Mar 31, 2014
Report on Financial Statements
We have audited the accompanying financial statements of Patidar
Buildcon Limited (''the Company''), which comprise the Balance Sheet as
at March 31, 2014, 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") read with General Circular
15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs
in respect of section 133 of the Companies Act, 2013. 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, but not for the
purpose of expressing an opinion on the effectiveness of the entity''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 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; and
b) in the case of the stetement of 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 flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the
Order.
As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956 read with
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;
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE to the Auditor''s Report
The Annexure reffered to in in our report to the members of Patidar
Buildcon Limited (''the Company'') for the year ended 31st March 2014. We
report that:
1 (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets
(b) Fixed assets are physically verified by the management during the
year and there were no major discrepancies noticed;
(c) In our opinion, there was no substantial disposal of fixed assets
during the year, which would affect the going concern of the company;
2 (a) As informed to us, the management has conducted physical
verification of inventory during the year. In our opinion, the
frequency of verification is reasonable;
(b) In our opinion and according to the information and explanations
given to us, the procedures for physical verification of inventory
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and on the basis of examinations of inventory
records, the company is maintaining proper records of inventory. As
informed to us, no material discrepancies were noticed by the
management on such physical verification;
3 (a) The company has not granted unsecured loan to parties as covered
in the register maintained under section 301 of the Companies Act,
1956. The Maximum amount involved during the year was NIL and
outstanding from such parties was NIL.
(b) As the company has not granted unsecured loan to parties as covered
in the register maintained under section 301 of the Companies Act,
1956. Thus para 4(3)(b) is not applicable.
(c) The company has not taken any loans, secured or unsecured from
companies, firms or parties covered in the register maintained under
section 301 of the Companies Act, 1956. Accordingly Paragraph 4(3)e) to
4(3)(g) of the order are not applicable.
4 In our opinion, the Company has reasonable internal control procedure
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.
5 (a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under section 301 of the Companies Act, 1956 have been entered;
(b) According to the information and explanation given to us, in
respect of transactions exceeding the value of the five lacks rupees
made with such parties during the year, each of these transactions have
been made at the price which are reasonable having regard the
prevailing market prices at the relevant time,
6 According to the information and explanations given to us, the
company has not accepted deposits from the public within the meaning of
the provisions of sections 58A and 58AA of the Companies Act, 1956 and
the rules framed there under.
7 In our opinion, internal audit system of the company is commensurate
with its size and nature of its business.
8 The Company does not required to maintain prescribed cost records
under section 209(l)(d) of the Companies Act, 1956.
9 (a) As informed to us, applicable undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employee''s
State Insurance, Income-tax, Sales-tax, Wealth Tax, Custom Duty, Excise
Duty, cess, Service tax have been regularly deposited by the company
with the appropriate authority in all cases during the year. According
to the information and explanations given to us, no undisputed amounts
payable in respect of the aforesaid dues were outstanding as at
31/03/2013 for a period of more than six months from the date of
becoming payable.
10 In our opinion, the accumulated losses at the end of the finnacial
year and has not incurred any cash losses during the financial year and
in the immediately proceeding financial year covered by our audit.
11 The Company did not have any outstanding dues to any financial
institutions, banks or debenture holders during the year
12 In our opinion and as per information & explanation given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13 In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of this clause are not
applicable to the company.
14 According to the information & explanation given to us, and on the
basis of our examination of the books of accounts, proper records have
been maintained in respect of the transactions and contracts and timely
entries have been made therein in respect of shares, securites,
debenture investments dealt with or traded by the company. The shares,
securities, debentures and other securities have been held by the
company, in its own name.
15 According to the information & explanation given to us, the company
has not given any guarantee for loans taken by others from bank or
financial institutions.
16 As per information given to us, the company did not have any term
loans outstanding during the year.
17 The company has not raised any funds on short term basis.
18 During the year the company has not made any preferential allotment
of shares to the parties and companies covered in the Register
maintained under section 301 of the Companies Act, 1956.
19 The company has not created securities by way of issue of
debentures. 20 The company has not raised any money through public
issue during the year.
21 Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
Place: Ahmedabad
For, K. C. Parikh & Associates
Date :29th May, 2014 (Chartered Accountants)
Firm Reg. No. 107550W
CA. Chintan Doshi
Partner
Membership No 118298
Mar 31, 2013
We have audited the accompanying financial statements of Patidar
Buildcon Limited, 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
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; 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 flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
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.
As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with 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.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
1 (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets on the basis of available information;
(b) We are informed that fixed assets are physically verified by the
management during the year and there were no major discrepancies
noticed;
(c) In our opinion, there was no substantial disposal of fixed assets
during the year, which would affect the going concern of the company;
2 (a) As informed to us, the management has conducted physical
verification of inventory during the year. In our opinion, the
frequency of verification is reasonable;
(b) In our opinion and according to the information and explanations
given to us, the procedures for physical verification of inventory
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of its business;
In our opinion and on the basis of examinations of inventory records,
the company is maintaining proper records of inventory. As informed to
us, no material discrepancies were noticed by the management on such
physical verification;
3 (a) The company has not granted unsecured loan to parties as covered
in the register maintained under section 301 of the Companies Act,
1956. The Maximum amount involved during the year was '' NIL and
outstanding from such parties was '' NIL.
(b) In our opinion, the rate of interest and other terms and
conditions, wherever specified, of unsecured loans granted by the
company, are not prima facie prejudicial to the interest of the company
as explained in the notes to accounts.
The company has taken loans from following parties as listed in the
register maintained under section 301 of the Companies Act, 1956. The
amount involved during the year, outstanding from such parties are as
follows. In our opinion, the rate of interest and other terms and
conditions, wherever specified, of unsecured loans taken by the
company, are not prima facie prejudicial to the interest of the
company.
Name of Parties Amount Involved ('') Yearend Balance
Dhiraj Patel 300000 270000
Ekta Maheshwari 258384 257546
Rajnikant Patel 960000 Nil
(d) According to the information and explanation given to us, there is
no specific stipulation as to the repayment of the principal amount and
is regular in the payment of interest of such loans if any;
According to the information and explanations given to us, there is no
overdue amount in respect of such loans;
4 In our opinion, the Company has reasonable internal control procedure
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. There is no continuing failure to correct major
weaknesses in internal control.
5 In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under section 301 of the Companies Act, 1956 have been entered;
(b) According to the information and explanation given to us, in
respect of transactions exceeding the value of the five lacks rupees
made with such parties during the year, each of these transactions have
been made at the price which are reasonable having regard the
prevailing market prices at the relevant time;
6 According to the information and explanations given to us, the
company has not accepted deposits from the public within the meaning of
the provisions of sections 58A and 58AA of the Companies Act, 1956 and
the rules framed there under.
7 In our opinion, internal audit system of the company is commensurate
with its size and nature of its business.
8 The Company does not required to maintain prescribed cost records
under section 209(1 )(d) of the Companies Act, 1956.
9 (a) As informed to us, applicable undisputed statutory dues including
Provident Fund, Investor
Education and Protection Fund, Employee''s State Insurance, Income-tax,
Sales-tax, Wealth Tax, Custom Duty, Excise Duty, cess, Service tax have
been regularly deposited by the company with the appropriate authority
in all cases during the year. According to the information and
explanations given to us, no undisputed amounts payable in respect of
the aforesaid dues were outstanding as at 31/03/2013 for a period of
more than six months from the date of becoming payable.
10 In our opinion, the accumulated losses at the end of the financial
year are not more than fifty percent of its net worth. However the
company has not incurred any cash losses during the financial year
covered by our audit.
11 According to information & explanations given to us, the company has
no defaulted in repayment of dues to financial institution / bank.
12 In our opinion and as per information & explanation given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13 In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of this clause are not
applicable to the company.
14 According to the information & explanation given to us, and on the
basis of our examination of the books of accounts, proper records have
been maintained in respect of the transactions and contracts and timely
entries have been made therein in respect of shares, securities,
debentures and other investments dealt with or traded by the company.
The shares, securities, debentures and other securities have been held
by the company, in its own name.
15 According to the information & explanation given to us, the company
has not given any guarantee for loans taken by others from bank or
financial institutions.
As per information given to us, the company has not taken any term
loans from banks or financial institution.
17 According to the Cash Flow statement and other records examined by
us and the information & explanation given to us, on the overall
examination of the balance sheet of the company, we report that the
company has not used funds raised on long-term basis for short-term
investment and vice versa.
18 The company has made preferential allotment of shares to the parties
and companies covered in the Register maintained under section 301 of
the Companies Act, 1956, based on the valuation of shares by the
management, which in our opinion is prima facie not prejudicial to the
interest of the company.
<19 The company has not created securities by way of issue of
debentures.
20 The company has not raised any money through public issue during the
year.
21 Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
Ahmadabad For, BPA & Company
September 02, 2013 (Chartered Accountants)
Firm Reg. No. 109685W
CA. Prakash Patel
Partner
Membership No. 30575
Mar 31, 2012
1. We have audited the attached Balance Sheet of PATIDAR BUILDCON
LIMITED as at March 31st 2072 and Profit & loss Account and the Cash
Flow Statement for the year ended on that date annexed thereto. These
financial statements are the responsibilities of the Company's
Management. Our responsibility is to express an opinion on these
financial statements based on ouraudit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whetherthe
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 financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditors' Report) Order' 2003' issued
by the in terms of Section 227 MA) of the Companies Act' 1956' and on
the basis of such checks of the books and records of the
Company as considered appropriate and the information and explanation
given to us dunng the course of the audit' we annex hereto a statement
on matters specified in paragraphs 4 & 5 of the said Order
e. On the basis of written representation received from the Directors'
as on March' 2012' and taken on records by the Board of Directors' we
report that none of the Directors is disqualified as on 31st March'2012
rrom be.ng appointed as director in terms of clause (g) of sub-section
(1) of section 274 of the Act'1956
Annexurereferred to in paraph - of otir repnrt nf pw>n Aattt
1. (i) The Company is maintaining proper records to show full
particulars including quantitative details and situation of all fixed
assets (it) The Fixed Assets have been physically verified by the
anagement duringmaterial discrepancies were identified on such
verification (m)There was no substantial disposal of fixed assets
during the yea. and it does not impact going concern concept of the
company.
2. (0 As explained to us' inventory has been physically verified by the
management during the year at reasonable intervals' in our opinion' the
frequency of such verification is reasonable having regards to the
nature of business and particular circumstances. (n) As per the
information given to us' the procedures of physical verification of
inventory followed by the management are' in our opinion' reasonable
and adequate in relation to the size of the Company and the nature of
its business.
(iu)The Company is maintaining proper records oi inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
3. The Company has not granted any loan secured or unsecured' to
companies' firms or other parties' however company has taken interest
free unsecured loan from the following persons who are listed in the
Register maintained under Section 301 of the Company Act' 1956:
Name of Parties Maximum
Amount Taken Closing Balance (Rs.)
Duringthe Year (Rs.)
Dhirajbhai
Ramjibhai Patel 5'64'642 14'642
Rajnikant
Ramjibhai Patel 8'78'000 50'000
Ramjibhai
Bhimjibhai Patel 5'98'000 0
Total 64'642
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 the nature of its
business with regard to purchase of stores' including components' plant
and machinery' equipment and other assets and for the sale of goods &
services. During the course of our audit' no material weakness has been
noticed in the internal control in respect of the above area'
5. In respect of the transactions entered in the Register maintained
under Section 301 of the Companies Act' 1956' to the best of our
knowledge and belief and according to the information and explanation
given to us' the transactions that needed to be entered into register'
have been so entered and the same are made at prices which are
reasonable having regards to the prevailing market prices at the
relevant time*
6. The Company has not accepted any deposits in terms of provisions of
section 58A and 58AA of the Companies Act' 1956. There is no order
passed by National Company Law Tribunal or RBI or any Court or any
other Tribunal.
7. The Company has no internal audit system.
8. We have broadly reviewed the books of account maintained by the
Company pursuant to the rules made by the Central Government for the
maintenance of cost records under section 209(1)(d) of The Companies
Act' 1956 and accordingly maintenance of Cost Records is not required'
9. (i) Provision of Employees P.F and E.S.I do not apply to the
company. The Company is regular in depositing undisputed statutory dues
including Income Tax' Wealth Tax' Cess and other material statutory
dues with appropriate authorities. According to the information and
explanations given to us' no such amount were outstanding' at the end
of the year' for a period of more than six month from the date they
became payable.
(ii) According to the information and the explanation given to us'
there are no dues of sales tax' custom duty' Income tax' Wealth Tax and
cess' which have not deposited on account of any dispute.
10. The company have incurred losses of Rs. 14'20'506/- in current
financial year due to writing off of al I preoperative expenditure and
some prior period items.
It has not incurred cash losses in the current and immediately
preceding financial year.
11. Based on our audit procedures and as per the information and
explanation given by the management' we are of the opinion that the
Company has no outstanding dues in respect to a financial institution
or bank.
12. The Company has not granted any loans or advances on the basis of
security by | way of pledge of shares' debentures and other securities.
I 13. In our opinion' the Company is not a chit fund or a nidhi /
mutual benefit fund /
society. Therefore' the provisions of clause 4(xiii) of the Order are
not applicable to the Company.
14. According to the information and explanation given to us' the
company is not dealing or trading in shares' securities' debenture and
other securities. Company has made investments in equity shares of the
other companies during the year' proper records for the same are
maintained
15. According to the information and explanations given to us' the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. According to the information and explanation given to us' the
company has not taken any term loan duringthe year.
17. According to the information and explanation 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
investments.
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. Thecompany did not haveany outstanding debenture duringthe year.
20. The company has not raised any money through a publ ic issue during
the year.
21. During thecourse of ourexamination of the books and recordsof
the company' carried out m accordance with generally accepted auditing practice in India' and according to the information and explanation
given to us' we have neither come across any instances of material
fraud on or by the company' noticed or reported during the year' nor
have we been informed of such case by management.
For' BPA & Company
Chartered Accountants
CA. PRAKASH PATEL
Partner
M. No.: 30575 FRN : 109685W
Place: Ahmedabad
Date: 23rd May 2012
Mar 31, 2010
We have audited the attached Balance Sheet of PATIDAR BUILDCON LIMITED
as at 31ST March, 2010 and Profit and Loss Account and Cash Flow
statement of the Company for the year ended on that date, annexed
thereto. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit and report that:- 1. We
conducted our audit in accordance with 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 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.
2. As required by the Companies (Auditors Report) Order,2003 ( The
Order) issued by the Central Government 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.
3. The Balance Sheet and Statement of Pre-operative Expenses comply
with the mandatory Accounting Standards referred to in sub-section
(3-C) of section 211 of the Companies Act, 1956.
4. On the basis of written representation received from the directors,
as on 31st March, 2010, and taken on record by the Board of Directors,
we report that none of the Director is disqualified from being
appointed as director in terms of Section 274(1)(g) of the Companies
Act, 1956.
5. Further to our comments in the annexure referred to in Paragraph 1
above :
a. We have obtained all the information and explanations which to the
best of our knowledge and belief are necessary for the purpose of our
audit ;
b. Proper books of account as required by law have been kept by the
Company so far as appears from our examination of such books :
c. The Balance Sheet , the Statement of Pre-operative Expenses and
Cash Flow statement referred to in this report are in agreement with
the Books of Accounts:
d. In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements together
with the notes thereon and attached thereto, give 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 31st March,2010;
ii. In the case of the Profit and Loss account, of the Profits of the
Company for the year ended on that date. And
iii. In the case of the Cash flow Statement, of the Cash Flows of the
Company for the year ended on that date.
Annexure to Auditors Report
(Referred to in Paragraph 1 of our report of even date)
1. The Company is a service Company. The Company has maintained proper
records showing full particulars including quantitative details and
situation of fixed assets. As explained to us the fixed assets have
been physically verified by the management during the year in a phased
manner, which in our opinion is reasonable, having regard to the size
of the company and the nature of its assets. In our opinion, the
company has not disposed off a substantial part of the fixed assets
during the year and the going concern status of the Company is not
affected.
2. The Company has commenced operations during the year and it does
not hold inventories. Accordingly, Clause 4(ii) of the Order is not
applicable.
3. In our opinion, the company has not taken loans from Companies,
firms or other parties listed in the register maintained under Section
301 and 370 (1-B) of the Companies Act 1956 wherever applicable.
4. The Company has not given loans or advances to companies, firms or
other parties listed in the register maintained under Sec. 301 and /or
companies under the same management as defined under Sec. 370 (1-B) of
Companies Act during the period.
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
for purchase of fixed assets. The activities of the Company do not
involve purchase of inventory and the sale of goods during the year
under audit.
6. The Company has not given any loans or advances in the nature of
loans except those covered under (4) above.
7. In our opinion, and according to the information and explanations
given to us, there are no transactions that need to be entered in the
register in pursuance of section 301 of the Act.
8. Directives issued by the Reserve Bank of India and the Provisions
of Section 58 A of the Companies Act, 1956 and Rules framed there under
are not applicable as the Company has not accepted deposits.
9. In our opinion, the internal audit system of the Company is
commensurate with its size and nature of business.
10. According to the information and explanations given to us, the
Central government has not prescribed the maintenance of cost records
under Section 209(1)(d) of the Companies Act, 1956 in respect of the
services carried out by the Company.
11. In our opinion, the Company is not a dealer or trader in Shares,
Securities, debentures and other investments.
12. According to the records of the Company and also based on
Management representations , undisputed statutory dues payable in
respect of income tax, wealth tax, sales tax, customs duty and excise
duty wherever applicable have generally been regularly deposited, by
the Company during the year with the appropriate authorities in India.
13. According to the records of the Company and as per explanation
given to us, the Company is not liable under Provident Fund Act &
Employees State Insurance Act.
14. The Company has no accumulated losses as on 31st March, 2010, and
pre-operative expenses of Rs. 19,08,699/- .Thus the accumulated losses
along with the pre-operative expenses incurred is less than fifty
percent of the Share Capital of the company.
15. The Company has not granted loans or advances on the basis
security by way of pledge of shares, debentures and other securities.
16. According to the records of the Company, it has neither taken any
loans from a financial institution and a bank nor issued any
debentures. Accordingly, clause 4(xi) of the order is not applicable.
17. In our opinion, considering the nature of activities carried out
by the Company during the year, the provisions of any special statute
applicable to a chit fund, nidhi or mutual benefit society are not
applicable.
18. The Company has not obtained any term loans. Accordingly, clause
4(xv) of the order is not applicable.
19. According to the information and explanations given to us, the
Company has not raised any funds on short term basis.
20. According to the information and explanations given to us, the
Company has not given guarantee for loans or other facilities taken by
another Company.
21. The Company has not made a preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
22. The company has not issued any debentures. Accordingly, clause
4(xix) of the order is not applicable.
23. The Company has not raised any money by public issue during the
year. Accordingly, clause 4(xx) of the order is not applicable.
24. As per the information and explanations given to us and on the
basis of examination of records, no material fraud on or by the Company
was noticed or reported during the year.
For D. S. MAHAMBRE & CO.
Chartered Accountants
Place: Mumbai Sd/-
Date: May 28, 2010. D. S. MAHAMBRE
PROPRIETOR
M. No. 37106
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