Mar 31, 2015
We have audited the accompanying financial statements of MARG Projects
and Infrastructure Limited ("the Company"), which comprise the Balance
Sheet as at 31st March, 2015, the Statement of Profit and Loss, the
Cash Flow Statement, and a summary of the significant accounting
policies and other explanatory information for the year then ended 31st
March, 2015.
Management's Responsibility for the Financial Statements
The Company's 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 the 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
preparation of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; 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.
Auditor's 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 there under.
We conducted our audit in accordance with the Standards on Auditing
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 the 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 financial control relevant
to the Company's 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 control system over financial reporting and the
operating effectiveness of such controls. An audit also includes
evaluating the appropriateness of the accounting policies used and the
reasonableness of the accounting estimates made by the Company's
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 forour qualified 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 financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
b) in the case of the Statement of Profit and Loss, of the loss for the
year ended 31st March 2015 and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended 31st March 2015.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's 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 a
statement on the matters specified in paragraphs 3 and 4 of the Order.
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 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31stMarch, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
f) With respect to the other matters to be included in the Auditor's
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 does not have any pending litigations which would
impact its financial position.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.
ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN OUR REPORT OF EVEN DATE
TO THE MEMBERS OF MARG PROJECTS AND INFRASTRUCTURE LIMITEDUNDER THE
COMPANIES (AUDITORS' REPORT) ORDER 2015 FOR THE YEAR ENDED 31st MARCH,
2015.
1. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) According to the information and explanation given to us the fixed
assets have been physically verified by the management at the end of
the financial year. No Material discrepancies were noticed on such
verification.
2. The company had no inventory at any point of time and as such
physical verification by the management does not arise.
3. The Company has not given any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 189 of the Companies Act, 2013.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of the
business, with regard to purchase of fixed assets. During the course of
our audit, we have not observed any continuing failure to correct major
weaknesses in internal control system.
5. The Company has not accepted any deposits from public.
6. The Central Government has not prescribed the maintenance of Cost
Records under section 148 (1) of the Companies Act, 2013.
7. a) According to the information and explanation given to us and on
the basis of our examination of the books of accounts, the company is
irregular in depositing undisputed statutory dues including Provident
Fund, Income Tax and otherstatutory dues during the year with the
appropriate authorities.There were undisputed dues of Service Tax to
the extent of Rs. 6,17,151 /- as at 31st March 2015, payable for a
period of more than six months from the date they become payable.
b) There are no disputed amounts of statutory dues which have not been
deposited with the concerned authorities.
c) According to the information and explanations given to us, the
company doesn't have amount required to be transferred to Investor
Education and Protection Fund in accordance with the relevant
provisions of the Companies Act 1956 (1 of 1956) and rules made there
under.
8. The Company has no accumulated losses as at 31st March, 2015. It has
incurred Cash Loss of Rs. 27,68,399/- during the financial year ended
31.03.2015 and cash loss of Rs. 53,39,788/-in the immediately
preceding financial year ended 31st March, 2014.
9. The Company has not taken loans from financial institutions/banks or
issued debentures till 31st March, 2015. Hence, the question of
reporting on defaults in repayment of dues to financial
institutions/banks or debentures does not arise.
10. According to the information and explanations given to us, the
Company has not given any guarantees during the year.
11. According to the records of the Company, the Company has not
obtained term loans during the year under review. Hence, comments under
the clause 3 (xi) are not applicable.
12. According to the information and explanation given to us, no fraud
on or by the Company has been noticed or reported during the financial
year.
For K RAMKUMAR & Co.,
Regn No: 02830S
Chartered Accountants
Place: Chennai
Date: 30th May, 2015
R M V Balaji
Partner
Membership No.: 027476
Mar 31, 2014
We have audited the accompanying financial statements of Marg Projects
and Infrastructure Limited, which comprise the Balance Sheet as at
March 31,2014, and the Statement of Profit and Loss and Cash Flow
Statement for the year ended 31st March, 2014, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956. 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:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2014;
b) in the case of the Statement of Profit and Loss, of the loss for the
year ended 31st March 2014 and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended 31st March 2014.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
("theOrder") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with theAccounting Standards referred to in
sub-section(3C) of section 211 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 clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS REPORT (Referred to in my report of even date
to the members of MARG PROJECTS AND INFRASTRUCTURE LIMITED [UNDER THE
COMPANIES (AUDITORS'' REPORT) ORDER 2003] FOR THE YEAR ENDED 31" MARCH,
2014.
1. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) According to the information and explanation given to us the fixed
assets have been physically verified by the management at the end of
the financial year. No Material discrepancies were noticed on such
verification.
c) No substantial parts of fixed assets have been disposed off during
the year.
2. The Company doesn''t have any Inventory for the period under review,
hence no comments are required to be given.
3. The Company has not taken/granted any loans, secured or unsecured
to/from companies, firms or other parties covered in the register
maintained under section 301 of the CompaniesAct, 1956.
4. In our opinion and according to the explanation given to us there is
an adequate internal control procedure commensurate with the size of
the company and the nature of its business, for the purchase of fixed
assets and forthe sale of goods & services.
5. a) In our opinion and according to the information and
explanation given to us, the transactions that need to be entered in
the register maintained under Section 301, of the Companies Act, 1956
have been entered.
b) In our opinion and according to the information and explanation
given to us, these transactions have been made at prices which are
reasonable having regard to the prevailing market prices at the
relevant time.
6. The Company has not accepted any deposits from the public in terms
of provisions of sections 58Aand 58AA and other relevant provisions of
the Companies Act, 1956 and the rules framed thereunder.
7. In our opinion and according to the information and explanation
given to us, the Company''s internal audit system is not commensurate
with the size and nature of its business.
8. We have been informed that the Central Government has not prescribed
the maintenance of Cost Records under the provisions of Section 209(1
)(d) of the CompaniesAct, 1956.
9. a) According to the information and explanation given
to us and on the basis of our examination of the books of accounts, the
company is irregular in depositing undisputed statutory dues including
Provident Fund, Income Tax and other statutory dues during the year
with the appropriate authorities.
b) According to the records of the company, undisputed Service Tax to
the extent of Rs. 6,17,151/-was payable as at 31" March 2014 which is
outstanding for a period of more than six months from the date it
became due.
c) There are no disputed amount of statutory dues which have not been
deposited with the concerned authorities.
10. The Company does not have accumulated losses as at 31" March 2014.
The Company has incurred cash losses of Rs. 53,39,788/- during the
financial year covered by our audit and there is no cash loss in the
immediately preceding financial year.
11. The Company has not taken loans from financial institutions/banks
or issued debentures during the year covered by our audit. Hence, the
question of reporting on defaults in repayment of dues to financial
institutions/banks or debentures does not arise.
12. The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The Company has not given any guarantee for loans taken by others
from bank or financial institutions, the terms and conditions whereof
are prejudicial to the interest of the company.
14. The Company has not availed any term loan during the year under
review.
15. The Company is not a Chit Fund or a Nidhi/Mutual Benefit
Fund/Society.
16. In our opinion, the Company is not dealing in ortrading in shares,
securities, debentures and other investments.
17. According to the information and explanations 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 permanent working capital.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained U/s 301 of the
Companies Act, 1956.
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 did not raise any proceeds during the yearthrough
public issue of any of its securities.
21. According to the information and explanations given to us, there
were no cases of fraud on or by the Company noticed or reported during
the year.
ForK RAM KUMAR & CO.,
Chartered Accountants
Firm Reg. No: 02830S
RMVBALAJI
(Partner)
Mem.No: 27476
Place : Chennai
Date : 30th May, 2014
Mar 31, 2012
1. We have audited the attached Balance Sheet of MARG PROJECTS AND
INFRASTRUCTURE LIMITED as on 31st March 2012 and also the Profit & Loss
Account and Cash Flow Statement for the year ended 31st March 2012.
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 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 material misstatements. Our audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003, issued
by the Central Government of India in terms of subsection (4A) of
Section 227 of the Companies Act, 1956, we enclose in the annexure
hereto a statement on the matters specified in paragraphs 4 and 5 of
the said order to the extent they are applicable to this Company.
4. Further to the comments in the Annexure referred to above, we
report that:
a. We have obtained all the information and explanations, which to the
best of our knowledge were necessary for the purpose of our Audit.
b. In our opinion, proper Books of Accounts
as required by law have been kept by the Company so far as it appears
from our examination of the books.
c. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the Books of Accounts
of the Company.
d. According to the best of our information and explanations given to
us, the Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in accordance with the accounting
standards referred to u/s 211(3C) of the Companies Act, 1956.
e. On the basis of the written representations received from the
Directors of the Company and taken on record by the Board of Directors,
we report that none of the Directors are disqualified as on 31st March
2012 from being appointed as a director in terms of Section (g) of
subsection (1) of Section 274 of the Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the accounts read with the notes give the
information required by the Companies Act, 1956 in the manner as
required and give a true and fair view :
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 31st March 2012; and
iii. in the case of Cash Flow Statement, of the Cash Flows for the
year ended 31st March 2012.
ANNEXURE TO AUDITOR'S REPORT REFERRED TO IN PARAGRAPH 3 OF OUR REPORT
OF EVEN DATE TO THE SHAREHOLDERS OF MARG PROJECTS AND INFRASTRUCTURE
LIMITED
1. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) According to the information and explanation given to us the fixed
assets have been physically verified by the management at the end of
the financial year. No Material discrepancies were noticed on such
verification.
c) No substantial parts of fixed assets have been disposed off during
the year.
2. a) As explained to us, physical verification of inventory has been
conducted by the management, at the end of the year.
b) The procedures of physical verification of inventory followed by the
management are reasonable and adequate in relation to the size of the
Company and nature of its business.
c) The Company is maintaining proper records of inventory and the
discrepancies noticed on verification between physical stocks and book
stocks were not material.
3. The Company has not taken/granted any loans, secured or unsecured
to/from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
4. In our opinion and according to the explanation given to us there
is an adequate internal control procedure commensurate with the size of
the company and the nature of its business, for the purchase of fixed
assets and for the sale of goods & services.
5. a) According to the information and explanations given to us, in
our opinion that there are no transactions that need to be entered into
the register maintained under section 301 of the Companies Act, 1956.
b)In our opinion and according to the information and explanations
given to us the transaction in pursuance of contracts or arrangements
entered in the register maintained U/s 301 of the Companies Act, 1956
and exceeding the value of rupees five lakhs in respect of any party
during the year have been made at rates or value which are reasonable
having regard to the prevailing market rates or values at the relevant
time.
6. The Company has not accepted any deposits from the public in terms
of provisions of sections 58A and 58AA and other relevant provisions of
the Companies Act, 1956 and the rules framed thereunder.
7. In our opinion, the Company has an internal audit system,
commensurate with the size and nature of its business.
8. We have been informed that the Central Government has not
prescribed the maintenance of Cost Records under the provisions of
Section 209(1)(d) of the Companies Act, 1956.
9. a)According to the information and explanation given to us and on
the basis of our examination of the books of accounts, the company has
been generally, regular in depositing undisputed statutory dues
including Provident Fund, Income Tax and other statutory dues during
the year with the appropriate authorities excepting a few instances of
delay. There were no undisputed dues as at 31st March 2012, payable for
a period of more than six months from the date they become payable.
b) There are no disputed amount of statutory dues which have not been
deposited with the concerned authorities.
10. The Company does not have accumulated losses exceeding fifty
percent of its net worth. The Company has not incurred cash losses
during the financial year covered by our audit and the immediately
preceding financial year.
11. In our opinion and according to information and explanations given
to us, the Company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
12. The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The Company has not given any guarantee for loans taken by others
from bank or financial institutions, the terms and conditions whereof
are prejudicial to the interest of the company.
14. In our opinion and according to information and explanations given
to us, the term loans have been applied for the purpose for which they
were raised.
15. The Company is not a Chit Fund or a Nidhi/Mutual Benefit
Fund/Society.
16. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments.
17. According to the information and explanations 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
permanent working capital.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained U/s 301 of the
Companies Act, 1956.
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 did not raise any proceeds during the year through
public issue of any of its securities.
21. According to the information and explanations given to us, there
were no cases of fraud on or by the Company noticed or reported during
the year.
For K RAMKUMAR & Co.,
Chartered Accountants
Firm Reg. No : 02830S
R M V Balaji
Partner
M.No : 27476
Place : Chennai
Date : 30th May 2012
Mar 31, 2010
1. We have audited the attached Balance Sheet of MARG PROJECTS AND
INFRASTRUCTURE LIMITED (Formerly Marg Holdings & Financial Services
Limited) as on 31 ST March 2010 and also the Profit & Loss Account and
Cash Flow Statement for the year ended 31ST March 2010. These
financial statements are the respon- sibility 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 auditing standards
generally accepted in India. These standards require that we plan and
per- form the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. Our audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
pre- sentation. We believe that our audit provides a reasonable basis
for our opinion.
3. As required by the Companies (Auditors Re- port) Order, 2003,
issued by the Central Gov- ernment of India in terms of subsection (4A)
of Section 227 of the Companies Act, 1956, we enclose in the annexure
hereto a statement on the matters specified in paragraphs 4 and 5 of
the said order to the extent they are applicable to this Company.
4. Further to the comments in the Annexure re- ferred to above, we
report that:
a. We have obtained all the information and explanations, which to the
best of our knowledge were necessary for the purpose of our Audit.
b. In our opinion, proper Books of Accounts as required by law have
been kept by the Company so far as it appears from our examination of
the books.
c. The Balance Sheet, Profit and Loss Ac- count and Cash Flow
Statement dealt with by this report are in agreement with the Books of
Accounts of the Com- pany.
d. According to the best of our information and explanations given to
us, the Bal- ance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in accordance with the
accounting standards referred to u/s 211(3C) of the Companies Act,
1956.
e. On the basis of the written representa- tions received from the
Directors of the Company and taken on record by the Board of Directors,
we report that none of the Directors are disqualified as on 31ST March
2010 from being appointed as a director in terms of Section (g) of
subsec- tion (1) of Section 274 of the Companies Act, 1956.
f. In our opinion and to the best of our infor- mation and according
to the explanations given to us, the accounts read with the notes give
the information required by the Companies Act, 1956 in the manner as
required and give a true and fair view:
i. 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 Ac- count, of the Profit for the
year ended 31st March 2010; and
iii. in the case of Cash Flow Statement, of the Cash Flows for the year
ended 31st March 2010.
ANNEXURE TO AUDITORS REPORT REFERRED TO IN PARAGRAPH 3 OF OUR REPORT
OF EVEN DATE TO THE SHAREHOLDERS OF MARG PROJECTS AND INFRASTRUCTURE
LIMITED
(Formerly Marg Holdings & Financial Services Limited)
1. a) The Company has maintained proper re- cords showing full
particulars, including quan- titative details and situation of fixed
assets.
b) According to the information and explana- tion given to us the fixed
assets have been physically verified by the management at the end of
the financial year. No Material discrep- ancies were noticed on such
verification.
c) No substantial parts of fixed assets have been disposed off during
the year.
2. a) As explained to us, physical verification of inventory has been
conducted by the manage- ment, at the end of the year.
b) The procedures of physical verification of inventory followed by the
management are reasonable and adequate in relation to the size of the
Company and nature of its business.
c). The company is maintaining proper records of inventory and the
material discrepancies noticed on verification between physical stocks
and book stocks were not material.
3. The Company has not taken/granted any loans, secured or unsecured
to/from com- panies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
4. In our opinion and according to the explana- tion given to us there
is an adequate internal control procedure commensurate with the size of
the company and the nature of its business, for the purchase of fixed
assets and for the sale of goods & services.
5. a) According to the information and explana- tions given to us, we
are of the opinion that the transactions that need to be entered into
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 transaction in pursuance of contracts or arrangements
entered in the register maintained U/s 301 of The Companies Act, 1956
and exceeding the value of rupees five lakhs in respect of any party
during the year have been made at rates or value which are reasonable
having regard to the prevailing market rates or values at the relevant
time.
6. The Company has not accepted any deposits from the public in terms
of provisions of sec- tions 58A and 58AA and other relevant provi-
sions of the Companies Act, 1956 and the rules framed thereunder.
7. In our opinion, the Company has an internal audit system,
commensurate with the size and nature of its business.
8. We have been informed that the Central Gov- ernment has not
prescribed the maintenance of Cost Records under the provisions of Sec-
tion 209(1 )(d) of the Companies Act, 1956.
9. a) According to the information and explana- tion given to us and
on the basis of our exami- nation of the books of accounts, the company
has been generally, regular in depositing undisputed statutory dues
including Provident Fund, Income Tax and other statutory dues during
the year with the appropriate authorities excepting a few instances of
delay. There were no undisputed dues as at 31st March 2010, payable for
a period of more than six months from the date they become payable.
b) There are no disputed amount of statutory dues which have not been
deposited with the concerned authorities.
10. The Company does not have accumulated losses exceeding fifty
percent of its net worth. The Company has not incurred cash losses
during the financial year covered by our au- dit and the immediately
preceding financial year.
11. In our opinion and according to information and explanations given
to us, the Company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
12. The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securi- ties.
13. The Company has not given any guarantee for loans taken by others
from bank or fi- nancial institutions, the terms and conditions whereof
are prejudicial to the interest of the company.
14. In our opinion and according to information and explanations given
to us, the term loans have been applied for the purpose for which they
were raised.
15. The Company is not a Chit Fund or a Nidhi/ Mutual Benefit
Fund/Society.
16. In our opinion, the Company is not dealing in or trading in shares,
securities, debentures and other investments.
17. According to the information and explanations 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
permanent working capital.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained U/s 301 of the
Companies Act, 1956.
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 did not raise any proceeds dur- ing the year through
public issue of any of its securities.
21. According to the information and explanations given to us, there
were no cases of fraud on or by the Company noticed or reported during
the year.
For K RAMKUMAR & CO.,
Firm Reg. No. :02830S
Chartered Accountants
R M V BALAJI
Partner
M.No.: 27476
Place : Chennai
Date :29th May 2010
Mar 31, 2009
1. We have audited the attached Balance Sheet of MARG PROJECTS AND
INFRASTRUCTURE LIMITED (Formerly Marg Holdings & Financial Services
Limited) as on 31 st March 2009 and also the Profit & Loss Account and
Cash Flow Statement for the year ended 31st March 2009. 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 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 material misstatements. Our audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003, issued
by the Central Government of India in terms of subsection (4A) of
Section 227 of the Companies Act, 1956, we enclose in the annexure
hereto a statement on the matters specified in paragraphs 4 and 5 of
the said order to the extent they are applicable to this Company.
4. Further to the comments in the Annexure referred to above, we
report that:
a. We have obtained all the information and explanations, which to the
best of our knowledge were necessary for the purpose of our Audit.
b. In our opinion, proper Books of Accounts as required by law have
been kept by the Company so far as it appears from our examination of
the books.
c. The Balance Sheet, Profit and Loss
Account and Cash Flow Statement dealt with by this report are in
agreement with the Books of Accounts of the Company.
d. According to the best of our information and explanations given to
us, the Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in accordance with the accounting
standards referred to u/s 211(3C) of the Companies Act, 1956.
e. On the basis of the written representations received from the
Directors of the Company and taken on record by the Board of Directors,
we report that none of the Directors are disqualified as on 31st March
2009 from being appointed as a director in terms of Section (g) of
subsection (1) of Section 274 of the Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the accounts read with the notes give the
information required by the Companies Act, 1956 in the manner as
required and give a true and fair view:
i. in the case of Balance Sheet, of the State of Affairs of the Company
as at 31st March 2009;
ii. in the case of Profit and Loss Account, of the Profit for the year
ended 31st March 2009; and
iii. in the case of Cash Flow Statement, of the Cash Flows for the year
ended 31st March 2009.
ANNEXURE TO AUDITORS REPORT REFERRED TO IN PARAGRAPH 3 OF OUR REPORT
OF EVEN DATE TO THE SHAREHOLDERS OF MARG PROJECTS AND INFRASTRUCTURE
LIMITED (Formerly Marg Holdings & Financial Services Limited)
1. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) According to the information and explanation given to us the fixed
assets have been physically verified by the management at the end of
the financial year. No Material discrepancies were noticed on such
verification.
c) No substantial parts of fixed assets have been disposed off during
the year.
2. a) As explained to us, physical verification of inventory has been
conducted by the management, at the end of the year.
b) The procedures of physical verification of inventory followed by the
management are reasonable and adequate in relation to the size of the
Company and nature of its business.
c). The company is maintaining proper records of inventory and the
material discrepancies noticed on verification between physical stocks
and book stocks were not material.
3. The Company has not taken/granted any loans, secured or unsecured
to/from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
4. In our opinion and according to the explanation given to us there
is an adequate internal control procedure commensurate with the size of
the company and the nature of its business, for the purchase of fixed
assets and for the sale of goods & services.
5. a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
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 transaction in pursuance of contracts or arrangements
entered in the register maintained U/s 301 of The Companies Act, 1956
and exceeding the value of rupees five lakhs in respect of any party
during the year have been made at rates or value which are reasonable
having regard to the prevailing market rates or values at the relevant
time.
6. The Company has not accepted any deposits from the public in terms
of provisions of sections 58A and 58AA and other relevant provisions of
the Companies Act, 1956 and the rules framed thereunder.
7. In our opinion, the Company has an internal audit system,
commensurate with the size and nature of its business.
8. We have been informed that the Central Government has not
prescribed the maintenance of Cost Records under the provisions of
Section 209(1 )(d) of the Companies Act, 1956.
9. a) According to the information and explanation given to us and on
the basis of our examination of the books of accounts, the company has
been generally, regular in depositing undisputed statutory dues
including Provident Fund, Income Tax and other statutory dues during
the year with the appropriate authorities excepting a few instances of
delay. There were no undisputed dues as at 31st March 2009, payable for
a period of more than six months from the date they become payable.
b) There are no disputed amount of statutory dues which have not been
deposited with the concerned authorities.
10. The Company does not have accumulated losses exceeding fifty
percent of its net worth. The Company has not incurred cash losses
during the financial year covered by our audit and the immediately
preceding financial year.
11. In our opinion and according to information and explanations given
to us, the Company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
12. The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The Company has not given any guarantee for loans taken by others
from bank or financial institutions, the terms and conditions whereof
are prejudicial to the interest of the company.
14. In our opinion and according to information and explanations given
to us, the term loans have been applied for the purpose for which they
were raised.
15. The Company is not a Chit Fund or a Nidhi/ Mutual Benefit
Fund/Society.
16. In our opinion, the Company is not dealing in or trading in shares,
securities, debentures and other investments.
17.According to the information and explanations 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
permanent working capital.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained U/s 301 of the
Companies Act, 1956.
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 did not raise any proceeds during the year through
public issue of any of its securities.
21.According to the information and explanations given to us, there
were no cases of fraud on or by the Company noticed or reported during
the year.
For K RAMKUMAR & CO,
Chartered Accountants
R M V BALAJI
Partner
M.No.27476
Place : Chennai
Date : 30th June 2009