Companies (Auditor''s Report) (Amendment) order,2004
("the said Order") issued by the Central Government of India in
terms of sub-section (4A) of Section 227 of the Companies Act, 1956, on
the basis of such checks of the books and records of the Company as we
considered necessary and appropriate, and according to the information
and explanations given to us during the course of the audit, we enclose
in the Annexure a statement on the matters specified in paragraph 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 the
books;
(iii) 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;
(iv) in our opinion, the Balance Sheet, the Statement of Profit and
Loss and Cash Flow Statement dealt with by this report are in
compliance in all material aspect with the accounting standard referred
to in Section 211 (3C) of the Companies Act, 1956 so far as it is
applicable to the Company;
(v) On the basis of the written representation received from the
Directors as at 31.03.2012 and taken on record by the Board of
Directors, we report that none of the Directors of the Company are
disqualified as on 31.03.2012 from being appointed as director under
Sec. 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 financial statements read
together with notes 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 :
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012 and
(b) in the case of the Statement of Profit and Loss, of the Loss of the
Company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the Cash Flow for the
year ended on 31st March, 2012.
Annexure to the Auditors'' Report
Annexure referred to in paragraph 3 of our report of even date to the
members of the Genus Commu-trade Limited on the financial statements
for the year ended March 31st, 2012
i. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The Fixed Assets have been physically verified by the management
during the year and no material discrepancies were noticed on such
verification. In our opinion, the frequency of verification of the
fixed assets is reasonable having regards to the size of the Company
and the nature of its fixed assets.
c) As during the year, the Company has not disposed off any Fixed
Assets, hence clause 4(i) (c) of the Order is not applicable to the
Company.
ii. a) The Inventories (Shares) have been verified during the year by
the management at the reasonable interval. In our opinion, the
frequency of verification is reasonable.
b) The procedures as explained to us, which are followed by the
management for physical verification of inventories, are reasonable and
adequate in relation to the size of the company and the nature of its
business.
c) The Company has maintained proper record of inventory. No material
discrepancies noticed on physical verification of inventories as
compared to book records.
iii. a) According to the information & explanation given to us, the
company has not granted loans to Companies, firms or other parties
listed in the register maintained u/s 301 of the Companies Act 1956.
Accordingly, sub-clause 4(iii)(b), (c) and (d) in relation to loan
granted are not commented upon.
b) The Company has taken loan from a Company and other parties covered
in the register maintained under section 301 of the Companies Act,
1956.
c) In our opinion, terms & condition on which loans have taken from
such person listed in the register maintained under section 301 of the
Companies Act, 1956 are not prima- facie prejudicial to the interest of
the Company.
d) In the case of loan taken by the Company, there are no stipulations
as to repayment of principal amount; hence we are unable to report
about regularity as well as overdue amount of principal and interest.
iv. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control procedure
commensurate with the size of the company and the nature of its
business with regard to the purchase of fixed assets, inventories &
Sale of goods. During the course of our audit, we have not observed any
continuing failure to correct major weakness in internal controls.
v. a) In our opinion and according to the information and explanations
given to us, during the period there are no contracts or arrangements,
particulars of which needs to be entered into the register maintained
under section 301 of the Companies Act, 1956.
b) Sub clause (b) is not applicable.
vi. In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from the public
within the meaning of section 58A and 58AA of the Companies Act, 1956,
and the rules framed there under. We are informed that no order has
been passed by the company Law Board, National Law Tribunal or Reserve
Bank of India or any court or any other tribunal.
vii. The Company do not have formal internal audit, but Company''s
control procedures ensures reasonable internal checking of its
financial & other records.
viii. According to the information and explanation given to us,
maintenance of cost records has not been prescribed by the Central
Government under Section 209(1 )(d) of the Companies Act,1956 for any
of the activities of the Company. Hence the question of reporting under
clause 4(viii) of the said Order does not arise.
ix. a) According to the information and explanations given to us and
the records of the Company examined by us, during the year there were
no disputed statutory dues including Income Tax dues, Sales Tax, Wealth
Tax, Service Tax, Custom Duty Excise Duty, Cess & other statutory; We
have been informed by the company Provision of Provident Fund,
Employees State Insurance Scheme is not applicable and also provisions
of Investor Education & Protection Fund these are not applicable hence
the question of whether the Company was regular in depositing
undisputed statutory dues does not arise.
b) As per records of the Company and according to the information and
explanation given to us, no disputed amount payable in respect of
Income Tax, Wealth Tax, Service Tax , Sales Tax, Customs Duty, & Excise
Duty as at 31.03.2012 for a period more than six months from the date
they become payable.
c) According to the information & explanation given to us ,there are no
dues of Sale Tax, Income tax, customs duty , Service Tax , wealth tax,
excise duty and Cess which have not been deposited on account of any
dispute.
x. The Company has accumulated losses at the end of the financial year
more than 50% of its net worth and has incurred cash losses at the end
of the financial year and immediately preceding financial year.
xi. According to information & explanations given to us, the Company
has not raised any loans from Banks or financial institution, hence
clause 4 (xi) of the order are not applicable to the Company.
xii. According to information & 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. The Company is not a chit fund or a nidhi / mutual benefit fund
/ society. Therefore, the provision of clause 4 (xiii) of the Order are
not applicable to the Company.
xiv. The provision of clause 4 (xiv) of the order are not applicable,
as the Company is not dealing in or trading in shares, securities,
debentures, and other investments.
xv. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from a
bank or financial institutions and hence the provision of clause 4 (xv)
of the Order is not applicable to the Company.
xvi. The Company has not availed any term loans; accordingly, the
question of reporting on its applications does not arise. Therefore,
the provision of clause 4 (xvi) of the Order are not applicable to the
Company.
xvii. According to the information and explanations given to us and as
on overall examination of the Balance Sheet of the Company, We report
that no funds raised on short term basis have been used during the year
for the 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.
xix. There are no debentures issued or outstanding during the year.
xx. During the year covered by our audit report, the Company has not
raised any money by way of public issue.
xxi. During the course of our examination of the books of account,
carried out in accordance with generally accepted auditing practice in
India, and according to the information and explanations given to us,
we have neither come across any incidence of material fraud on or by
the Company, noticed or reported during the year, nor have we been
informed of any such case by management.
For Vishves A. Shah & Co.
Chartered Accountants
Vishves A. Shah
Proprietor
M. No. 109944
Place: Palanpur
Date: 02/09/2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of GENUS COMMU-TRADE
LIMITED as at 31st March, 2011 and the related Profit and Loss Account
for the year ended on that date annexed thereto, which we have signed
under reference to this report. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conduct our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis of
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 as
amended by Companies (Auditor's Report) amendment Order, 2004
(together with the order) issued by the Central Government of India in
terms of sub-section (4A) of Section 227 of the Companies Act, 1956 and
as per the information and explanation given to us during the course of
our audit, we annex hereto a statement on the matters specified in
paragraphs 4 and 5 of the said order.
4. Further to out comments in the Annexure referred in paragraph (3)
above and information and explanations provided to us, 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 accounts as required by the law
have been kept by the Company so far as it appears from our examination
of such books.
c. The Balance Sheet, Profit & Loss Account and the Cash Flow
Statement referred to in this report are in agreement with the Books of
Account of the Company.
d. In our opinion, these financial statements comply with the
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956 except as stated in para f(i) and (ii) below.
e. On the basis of written representations received from the Directors
as on 31st March, 2011 and taken on record by the Board of Directors, we
report that none of the Directors of the company are disqualified as on
31st March, 2011 from being appointed as a Director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the accounts together with the notes
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 the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011 and
ii. In the case of Profit and Loss Account, of the Loss for the year
ended on that date.
Annexure referred to in paragraph 3 of our report even date:
1. a. Proper records showing full particulars including quantitative
details and situation of Fixed Assets of the Company are being updated.
b. The Management physically verifies the fixed assets of the Company.
No material discrepancies were noticed on verification.
c. No substantial parts of the fixed assets have been disposed off
during the year
2. a. At the end of the year the company has inventory of shares of
Rs.15,10,87,500.
b. The shares are Valued at purchase cost.
c. Inventories have been physically verified by the management at
regular intervals during the year.
3. a. The Company has taken loans from Companies, Firms and other
parties other than Directors. Proper records and Register is maintained
under Section 301 of the Act. No amount was borrowed from the Directors
of the Company during the year & other financial institution.
b. In our opinion, the terms and conditions, on which loans have been
taken from Companies, firms and other parties listed in the register
maintained under Section 301 of the Companies Act, 1956 and from the
companies under the same Management are not prima fade, prejudicial to
the interest of the Company.
c. The Principal & Interest Repaid as stipulated.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, with regard to purchases of plant and machinery, equipment
and other assets and with regard to the sale of goods.
5. a. According to the information and explanation given to us, we are
of the opinion at the transactions that need to be entered into the
register maintained under section 301 of the Act, have been entered.
b. In our opinion and according to the information and explanation
given to us, there are no any transaction more than INR 50,000 or more
of purchase of goods and materials and sale of goods, materials and
services, made in pursuance of contracts or arrangements entered in the
registers maintained under Section 301 and aggregating during the year
in respect of each party, so this provision is not applicable.
5. In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposits; hence the
provision of section 58A of the Companies Act, 1956 and Companies
(acceptance of Deposits) Rules, 1975 with regard to the deposits
accepted from the public are not applicable.
7. In our opinion, the company has no requirement of any internal
audit system commensurate with the size and nature of its business.
8. The maintenance of cost records has not been prescribed by the
Central Government under section 209(1 )(d) of the Companies Act, 1956
for any of its products.
9. a. According to the information and explanation given to us, the
Company is generally regular in depositing with the appropriate
authorities, undisputed statutory dues including Provident Fund,
ESIC, Income Tax, Sales Tax, Excise Duty, Cess and any other material
statutory dues applicable to it.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales
Tax, Custom Duty, Excise Duty and Cess were outstanding as at 31st
March, 2011 for a period of more than six months from the date they
became payable.
10. The Company has accumulated losses of Rs.2,77,33,495 The Company
has incurred cash losses during the financial year covered by our audit
and the immediately preceding financial year.
11. In our opinion and according to the information and explanation
given to us, the Company has not defaulted in repayment of dues to
financial institutions or banks.
12. According to the information and explanations given to us, the
Company has not granted, loans and advances on the basis of securities
by way of pledge of shares, debentures and other securities. Therefore,
the provisions of clause 4(xH) of the Companies (Auditors Report)
order, 2003 are not applicable to the Company.
13. In our opinion, the Company is not a Chit Fund or a NIDHI Mutual
Benefit Fund / Society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditors Report) order, 2003 are not applicable to the
Company.
14. The Company has maintained proper records of the transactions and
contracts in respect of dealing or trading in shares, securities,
debentures and other investments and timely entries have been made
therein. All shares, securities, debentures and other investments have
been held by the Company in its own name.
15. As informed to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
16. 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
assets. No long-term funds have been used to finance short-term assets.
17. The Company has not made any preferential allotment of shares to
the companies, firms or other parties listed in the register maintained
u/s. 301 of the Companies Act.
18. The Company has not issued any debentures.
19. During the period covered by our audit report, the Company has not
raised any money by public issue.
20. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the course of our audit.
For Vishves A. Shah & Co.
Chartered Accountants
Vishves A. Shah
Proprietor
M. No. 109944
Place: Ahmedabad
Date : August 28, 2011
Mar 31, 2010
1. We have audited the attached Balance sheet of GENUS COMMU-TRADE
LIMITED as at 31st March, 2010 and the related Profit & Loss
Account for the year ended on that date annexed thereto, which we have
signed under reference to this report. These financial statements are
the responsibility of the Company''s management. Our responsibility is
to express an opinion on these financial statements based on our audit.
2, we conduct our audit In accordance with auditing standards generally
accepted In India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material mis-statement An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation, we believe that our audit provides reasonable basis for
our opinion.
3, as required by the Companies (Auditor''s Report) Order, 2003 as
amended by Companies (Auditor''s Report) amendment order, 2004 (together
with the order) issued by the Central Government of India in terms of
sub section (4A) of section 227 of the companies Act, 1956, we annex
hereto 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 and information and explanations provided to us, we report
that:
1) We have obtained ail the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of
the audit.
2) In our opinion, proper books of accounts as required by the law have
been kept by the Company so far it appears from our examination of such
books.
3) The Balance sheet, Profit & Loss Account and the cash Flow statement
referred to in this report are In agreement with the books of the
company.
4) in our opinion, these financial statements com ply with the
Accounting Standards referred to in sub section (30 of section 211 of
the companies Act 1956, except as stated in Para 6 (a) and (b) below.
5) On the basis of written representations received from the Directors,
as on 31st March, 2010, and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 31st 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.
6) In our opinion and according to the formation and according to the
explanations given to us the accounts together with the notes thereon
of schedule 12 and In particular give the information required by the
companies Art. 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 31st March 2010.and
b) In the case of profit and loss Account of the loss for the year
ended on 31st March 2010
1. a. proper records showing full particulars including quantitative
details and situation of Fixed Assets of the Company are belong
pated.
b. The Management physically verifies the fixed assets of the company,
no material discrepancies were noticed on verification.
c. No substantial parts of the fixe desserts have been disposed off
during the year
2. a. Attends of the year company has inventory of shares of
Rs.217331659.
b. The Shares are valued at purchase cost.
c. Inventories have been physically verified by the management at
regular intervals during the year.
3. a. The Company has taken loans from companies, Firms or other
parties other than Directors;
Proper records and Register is maintained under Section 301 of the Act.
No amount was borrowed from the Directors of the company during the
year & other financial Institutes.
b. in our opinion, the terms and conditions, on which loans have been
taken from companies, firms or other parties listed in the register
maintained under Section 301 of the companies Act, 1956 and from the
companies under the same Management, are not prima facie, prejudicial
to the interest of the company.
c. The Principal & interest Repaid as Stipulated.
4. in our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business, with regard to purchases of plant and machinery, equipment
and other assets and with regard to the sale of goods.
5. a. According to the information and explanation given to us, we are
of the opinion at the transactions that need to be entered into the
register maintained under section 301 of the Act, have been entered.
b. In our opinion and according to the information and explanation
given to us, There Is no any transactions more than Rs. 50,000/- or
more of purchase of goods and materials and sale of goods, materials
and services, made in pursuance of contracts or arrangements entered in
the registers maintained under section 301 and aggregating during the
year in respect of each party, so this provision is not applicable
6. in our opinion and according to the information and explanation
given to us, the company has not accepted any deposits; hence the
provision of section 58A of the Companies Act, 1956 and Companies
(acceptance of Deposits) Rules, 1975 with regard to the deposits
accepted from the pubic care not applicable.
7. In our opinion, the company has no requirement of any internal
audit system commensurate with the size and nature of its business.
8. The Central Government has not prescribed for maintenance of cost
records under section 209 (1) (d)of the companies Act,l956 for the
products of the company.
9. a. According to the Information and explanation given to us, the
company is generally regular in depositing with the appropriate
authorities, undisputed statutory dues including Provident Fund, ESic,
income Tax, Sales Tax, Excise Duty, cess and any other material
statue . dues applicable to it.
b. According to the information and explanations given to us, no
undisputed amounts payable In respect of income Tax, wealth Tax, sales
Tax, Custom duty, Excise Duty and Cess were outstanding
as at 31st March, 201 o for a period of more than six months from the
date they became payable.
10. The Company have accumulated losses of rs.3633824. The company has
incurred cash losses during the financial year covered by our audit -
11. in our opinion and according to the information and explanation
given to us, the Company has not defaulted in repayment of dues to
financial institutions or banks.
12. According to the information and explanations given to us, the
company has not granted loans and advances on the basis of securities
by way of pledge of shares, debentures and other securities. Therefore,
the provisions of clause 4(xi) of the Companies (Auditors Report) order
2003 are not applicable to the Company.
13. in our opinion, the Company is not a Chit Fund or a NIDHI Mutual
Benefit Fund /society. Therefore the provisions of clause 4{xiii) of
the companies (Auditors Report) order, 2003 are not applicable to the
Company.
14. The Company has maintained proper records of the transactions and
contracts in respect of dealing or trading in shares, securities,
debentures and other investments and timely entries have been made
therein. All shares, securities, debentures and other Investments have
been held by the company in its own name.
15. As informed to us, the company has not given any guarantee for
loans taken by others from banks or financial institutions.
16. 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
assets, no long-term funds have been used to finance short-term assets.
17. The Company has not made any preferential allotment of shares to
the companies, firms or other parties listed I n the register
maintained u/s. 301 of the Companies Act.
18. The company has not issued any debentures.
19. During the period covered by our audit report, the Company has not
raised any money by public
20. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the com
pany has been noticed or rep forted during the course of our audit.
For vishves A. Shah & Co.
Chartered Accountants
Place : Ahmedabad Firm No 121356 w
Date : 28th Aug 2010 vishves A.Shah
proprieter
M. No. 109944
Mar 31, 2009
We have audited the attached Balance Sheet of GENUS COMMU TRADE LTD as
at 31st March, 2009 and also the Profit and Loss Accounts for the year
ended on that date annexed thereto.These financial statements are the
responsibility of the Companys Management. Our responsibility is to
express an opinion on these financial statements based on our audit .
1. we have conducted our audit in accordance with auditing standard
generally accepted in India. Those standards require that we paln and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining ,on a test basis ,evidence.Supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management as well as evaluating the over all financial statements
presentation .We belive that our audit provides a resonable basis for
our opinion.
2. As required by the Companies Auditors Report Order 2003 ,issued by
the Central Government of India in term of section 227(4A) of the
Companies Act.1956 and on the basis of such checks as we considered
appropriate and as per inforamtion and explanation given to us during
the course of our audit ,we annex hereto a statement on the matters
specified in paragraphs 4 and 5 of the said order
3 .Further to our comments in the annexure referred to the paragraph 3
above, we report as under :-
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 accounts as required by Law
have been kept by the company so far as appears from ourexamination of
the books.
c.The Balance Sheet and Profit & Loss Account dealt with by this Report
are in agreement with the books of account of the company .
d. In our opnion , the Balance Sheet and the Profit & Loss Accounts
dealt with by the report are in compliance with the Accounting
standards referred to in section 211(3C)of the companies Act,1956.
e. On the basis of written representation received from the directors
and take on records by the Board of Directors, we report you that none
of the Directors of the company disqualified as on 31st march 2009 from
being appointed as Director of the company under clause(g) of
sub-section (1) of section 274 of the Act 1956 .
f. In our opinion and to the best of our informaion and accroding to
the explanations given to us ,the said Financial Statement read
together with the notes thereon give the information required by the
comapines Act,1956 in the manner so required and give a true and fair
view in conformity with the Accounting Principle generally accepted in
India .
i) In the case of Balance Sheet of the state of affairs of the Company
as at 31st March, 2009.
(ii) In the case of profit and Loss Account of the Profit of the
company for the year ended on that date.
(iii) In the case of Cash Flow Statement, of the Cash Flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH 2 OF OUR
REPORT OF EVEN DATE
In Respect of Fixed Assets:
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals in a phased manner in
accordance with a programme of verification adopted by the company
which in our opinion is reasonable, having regard to the company and
nature if its assets. To the best of our knowledge no material
discrepancies were noticed on such verification.
(c) In our opinion, the company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of Inventories:
(a) As explained to us, the inventories have been physically verified
by the management at reasonable intervals during the year. In our
opinion, the frequency of such verification is reasonable having regard
to the size of the Company and the nature of its business.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of the business.
(c) The Company has maintained proper records of inventory. As
explained to us, there were no material discrepancies noticed on
physical verification of the having regard to the size of the
operations of the Company.
3. 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 under Section 301 of the Companies Act, 1956.
(a) The company has not taken or granted any loans, secured or
unsecured to companies, firms or other parties covered in the register
maintained under section 301 of the Act.
(b) Since the Company has not granted or taken any loans, secured or
unsecured to/from companies, firms or other parties covered in the
register maintained under section 301. Hence the relevant Para for the
rate of interest, payment of principal amount & interest and overdue
are not applicable .
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory, fixed assets and with
regards to Sale of goods. During the course of audit, we have not
observed any continuing failure to correct major weakness in internal
controls.
5, in respect of transaction covered under section 301 of the Companies
Act, 1955.
(a) Based on audit procedures applied by us and according to the
information and explanation given to us, the transaction that needed to
be entered into the register have been so entered,
(b) In our opinion and according to the information and explanation
given to us, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act. 1956 aggregating during the year to Rs, 5,00,000/-
(Rupees Five Lac only) or more in respect of any party
6. In our opinion and according to the information and explanation
given to us the Company has not accepted any deposit from the public
during the financial year. Hence Provision of Clause (vi) Companies
(Auditors Report) Order, 2003 is not applicable to the Company
7. In our opinion and according to the information and explanation
given to us the company has adequate internal audit system commensurate
with the size and nature of the business.
8. The maintenance of cost records has not been prescribed by the
Central Government under section 209 (1) (d) of the Companies Act, 1956
for any of its products.
9. In respect of Statutory Dues: According to the information and
explanations given to us, there are no undisputed and outstanding
amount payable in respect of Provident fund, Investor Education and
Protection fund, Employees State Insurance, Income- Tax, Sales-Tax,
Wealth Tax, Custom Duty, Excise Duty, Excise and any other statutory
dues with the appropriate authorities as a 31st March 2009 for a period
of more than six moths from the date they become payable.
10. The company has no accumulated losses,
11. 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 financial institutions or banks.
12. In our opinion and according to the information and explanations
given to us. No loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the company is not a chit fund or a nidhi/mutul
benefit fund society.
Therefore the provision of clause 4(xiii) of the Companies (Auditors
Report) order 2003, is not applicable to the company.
14. The company is dealing in shares, security, debentures and other
investments, for which proper records have been maintained of the
transactions and timely entries have been made therein. Securities held
as stock in trade by the company are held in the name of Company or in
the name of its nominees except to the extent of the exemption granted
under Section 49 of the Act.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions.
16. The company has not raised term loans during the year. Therefore,
the provision of clause 4(xvi) of the Companies (Auditors Report)
order 2003, is not applicable to the company.
17. According to the information and explanation given to us and on
and overall examination of Balance sheet of the company, funds raised
on short-term basis, prima facie, have not been used during the year
for long-term investment. Similarly long-term funds, prima facie have
not been used to finance short-term assets.
18. During the year, the company has not made any preferential
allotment of share to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956. Therefore, the
provision of clause 4(xviii) of the Companies 9Auditors Report) order
2003, is not applicable to the company.
19. The company has not issued any debentures. Therefore, the
provision of clause 4{xix) of the Companies (Auditors) order 2003, is
not applicable to the company.
20. The company has not raised any money by public issue during the
year, therefore, the provision of clause 4(xx) of the Companies
(Auditors Report) order 2003, is not applicable to the company.
21. Based upon the audit procedure performed and information and
explanation given by the Management, we report that, no fraud on or by
the company has been noticed or reported during the course of our audit
for the year ended March 31, 2009.
for Shirish Dalal & Associates
Chartered Accountants
Shirish Dalal
Place :AHMEDABAD Proprietor
Date .05-09-2009 M. No. F-8996