Mar 31, 2015
We have audited the accompanying standalone financial statements of
Mayur Floorings Limited which comprise the Balance Sheet as at 31st
March, 2015, the Statement of Profit and Loss, the Cash Flow Statement
for the year then ended, and a summary of the significant accounting
policies and other explanatory information, 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 standalone 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 provisions of the Act for safeguarding of the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
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.
Auditors' Responsibility
Our responsibility is to express an opinion on these standalone
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. 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 for our audit
opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31 st March, 2015, and its profit / loss and its cash flows for the
year ended on that date.
(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 profit of
the Company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
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
to the extend applicable.
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 company do not have any branch hence Section 143 (8) of the Act
is not applicable to the company.
(d) 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.
(e) In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(0 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 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
(g) 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 has disclosed the impact of pending litigations under
contingent liability on its financial position in its financial
statements. The company is in possession of decree against machine
supplier and same is pending under consideration of judiciary.
(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 amount which were required to be transferred, to
the Investor Education and Protection Fund by the Company.
Annexure to the Auditors' Report
The Annexure referred to in our report to the members of Mayur
Floorings Limited the Company') for the year Ended on 31.03.2015. We
report that:
S.No. Particulars Auditors
Remark
(i) (a) whether the company is maintaining proper records Yes
showing full particulars, including quantitative
details and situation of fixed assets;
(b) whether these fixed assets have been physically verified
by the management at reasonable intervals; whether any
material discrepancies were noticed on such verification
and if so, whether the same have been properly dealt
with in the books of account; Yes
(ii) (a) whether physical verification of inventory has been
conducted at reasonable intervals by the management; Yes
(b) are the procedures of physical verification of inventory
followed by the management reasonable and adequate in
relation to the size of the company and the nature of
its business. If not, the inadequacies in such procedures
should be reported; Yes
(c) whether the company is maintaining proper records of
inventory and whether any material discrepancies were
noticed on physical verification and if so, whether the
same have been properly dealt with in the books of
account; Yes
(iii) (iii) whether the company has granted any loans,
secured or insecured to companies, firms or other
parties covered in the register maintained under
section 189 of the Companies Act. If so, N.A.
(a) whether receipt of the principal amount and interest
are also regular; and N.A.
(b) if overdue amount is more than rupees one lakh, whether
reasonable steps have been taken by the company for
recovery of the principal and interest; NA
(iv) is there an adequate internal control system
commensurate with the size of the company and the
nature of its business, for the purchase of inventory
and fixed assets and for the sale of goods and
services. Whether there is a continuing failure to
correct major weaknesses in internal control system. Yes
(v) in case the company has accepted deposits, whether the
directives issued by the No except
Reserve Bank of india and the provisions of sections unsecured
73 to 76 or any other relevant provisions of the loan of
Companies Act and the rules framed there under, where rs 08.90
applicable, have been complied with? 11 not, the nature lacs taken
of contraventions should be stated; If an order has from
been passed by company Law Board or National Company Director
Law Tribunal or Reserve Bank of India or any court or Shri
any other tribunal, whether the same has been complied Mahaveer
with or not- . Sundrawat
S.No. Particulars Auditors
Remark
(vi) where maintenance of cost records has been
specified by the Central Government under
sub-section (1) of section 148 of the Companies
Act, whether such accounts and records have been
made and maintained; NA
(vii) (a) is the company regular in depositing
undisputed statutory dues including provident
fund, employees' state insurance, income-tax,
sales-tax, wealth tax, service tax, duty of
customs, duty of excise, value added tax, cess
and any other statutory dues with the Yes, except
appropriate authorities and if not, the extent
of the arrears of outstanding statutory dues minor delay,
as at the last day of the financial year concerned
for a period of more than six months from the date
they became payable, shall be indicated by the
auditor.
(b) in case dues of income tax or sales tax or wealth
tax or service tax or duty of Yes Income Tax
customs or duty of excise or value added tax or Rs.08.39 Lacs
cess have not been deposited on account of any disputed
dispute, then the amounts involved and the amount not
forum where dispute is by pending shall be deposited by
mentioned. (A mere representation to the concerned Company for
Department shall not constitute a dispute). which company
has made
application
for rectific
ation of
error U/s 154
(c) whether the amount required to be transferred to NA
investor education and protection fund in
accordance with the relevant provisions of
the Comanies Act, 1956 (1 of 1956)
and rules made there under has been transferred
to such fund within time.
(viii) whether in case of a company which has been
registered for a period not less than five NA
years, its accumulated losses at the end of the
financial year are not less than fifty percent
of its net worth and whether it has incurred cash
losses in such financial year and in the
immediately preceding financial year;
(ix) whether the company has defaulted in repayment of
dues to a financial institution or NA
bank or debenture holders- If yes, the period and
amount of default to be reported;
(x) whether the company has given any guarantee for
loans taken by others from bank No
or financial institutions, the terms and
conditions whereof are prejudicial to the
interest of the company;
(xi) whether term loans were applied for the purpose
for which the loans were obtained; Yes
(xii) whether any fraud on or by the company has been
noticed or reported during the year; If yes,
the nature and the amount involved is to be
indicated. No
For: Surendra Kumar Jain & Company
Chartered Accountant
S K Jain (Proprietor)
Membership No 071318
Date: 26.04.2015, Banswara.
Mar 31, 2014
We have audited the accompanying financial statements of Mayur
Floorings Limited, which comprise the Balance Sheet as at March 31,
2014, the Statement of Profit and Loss and Cash Flow Statement for the
year then ended, and a summary of significant accounting policies and
other explanatory information.
Management's responsibility for the financial statements.
The Company's 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 notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. 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
ethicai 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,
but not for the purpose of expressing an opinion on the effectiveness
of the Company's internal control. 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:
(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 thq Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company 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 arein 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 Accounting Standards notified
under the Act read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
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 Auditor's Report (Referred to in Para 2 of our Report
on even date)
01. a) Proper records of Fixed Assets of the Company are under
compilation.
b) The Fixed Assets of the Company have been physically verified during
the period by management and no material discrepancies between the
books records and physical verification have been noticed, c) There was
no substantial disposal of fixed assets during the year.
02. a) The management has conducted the physical verification of
inventory at reasonable intervals.
b) The procedure 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) Company is maintaining proper records of inventory. No material
discrepancies were noticed on the physical verification.
03. a) 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. b)
The Company has not taken any Loans either from partners and firms
listed in the Register maintained under Section 301 of the Companies
Act, 1956.
04. In our opinion and according the information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of company and nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods.
05. There is no transaction relevant to Section 301 of the Companies
Act 1956, during the year, hence no need to enter into the Register
maintained under above section.
06. The Company has not accepted any deposits from the public.
07. In our opinion the Company has an internal audit system
commensurate with the size and nature of its business.
08. The Central Government has not prescribed to the Company for
maintenance of cost records under section 209(1 )(d) of the Companies
Act, 1956.
09. a) According to the information and explanations given to us and
the books and records examined by us Company
has been regular in depositing undisputed statutory dues including ESI,
Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, cess and
other statutory dues applicable to it with the appropriate authorities.
There is delay in depositing PF dues in some cases.
b) According to the information and explanation given to us, no
undisputed amounts payable in respect of provident fund, ESI, Income
Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess, and other
statutory dues were outstanding at the year end for a period of more
then six months from the date they become payable.
c) According to the records of the Company there are no dues
outstanding of, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise
Duty, Cess, on account of any disputes.
10. The Company has accumulated losses of Rs. 77.95 Lacs at the end of
the financial year and it has not incurred any cash losses in the
current and immediate preceding financial year.
11. According the information and explanations given by the management
the Company has not defaulted in repayment of Dues of any financial
institutions or banks or debenture holders.
12. According the information and explanations given by the management
the Company has not granted loans and advances on the basis of security
by way of pledge of shares, debentures, and other securities.
13. In our opinion and information and explanations given by the
management the nature of the activities of the Company does not attract
any special statute applicable, to Chit Funds, and Nidhi / mutual
benefit funds / socities.
14. The Company has maintained proper records of transactions and
contracts in respect of trading in securities, debentures, and other
investments and timely entries have been made therein.
15. The Company has not given any guarantee for loans, taken by others,
from banks and financial institutions.
16. The Company has not raised new Term Loan during the year.
17. According the information and explanations given by the management
and on overall examinations of the Balance Sheet and Cash Flow
statement of the Company we report that no funds, raised on short term
basis have been Used for Long Term investments but Long Term Funds have
been used for finance of Short Term assets for Rs 147.27 Lacs.
18. The Company has not made any preferential allotment of share to
parties or companies covered in the Register maintained under section
301 of the Companies Act, 1956.
19. The Company has not created securities in respect of debenture
issue.
20. The Company has not raised any money through a public issue during
the year.
21. In our opinion and explanations given to us we report that no
fraud, on or by the Company has been noticed or reported during the
course of our audit.
For Surendra Kumar Jain & Company
Chartered Accountants
-sd-
(S K Jain) Proprietor
Membership No. 071318
Date : 31.05.2014.
Banswara
Mar 31, 2012
We have audited the attached Balance Sheet of Ms Mayur Floorings
Limited, as at 31.03.2012, and Profit & Loss Account for the year ended
as on that date, and Cash Flow Statements for the year ended on that
date. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
01. We have conducted our audit in accordance with the auditing
standards generally accepted in India. Those standards required 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 amount and
disclosures in financial statements. An audit also includes assessing
the accounting principals used and significant estimates made by the
management, as well as evaluating the overall financial statement
presentations. We believe that our audit provides a reasonable basis
for our opinions.
02. As required by the Manufacturing and other Companies, (Auditor's
Report) order, 2003 issued by Central Government of India, in terms of
Section 227 (4A) of the Companies Act, 1956. We enclose in the annexure
a statement on the matter specified in the paragraph 4 and 5 of the
said order.
03. Further to our comments in the annexure refer to in paragraph 2
above, we report that;
a) We have obtained all the information and explanations, which, to the
best of our knowledge and belief were necessary for the purpose of our
Audit.
b) In our opinion proper books of accounts as required by the law, have
been kept by the Company so far as appears from the examinations of the
books of the Company.
c) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the Books of Accounts.
d) In our opinion, the attached Balance Sheet and Profit of Loss
Accounts dealt with by this report comply with mandatory Accounting
Standards referred to in Sub Section (3-C) of Section 211 of the
Companies Act, 1956.
e) In our opinion, and based on information's and explanation's given
to us, none of the Director of the Company are, prima facie, as at
31.03.2012 disqualified from being as appointed as Directors of the
Company under 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's and according
to the explanations given to us, the said financial statements read
together with Notes of Accounts in Schedule "P" give the information
required by the Companies Act, 1956, in the manner so required and give
true and fair values.
i) In the case of Balance Sheet of the state of affairs of the Company
as at 31.03.2012.
ii) In the case of Profit & Loss Account of the Profit of the Company
for the year ended as on that date.
Annexure to the AuditorÃs Report (Referred to in Para 2 of our Report
on even date)
01. a) Proper records of Fixed Assets of the Company are under
compilation.
b) The Fixed Assets of the Company have been physically verified during
the period by management and no material discrepancies between the
books records and physical verification have been noticed.
c) There was no substantial disposal of fixed assets during the year.
02. a) The management has conducted the physical verification of
inventory at reasonable intervals.
b) The procedure of physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of the
Company and nature of its business.
c) Company is maintaining proper records of inventory. No material
discrepancies were noticed on the physical verification.
03. a) 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.
b) The Company has not taken any Loans either from partners and firms
listed in the Register maintained under Section 301 of the Companies
Act, 1956.
04. In our opinion and according the information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of company and nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods.
05. There is no transaction relevant to Section 301 of the Companies
Act 1956, during the year, hence no need to enter into the Register
maintained under above section.
06. The Company has not accepted any deposits from the public.
07. In our opinion the Company has an internal audit system
commensurate with the size and nature of its business.
08. The Central Government has not prescribed to the Company for
maintenance of cost records under section 209 (1)(d) of the Companies
Act, 1956.
09. a) According to the information and explanations given to us and
the books and records examined by us Company has been regular in
depositing undisputed statutory dues including ESI, Income Tax, Sales
Tax, Wealth Tax, Custom Duty, Excise Duty, cess and other statutory
dues applicable to it with the appropriate authorities. There is delay
in depositing PF dues in some cases.
b) According to the information and explanation given to us, no
undisputed amounts payable in respect of provident fund, ESI, Income
Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess, and other
statutory dues were outstanding at the year end for a period of more
then six months from the date they become payable.
c) According to the records of the Company there are no dues
outstanding of, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise
Duty, Cess, on account of any disputes.
10. The Company has accumulated losses of Rs. 04.40 Lacs at the end of
the financial year and it has not incurred any cash losses in the
current and immediate preceding financial year.
11. According the information and explanations given by the management
the Company has not defaulted in repayment of Dues of any financial
institutions or banks or debenture holders.
12. According the information and explanations given by the management
the Company has not granted loans and advances on the basis of security
by way of pledge of shares, debentures, and other securities.
13. In our opinion and information and explanations given by the
management the nature of the activities of the Company does not attract
any special statute applicable, to Chit Funds, and Nidhi / mutual
benefit funds / socities.
14. The Company has maintained proper records of transactions and
contracts in respect of trading in securities, debentures, and other
investments and timely entries have been made therein.
15. The Company has not given any guarantee for loans, taken by others,
from banks and financial institutions.
16. The Company has not raised new Term Loan during the year.
17. According the information and explanations given by the management
and on overall examinations of the Balance Sheet and Cash Flow
statement of the Company we report that no funds, raised on short term
basis have been used for Long Term investments but Long Term Funds have
been used for finance of Short Term assets for Rs 128.00 Lacs.
18. The Company has not made any preferential allotment of share to
parties or companies covered in the Register maintained under section
301 of the Companies Act, 1956.
19. The Company has not created securities in respect of debenture
issue.
20. The Company has not raised any money through a public issue during
the year.
21. In our opinion and explanations given to us we report that no
fraud, on or by the Company has been noticed or reported during the
course of our audit.
For: Surrender Kumar Jain & Company
Chartered Accountants
-sd-
(S K Jain)
Proprietor
Place: Answer
Date: 28.07.2012
Mar 31, 2011
We have audited the attached Balance Sheet of Ms Mayur Floorings
Limited, as at 31.03.2011, and Profit & Loss Account for the year ended
as on that date, and Cash Flow Statements for the year ended on that
date. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
01. We have conducted our audit in accordance with the auditing
standards generally accepted in India. Those standards required 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 amount and
disclo- sures in financial statements. An audit also includes assessing
the accounting principals used and significant esti- mates made by the
management, as well as evaluating the overall financial statement
presentations. We believe that our audit provides a reasonable basis
for our opinions.
02. As required by the Manufacturing and other Companies, (Auditor's
Report) order, 2003 issued by Central Govern- ment of India, in terms
of Section 227 (4A) of the Companies Act, 1956. We enclose in the
annexure a statement on the matter specified in the paragraph 4 and 5
of the said order.
03. Further to our comments in the annexure refer to in paragraph 2
above, we report that;
a) We have obtained all the information and explanations, which, to the
best of our knowledge and belief were necessary for the purpose of our
Audit.
b) In our opinion proper books of accounts as required by the law, have
been kept by the Company so far as appears from the examinations of the
books of the Company.
c) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the Books of Accounts.
d) In our opinion, the attached Balance Sheet and Profit of Loss
Accounts dealt with by this report comply with mandatory Accounting
Standards referred to in Sub Section (3-C) of Section 211 of the
Companies Act, 1956.
e) In our opinion, and based on information's and explanation's given
to us, none of the Director of the Company are, prima facie, as at
31.03.2011 disqualified from being as appointed as Directors of the
Company under 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's and according
to the explanations given to us, the said financial statements read
together with Notes of Accounts in Schedule "P" give the information
required by the Companies Act, 1956, in the manner so required and give
true and fair values.
i) In the case of Balance Sheet of the state of affairs of the Company
as at 31.03.2011.
ii) In the case of Profit & Loss Account of the Profit of the Company
for the year ended as on that date.
Annexure to the Auditor's Report
(Referred to in Para 2 of our Report on even date)
01. a) Proper records of Fixed Assets of the Company are under
compilation.
b) The Fixed Assets of the Company have been physically verified during
the period by management and no material discrepancies between the
books records and physical verification have been noticed. c) There
was no substantial disposal of fixed assets during the year.
02. a) The management has conducted the physical verification of
inventory at reasonable intervals.
b) The procedure 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) Company is maintaining proper records of inventory. No material
discrepancies were noticed on the physical verification.
03. a) 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.
b) The Company has not taken any Loans either from partners and firms
listed in the Register maintained under Section 301 of the Companies
Act, 1956.
04. In our opinion and according the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of company and nature of its business, for
the purchase of inventory and fixed assets and for the sale of goods.
05. There is no transaction relevant to Section 301 of the Companies
Act 1956, during the year, hence no need to enter into the Register
maintained under above section.
06. The Company has not accepted any deposits from the public.
07. In our opinion the Company has an internal audit system
commensurate with the size and nature of its business.
08. The Central Government has not prescribed to the Company for
maintenance of cost records under section 209(1)(d) of the Companies
Act, 1956.
09. a) According to the information and explanations given to us and
the books and records examined by us Company has been regular in
depositing undisputed statutory dues including ESI, Income Tax, Sales
Tax, Wealth Tax, Custom Duty, Excise Duty, cess and other statutory
dues applicable to it with the appropriate authorities. There is delay
in depositing PF dues in some cases.
b) According to the information and explanation given to us, no
undisputed amounts payable in respect of provident fund, ESI, Income
Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess, and other
statutory dues were outstanding at the year end for a period of more
then six months from the date they become payable.
c) According to the records of the Company there are no dues
outstanding of, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise
Duty, Cess, on account of any disputes.
10. The Company has accumulated losses of Rs. 10.39 Lacs at the end of
the financial year and it has not incurred any cash losses in the
current and immediate preceding financial year.
11. According the information and explanations given by the management
the Company has not defaulted in repayment of Dues of any financial
institutions or banks or debenture holders.
12. According the information and explanations given by the management
the Company has not granted loans and advances on the basis of security
by way of pledge of shares, debentures, and other securities.
13. In our opinion and information and explanations given by the
management the nature of the activities of the Company does not attract
any special statute applicable, to Chit Funds, and Nidhi / mutual
benefit funds / socities.
14. The Company has maintained proper records of transactions and
contracts in respect of trading in securities, debentures, and other
investments and timely entries have been made therein.
15. The Company has not given any guarantee for loans, taken by
others, from banks and financial institutions.
16. The Company has not raised new Term Loan during the year.
17. According the information and explanations given by the management
and on overall examinations of the Balance Sheet and Cash Flow
statement of the Company we report that no funds, raised on short term
basis have been used for Long Term investments but Long Term Funds have
been used for finance of Short Term assets for Rs 119.64 Lacs.
18. The Company has not made any preferential allotment of share to
parties or companies covered in the Register maintained under section
301 of the Companies Act, 1956.
19. The Company has not created securities in respect of debenture
issue.
20. The Company has not raised any money through a public issue during
the year.
21. In our opinion and explanations given to us we report that no
fraud, on or by the Company has been noticed or reported during the
course of our audit.
For: Surendra Kumar Jain,& Company
Chartered Accountants
(S K Jain)
Proprietor
Place : Banswara
Date : 13.07.2011.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article