Mar 31, 2014
We have audited the accompanying financial statements of Kedia
Construction Company Limited ("the Company"), which comprise the
Balance Sheet as at March 31,2014, the Statement of Profit and Loss
and Cash Flow Statement for the year ended and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India including
Accounting Standards referred to in Section 211(3C) of the Companies
Act, 1956 ("the Act"). This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in
the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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:
(i) In the case of Balance Sheet of the state of affairs of the Company
as at 31st March, 2014;
(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 the Cash Flow statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
Section 227(4A) of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books.
c. The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d. In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
referred to in section 211(3C) of the Act;
e. On the basis of the written representations received from the
directors as on March 31, 2014, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2014,
from being appointed as a director in terms of Section 274(1)(g) of
the Act.
Annexure to the Auditors'' Report
Referred to Our Report of Even Date
1. (a) As per the information and explanations given to us, the
Company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets.
(b) We have been informed that the respective heads of the department
at reasonable intervals conducted physical verification of fixed
assets. In respect of assets physically verified, the details has been
compared with the books records and discrepancies noticed thereof were
not material and have been properly dealt with in the books of
accounts.
(c) Substantial parts of the fixed assets have not been disposed of
during the year so as to affect its going concern.
2. (a) As explained to us, the management at regular intervals during
the year has physically verified inventories.
(b) The procedures explained to us, which are followed by the
management for physical verification of the inventories, are in our
opinion, 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 the inventories. As
explained to us and according to the records produced to us for our
verification, discrepancies, which were noticed on physical
verification of inventories, as compared to book records, have been
properly dealt with in the books of account.
3. The Company has neither granted nor taken any loans, secured or
unsecured, to or form companies, firms or other parties covered in the
register required to be maintained under section 301 of the 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 the purchase and sale of shares and other assets. During
the course of our examination no major weakness in internal control
had come to our notice.
5. (a) In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
referred to in section 301 of the Act have been entered in the
register required to be maintained under that section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements in respect of any party during the year have been made at
prices which are reasonable having regard to the prevailing market
prices at the relevant time.
6. In our opinion and according to the information and explanations
given to us by the Company, the provision of section 58Aand section
58AAof the Companies Act, 1956 and the rules framed there under in
respect of acceptance of deposits are not applicable to the Company.
7. The Company has adequate internal audit & internal control system
commensurate with its size and nature of its business.
8. As explained to us, the maintenance of cost records has not been
prescribed by the Central Government under section 209(1)(d) of the
Companies Act, 1956 in respect of the Company''s products.
9. (a) According to the information and explanations given to us the
provisions of Provident Fund and Employees State Insurance Scheme are
not applicable to the Company.
(b) There are no undisputed amounts payable in respect of Income Tax,
Wealth Tax, Sales Tax, Custom Duty, Excise Duty were outstanding as on
31st March, 2014 fora period of more than six month from the date they
becomes payable.
10. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses in the current
financial year.
11. On the basis of the records examined by us and the information and
explanations given to us, the Company has not taken any loan from
financial institutions or banks, the question of defaulted in
repayment of dues does not arise.
12. As explained to us, the Company has not granted any loans or
advances on the basis of security by way of pledge of shares,
debentures or any other securities. We are unable to express our
opinion in absence of physical records of securities whether Company
has granted any loans or advances on the basis of securities by way of
pledge of shares, debentures or any other securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditors Report) Order, 2003 is not applicable to the Company.
14. In our opinion and according to the information and explanations
given to us, the Company has updated the investment Register and
timely entries have been made in the register. However we are unable
to express our opinion regarding the investment held by the Company in
its own name. In our opinion, the Company is a dealer or trader in
shares, securities, debentures and other investments.
15. According to the information and explanations given to us, and the
representation made by the management, the Company, has neither given
any guarantee for loans taken by others from any bank or financial
institution, nor has obtained term loans during the year under review.
16. On the basis of the records examined by us and the representation
made by the management, no term loans have been obtained during the
year.
17. According to the information and explanations given to us and on
an overall examination of the financial statements of the Company and
after placing reliance on the reasonable assumptions made by the
Company for classification of long term and short term usage of funds,
we are of the opinion that, prima-facie, short term funds have not
been utilized for long term purpose and vice-versa.
18. The Company has not made any preferential allotment of shares to
parties and Companies covered in the register maintained under Section
301 of the Act during the year and therefore paragraph 4 (xviii) of the
Order is not applicable.
19. The Company has not issued any debentures during the year and
therefore paragraph 4 (xix) of the Order is not applicable.
20. The Company has not raised any money by public issue during the
year and therefore paragraph 4 (xx)of theOrderisnotapplicable.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For Jajodia & Company
Chartered Accountants
Dinesh Jajodia
Proprietor
Membership No. 101008
Firm Reg. No. 121911W
Mumbai, the 30th day of May, 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Kedia
Construction Company Limited ("the CompanyÂ), which comprise the
Balance Sheet as at March 31, 2013, the Statement of Profit and Loss
and Cash Flow Statement for the year ended and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India including
Accounting Standards referred to in Section 211(3C) of the Companies
Act, 1956 ("the ActÂ). This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditors'' Responsibility
Our responsibilityis to express an opinion on these financial
statements basedonour audit. We conducted our audit in accordance with
the Standards onAuditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatements.
An audit involves performing procedures toobtain audit evidence about
the amounts and disclosuresin the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentationofthe financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion andtothe bestof our information and according tothe
explanations giventous, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair viewinconformity with the accounting principles generally
accepted inIndia:
(i) Inthe case ofBalance Sheetofthe state ofaffairsofthe Company
asat31st March, 2013;
(ii) Inthe case ofProfit and LossAccountofthe profitofthe Company for
the year endedonthat date.
(iii) Inthe case ofthe Cash Flow statement,of the cash flows for the
year endedonthat date.
ReportonOtherLegalandRegulatoryRequirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
OrderÂ) 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
specifiedinparagraphs 4and 5ofthe Order.
2. AsrequiredbySection 227(3) oftheAct,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 ofour
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 examinationof those books.
c. The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report arein agreement with the
booksofaccount.
d. Inour opinion, the Balance Sheet, the Statement ofProfit and Loss,
and the Cash Flow Statement comply with theAccounting Standards
referredtoinsection 211(3C)oftheAct;
e. On the basis of the written representations received from the
directors as on March 31, 2013, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2013,
from being appointed as a directorintermsofSection 274(1)(g)oftheAct.
Annexure to the Auditors'' Report Referred to in Paragraph 3 of Our
Report of Even Date
1. Asper the information and explanations given tous, the Company has
maintained proper records showing full particulars including
quantitative details and situation of its fixed assets.
2. We have been informed that the respective heads of the department
at reasonable intervals conducted physical verification of fixed
assets. In respect of assets physically verified, the details has been
compared with the books records and discrepancies noticed thereof were
not material and have been properly dealt withinthe books ofaccounts.
3. Substantial parts of the fixed assets have not been disposed of
during the year so as to affect its going concern.
4. As explained to us, the management at regular intervals during the
year has physically verified inventories.
5. The procedures explained to us, which are followed by the
management for physical verification of the inventories, are in our
opinion, reasonable and adequate in relation to the size of the Company
and the nature ofits business.
6. The Company is maintaining proper records of the inventories.As
explained to us and according to the records produced to us for our
verification, discrepancies, which were noticed on physical
verification of inventories, as compared to book records, have been
properly dealt with in the booksofaccount.
7. The Company has maintained necessary records to show full
particulars of loans accepted and granted to/from Companies, firms or
other parties listed in the register maintained u/s 301 of the
Companies Act, 1956. During the year, the Company has not accepted any
loans from such parties butit has granted loansto such parties. The
maximum amount involved was Rs. 8.50 Lacs & closing balance isNil at
the year end.As there is no stipulation regarding repaymentofprincipal
and paymentof interest, there arenooverdue amountsof loans more than
five lacs rupee.
8. According to information and explanations given to us by the
management of the Company, the terms and conditions of such loans given
and taken are prima-facie not prejudicial to the interest of the
Company.
9. 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 the purchase and sale of shares and other assets. During
the course of our examination no major weakness ininternal control had
cometoour notice.
10. In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements referred to
in section 301 of the Act have been entered in the register
requiredtobemaintained under that section.
11. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements in respect of any party during the year have been made at
prices which are reasonable having regard to the prevailing market
prices at the relevant time.
12. In our opinion and according to the information and explanations
given to us by the Company, the provision of section 58Aand section
58AAof the CompaniesAct, 1956 and the rules framed there underin
respectofacceptanceofdeposits are not applicable tothe Company.
13. The Company has adequate internal audit & internal control system
commensurate with its size and natureofits business.
14. As explained to us, the maintenance of cost records has not been
prescribed by the Central Government under section 209(1)(d) of the
Companies Act, 1956 in respect of the Company''s products.
15. According to the information and explanations given to us the
provisions of Provident Fund and Employees State Insurance Scheme are
not applicabletothe Company.
16. There are no undisputed amounts payable in respect of Income Tax,
Wealth Tax, Sales Tax, Custom Duty, Excise Duty were outstanding as on
31st March, 2013 for a period of more than six month from the date they
becomes payable.
17. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses inthe current financial
year.
18. On the basis of the records examined by us and the information and
explanations given to us, the Company has not taken any loan from
financial institutions or banks, the question of defaulted in
repaymentofdues does not arise.
19. As explained to us, the Company has not granted any loans or
advances on the basis of security by wayofpledgeof shares,
debenturesorany other securities.
20. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund/society. Therefore, clause 4(xiii)ofthe Companies
(Auditors Report) Order, 2003isnot applicabletothe Company.
21. In our opinion and according to the information and explanations
given to us, the Company has updated the investment Register and timely
entries have been made in the register. However we are unabletoexpress
our opinion regarding the investment heldbythe Companyinits own name.
In our opinion, the Company is a dealer or trader in shares,
securities, debentures and other investments.
22. According to the information and explanations given to us, and the
representation made by the management, the Company, has neither given
any guarantee for loans taken by others from any bank orfinancial
institution, nor has obtained term loans during the year under review.
23. Onthe basisof the records examined by us and the representation
made by the management. No term loans have been obtained during the
year.
24. According to the information and explanations given to us and on
an overall examination of the financial statements of the Company and
after placing reliance on the reasonable assumptions made by the
Company for classification of long term and short term usage of funds,
we are of the opinion that, prima-facie, short term funds have not been
utilized for long term purpose and vice- versa.
25. The Company has not made any preferential allotment of shares to
parties and Companies covered in the register maintained under Section
301 of the Act during the year and therefore paragraph4(xviii)of the
Orderisnot applicable.
26. The Company has not issued any debentures during the year and
therefore paragraph 4 (xix) of the Orderisnot applicable.
27. The Company has not raised any money by public issue during the
year and therefore paragraph 4 (xx) of the Order is not applicable.
28. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For Jajodia & Company
Chartered Accountants
Dinesh Jajodia
Proprietor
Membership No. 101008
Firm Reg. No. 121911W
Mumbai, the 30th day of May, 2013
Mar 31, 2012
1) We have audited the attached Balance Sheet of Kedia Construction Co.
Ltd. as at 31st March 2012, Profit and Loss Account and also the Cash
Flow statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2) We conducted our audit in accordance with the 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-statements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3) As required by the Companies (Auditor's Report) Order, 2003 as
amended by the Companies (Auditor's Report) (Amendment) Order, 2004,
issued by the Central Government of India in terms of sub-section (4A)
of section 227 of The Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4) Further to our comments in the Annexure referred to in paragraph 3
we report as follows:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief, were necessary for the purpose of
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 these
books;
c) The Balance Sheet and Profit and Loss Account and cash flow
statement dealt with by this report are in agreement with the books of
account of the Company;
d) In our opinion, the Balance Sheet and the Profit and Loss Account
and Cash flow statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956.
e) Based on the written representations made by the Directors as on
31st March, 2012 and taken on record by the Board of Directors of the
Company and the information and explanations given to us, none of the
directors is, as on 31st March, 2012, prima-facie disqualified from
being appointed as 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 said financial statements, read
together with the 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 generally accepted accounting
principles in India:
(i) In the case of Balance Sheet of the state of affairs of the Company
as at 31st March, 2012;
(ii) In the case of Profit and Loss Account, of the profit for the year
ended on that date.
(iii) In the case of the Cash Flow statement, of the cash flows for the
year ended on that date.
Annexure to the Auditors' Report Referred to in Paragraph 3 of Our
Report of Even Date
1. As per the information and explanations given to us, the Company
has maintained proper records showing full particulars including
quantitative details and situation of its fixed assets.
2. We have been informed that the respective heads of the department
at reasonable intervals conducted physical verification of fixed
assets. In respect of assets physically verified, the details has been
compared with the books records and discrepancies noticed thereof were
not material and have been properly dealt with in the books of
accounts.
3. Substantial parts of the fixed assets have not been disposed of
during the year so as to affect its going concern.
4. As explained to us, the management at regular intervals during the
year has physically verified inventories.
5. The procedures explained to us, which are followed by the
management for physical verification of the inventories, are in our
opinion, reasonable and adequate in relation to the size of the Company
and the nature of its business.
6. The Company is maintaining proper records of the inventories. As
explained to us and according to the records produced to us for our
verification, discrepancies, which were noticed on physical
verification of inventories, as compared to book records, have been
properly dealt with in the books of account.
7. The Company has maintained necessary records to show full
particulars of loans accepted and granted to/from Companies, firms or
other parties listed in the register maintained u/s 301 of the
Companies Act, 1956. As there is no stipulation regarding repayment of
principal and payment of interest, there are no overdue amounts of
loans more than five lacs rupee.
8. According to information and explanations given to us by the
management of the Company, the terms and conditions of such loans given
and taken are prima-facie not prejudicial to the interest of the
Company.
9. 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 the purchase and sale of shares and other assets. During
the course of our examination no major weakness in internal control had
come to our notice.
10. In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements referred to
in section 301 of the Act have been entered in the register required to
be maintained under that section.
11. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements in respect of any party during the year have been made at
prices which are reasonable having regard to the prevailing market
prices at the relevant time.
12. In our opinion and according to the information and explanations
given to us by the Company, the provision of section 58A and section
58AA of the Companies Act, 1956 and the rules framed there under in
respect of acceptance of deposits are not applicable to the Company.
13. The Company has adequate internal audit & internal control system
commensurate with its size and nature of its business.
14. As explained to us, the maintenance of cost records has not been
prescribed by the Central Government under section 209(1)(d) of the
Companies Act, 1956 in respect of the Company's products.
15. According to the information and explanations given to us the
provisions of Provident Fund and Employees State Insurance Scheme are
not applicable to the Company.
16. There are no undisputed amounts payable in respect of Income Tax,
Wealth Tax, Sales Tax, Custom Duty, Excise Duty were outstanding as on
31st March, 2012 for a period of more than six month from the date they
becomes payable.
17. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses in the current
financial year.
18. On the basis of the records examined by us and the information and
explanations given to us, the Company has not taken any loan from
financial institutions or banks, the question of defaulted in repayment
of dues does not arise.
19. As explained to us, the Company has not granted any loans or
advances on the basis of security by way of pledge of shares,
debentures or any other securities.
20. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditors' Report) Order, 2003 is not applicable to the Company.
21. In our opinion and according to the information and explanations
given to us, the Company has updated the investment Register and timely
entries have been made in the register. However we are unable to
express our opinion regarding the investment held by the Company in its
own name. In our opinion, the Company is a dealer or trader in shares,
securities, debentures and other investments.
22. According to the information and explanations given to us, and the
representation made by the management, the Company, has neither given
any guarantee for loans taken by others from any bank or financial
institution, nor has obtained term loans during the year under review.
23. On the basis of the records examined by us and the representation
made by the management. No term loans have been obtained during the
year.
24. According to the information and explanations given to us and on
an overall examination of the financial statements of the Company and
after placing reliance on the reasonable assumptions made by the
Company for classification of long term and short term usage of funds,
we are of the opinion that, prima-facie, short term funds have not
been utilized for long term purpose and vice-versa.
25. The Company has not made any preferential allotment of shares to
parties and Companies covered in the register maintained under Section
301 of the Act during the year and therefore paragraph 4 (xviii) of the
Order is not applicable.
26. The Company has not issued any debentures during the year and
therefore paragraph 4 (xix) of the Order is not applicable.
27. The Company has not raised any money by public issue during the
year and therefore paragraph 4 (xx) of the Order is not applicable.
28. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor we
have been informed of such case by the management.
For Jajodia & Company
Chartered Accountants
Dinesh Jajodia
Proprietor
Membership No. 101008
Firm Reg. No. 121911W
Mumbai, the 30th day of May, 2012
Mar 31, 2011
1) We have audited the attached Balance Sheet of Kedia Construction
Company Ltd. as at 31st March 2011, Profit and Loss Account and also
the Cash Flow statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2) We conducted our audit in accordance with the 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-statements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3) As required by the Companies (Auditor's Report) Order, 2003 as
amended by the Companies (Auditor's Report) (Amendment) Order, 2004,
issued by the Central Government of India in terms of sub-section (4A)
of section 227 of The Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4) Further to our comments in the Annexure referred to in paragraph 3
we report as follows:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief, were necessary for the purpose of
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 these
books;
c) The Balance Sheet and Profit and Loss Account and cash flow
statement dealt with by this report are in agreement with the books of
account of the Company;
d) In our opinion, the Balance Sheet and the Profit and Loss Account
and Cash flow statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956
e) Based on the written representations made by the Directors as on
31st March, 2011 and taken on record by the Board of Directors of the
Company and the information and explanations given to us, none of the
directors is, as on 31st March, 2011, prima- facie disqualified from
being appointed as 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 said financial statements, read
together with the 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 generally accepted accounting
principles in India:
(i) In the case of Balance Sheet of the state of affairs of the Company
as at 31st March, 2011;
(ii) In the case of Profit and Loss Account, of the profit for the year
ended on that date.
(iii) In the case of the Cash Flow statement, of the cash flows for the
year ended on that date.
Annexure to the Auditors' Report
Referred to in Paragraph 3 of Our Report of Even Date
1. As per the information and explanations given to us, the Company
has maintained proper records showing full particulars including
quantitative details and situation of its fixed assets.
2. We have been informed that the respective heads of the department
at reasonable intervals conducted physical verification of fixed
assets. In respect of assets physically verified, the details has been
compared with the books records and discrepancies noticed thereof were
not material and have been properly dealt with in the books of
accounts.
3. Substantial parts of the fixed assets have not been disposed of
during the year so as to affect its going concern.
4. As explained to us, the management at regular intervals during the
year has physically verified inventories.
5. The procedures explained to us, which are followed by the
management for physical verification of the inventories, are in our
opinion, reasonable and adequate in relation to the size of the Company
and the nature of its business.
6. The Company is maintaining proper records of the inventories. As
explained to us and according to the records produced to us for our
verification, discrepancies, which were noticed on physical
verification of inventories, as compared to book records, have been
properly dealt with in the books of account.
7. The Company has maintained necessary records to show full
particulars of loans accepted and granted to/from Companies, firms or
other parties listed in the register maintained u/s 301 of the
Companies Act, 1956. As there is no stipulation regarding repayment of
principal and payment of interest, there are no overdue amounts of
loans more than five lacs rupee
8. According to information and explanations given to us by the
management of the Company, the terms and conditions of such loans given
and taken are prima-facie not prejudicial to the interest of the
Company.
9. 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 the purchase and sale of shares and other assets. During
the course of our examination no major weakness in internal control had
come to our notice.
10. In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements referred to
in section 301 of the Act have been entered in the register required to
be maintained under that section.
11. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements in respect of any party during the year have been made at
prices which are reasonable having regard to the prevailing market
prices at the relevant time.
12. In our opinion and according to the information and explanations
given to us by the Company, the provision of section 58A and section
58AA of the Companies Act, 1956 and the rules framed there under in
respect of acceptance of deposits are not applicable to the Company.
13. The Company has adequate internal audit & internal control system
commensurate with its size and nature of its business.
14. As explained to us, the maintenance of cost records has not been
prescribed by the Central Government under section 209(1)(d) of the
Companies Act, 1956 in respect of the Company's products.
15. According to the information and explanations given to us the
provisions of Provident Fund and Employees State Insurance Scheme are
not applicable to the Company.
16. There are no undisputed amounts payable in respect of Income Tax,
Wealth Tax, Sales Tax, Custom Duty, Excise Duty were outstanding as on
31st March, 2011 for a period of more than six month from the date they
becomes payable.
17. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses in the current
financial year.
18. On the basis of the records examined by us and the information and
explanations given to us, the Company has not taken any loan from
financial institutions or banks, the question of defaulted in repayment
of dues does not arise.
19. As explained to us, the Company has not granted any loans or
advances on the basis of security by way of pledge of shares,
debentures or any other securities.
20. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditors Report) Order, 2003 is not applicable to the Company.
21. In our opinion and according to the information and explanations
given to us, the Company has updated the investment Register and timely
entries have been made in the register. However we are unable to
express our opinion regarding the investment held by the Company in its
own name. In our opinion, the Company is a dealer or trader in shares,
securities, debentures and other investments.
22. According to the information and explanations given to us, and the
representation made by the management, the Company, has neither given
any guarantee for loans taken by others from any bank or financial
institution, nor has obtained term loans during the year under review.
23. On the basis of the records examined by us and the representation
made by the management. No term loans have been obtained during the
year.
24. According to the information and explanations given to us and on
an overall examination of the financial statements of the Company and
after placing reliance on the reasonable assumptions made by the
Company for classification of long term and short term usage of funds,
we are of the opinion that, prima-facie, short term funds have not been
utilized for long term purpose and vice-versa.
25. The Company has not made any preferential allotment of shares to
parties and Companies covered in the register maintained under Section
301 of the Act during the year and therefore paragraph 4 (xviii) of the
Order is not applicable.
26. The Company has not issued any debentures during the year and
therefore paragraph 4 (xix) of the Order is not applicable.
27. The Company has not raised any money by public issue during the
year and therefore paragraph 4 (xx) of the Order is not applicable.
28. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For Jajodia & Company
Chartered Accountants
Dinesh Jajodia
Proprietor
Membership No. 101008
Firm Reg. No. 121911W
Mumbai, the 30th day of May, 2011
Mar 31, 2010
1) We have audited the attached Balance Sheet of Kedia Construction
Company Ltd. as at 31rd March 2010. Profit and Loss Account and also
the Cash Flow statement (or the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Companys management Our responsibility is to express an opinion on
these financial statements based on our audit.
2) We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis-statements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures In financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion
3) As required by the Companies (Auditors Report) Order, 2003 as
amended by the Companies (Auditors Report) (Amendment) Order. 2004.
issued by the Central Government of India in terms of sub-section (4A)
of section 227 or The Companies Act, 1956, we enclose In the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4) Further to our comments In the Annexure referred to in paragraph 3
we report as follows;
a) We have obtained ail the information and explanations, which to the
best of our knowledge and belief, were necessary for the purpose of
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 these
books;
c) The Balance Sheet and Profit and Loss Account and cash flow
statement dealt with by this report are in agreement with the books of
account of the Company;
d) In our opinion, the Balance Sheet and the Profit and Loss Account
and Cash flow statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act. 1956.
e) Based on the written representations made by the Directors as on 31*
March, 2010 and taken on record by the Board of Directors of the
Company and the information and explanations given to us, none of the
directors is. as on 31st March, 2010. prima- facie disqualified from
being appointed as 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 said financial statements, read
together with the 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 generally accepted accounting
principles in India:
(1) In the case of Balance Sheet of the state of affairs of the Company
as at 31st March, 2010;
(ii) In the case of Profit and Loss Account, of the profit for the year
ended on that date.
(iii) In the case Of the Cash Flow statement, of the cash flows for the
year ended on that date.
Annexure to the Auditors Report
Referred to in Paragraph 3 of Our Report of Even Date
1 As per the information and explanations given to us, the Company has
maintained proper records showing full particulars including
quantitative details and situation of its fixed assets.
2. We have been informed that the respective heads of the department
at reasonable intervals conducted physical verification of fixed
assets. In respect ot assets physically verified, the details has been
compared with the books records and discrepancies noticed thereof were
not material and have been properly dealt with in the books of
accounts.
3 Substantial parts of the fixed assets have not been disposed of
during the year so as to affect its going concern.
4. As explained to us, the management at regular intervals during the
year has physically verified inventories.
5. The procedures explained to us, which are followed by the
management for physical verification of the inventories, are in our
opinion, reasonable ard adequate In reiation to the size of the Company
and the nature of its business.
6. The Company is maintaining proper records of the inventories. As
explained to us and according to the records produced to us for our
verification, discrepancies, which were noticed on physical
verification of Inventories, as compared to book records, have been
properly dealt with in the books of account
7 The Company has maintained necessary records to show full particulars
of loans accepted
and granted to from Companies, firms or other parties listed in the
register maintained u/s 301 of the Compantes Act, 1956, As there is no
stipulation regarding repayment of principal and payment of interest,
there are no overdue amounts of loans more than one laces rupee.
8. According to information and explanations given to us by the
rranagement of the Company. the terms and conditions of such loans
given and taken are prima-facie not prejudicial to the interest of the
Company.
9. 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 is
business, for the purchase and sale of shares and other assets. During
the course of cur examination no major weakness in internal control had
come to our notice.
10. In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements referred to
in section 301 of the Act have been entered in the register required to
be maintained under that section.
11 in our opinion and according to the information and explanations
given to us. the transaclions made in pursuance of such contracts or
arrangements In respect of any party during the year have been made
at prices which are reasonable having regard to the prevailing market
prices at the relevant time.
12. In our opinion and according to Ihe information and explanations
given to us by the Company, the provision of section 58A and section
58AA of the Companies Act, 1956 and the rules framed there under in
respect of acceptance of deposits are not applicable to the Company.
13. The Company has in house internal audit department and also has
adequate internal control system commensurate with its size and nature
of its business.
14. As explained to us, the maintenance of cost records has not been
prescribed by the Central Government under section 209(1 )(d) of the
Companies Act, 1956 in respect of the Companys products.
15. According to the information and explanations given to us the
provisions of Provident Fund and Employees State Insurance Scheme are
not applicable to the Company.
16. There are no undisputed amounts payable in respect of Income Tax,
Wealth Tax. Sales Tax, Custom Duty, Excise Duty were outstanding as on
31rd March, 2010 for a period of more than six month from the date they
becomes payable.
17. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses in the current
financial year.
18. On the basis of the records examined by us and the information and
explanations given to us, the Company has not taken any loan from
financial institutions or banks, the question of defaulted in repayment
of dues does not arise.
19 As explained to us. the Company has not granted any loans or
advances on the basis of security by way of pledge of shares,
debentures or any other securities.
20. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund/society. Therefore, clause 4(xiij) of the Companies
(Auditors Report) Order. 2003 is not applicable to the Company.
21. In our opinion and according to the information and explanations
given to us, the Company has updated the investment Register and timely
entries have been made in the register. However we are unable to
express our opinion regarding the investment held by the Company in its
own name. In our opinion, the Company is a dealer or trader in shares,
securities, debentures and other investments.
22. According to the information and explanations given to us, and the
representation made by the management, the Company, has neither given
any guarantee for loans taken by others from any bank or financial
institution, nor has obtained term loans during the year under review.
23. On the basis of the records examined by us and the representation
made by the management. No term loans have been obtained during the
year.
24. According to the information and explanations given to us and on
an overall examination of the financial statements of the Company and
after placing reliance on the reasonable assumptions made by the
Company for classification of long term and short term usage of funds,
we are of the opinion that, prima-facie, short term funds have not been
utilized for long term purpose and vice-versa.
25. The Company has not made any preferential allotment of shares to
parties and Companies covered in the register maintained under Section
301 of the Act during the year and therefore paragraph 4 (xviil) of the
Order is not applicable.
26. The Company has not issued any debentures during the year and
therefore paragraph 4 (xix) of the Order is not applicable.
27. The Company has not raised any money by public Issue during the
year and therefore paragraph 4 (xx) of the Order is not applicable.
28. During the course of our examination of the books and records of
the Company carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have wa been informed of such case by the management.
For Jajodia & Company
Chertred Accountants
Dinesh Jajodia
Proprietor
Membership No. 101008
Firm Regn.No.12l911W
Mumbai, the 31st day of May, 2010