Mar 31, 2016
To the members of M/s. Meenakshi Enterprises Limited Report on the Financial Statements
We have audited the accompanying financial statements of M/s. Meenakshi Enterprises Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2016, 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 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 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 controls 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 for our audit opinion on the financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2016, and its loss and its 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, 2016 ("the Order"), as amended, 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" 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, 2016, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the company and other operating effectiveness of such controls, refer to our separate report in "Annexure B".
(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 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.
Referred to in paragraph 1 under the heading ''Report on Other Legal & Regulatory Requirement'' of our report of even date to the financial statements of the Company for the year ended March 31, 2016:
1) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets;
(b) The Fixed Assets have been physically verified by the management in a phased manner, at regular intervals, which in our opinion, is reasonable having regard to the size of the company and nature of its business and no material discrepancies between the books records and the physical fixed assets have been noticed.
(c) The company does not hold any immovable properties and hence clause (c) is not applicable.
2) The Company is holding stock of shares and securities and hence no physical verification is required for such stock items.
3) The Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability partnerships or other parties covered in the Register maintained under section 189 of the Act. Accordingly, the provisions of clause 3 (iii) (a) to (c) of the Order are not applicable to the Company and hence not commented upon.
4) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 185 and I86 of the Companies Act, 2013 in respect of loans, investments, guarantees, and security.
5) The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.
6) As informed to us, the maintenance of Cost Records has not been specified by the Central Government under sub-section (1) of Section 148 of the Act, in respect of the activities carried on by the company.
7) a) According to information and explanations given to us and on the basis of our examination of the books of account, and records, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income-Tax, Sales tax, Service Tax, Duty of Customs, Duty of Excise, Value added Tax, Cess and any other statutory dues with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the above were in arrears as at March 31, 2016 for a period of more than six months from the date on when they become payable.
b) According to the information and explanation given to us, there are no dues of income tax, sales tax, service tax, duty of customs, duty of excise, value added tax outstanding on account of any dispute.
8) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks. The Company has not taken any loan either from financial institutions or from the government and has not issued any debentures.
9) Based upon the audit procedures performed and the information and explanations given by the management, the company has not raised moneys by way of initial public offer or further public offer including debt instruments and term Loans. Accordingly, the provisions of clause 3 (ix) of the Order are not applicable to the Company and hence not commented upon.
10) Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud by the Company or on the company by its officers or employees has been noticed or reported during the year.
11) Based upon the audit procedures performed and the information and explanations given by the management, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act;
12) In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause 4 (xii) of the Order are not applicable to the Company.
13) In our opinion, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.
14) Based upon the audit procedures performed and the information and explanations given by the management, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of clause 3 (xiv) of the Order are not applicable to the Company and hence not commented upon.
15) Based upon the audit procedures performed and the information and explanations given by the management, the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, the provisions of clause 3 (xv) of the Order are not applicable to the Company and hence not commented upon.
16) In our opinion, the company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3 (xvi) of the Order are not applicable to the Company and hence not commented upon.
For VIVEKANANDAN ASSOCIATES
Chartered Accountants
(Firm Regn. No. 05268 S)
Sd/-
N.SURAMANIAN
Partner
Membership No. 021628
Place : Chennai
Date : 30.05.2016
Mar 31, 2015
We have audited the accompanying financial statements of MEENAKSHI
ENTERPRISES LIMITED ('the Company"), which comprises the Balance Sheet
as at March 31, 2015 and the Statement of Profit & Loss and 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 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 Section 133
of the Companies Act, 2013 and in accordance with the accounting
principles generally accepted in India. This responsibility includes
design, implementation and maintenance of internal control relevant to
the preparation 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 my audit. We have conducted our audit in accordance
with Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those standards require that I comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
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 judgments, including the
assessment of the risks of material misstatements 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 the accounting policies used and the
reasonableness of the accounting estimates made by the 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 my audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2015, and
ii) in the case of the Statement of the Profit & Loss, of the profit
for the year ended on that date, and
iii) in the cash flow statement of the cash flows for the year ended on
that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2015 ('the
Order") issued by the Central Government of India in terms of Section
143(11) of the Companies Act,2013 we give in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said order.
2. As required by Section 143(2) 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 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 appears from our examination of those
books.
c) The Balance Sheet and the Statement of Profit & Loss dealt with by
this report are in agreement with the books of account.
d) In our opinion, the Balance Sheet the Statement of Profit & Loss
dealt with by this report comply with the Accounting Standards referred
to in Section 133 of the Act.
e) On the basis of written representations received from the directors,
as on 31st March, 2015, and 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 of the Act.
ANNEXURE TO INDEPENDENT AUDITOR'S REPORT Â MARCH 31, 2015
Re: MEENAKSHI ENTERPRISES LIMITED
(Referred to paragraph 1 under 'Report on Other Legal and Regulatory
Requirements' section of my report of even date)
1. (a) The company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets;
(b) According to the information and explanations given to us, fixed
assets have been physically verified by the management at reasonable
intervals. According to the information and explanations given to us,
no material discrepancies were noticed on such verification and the
same have been properly dealt with in the books of account;
2. (a) According to the information given to us and explanations
provided, the Physical verification of inventory has been conducted
during the year at reasonable intervals by the management.
(b) The procedures followed by the management for physical verification
of inventory are reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) The company is maintaining proper records of inventory and there is
no material discrepancy noticed on physical verification and the same
have been properly dealt within the books of account;
3. According to the information given to me and explanations provided,
the company had not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act. 2013 during the year.
4. According to the information given to us and explanations provided,
there is an adequate internal control system commensurate with the size
of the company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods and services.
5. According to the information given to us and explanations provided,
the company has not accepted deposit from public to which the
directives issued by the Reserve Bank of India and the provisions of
section 73 to section 76 or any other relevant provisions of the Act
and the rules framed thereunder apply.
6. According to the information given to us and explanations provided,
the Central Government has not prescribed the maintenance of cost
records under sub-section (1) of section 148 of the Companies Act for
the services rendered by the company.
7. (a) According to the information given to us and explanations
provided, the company is 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 or other statutory dues with appropriate
authorities.
(b) There is no undisputed amounts payable in respect of income tax,
sales-tax, wealth tax, service tax, duty of customs, duty of excise,
value added tax, cess that have not been deposited on account of any
dispute.
(c) According to the information given to us and explanations provided,
there are no amounts required to be transferred to investor education
and protection fund during the year in accordance with the relevant
provisions of the Companies Act, 2013) and rules framed thereunder.
8. In our opinion and according to the information given to us and
explanations provided, the accumulated losses at the end of the
financial year is not more than fifty percent of its net worth of the
company. The Company has not incurred cash loss during the current
financial year as well as in the immediately preceding financial year.
9. In our opinion and according to the information given to us and
explanations provided, the company has not defaulted in repayment of
dues to a financial institution or bank or debenture holders.
10. In our opinion and according to the information given to us and
explanations provided, the company has not given any guarantee for
loans taken by others from bank or financial institutions.
11. In our opinion and according to the information given to us and
explanations provided, the Company had not availed any term loan during
the year from any bank/ financial institution.
12. To the best of our knowledge and belief and according to the
information given to us and explanations provided no material fraud on
or by the company has been noticed or reported during the year.
For Vivekanandan Associates
Chartered Accountants
(Firm Regn. No.05268S)
Sd/-
N. Subramanian
Place: Chennai Partner
Date: 30th May, 2015 Membership No.021628
Mar 31, 2014
We have audited the accompanying financial statements of MEENKASHI
ENTERPRISES LIMITED ('the Company"), which comprises the Balance Sheet
as at March 31, 2014, the Statement of Profit & Loss and 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 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 Section 211(3C)
of 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 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 my audit. We have conducted my audit in accordance
with 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 of
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 judgments, including the
assessment of the risks of material misstatements 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 the accounting policies used and the
reasonableness of the accounting estimates made by the Management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014, and
(ii) in the case of the Statement of the Profit & Loss, of the profit
for the year ended on that date.
(iii) in the case of the Cash Flow Statement of the cash flows for the
year ended on that date.
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 said 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 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 appears from our examination of those
books.
c) The Balance Sheet and the Statement of Profit & Loss dealt with by
this report are in agreement with the books of account.
d) In our opinion, the Balance Sheet, the Statement of Profit & Loss
and the Cash flow Statement dealt with by this report comply with the
Accounting Standards referred to in subsection (3C) of Section 211 of
the Act.
e) On the basis of written representations received from the directors,
as on 31st March, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2014 from being
appointed as a director in terms of Section 274(1) (g) of the Act.
1. Having regard to the nature of the Company's business/activities/
results, during the year, clauses (viii) and (xiii) of paragraph 4 of
the Order are not applicable to the Company.
2. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year in accordance with a program of verification which, in
our opinion, is reasonable having regard to the size of the company and
the nature of its assets. No material discrepancies were noticed on
such verification.
(c) The company has not sold/disposed off any of the fixed assets
during the year and therefore, do not affect the going concern
assumption during the year
3. (a) The inventory of share certificates have been physically
verified during the year by the management. In our opinion, the
frequency of verification is reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) On the basis of our examination of the records of inventory, we are
of the opinion that the company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book records were not material.
4. In respect of loans granted:
(a) The company has not granted any loans to parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(b) The company has not taken any loans from parties covered in the
register maintained under section 301 of the Companies Act, 1956.In our
opinion no interest has been paid on such loans taken from parties
listed in the registers maintained under section 301 and the same are
not, prima facie, prejudicial to the interest of the company.
(c) There are no terms and conditions or period specified with regard
to repayment of loans taken or the interest to be charged on the loans
and we are unable to express an opinion on the repayment of loans
taken.
5. 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 nature of its business
with regard to purchases of fixed assets and with regard to granting of
loans. During the course of our audit, no major weakness has been
noticed in the internal control systems.
6. In respect of transactions entered in the register maintained in
pursuance of Section 301 of the Act:
a) According to the information and explanations given to us, the
particulars of contracts or arrangements referred to in Section 301 of
the Act that needed to be entered into the register have been so
entered;
b) According to the information and explanations given to us, there
were no transactions during the year with parties covered in the
Section 301 of the Act.
7. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from public
during the year as per the provisions of sections 58A and 58AA of the
Companies Act, 1956 and the rules framed there under.
8. Based on our audit procedures and in accordance with the
information and explanations given by the management, the company has
an internal audit system in place commensurate with the size of the
company and nature of its operations.
9. Statutory and other dues
(a) According to the information and explanations given to us and on
the basis of our examination of the records of the company, amounts
deducted/accrued in the books of account in respect of undisputed
statutory dues including income tax and other material statutory dues
have been generally regularly deposited during the year by the company
with the appropriate authorities. As explained to us, the Company did
not have any dues on account of sales tax, wealth tax, customs duty,
excise duty, cess, investor education and protection fund and employees
state insurance, to the extent applicable, as at March 31, 2014.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax and other material
statutory dues were in arrears as at March 31, 2014 for a period of
more than six months from the date they became payable.
(c) According to the information explanations given to us, there are no
dues of sale tax, income tax, customs duty, wealth tax, excise duty /
cess which have not been deposited on account of any dispute.
10. The accumulated losses at the end of the year had not exceeded
more than 50% of the net worth of the company at the end of the
financial year. The company has not incurred cash losses during the
current financial year as well as in the year immediately preceding
financial year.
11. According to the information and explanations given by the
management, we are of the opinion that the company has not borrowed any
money from banks and hence there is no question of their
repayment/default in repayment of dues arises during the year. The
company does not have any debenture holders.
12. According to the information and explanations given to us and
based on our examination of the documents and records, we am of the
opinion that no loans or advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In respect of transactions relating to dealing or trading in
shares, securities, debentures and other investment, the company
maintained proper records of the transaction and contracts and timely
entries have been made therein; the shares, securities, debentures and
other securities have been held by the company, in its own name.
14. The company has not given any guarantee for loans taken by others
from bank or financial institutions.
15. In our opinion, the company had not availed any term loans during
the year and hence their application for the purpose for which they
were raised does not arise.
16. (i) The Company is classified as a non-deposit taking NBFC in
terms of the registration granted by the Reserve Bank of India. In our
opinion the company had not accepted any deposits from public during
the year.
(ii) Based on our audit procedures, the company has complied with the
prudential norms on income recognition and provisioning against
sub-standard/default/loss assets.
(iii) The repayment schedule of loans fixed by the company is based on
the repayment capacity of the borrowers and would be conducive to
recovery of loans, but most of the borrowers are conforming to the
repayment schedule fixed by the company.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the 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 made any preferential allotment of shares
including parties and companies covered in the register maintained
under section 301 of the Act and the same are not prejudicial to the
interest of the company or its members.
19. The company had not issued any debentures in the current year.
20. The company had not raised any money through public issues during
the year.
21. According to the information and explanations given to us and
based on the documents and records of the company verified by us, no
fraud on or by the company was noticed or reported during the course of
our audit.
For VIVEKANANDAN ASSOCIATES
Chartered Accountants
(Firm Regn. No. 05268S)
Sd/-
N.SUBRAMANIAN
Place : Chennai Partner
Date : 20 May, 2014 Membership No. 21628
Mar 31, 2012
We report that I have audited the Balance Sheet of M/s. MEENAKSHI
ENTERPRISES LIMITED, CHENNAI, as at March 31, 2012 and the relative
Profit and Loss Account and the Cash Flow statements for the year ended
on that date all of which we have signed under reference to this
report. These financial statements are the responsibility of the
Company's Management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We have conducted our audit in accordance with the auditing statement
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 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.
III. As required by the Companies (Auditors' Report) Order, 2003 issued
by the Central Government of India in terms of Sub-Section (4A) of
Section 227 of the Companies Act, 1956, we furnish below a statement on
the matters specified in paragraph 4 & 5 of the said Order.
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year in accordance with a program of verification which, in
my opinion, is reasonable having regard to the size of the company and
the nature of its assets. No material discrepancies were noticed on
such verification.
(c) The company has not sold/disposed off any of the fixed assets
during the year,
2. The operation of the company is granting of loans/financing under
hire purchase as well as investment in shares and securities which do
not generate any inventory and hence their verification is not
applicable.
3. In respect of loans granted:
(a) The company has not granted any loans to parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(b) The company had taken loan from 5 parties covered in the register
maintained under section 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs.9,91,911/- and year- end balance
of loans taken from such parties was Rs.9,91,911/-.
(c) In our opinion no interest has been paid on such loans taken from
parties listed in the registers maintained under section 301 and the
same are not, prima facie, prejudicial to the interest of the company.
(c) There are no terms and conditions or period specified with regard
to repayment of loans taken or the interest to be charged on the loans
and we are unable to express an opinion on the repayment of loans
taken.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and nature of its business
with regard to purchases of fixed assets and with regard to granting of
loans. During the course of our audit, no major weakness has been
noticed in the internal controls.
5. In respect of transactions entered in the register maintained in
pursuance of Section 301 of the Act:
a) According to the information and explanations given to us, the
particulars of contracts or arrangements referred to in Section 301 of
the Act that needed to be entered into the register have been so
entered;
b) According to the information and explanations given to us, except
taking of loans, there were no transactions during the year with
parties covered in the Section 301 of the Act.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from public
during the year as per the provisions of sections 58A and 58AA of the
Companies Act, 1956
7. Based on our audit procedures and in accordance with the information
and explanations given by the management, the company has an internal
audit system in place commensurate with the size of the company and
nature of its operations.
8. We have been informed by the management that no cost records have
been prescribed under section 209 (1) (d) of the Companies Act, 1956 in
respect of the products of the company.
9. Statutory and other dues
(a) According to the records of the company, no amount is due towards
PF, ESI, sale tax, income tax, customs duty, wealth tax, excise duty,
Service tax/ cess outstanding as at March 31, 2012 for a period of more
than 6 months from the date they became payable.
(b) According to the information and explanations given to us, there
are no dues of sale tax, income tax, customs duty, wealth tax, excise
duty / cess which have not been deposited on account of any dispute.
10. The accumulated losses at the end of the year had not exceeded more
than 50% of the net worth of the company at the end of the financial
year. The company has incurred cash losses during the current financial
year as well as in the year immediately preceding the current financial
year.
11. According to the information and explanations given by the
management, we are of the opinion that the company has not borrowed any
money from banks and hence there is no question of their
repayment/default in repayment of dues arises during the year. The
company does not have any debenture holders.
12. According to the information and explanations given to us and
based on our examination of the documents and records, we am of the
opinion that no loans or advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the company is not a chit fund or nidhi/mutual
benefit fund/ society. Therefore, provisions of clause (xiii) of the
Companies (Auditor's Report) Order, 2003 are not applicable to the
company.
14. In my opinion, the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause (xiv) of the Companies (Auditor's Report) Order,
2003 are not applicable to the company.
15. According to the information and explanations given to us and based
on our examination of the documents and records, we are of the opinion
that the company has not given any guarantee for loans taken by others
from bank or financial institutions.
16. In our opinion, the company had not availed any term loans during
the year and hence their application for the purpose for which they
were raised does not arise.
17. (i) The Company is classified as a non-deposit taking NBFC in terms
of the registration granted by the Reserve Bank of India. In my opinion
the company had not accepted any deposits from public during the year.
(ii) Based on my audit procedures, the company has complied with the
prudential norms on income recognition and provisioning against
sub-standard/default/loss assets.
(iii) The repayment schedule of loans fixed by the company is based on
the repayment capacity of the borrowers and would be conducive to
recovery of loans, but most of the borrowers are conforming to the
repayment schedule fixed by the company.
18. According to the information and explanations given to us and on an
overall examination of the balance sheet of the company, we report that
the 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.
19. 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 and the same are not prejudicial to the interest of the
company or its members.
20. The company had not issued any debentures in the current year.
21. The company had not raised any money through public issues during
the year.
22. According to the information and explanations given to us and based
on the documents and records of the company verified by us, no fraud on
or by the company was noticed or reported during the course of our
audit. IV. Further to our 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 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 and the Profit and Loss Account dealt with by this
report are in agreement with the books of account.
d) In our opinion, the balance sheet and the profit and loss account
dealt with by this report comply with the accounting standards referred
to in sub-section (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representation received from the Directors
as on 31st March, 2012 and taken on record by the Board of Directors, I
report that none of the Director is disqualified as on 31st March 2012
from being appointed as a director in terms of clause (g) of Section
274 of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
i) In the case of Balance Sheet of the State of Affairs of the Company
as at March 31, 2012;
ii) In the case of the profit and loss account, of the profit for the
year ended on that date;
iii) In the case of the cash flow statement of the cash flows for the
year ended on that date.
For VIVEKANAN DAN ASSOCIATES
Chartered Accountants
(Firm Regn. No. 05268 S)
N.SUBRAMANIAN
Place: Chennai Partner
Date: 30.05.2012 Membership Number: 21628
Mar 31, 2011
We have audited the attached Balance Sheet of M/s MEENAKSHI ENTERPRISES
LIMITED as at 31st March 2011 and the Profit & Loss Account and the
Cash Flow Statement for the year ended on that date annexed thereto.
These financial statements are the responsibility is to express an
opinion on these financial statements based on our audit management
We have conducted our audit in accordance with the auditing standards
generally accepted in India Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on a test basis; evidence supporting the amounts and
disclosures in the financial statement An audit also includes assessing
the accounting principles used and significant estimates made by
management as well as evaluating the overall presentation of the
financial statements we believe that our audit provides a reasonable
basis for our opinion.
As required by the Companies (Auditor's Report) Order 2003 fans (as
amended) issued in terms of section 227(4A) of the companies Act, 1956
we report on the matters specified in paragraphs 4 & 5 of the said
order to the extent applicable to the company for the year under audit:
(i) {a) The Company has maintained proper records showing full
particulars Entire En quantitative details and situation of Fixed
Assets.
(b) The Fixed Assets have been Physically verified by the management at
reasonable intervals during the year and no material discrepancies were
reported to have been noticed on such verification.
(ii) (a) The stock on hire and stock of securities have been physically
verified during the year by the management and the frequency of
verification in our opinion is reasonable having regard to the size of
the Company and the nature of its stock.
(b) in our opinion and according to the information and explanation
give to us the procedures of physical verification of inventories
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. There is no
discrepancy - between the Physical Stock and Book Record.
(iii) (a) According to the information and explanations given to us,
the Company has not granted any loan secured or unsecured to any firm,
Company or parties covered in the Register maintained u/s 30 of the
Companies Act, 1956 during the year. In view of the above the
requirements of clause (b), (c) and (d) of the Order can be taken as
Nil. Attention is
We have audited the attached Balance Sheet of M/s MEENAKSHI ENTERPRISES
LIMITED as at 31st March 2011 and the Profit & Loss Account and the
Cash Flow Statement for the year ended on that date annexed thereto.
These financial statements are the responsibility is to express an
opinion on these financial statements based on our audit management.
We have conducted our audit in accordance with the auditing standards
generally accepted in India Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
financial statements are free of material misstatement. An audit
includes exam Kg 6n a test basis evidence supporting the amounts and
disclosures in the financial statement assessing the accounting
principles used and significant of the financial: statements we believe
that our audit provides a reasonable basis for our opinion.
As required by the Companies (Auditor's Report) Order 2003 (as amended)
issued in terms of section 227(4A) of the companies Act, 1956 we report
on the matters specified in paragraphs 4 and 5 of the said order to the
extent applicable to the company for the year under audit:
(i) {a) The Company has maintained proper records showing full
particulars Entire En quantitative details and situation of Fixed
Assets.
(b) The Fixed Assets have been Physically verified by the management at
reasonable intervals during the year and no material discrepancies were
reported to have been noticed on such verification.
(ii) (a) The stock on hire and stock of securities have been physically
verified during the year by the management and the frequency of
verification in our opinion is reasonable having regard to the size of
the Company and the nature of its stock.
(b) in our opinion and according to the information and explanation
give to us the procedures of physical verification of inventories
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. There is no
discrepancy - between the Physical Stock and Book Record.
(iii) (a) According to the information and explanations given to us,
the Company has not granted any loan secured or unsecured to any firm,
Company or parties covered in the Register maintained u/s 30 of the
Companies Act, 1956 during the year. In view of the above the
requirements of clause (b), (c) and (d) of the Order can be taken as
Nil. Attention is
(xiv) According to the information and explanations given to us, the
company is maintaining proper records to records transactions and
contracts entries to record the transaction and contracts are made in
time. Shares and Debentures held by the company as stock in trade are
held in its own name.
(XV) In our opinion and according to the information and according to
the information and explanations given to us, the any guarantee for
loans taken by others from Bank or-Financial the terms and" conditions
whereof are prejudicial to the interest of the Company.
(xvi) The Company has not. taken any term loan(s) during the year.
(Xvii) According to the information and explanations given to us and on
overall examination of the balance sheet of the company we report that
the company has used no funds raised on short-term basis for long term
investment.
(xiii) The company has not made any preferential allotment of shares
during the year to parties and companies covered in the Register
maintained under section 301 of the companies Act, 1956.
(xix) The Company has not issued any debentures during the year.
(xx) The Company has not raised any money by way of Public Issue during
the year.
(xxi) Based on the audit procedures performed and information and
explanations given to us we report that no fraud on or by Company has
been noticed or reported during the course of our audit.
Other clauses of Paragraph 4 of the Companies (Auditor's Report) Order,
2003 (as amended are not applicable to the company for the year under
consideration and can be taken as Nil.
Further to our comments above, we state that:
a. We have obtained all the information and explanations, which, to the
best of our knowledge and a. 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 appears from our examination of those
books produced before us.
c. The Balance Sheet and the Profit and Loss Account dealt with by this
report are in agreement with the books of account.
d. In our opinion subject to the Note No:7 and other notes on accounting
policies given in schedule G, the Balance Sheet and Profit and Loss
Account dealt with by basis report comply with the applicable according
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956.
e. On the basis of the written representations received from the
directors as on,31st March 2011 from taken old by the Board of
Directors, we report that none of the directors is discuses 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 Companies Act 1956.
f. in our opinion and to the best of our information and according to
the explanations given to us, subject to the Notes given in Schedule G
mainly Note No.5 relating to non-valuation of the repossessed asset
which is not ascertainable and Note No:7 relating to non provision of
interest on HP Loans and also on Loans and Advances which are sticky in
nature they said Balance Sheet Profit and Loss Account and the Cash Flow
Statement read together with and subject to notes 'thereon, give the
information required by the. Companies Act, 1956 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 3t5t March, 2011 and
(ii) In the case of the Profit and Loss Account, of the LOSS of the
company 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.
For CHATURVED & CO.,
Chartered Accountants
Firm Registration No. 302137E
PLACE: CHENNAI
DATE: 01.06.2011
MR.Rajagopalakrishnan)
Partner. (MNR: 18933)