Mar 31, 2013
We have audited the accompanying financial statements of MAHAVIR IMPEX
LIMITED which comprise the Balance Sheet as at 31 March 2013 & the
Statement of Profit and Loss and for the year then ended, and a summary
of significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position &
financial performance of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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 the balance sheet, of the state of affairs of the
Company as at 31 March 2013;
ii) in the case of the statement of profit and loss, of the profit for
the year ended on that date;
iii) In the case of 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, as
amended, issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. the Balance Sheet, Statement of Profit and Loss dealt with by this
Report are in agreement with the books of account .
d. in our opinion, the Balance Sheet & Statement of Profit and Loss
comply with the Accounting Standards referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956; and
e. on the basis of written representations received from the directors
as on 31 March 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2013 from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of M/S MAHAVIR IMPEX LIMITED on the accounts of the
company for the year ended 31st March, 2013.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. Company does not have inventories during the year hence other sub
clause not applicable
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses
(f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, 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) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company does not have an internal audit system commensurate with its
size and the nature of its business.
8. As per information and according to explanation given to us,
maintenance of cost records as prescribed by the Central Government
under clause (d) of sub- section (1) of section 209 of the Act, does
not applicable to the Company.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2013 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The accumulated losses at the end of the financial year are not
more than 50% of its net worth and it has incurred cash losses of Rs
204,890/- during the financial year under report and it has also
incurred cash losses in the immediately preceding financial year.
11. Based on our audit procedures and on 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.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short- term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For, Y. D. & Co
CHARTERED ACCOUNTANTS
FRN: 018846N
PLACE: LUDHIANA
DATE: 30.08.2013
Sd/-
CA RAKESH PURI
PARTNER
M. No.: 092728
Mar 31, 2012
(1) We have audited the attached Balance Sheet of MAHAVIR IMPEX LIMITED
as at 31st March, 2012 and the Profit and Loss Account 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 as opinion on these financial statements based on our audit.
(2) We have conducted our audit in accordance with auditing and
assurance standards generally accepted in India. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining on test basis, evidence
supporting the amounts and disclosures in the financial statements. An
Audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
(3) As required by the Companies (Auditors'' Report) Order, 2003 issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956, and on the basis of such checks as we considered
appropriate and according to the information and explanations given to
us, we set out in the annexure a statement on the matters specified in
paragraphs 4 & 5 of the said order.
(4) Further to our comments in the Annexure referred to in paragraph
(3) above we report that:
1. 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.
2. 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
books.
3. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report, are in agreement with the books of account.
4. In our opinion, the Balance Sheet, Profit & Loss Account, and Cash
Flow statement dealt with by this report comply with the Accounting
Standard referred to in sub-section (3c) of Section 211 of the
Companies Act, 1956.
5. On the basis of written representation received from the Directors
and taken on records by the Board of Directors, we report that none of
the Directors is disqualified as at 31st March 2012 from being
appointed as a director in terms of clause (g) of Sub-section (1) of
Section 274 of the Companies Act, 1956.
6. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Notes thereon, particularly the note no 4 regarding inter corporate
investment and Loans thereon give the information required by the
Companies Act, 1956 in the manner so required and give a true and fair
view:
(a) In case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2012 and;
(b) In case of Profit and Loss Account, of the Profit of the Company
for the year ended on that date.
(c) In case of Cash Flow Statement, of the cash flows for the year
ended on that date.
i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets on the basis of information available.
(b) As explained to us, all the assets have been physically verified by
the management at reasonable intervals during the year. According to
information and explanations given to us, no material discrepancies
have been noticed on such verification.
(c) In our opinion, the company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
company is not affected.
ii) The company has not held any inventory during the year. Hence,
clause (ii) (a), (b) & (c) are not applicable to the Company.
iii) (a) As per information and explanation given to us, the company
has not granted any loan to any party during the year.
(b) As per information and explanation given to us, the company has not
taken loans from any party covered in the register maintained under
section 301 of the Companies Act, 1956. Hence, clause (iii) e, f, g are
not applicable to the company.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to the purchase and sale of goods and services.
Further, on the basis of our examination of the books and records of
the Company carried out in accordance with the auditing standards
generally accepted in India and according to the information and
explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control system.
v) According to the information and explanations given to us, we are of
the opinion that there are no transactions that need to be entered into
the register maintained under section 301 of the companies Act 1956.
vi) In our opinion, and according to the information and explanations
given to us, the company has not accepted any fixed deposits which are
covered under provisions of section 58A and section 58AA of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rule
1975.
vii) In our opinion and according to the information and explanations
given to us, Company does not have internal audit system commensurate
with the size and nature of its business.
viii) The Central government has not prescribed any maintenance of cost
records for the Company''s product pursuant to Rules made under section
209 (1) (d) of the Companies Act, 1956.
ix) (a) As per information & according to explanation given to us, the
company is generally regular in depositing statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees''
State Insurance, Sales- tax, Wealth Tax, Custom Duty, Excise Duty,
service tax, cess and any other statutory dues except Income-Tax with
the appropriate authorities during the year.
(b) As per information & according to explanation given to us, there
are cases of non deposit with the appropriate authorities of disputed
dues of Income-tax & no cases of non deposit of , Sales tax, Wealth
Tax, Custom Duty, Excise Duty, service tax, cess and any other
statutory dues with the appropriate authorities during the year. The
exact amt. of disputed amount is not available with us.
x) The company have accumulated losses at the end of the financial
year. The company has not incurred any cash losses during the financial
year under report.
xi) In our opinion and according to the information and explanations
given to us, the Company has defaulted in repayment of dues to
financial institutions / banks. Company is not paying principal amount
as well as interest amount.
xii) As per information & according to explanation given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
xiii) As per information & according to explanation given to us,
provisions of any special statute applicable to chit fund does not
applicable to the company in respect of Nidhi/ Mutual benefit
fund/societies. Therefore, the provisions of clause 4(xii) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company.
xiv) As per information & according to explanation given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
xvi) According to the information and explanations given to us, the
Company has not raised any term loan during the year.
xvii) On the basis of an overall examination of the balance sheet of
the Company and according to the information and explanations given to
us, in our opinion, funds raised on a short-term basis have not been
used for long-term investment and vice versa.
xviii) The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Act during the year.
xix) The Company has not issued any debenture till date. Therefore,
creation of reserves in respect of debentures does not arise.
xx) The Company has not raised any money by public issues during the
year.
xxi) As per information & according to explanation given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For, Y. D. & Co
CHARTERED ACCOUNTANTS
FRN: 018846N
PLACE: LUDHIANA
DATE: 01.09.2012
CA RAKESH PURI
PARTNER
M. No.: 092728
Mar 31, 2011
1. We have audited the attached Balance Sheet of M/S MAHAVIR IMPEX
LIMITED as at 31st March, 2011 and the Profit and Loss Account 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 conduct our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan 2. and perform
the audit to obtain the reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting and the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by the management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion. We report that :
3.As Required by the Companies (Auditor's Report) Order, 2003 as
amended by Companies (Auditor's Report) (Amendment) 3. order 2004
(together "the Order"), issued by the Central Government of India in
terms of sub-section (4A) of Section 227 of the Companies Act,1956 of
India (the 'Act') and on the basis of such checks of the books and
records of the Company as we considered appropriate and according to
the information and explanations given to us, we give in the Annexure a
statement on the matters specified in paragraph 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
i)We have obtained all the information and explanations which, to the
best of our knowledge and belief, were i) necessary for the purposes of
our audit; In our opinion, proper books of account as required by law
have been kept by the Company so far as appears from
ii) our examination of those books ; The Balance Sheet and Profit and
Loss Account dealt with by this report are in agreement with the books
of
iv) In our opinion, the Balance Sheet and Profit and Loss Account
dealt with by this report comply with the accounting standard referred
to in section sub-section (3C) of Section 211 of the Act;
v) On the basis of written representation received from the Directors,
as on 31st March, 2011 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2011 from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Act;
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements together
with the notes thereon and attached thereto give in the prescribed
manner the information required by the Act and give a true and fair
view in conformity with the accounting principles generally accepted in
India :
(i) In the case of the Balance Sheet of the state of affairs of the
Company as at March 31, 2011.
(ii) In the case of the Profit & Loss Account of the Loss for the year
ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
Referred to in paragraph 3 of our report of even date on the accounts
of M/S MAHAVIR IMPEX LIMITED. for the year ended 31st
March, 2011.
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets on the basis of information available.
(b) As explained to us, all the assets have been physically verified by
the management at reasonable intervals during the year. According to
information and explanations given to us, no material discrepancies
have been noticed on such verification.
(c) In our opinion, the company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
company is not affected.
(ii) The Company does not have inventories and hence, clause (ii) (a),
(b), (c) are not applicable to the company.
(iii) (a) As per information and explanation given to us, the company
has not granted loans to parties covered in the register maintained
under section 301 of the Companies Act, 1956. Hence, clause (iii) (a)
, (iii) (b), (iii) (c) and (iii) (d) are not applicable to the company.
(b) As per information and explanation given to us, the company has not
taken loans from parties covered in the register maintained under
section 301 of the Companies Act, 1956. Hence, clause (iii) (e) , (iii)
(f) and (iii) (g) are not applicable to the company
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to the purchase and sale of goods and services.
Further, on the basis of our examination of the books and records of
the Company carried out in accordance with the auditing standards
generally accepted in India and according to the information and
explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control system.
(v) As per information & according to explanation given to us, the
company has not entered into any transaction that need to be entered
into the register maintained under section 301 of the Act.
(vi) As per information & according to explanation given to us, the
Company has not accepted deposits from the public. Hence, provisions of
Sec. 58A, 58AA and rules made there under are not applicable.
(vii) The Company does not have Internal Audit System.
(viii) As per information and according to explanation given to us,
maintenance of cost records as prescribed by the Central Government
under clause (d) of sub- section (1) of section 209 of the Act, does
not applicable to the Company.
(ix) (a) As per information & according to explanation given to us, the
company is generally regular in depositing statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees'
State Insurance, Sales- tax, Wealth Tax, Custom Duty, Excise Duty,
service tax, cess and any other statutory dues except Income-Tax with
the appropriate authorities during the year.
(b) As per information & according to explanation given to us, there
are cases of non deposit with the appropriate authorities of disputed
dues of Income-tax & no cases of non deposit of , Sales tax, Wealth
Tax, Custom Duty, Excise Duty, service tax, cess and any other
statutory dues with the appropriate authorities during the year. The
exact amt of disputed amount is not available with us.
(x) The company does not have any accumulated losses at the end of the
financial year. The company has incurred cash losses during the
financial year under report.
(xi) In our opinion and according to the information and explanations
given to us, the Company has defaulted in repayment of dues to
financial institutions / banks. Company is not paying principal amount
as well as interest amount.
(xii) As per information & according to explanation given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xiii) As per information & according to explanation given to us,
provisions of any special statute applicable to chit fund does not
applicable to the company in respect of Nidhi/ Mutual benefit
fund/societies. Therefore, the provisions of clause 4(xii) of the
Companies (Auditor's Report) Order, 2003 are not applicable to the
Company.
(xiv) As per information & according to explanation given to us, the
company has maintained the proper records of the transactions and
contracts and timely entries have been made in therein respect to this
transaction.
(xv) As per information & according to explanation given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xvi) As per information & according to explanation given to us, the
company has not obtained any term loan during the year.
(xvii) As per information & according to explanation given to us and an
overall examination of the Balance Sheet of the company, we report that
funds raised on short term basis have, prima facie, not been used
during the year for long term investment.
(xviii) As per information & according to explanation given to us, the
Company has not made preferential allotment of shares during the year &
the terms of issue are not prejudicial to the interest of the company.
(xix) As per information & according to explanation given to us, the
Company has not issued debentures during the year.
(xx) During the period covered by our audit report, the Company has not
raised any money by public issue during the year.
(xxi) As per information & according to explanation given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For NAIMISH K. SHAH & CO.
Chartered Accountants
(NAIMISH SHAH )
Proprietor
M. No. 31147
Place : AHMEDABAD.
DATE : 01/09/2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/S MAHAVIR IMPEX
LIMITED as at 31st March, 2010 and the Profit and Loss Account 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 as opinion on these financial statements based on our
audit.
2 We conduct our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain the reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting and the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion. We report that :
3 As Required by the Companies (Auditor's Report) Order, 2003 as
amended by Companies (Auditor's Report) (Amendment) Order 2004
(together "the Order"), issued by the Central Government of India in
terms of sub-section (4A) of Section 227 of of the Companies Act, 1956
of India (the Act') and on the basis of such checks of the books and
records of the Company as we considered appropriate and according to
the information and explanations given to us, we give in the Annexure a
statement on the matters specified in paragraph 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that :
i. We have obtained all the information and explanations which, to the
best of our knowledge and belief, were necessary for the purposes of
our audit;
ii. 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 ;
iii. The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
iv. In our opinion, the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the accounting standard referred to in
section sub-section (3C) of Section 211 of the Act;
v. On the basis of written representation received from the Directors,
as on 31st March, 2010 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2010 from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Act;
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements together
with the notes thereon and attached thereto give in the prescribed
manner the information required by the Act and give a true and fair
view in conformity with the accounting principles generally accepted in
India :
a. In the case of the Balance Sheet of the state of affairs of the
Company as at March 31, 2010.
b. In the case of the Profit & Loss Account of the Loss for the year
ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
Referred to in paragraph 3 of our report of even date on the accounts
of M/S MAHAVIR IMPEX LIMITED for the year ended 31st March, 2010.
i. a. The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets on the basis of information available.
b. As explained to us, all the assets have been physically verified by
the management at reasonable intervals during the year. According to
information and explanations given to us, no material discrepancies
have been noticed on such verification
a. In our opinion, the company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
company is not affected.
ii. The Company does not have inventories and hence, clause (ii) (a),
(b), (c) are not applicable to the company.
iii. (a) As per information and explanation given to us, the company
has not granted loans to parties covered in the register maintained
under section 301 of the Companies Act, 1956. Hence, clause (iii) (a),
(iii) (b), (iii) (c) and (iii) (d) are not applicable to the company.
(b) As per information and explanation given to us, the company has not
taken loans from parties covered in the register maintained under
section 301 of the Companies Act, 1956. Hence, clause (iii) (e), (iii)
(f) and (iii) (g) are not applicable to the company
iv. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to the purchase and sale of goods and services.
Further, on the basis of our examination of the books and records of
the Company carried out in accordance with the auditing standards
generally accepted in India and according to the information and
explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control system.
v. As per information & according to explanation given to us, the
company has not entered into any transaction that need to be entered
into the register maintained under section 301 of the Act.
vi. As per information & according to explanation given to us, the
Company has not accepted deposits from the public. Hence, provisions of
Sec. 58A, 58AA and rules made there under are not applicable.
vii. The Company does not have Internal Audit System.
viii. As per information and according to explanation given to us,
maintenance of cost records as prescribed by the Central Government
under clause (d) of sub- section (1) of section 209 of the Act, does
not applicable to the Company.
ix. (a) As per information & according to explanation given to us, the
company is generally regular in depositing statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees'
State Insurance, Sales- tax, Wealth Tax, Custom Duty, Excise Duty,
service tax, cess and any other statutory dues except Income-Tax with
the appropriate authorities during the year.
(b) As per information & according to explanation given to us, there
are cases of non deposit with the appropriate authorities of disputed
dues of Income-tax & no cases of non deposit of , Sales tax, Wealth
Tax, Custom Duty, Excise Duty, service tax, cess and any other
statutory dues with the appropriate authorities during the year. The
exact amt. of disputed amount is not available with us.
x. The company does not have any accumulated losses at the end of the
financial year. The company has not incurred cash losses during the
financial year under report.
xi. In our opinion and according to the information and explanations
given to us, the Company has defaulted in repayment of dues to
financial institutions / banks. Company is not paying principal amount
as well as interest amount.
xii. As per information & according to explanation given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
xiii. As per information & according to explanation given to us,
provisions of any special statute applicable to chit fund does not
applicable to the company in respect of Nidhi/ Mutual benefit
fund/societies. Therefore, the provisions of clause 4(xii) of the
Companies (Auditor's Report) Order, 2003 are not applicable to the
Company.
xiv. As per information & according to explanation given to us, the
Company has made investments and proper records for the same are
maintained & the investments in shares are in the name of the company.
xv. As per information & according to explanation given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
xvi. As per information & according to explanation given to us, the
company has not obtained any term loan during the year.
xvii. As per information & according to explanation given to us and an
overall examination of the Balance Sheet of the company, we report that
funds raised on short term basis have, prima facie, not been used
during the year for long term investment.
xviii. As per information & according to explanation given to us, the
Company has not made preferential allotment of shares during the year &
the terms of issue are not prejudicial to the interest of the company.
xix. As per information & according to explanation given to us, the
Company has not issued debentures during the year.
xx. During the period covered by our audit report, the Company has not
raised any money by public issue during the year.
xxi. As per information & according to explanation given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For, NAIMISH K. SHAH & CO.
Chartered Accountants
Naimish K Shah
Place: Ahmedabad Proprietor
Date : September 01, 2010 M. No: 31147