Mar 31, 2015
We have audited the accompanying financial statements of Genus Prime
Infra Limited (Formerly Gulshan Chemfill Limited) ("the Company"),
which comprise the Balance Sheet as at March 31, 2015, the Statement of
Profit and Loss and Cash Flow Statement for the year then ended, and a
summary of significant accounting policies and other explanatory
information.
ManagementÂs Responsibility for the Financial Statements
The CompanyÂs 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 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 accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policie s; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
AuditorÂs 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, issued by the
Institute of Chartered Accountants of India, as 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 auditorÂs 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
CompanyÂs preparation of the financial statements that give a true
and fair view in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion
on whether the Company has in place an adequate internal financial
controls system over financial reporting and the effectiveness of such
controls. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by the CompanyÂs 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 of the state of affairs of the Company as
at March 31, 2015, its profit and its cash flows for the year ended on
that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (AuditorÂs report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure 1,
a statement on the matters specified in paragraphs 3 and 4 of the
Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit;
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books;
c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account;
d) In our opinion, the 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 the written representations received from the
directors as on March 31, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
f) With respect to the other matters to be included in the AuditorÂs
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
I. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements in accordance with
generally accepted accounting;
II. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses; and
III. There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.
Annexure 1 referred to in paragraph 1 of our report of even date
Re: Genus Prime Infra Limited (Formerly Gulshan Chemfill Limited) ("the
Company")
(i) There is no Fixed Assets held by the company.
(ii) There is no Inventory held by the company.
(iii) The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013. Accordingly, clause
(iii)(a) and (iii)(b) of paragraph of the Order are not applicable to
the company for the year under report.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness or continuing failure to correct any major weakness in
the internal control system of the company in respect of these areas.
(v) The Company has not accepted any deposits from the public.
(vi) To the best of our knowledge and as explained, the Central
Government has not specified the maintenance of cost records under
clause 148(1) of the Companies Act, 2013, for the products of the
Company.
(vii) (a) The Company is generally regular in depositing with
appropriate authorities undisputed statutory dues including provident
fund, employees state insurance, income-tax, sales-tax, wealth-tax,
service tax, customs duty, excise duty, value added tax, cess and other
material statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, employeesÂ
state insurance, income-tax, wealth-tax, service tax, sales-tax,
customs duty, excise duty, value added tax, cess and other material
statutory dues were outstanding, at the year end, for a period of more
than six months from the date they became payable.
(c) According to the records of the Company, the dues outstanding of
income-tax, sales-tax, wealth-tax, service tax, customs duty, excise
duty, value added tax and cess on account of any dispute are nil.
(d) According to the information and explanations given to us, the
amount is not required to be transferred to investor educati on and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made there under.
(viii) The Company has Rs.16510187.00 accumulated losses at the end of
the financial year and it has incurred cash losses of Rs. 1341999.00
in the current and Rs. 472117.00 immediately preceding financial year.
(ix) Based on our audit procedures and as per the information and
explanations given by the Management, we are of the opinion that the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders during the year.
(x) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institution.
(xi) Based on the information and explanations given to us by the
Management, term loans were applied for the purpose for which the loans
were obtained.
(xii) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no material fraud on or by the Company has been noticed or
reported during the year.
For D. Khanna & Associates
Firm registration number: 012917N
Chartered Accountants
Deepak Khanna
Place: New Delhi Partner
Date : May 29, 2015 Membership No.: 092140
Mar 31, 2014
Mar 31, 2012
Mar 31, 2011
Mar 31, 2010
Mar 31, 2009
1. We have audited the accompanying financial statements of Genus
Prime Infra limited (Formerly Gulshan Chemfill Limited) , 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
2. Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance of the company in accordance with the accounting
principles generally accepted in India including Accounting Standards
referred to in section 211 (3C) of the Companies Act, 1956 ("the
Act7''). This responsibility includes the design, implementation and
maintenance of internal control 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,
Auditors'' Responsibility
3. 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 tree
from material misstatement,
4. 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 mailing those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and lair 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.
5. Webehevethat the audit evidence we have obtained
issufficientandappropriateto provide a basts for our audit opinion.
Opinion
6. 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 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 and
(b) Inthecase of the Statement of Profit andLoss, of the loss for the
year ended on that date.
(c) In the case of the Cash Flow Statement, of the cash flows forthc
year ended on that date. Report on Other Legal and Regulatory
Requirements
7. As required by the Companies (Auditor''s Report) order 2003 ("the
Order") issued by the Central Government of India in terms of section
227(4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraph 4 and 5 of the order.
8. As requiredby section 227(3) of the Act, we repomhat:
(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 tho
se books;
(c.) the Balance sheet ,the statement of Profit and Loss and the Cash
Flow Statement dealt with the by this Report are in agreement with the
books of account,
(d.) in our opinion, the Balance Sheet, the Statement of Profit and
Loss and the Cash Flow Statement comply with the Accounting Standard
referred to in section 211 (3C) of the Companies Act, 1956;
(e.) On the basis of written representations received from the
directors as on March 31.2014, and taken on record by the Board of
Directors, none of the directors is disqualified as on March 31,2014,
from being appointed as a director in terms of section
274{I)(g)oftheAcL
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT (Referred to in Paragraph
{3) of our report of even date)
1. a. The Company has maintained proper records to show full
particulars including quantitative details and situation of Fixed
Assets.
b. The fixed assets have been physically verified by management during
the year and discrepancies noticed on such verification are accounted
for in the books of the Company.
c. During the year company has not disposed off any substantial pan of
its fixed assets,
2. There is no inventory held by company.
3. a. The Company has not granted any loans, secured or unsecured, to
companies, firms, or other parties covered in the register maintained
U/s 301 of the Companies Act, 1956. Accordingly clauses (b), (c) and
(d) are not applicable on the Company.
b. The Company has not taken loans from one Company which are covered
in the register maintained U/s 301 of the Companies Act.
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 for thepurchase of inventory and fixedassets and for the sale
ofgoods.
5. In respect to transactions entered in the register maintained in
pursuance of section30l of the Companies Act, 1956;
a. According to the information and explanations given to us, we are
of the opinion that the transactions that need to be entered into
theregister maintained undersection301 of the Companies Act, 1956 have
been so entered.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements enteredin the register maintained under section 301 of the
Companies Act, 1956 and exceeding the value of rupees five lakhs in
respect of any part during the year have been made at prices which are
reasonable having regard to prevailing market price at the relevant
time.
6. In our opinion and according to the information and explanations
given to us company has not accepted any public deposit during the
year. Accordingly, in our opinion the provisions of section 58A of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975 are not applicable.
7. 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.
8. According to the information that the Central Government has not
prescribed the maintenance of cost records under section 209( l){d) of
the Companies Act, 1956 for any of the products of the Company.
9. According to the information and explanations given to us inrespect
of statutory and other dues:
a The Company is generally regular in depositing with appropriate
authorities undisputed stamtory dues including income tax, sales tax,
wealth tax, custom duty, excise duty, cess and other statutory dues
applicable to it.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, sales tax, wealth
tax, custom duty, excise duty and cess were in arrears, as at 31"
March, 2014 for a period of more than six months from the date they
become payable.
10. The Company has incurred cashloss Rs. 472117.00 during the
financial year covered byouraudit.
11. In our opinion and according to the information and explanations
given to us there was no outstanding installment due to financial
institution as on 31'' March, 2014,
12. According to the information and explanations given Lous, no
loans and advances have been granted by the Company on the basis of
security by way of pledge shares, debentures and other securities,
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/ society. Therefore, the provision of clause 4(xiii) of
the Companies (Auditor''s Report) Order 2004 is not applicable to the
Company.
14. In our opinion proper records have been maintained for transaction
of shares, securities and timely entries are recorded therein. The
shares and securities are held in the name of the company.
15. According to Lhe information and explanation given to us, the
Company has not given any guarantee for loans taken by others fro m
bank or financial institutions.
16. In our opinion, and according to the information and explanations
given to us, on an overall basis, the term loans have been applied for
the purpose for which they were obtained.
17. According to the information and explanation 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. No long term funds have been used to finance short term
assets except working capital.
18. During the year, 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
19. TheGimpany has not issued any debentures duringthe financial year
covered by our audit,
20. The Company has nor raised any money through a public issue during
the year.
21. According to the information and explanation given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit,
For D. Khanna & Associates
Chartered Accountants
(Registration No.012917N)
Sd/-
Plaee ; New Delhi
We have audited the attached Balance Sheet of Genus Prime Infra Limited
(Formerly Gulshan Chemfill Limited) as at 31st March, 2012 and Profit &
Loss Account for the year ended on that date annexed thereto and the
Cash Flow Statement for the year ended on that date. 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. These Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of any 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 presentation of the
financial statement. We believe that our audit provides a reasonable
basis for our opinion.
As required by the Companies (Auditors' Report) (Amendment) Order, 2003
issued by the Central Government in terms of Section 227 (4A) of the
Companies Act, 1956, we annex hereto a statement on the matters
specified in Paragraphs 4 and 5 of the said Order.
Further to our comments in the Annexure referred to above, we report
that: -
i) We have obtained all the information and explanations, which, to the
best of our knowledge and belief, were necessary for the purposes 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 of the Company.
iii) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the Books of accounts of the Company.
iv) In our opinion, the Balance Sheet and the Profit & Loss Account
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 of the Company
and the information and explanations given to us, none of the Directors
is, as at 31st March 2012, prima-facie disqualified from being
appointed as a Director in terms of Clause (g) of Sub-Section (1) of
the Section 274 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 present 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 sate of affairs of the
Company as at 31st March, 2012, and;
(b) in the case of the Profit & Loss Account, of the Loss for the year
ended on that date.
(c) in the case of the Cash flow statement, of the Cash flows of the
company for the year ended on that date.
ANNEXURE TO AUDITORS' REPORT (Referred in Paragraph 3 of our Report of
even date)
I. In respect of Fixed Assets:
(a) The Company is maintaining proper records showing full particulars,
including quantitative details and situation of Fixed Assets.
(b) As explained to us, these Assets have been physically verified by
the Management at reasonable intervals, having regard to the size of
the company and nature of its assets, no material discrepancies were
noticed on such verification.
(c) In our opinion, although company has not disposed off substantial
part of its fixed assets during the year yet the going concern status
of the company is not affected.
II. In respect of Inventories :
Since the Company do not have any Inventories so clause (a) to (c) of
this points are not applicable to the company.
III. In respect of Loans, secured or unsecured granted or taken by the
company to/from companies, firms and other parties covered in the
register maintained u/s 301 of Companies Act 1956 :
(a) According to the records of the company and information given to
us, the company has not granted any loan to any party Covered u/s -301
of the Companies Act 1956 during the year.
(b) , (c) & (d) Since the Company has not granted any loan to any
party, these points are not applicable to the Company.
(e) According to the records of the company and information given to
us, the company has not taken loans during the year from companies ,
firm or other parties covered in the register maintained u/s 301 of
Companies Act 1956 .Consequently, the requirement of clause(iii)(f) &
(iii) (g) of this order are not applicable.
IV. In our opinion, and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business. We have
not observed any major weaknesses in the Internal controls. However
there is no Purchase of Inventory and fixed Assets and Sale of Goods
and services during the year.
V. In respect of Transactions covered under section 301 of the
Companies Act, 1956:
(a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that needed to be entered in the register maintained under
section 301of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the Companies
Act 1956, have been made at prices which are reasonable having regard
to prevailing market prices at the relevant time.
VI. The Company has not accepted any Deposits from the public within
the meaning of Section 58-A of the Companies Act, 1956 and the rules
framed there under.
VII. In our opinion, the Company has an adequate Internal Audit System
commensurate with its size.
VIII. The Central Government has not prescribed the maintenance of Cost
Records under section 209(1)(d) of the Companies Act, 1956 for the
current year.
IX. (a) According to the records of the Company and explanations given
to us, the Company is regular in depositing undisputed Statutory dues
including Provident Fund, Investor Education & Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Custom Duty, Wealth
Tax, Service Tax, Excise Duty, cess and any other statutory dues with
the appropriate authorities, According to the information and
explanations given to us, no undisputed amount payable in respect of
the aforesaid dues were outstanding as at 31st March, 2012 for a period
of more that 6 months from the date of becoming payable.
(b) As explained to us and information given to us, there is no dispute
in case of dues of Sales Tax/ Income Tax/ Custom Duty / Wealth
Tax/Service Tax/ Excise Duty/ Cess.
X. The Company has accumulated losses and it has incurred cash losses
during the financial year covered by our audit & but not incurred cash
loss in the immediately preceding financial year.
XI. According to the records and information given to us, the company
has no outstanding balance of any Loan from any Bank/Financial
Institution at any time during the year .Hence question of default on
this account does not arise.
XII. In our opinion and according to the information and explanation
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
security.
XIII. In our opinion and According to the information and explanations
given to us, the company is not a chit fund or Nidhi or mutual benefit
fund/society. Therefore, clause 4(xiii) of the Companies (Auditors
Report), (Amendment) Order 2003 is not applicable to the company.
XIV. In our opinion and According to the information and explanations
given to us, the company is not dealing or trading in shares,
securities, debentures and other investments.
XV. The Company has not given corporate guarantee for loans taken by
other from Bank.
XVI. According to the records of the company and according to the
information and explanations given to us, no term loan has been taken
by the company during the financial year.
XVII. According to the records of the company and according to the
information and explanations given to us and on overall examination of
the balance sheet, we opine that No funds have been raised on short
term basis hence question of short term fund uses for long term
investment does not arise.
XVIII. During the year, the company has not made any preferential
allotment of shares to the parties and the companies covered in the
register maintained under section 301 of the Companies Act 1956.
XIX. No debentures have been issued by the company.
XX. The company has not raised any money by public issue during the
year.
XXI. As explained to us and information given to us, no fraud on or by
the company has been noticed by or reported during the year.
For SHAHID & ASSOCIATES
Chartered Accountants
(MOHD. SHAHID)
Date : 04.09.2012 Proprietor
Camp : Delhi Membership No : 70408
We have audited the attached Balance Sheet of Genus Prime Infra Limited
as at 31st March, 2011 and Profit & Loss Account for the year ended on
that date annexed thereto and the Cash Flow Statement for the year
ended on that date. 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. These Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of any 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 presentation of the
financial statement. We believe that our audit provides a reasonable
basis for our opinion.
As required by the Companies (Auditors' Report) (Amendment) Order, 2003
issued by the Central Government in terms of Section 227 (4A) of the
Companies Act, 1956, we annex hereto a statement on the matters
specified in Paragraphs 4 and 5 of the said Order.
Further to our comments in the Annexure referred to above, we report
that: -
i) We have obtained all the information and explanations, which, to the
best of our knowledge and belief, were necessary for the purposes 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 of the Company.
iii) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the Books of accounts of the Company.
iv) In our opinion, the Balance Sheet and the Profit & Loss Account
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 of the Company
and the information and explanations given to us, none of the Directors
is, as at 31st March 2011, prima-facie disqualified from being
appointed as a Director in terms of Clause (g) of Sub-Section (1) of
the Section 274 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 present 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 sate of affairs of the
Company as at 31st March, 2011, and;
(b) in the case of the Profit & 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 of the
Company for the year ended on that date.
ANNEXURE TO AUDITOR's REPORT
(Referred in Paragraph 3 of our Report of even date)
I. In respect of Fixed Assets:
(a) The Company is maintaining proper records showing full particulars,
including quantitative details and situation of Fixed Assets.
(b) As explained to us, these Assets have been physically verified by
the Management at reasonable intervals, having regard to the size of
the Company and nature of its assets, no material discrepancies were
noticed on such verification.
(c) In our opinion, although company has disposed off substantial part
of its fixed assets during the year yet the going concern status of the
Company is not affected.
II. In respect of Inventories:
(a) As explained to us, physical verification of inventory has been
conducted by the Management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventory
followed by the Management is reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory and material
discrepancies were notified on physical verification of inventories as
compared to book records.
III. In respect of Loans, secured or unsecured granted or taken by the
Company to/from companies, firms and other parties covered in the
register maintained u/s 301 of Companies Act 1956 :
(a) According to the records of the Company and information given to
us, the Company has not granted any loan to any party during the year.
(b), (c) & (d) Since the Company has not granted any loan to any party,
these points are not applicable to the Company.
(e) According to the records of the Company and information given to
us, the Company has not taken loans during the year from companies,
firms or other parties covered in the register maintain u/s 301 of the
Companies Act 1956. Consequently, the requirement of Clauses (iii)f and
(iii)g of paragraph 4 of the Order are not applicable.
IV. In our opinion, and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business for the
Purchase of Inventory and fixed Assets and Sale of Goods and services.
During the course of audit, we have not observed any major weaknesses
in the Internal controls.
V. In respect of Transactions covered under section 301 of the
Companies Act, 1956:
(a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that needed to be entered in the register maintained under
section 301of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the Companies
Act 1956, have been made at prices which are reasonable having regard
to prevailing market prices at the relevant time.
VI. The Company has not accepted any Deposits from the public within
the meaning of Section 58-A of the Companies Act, 1956 and the rules
framed there under.
VII. In our opinion, the Company has an adequate Internal Audit System
commensurate with its size.
VIII.The Central Government has not prescribed the maintenance of Cost
Records under section 209(1)(d) of the Companies Act, 1956 for the
current year.
IX. (a) According to the records of the Company and explanations given
to us, the Company is regular in depositing undisputed Statutory dues
including Provident Fund, Investor Education & Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Custom Duty, Wealth
Tax, Service Tax, Excise Duty, cess and any other statutory dues with
the appropriate authorities, According to the information and
explanations given to us, no undisputed amount payable in respect of
the aforesaid dues were outstanding as at 31st March, 2011 for a period
of more that 6 months from the date of becoming payable.
(b) As explained to us and information given to us, there is no dispute
in case of dues of Sales Tax/ Income Tax/ Custom Duty / Wealth
Tax/Service Tax/ Excise Duty/ Cess.
X. The Company has accumulated losses but it has not incurred cash
losses during the financial year covered by our audit & in the
immediately preceding financial year also.
XI. According to the records and information given to us, the company
has no outstanding balance of any Loan from any Bank/Financial
Institution at any time during the year. Hence question of default on
this account does not arise.
XII. In our opinion and according to the information and explanation
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
security.
XIII. In our opinion and According to the information and explanations
given to us, the Company is not a chit fund or Nidhi or mutual benefit
fund/society. Therefore, clause 4(xiii) of the Companies (Auditors
Report), (Amendment) Order 2003 is not applicable to the Company.
XIV. In our opinion and According to the information and explanations
given to us, the Company is not dealing or trading in shares,
securities, debentures and other investments.
XV. The Company has not given corporate guarantee for loans taken by
other from Bank.
XVI. According to the records of the Company and according to the
information and explanations given to us, no term loan has been taken
by the Company during the financial year.
XVII. According to the records of the Company and according to the
information and explanations given to us and on overall examination of
the balance sheet, we opine that No funds have been raised on short
term basis hence question of short fund uses fro long term investment
doest not arise.
XVIII.During the year, the Company has not made any preferential
allotment of shares to the parties and the companies covered in the
register maintained under section 301 of the Companies Act 1956.
XIX. No debentures have been issued by the Company.
XX. The Company has not raised any money by public issue during the
year.
XXI. As explained to us and information given to us, no fraud on or by
the Company has been noticed by or reported during the year.
For SHAHID & ASSOCIATES
Chartered Accountants
(MOHD. SHAHID)
Date : 14th April, 2011 Proprietor
Place : Delhi Membership No : 70408
We have audited the attached Balance Sheet of Genus Prime Infra Limited
(Formerly Gulshan Chemfill Limited), as at 31st March, 2010 and Profit
& Loss Account for the year ended on that date annexed thereto and the
Cash Flow Statement for the year ended on that date. 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. These Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of any 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 presentation of the
financial statement. We believe that our audit provides a reasonable
basis for our opinion.
As required by the Companies (Auditors Report) (Amendment) Order, 2003
issued by the Central Government in terms of Section 227 (4A) of the
Companies Act, 1956, we annex hereto a statement on the matters
specified in Paragraphs 4 and 5 of the said Order.
Further to our comments in the Annexure referred to above, we report
that: -
i) We have obtained all the information and explanations, which, to the
best of our knowledge and belief, were necessary for the purposes 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 of the Company.
iii) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the Books of accounts of the Company.
iv) In our opinion, the Balance Sheet and the Profit & Loss Account
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) Basedon the representations made by the Directors of the Company and
the information and explanations given to us, none of the Directors is,
as at 31= March 2010, prima-facie disqualified from being appointed as
a Director in terms of Clause (g) of Sub-Section (1) of the Section 274
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 present 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 sate of affairs of the
Company as at 31st March, 2010, and;
b) In the case of the Profit & 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 of the
company for the year ended on that date.
ANNEXURE TO AUDITORS REPORT (Referred in Paragraph 3 of our Report of
even date)
1. In respect of Fixed Assets:
a) The Company is maintaining proper records showing full particulars,
including quantitative details and situation of Fixed Assets.
b) As explained to us, these Assets have been physically verified by
the Management at reasonable intervals, having regard to the size of
the company and nature of its assets, no material discrepancies were
noticed on such verification.
c) In our opinion, although company has disposed off substantial part
of its fixed assets during the year yet the going concern status of the
company is not affected.
2. In respect of Inventories:
a) As explained to us, physical verification of inventory has been
conducted by the Management at reasonable intervals. However at the end
of the year, there was no inventories with the Company.
b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventory
followed by the Management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) The Company is maintaining proper records of inventory and no
materia! discrepancies were notified on physical verification of
inventories as compared to book records.
3. In respect of Loans, secured or unsecured granted or taken by the
company to/from companies, firms and other parties covered in the
register maintained u/s 301 of Companies Act 1956 :
a) According to the records of the company and information given to us,
the company has not granted any loan to any party during the year.
(b), (c) & (d) Since the Company has not granted any loan to any party,
these points are not applicable to the company.
(e) According to the records of the company and information given to
us, the company has not taken loans during the year from companies,
firms or other parties covered in the register maintain u/s 301 of the
Companies Act 1956.Consequently.the requirement of Clauses (iii)f and
(iii)g of paragraph 4 of the Order are not applicable.
4. In our opinion, and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business for the
Purchase of Inventory and fixed Assets and Sale of Goods and services.
During the course of audit, we have not observed any major weaknesses
in the Internal controls.
5. In respect of Transactions covered under section 301 of the
Companies Act, 1956:
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that needed to be entered in the register maintained under
section 301 of the Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the Companies
Act 1956, have been made at prices which are reasonable having regard
to prevailing market prices at the relevant time.
6. The Company has not accepted any Deposits from the public within
the meaning of Section 58-A of the Companies Act, 1956 and the rules
framed there under.
7. In our opinion, the Company has an adequate internal Audit System
commensurate with its size.
8. The Central Government has not prescribed the maintenance of Cost
Records under section 209(1)(d) of the Companies Act, 1956 for the
current year.
9. (a) According to the records of the Company and explanations given
to us, the Company is regular in depositing undisputed Statutory dues
including Provident Fund, Investor Education & Protection Fund, Employees
State Insurance, Income Tax, Sales Tax, Custom Duty, Wealth Tax, Service
Tax, Excise Duty, Cess and any other statutory dues with the appropriate
authorities, According to the information and explanations given to us,
no undisputed amount payable in respect of the aforesaid dues were
outstanding as at 31" March, 2010 for a period of more that 6 months
from the date of becoming payable.
(b) As explained to us and information given to us, there is no dispute
in case of dues of Sales Tax/ Income Tax/ Custom Duty / Wealth
Tax/Service Tax/ Excise Duty/ Cess.
10. The Company has accumulated losses but it has not incurred cash
losses during the financial year covered by our audit & in the
immediately preceding financial year also.
11. According to the records and information given to us, the company
has not defaulted in repayment of dues to a financial Institution or
bank.
12. In our opinion and according to the information and explanation
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
security.
13. in our opinion and According to the information and explanations
given to us, the company is not a chit fund or Nidhi or mutual benefit
fund/society. Therefore, clause 4(xiii) of the Companies (Auditors
Report), (Amendment) Order 2003 is not applicable to the company.
14. In our opinion and According to the information and explanations
given to us, the company is not dealing or trading in shares,
securities, debentures and other investments.
15. As explained to us The Company has not given corporate guarantee
for loans taken by other from Bank.
16. The company have not taken any term loan from any bank during the
financial year.
17. According to the records of the company and according to the
information and explanations given to us and on overall examination of
the balance sheet, we opine that the funds raised on short-term basis
have not been used for long-term investment during the year covered
under audit.
18. During the year, the company has not made any preferential
allotment of shares to the parties and the companies covered in the
register maintained under section 301 of the Companies Act 1956.
19. No debentures have been issued by the company.
20. The company has not raised any money by public issue during the
year.
21. As explained to us and information given to us, no fraud on or by
the company has been noticed by or reported during the year.
For SHAHID & ASSOCIATES
Chartered Accountants
(MOHD. SHAHID)
Date : 28-May, 2010 Proprietor
Place : Delhi Membership No : 70408
We have audited the attached Balance Sheet of Genus Prime Infra Limited
(Formerly Gulshan Chemfill Limited), as at 31st March, 2009 and Profit
& Loss Account for the year ended on that date annexed thereto and the
Cash Flow Statement for the year ended on that date. 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. These Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of any 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 presentation of
the financial statement. We believe that our audit provides a
reasonable basis for our opinion.
As required by the Companies (Auditors Report) (Amendment) Order, 2003
issued by the Central Government in terms of Section 227 (4A) of the
Companies Act, 1956, we annex hereto a statement on the matters
specified in Paragraphs 4 and 5 of the said Order.
Further to our comments in the Annexure referred to above, we report
that:-
i) We have obtained all the information and explanations, which, to the
best of our knowledge and belief, were necessary for the purposes 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 of the Company.
iii) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the Books of accounts of the Company.
iv) In our opinion, the Balance Sheet and the Profit & Loss Account
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 of the Company
and the information and explanations given to us, none of the Directors
is, as at 31st March 2009, prima-facie disqualified from being
appointed as a Director in terms of Clause (g) of Sub-Section (1) of
the Section 274 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 present 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 sate of affairs of the
Company as at 31st March, 2009, and;
(b) In the case of the Profit & Loss Account, of the Loss for the year
ended on that date.
(c) In the case of the Cash flow statement, of the Cash flows of the
company for the year ended on that date.
ANNEXURE TO AUDITORS REPORT (Referred in Paragraph 3 of our Report of
even date)
1. In respect of Fixed Assets:
(a) The Company is maintaining proper records showing full particulars,
including quantitative details and situation of Fixed Assets.
(b) As explained to us, these Assets have been physically verified by
the Management at reasonable intervals, having regard to the size of
the company and nature of its assets, no material discrepancies were
noticed on such verification.
(c) In our opinion, although company has disposed off substantial part
of its fixed assets during the year yet the going concern status of the
company is not affected.
2. In respect of Inventories:
(a) As explained to us, physical verification of inventory has been
conducted by the Management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventory
followed by the Management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory and no
material discrepancies were notified on physical verification of
inventories as compared to book records.
3. In respect of Loans, secured or unsecured granted or taken by the
company to/from companies, firms and other parties covered in the
register maintained u/s 301 of Companies Act 1956 :
(a) According to the records of the company and information given to
us,the company has not granted any loan to any party during the year.
(b), (c) & (d) Since the Company has not granted any loan to any party,
these points are not applicable to the company.
(e) According to the records of the company and information given to
us, the company has not taken loans during the year from companies,
firms or other parties covered in the register maintain u/s 301 of the
Companies Act 1956.Consequently, the requirement of Clauses (iii)f and
(iii)g of paragraph 4 of the Order are not applicable.
4. In our opinion, and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business for the
Purchase of Inventory and fixed Assets and Sale of Goods and services.
During the course of audit, we have not observed any major weaknesses
in the Internal controls.
5. In respect of Transactions covered under section 301 of the
Companies Act, 1956:
(a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that needed to be entered in the register maintained under
section 301of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the Companies
Act 1956, have been made at prices which are reasonable having regard
to prevailing market prices at the relevant time.
6. The Company has not accepted any Deposits from the public within
the meaning of Section 58-A of the Companies Act, 1956 and the rules
framed there under.
7. In our opinion, the Company has an adequate Internal Audit System
commensurate with its size.
8. The Central Government has not prescribed the maintenance of Cost
Records under section 209(1 )(d) of the Companies Act, 1956 for the
current year.
9. (a) According to the records of the Company and explanations given
to us, the Company is regular in depositing undisputed Statutory dues
including Provident Fund, Investor Education & Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Custom Duty, Wealth
Tax, Service Tax, Excise Duty, Cess and any other statutory dues with
the appropriate authorities, According to the information and
explanations given to us, no undisputed amount payable in respect of
the aforesaid dues were outstanding as at 31st March, 2009 for a period
of more that 6 months from the date of becoming payable.
(b) As explained to us and information given to us, there is no dispute
in case of dues of Sales Tax/ Income Tax/ Custom Duty / Wealth
Tax/Service Tax/ Excise Duty/ Cess.
10. The Company has accumulated losses but it has not incurred cash
losses during the financial year covered by our audit & in the
immediately preceding financial year also.
11. According to the records and information given to us, the company
has not defaulted in repayment of dues to a financial Institution or
bank.
12. In our opinion and according to the information and explanation
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
security.
13. In our opinion and According to the information and explanations
given to us, the company is not a chit fund or Nidhi or mutual benefit
fund/society. Therefore, clause 4(xiii) of the Companies (Auditors
Report), (Amendment) Order 2003 is not applicable to the company.
14. In our opinion and According to the information and explanations
given to us, the company is not dealing or trading in shares,
securities, debentures and other investments.
15. The Company has not given corporate guarantee for loans taken by
other from Bank.
16. According to the records of the company and according to the
information and explanations given to us, the term loan taken by the
company were applied for the purpose for which the loans were taken.
However, they have been paid in full during the financial year.
17. According to the records of the company and according to the
information and explanations given to us and on overall examination of
the balance sheet, we opine that the funds raised on short-term basis
have not been used for long-term investment during the year covered
under audit.
18. During the year, the company has not made any preferential
allotment of shares to the parties and the companies covered in the
register maintained under section 301 of the Companies Act 1956.
19. No debentures have been issued by the company.
20. The company has not raised any money by public issue during the
year.
21. As explained to us and information given to us, no fraud on or by
the company has been noticed by or reported during the year.
For SHAHID & ASSOCIATES
Chartered Accountants
Place : Delhi
Date : June 29, 2009 (MOHD. SHAHID)
Proprietor
Membership No. 70408
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