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Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of RAVINAY
TRADING COMPANY LIMITED ("the Company"), which comprise the Balance
Sheet as at March 31, 2013, and 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
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 "the Act"). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
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, 2013;
(b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) 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
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 [and proper returns adequate for the purposes of our audit have
been received from branches not visited by us];
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 [and with the returns received from branches not visited by
us];
d. in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956;
e. on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, 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 paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date.
1. Fixed Assets
i) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
ii) As explained to us, all the fixed assets have been physically
verified by the management in phase periodical manner, which is in our
opinion reasonable. No material discrepancies were noticed on such
verification.
iii) In our opinion none of the fixed assets has been disposed off by
the company, however according to the information and explanation given
to us the going concern status of the Company is not affected.
2. Inventories
i) The Management has conducted physical verification of inventory at
reasonable interval.
ii) The procedure of physical verification of inventory followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business,
iii) The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification as
compared to book records.
3. The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are 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.
During the course of our audit, we have not observed any major weakness
in such internal control system.
5. In our opinion and according to the information and explanations
given to us and record examined by us there was no transaction in
pursuance of such contract with parties exceeding in value Rupees five
lakhs have been made.
6. According to the information and explanation given to us the
Company has not accepted any deposits from the public during the year
and, consequently the directives issued by the Reserve Bank of India
and the provision of Section 58A and 58AA or any other relevant
provisions of the Companies Act, 1956 and the rules framed there under
are not applicable.
7. In our opinion , the company has an internal audit system
commensurate With the size and nature of its business.
8. According to the information given to us by the management,
Maintenance of cost records under section 209(1) (d) of the companies
Act, 1956 are not applicable to the company.
9. Taxes and Duties :
i) According to the books and records as examined by us and according
to the information and explanation given to us, in our opinion, the
Company is generally regular in depositing with appropriate
authorities, undisputed statutory dues including provident fund,
investor education and protection fund, employees state insurance,
income-tax, sales-tax, wealth- tax, custom duty, excise duty, cess and
other statutory dues applicable to it.
ii) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax wealth tax, sales
tax, customs duty, and excise duty were outstanding, at the year end
for a period of more than six months from the date they becameO
payable.
iii) As at 31st March 2013, according to the records of the company and
the information and explanation given to us, there are no disputed dues
in respect of Sales Tax, Income Tax, Wealth Tax, Customs Duty, Excise
Duty, and Cess.
10. The company does not have any accumulated losses as at the end of
the financial year. The company has not incurred cash loss during the
current year and the immediately preceding financial year.
11. Based on the audit procedures and according to the records of the
Company examined by us and the information and explanations given to
us, the company has not defaulted in repayment of dues to bank. The
company has neither taken any loans from a financial institution nor
issued any debentures.
12. Based on our examination of records and information and
explanation given to us, the company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities. Therefore, the provision of the clause
4 (xii) of the Order are not applicable to the company.
13. The Company is not a chit fund / Nidhi/ Mutual benefit fund/
Society. Therefore, the provisions of clause 4(xiii) of the Order are
not applicable to the Company.
14. The company has maintained proper records of transactions and
contracts in respect of Investment in securities, debentures and other
investments and timely entries have been made therein. All shares,
debentures and other investments have been held by the Company in its
own name except for the shares which are lodged for transfer or pending
to be received from the Company or lying with the Broker as certified
by the management.
15. As per the information and explanations given to us, in our
opinion the Company has not given any guarantee for loans taken by
others from banks or financial institutions.
16. Based on the examination of books of accounts the no term loans
taken during the year.
17. According to information and explanations given to us and on
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.
18. The Company has not made any preferential allotment of shares to
the parties or companies covered in the register maintained under
Section 301 of The Companies Act, 1956.
19. The Company has not issued any debentures during the year and
there are no debentures outstanding on at the year end, therefore the
question of creation of Securities do not arise.
20. The Company has not raised any money through a public issue during
the year.
21. According to the information and explanations given to us, we
report that no fraud on or by the Company has been noticed or reported
during the year.
For CLB & Associates
Chartered Accountants
F. R. No. 124305W
sd/-
S. Sarupria
Place: Mumbai Partner
Date : 29/05/2013 M. No. 035783
Mar 31, 2009
1. We have audited the attached Balance Sheet of Ravinay Trading
Company Limited as at 31st March 2009 and the Profit & Loss Account for
the year ended on that date annexed thereto.
2. We 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 misstatements. An 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 the management as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order 2003 as
amended by the Companies (Auditors Report) (Amendment) Order 2004
(hereinafter referred to as "the Order") issued by the Central
Government of India in terms of Section 227(4A) of the Companies Act,
1956, we enclose in the Annexure, a statement on the matters specified
in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to above, we report
that:
i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
ii) In our opinion, the Company has kept proper books of account as
required by law so far as appears from our examination of the books.
iii) The Balance Sheet and the Profit & Loss Account dealt with by this
report are in agreement with the books of account.
iv) In our opinion, the Balance Sheet, the Profit & Loss Account and
the Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in Section (3C) of Section 211 of the
Companies Act, 1956.
v) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with 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:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2009; and
(b) in the case of the Profit and Loss Account, of the Profit for the
year ended on that date;
(c) in the case of the Cash Flow Statement, of the Cash Flow for the
year ended on that date;
5. On the basis of written representations received from the Directors
as on 31st March 2009 and taken on record by the Board of Directors, we
report that none of the Directors is disqualified as on 31st March 2009
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 Paragraph 3 of our report of even date on the accounts
of Ravinay Trading Company Limited for the year ended 31st March 2009.
1. The Company does not own any Fixed Assets.
2. The Clauses (i), (ii), (iii), (iv), (v), (vi), (xii), (xiii), (xv),
(xvi), (xvii), (xviii), (xix), (xx) and (xxi) are not applicable to the
Company during the year.
3. The Company has not taken loans; secured or unsecured from
Companies, Firms or other Parties listed in the Register maintained
under Section 301 of the Companies Act, 1956.
4. The Company has granted loans and advances in the nature of the
loans to a Company and the same is interest-free and there are no
stipulations as to its repayment.
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 the nature of its
business.
6. The Company has not purchased during the year Stores, Raw Materials
and Finished Goods exceeding Rs. 5 lacs in value from the firm or
companies or other parties in which the Directors are interested.
7. The Companys Paid-up Capital is less than Rs.50 lacs and the
Turnover is less than Rs.5 crores as envisaged in Clause (xv) of the
Order under Report, the provisions as regards to Internal Audit are not
attracted.
8. The Central Government has not prescribed maintenance of cost
records under Section 209(1 )(d) of the Companies Act, 1956.
9. There was no employee during the year entitled to Provident Fund or
ESIS.
10. According to the information given to us, there are no disputed
amounts payable in respect of Income Tax, Sales Tax, Wealth Tax,
Customs Duty and Excise Duty and remaining outstanding on the last day
of the Financial Year.
11. The investments in Shares and Units of Mutual Funds have been
properly recorded.
For K.D. WAS & Co.
Chartered Accountants
(K.D. VYAS)
Proprietor
Membership No.14613
Mumbai, Dated 30th June 2009
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