Mar 31, 2015
I have audited the accompanying financial statements of PRAVEEN
PROPERTIES LTD (the "Company"), which comprise the Balance Sheet as at
March 31, 2015, 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 the year then ended.
II. Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in section 134(5) of the Companies Act , 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
preparation of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgements
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 ahd
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.
III. Auditors' Responsibility
My responsibility is to express an opinion on these financial
statements based on my audit. I 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.
conducted my audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that 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 judgement, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that give a true and fair view
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial control
system over financial reporting and the operating effectiveness of such
controls. An audit also includes evaluating the appropriateness of the
accounting policies used and the reasonableness of the accounting
estimates made by the Company's Directors, as well as evaluating the
overall presentation of the financial statements.
believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for my qualified audit opinion on the
financial statements.
IV. 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 in terms of section 143(11)
of the Act, I give in Annexure a statement on matters specified in
paragraph 3 of the said order.
2. As required by Section 143(3) of the Act, I report that:
(a) I have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our audit.
(b) 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.
(c) In my 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.
(d) On the basis of the written representations received from the
directors as on 31st March,2015 taken on record by the Board of
Directors, none of the directors are disqualified as on 31st March,2015
from being appointed as a director in terms of section 164(2) of the
Act.
(e) 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 my opinion and to the best of my information and
according to the explanations given to me:
(i) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements;
(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 "a" of my Report of even date)
On the basis of such checks as I considered appropriate and according to
the information and explanation given to me during the course of my
audit, I report that ;
1. In respect of its fixed assets;
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b. As explained to me, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in my opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification. '
c. Depreciation is calculated as per the New Provisions under the
Companies Act 2013.
d. In my opinion, the Company has not disposed off substantial part of
fixed assets during the year and the going concern status of the
company is not affected.
2. In respect of its inventories
a. As explained to me, inventories have been physically verified by
the management at regular intervals during the year.
b. In my opinion and according to the information and explanation
given to me, 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. The Company has maintained proper records of inventories. As
explained to me, there were no materials discrepancies noticed on
physical verification of inventory as compared to the book records.
3. The Company has not granted or taken any loans, secured or
unsecured to / from companies, firms or other parties covered in the
register maintained under sec 301 of the Act. Hence furnishing of other
particulars regarding the above does not arise.
4. In my opinion and according to the information and explanations
given to me, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and also for the
construction activities. During the course of my audit, have not
observed any major weaknesses in internal controls.
a) In my opinion and according to the information and explanations
given to me the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under sec 301 of the Companies Act, 2013 have been so entered.
b) In my opinion the construction receipts are reasonable having regard
to the prevailing market prices at the relevant time during the
financial year under audit.
5. The Company has not accepted any deposits from the public.
6. In my Opinion, the internal audit system of the Company is
commensurate with it's size and nature of business.
7. On the basis of records produced, of the opinion the prima facie
cost records and the accounts prescribed the Central Government under
provisions of the Companies Act, 2013 in respect of the activities of
the company have been maintained. However, was neither required to
carry out nor carried out any detailed examination of such accounts and
records.
8. There were no disputed statutory dues against Government
departments and other authorities during the financial year as at 31st
March, 2015 for a period of more than six months from the date of
becoming payable.
9. The Company has accumulated loss of Rs.26,57,930/- upto the
Financial Year 2013-2014, and has incurred cash loss of Rs.1,98,920/-
during the financial year 2014 - 2015 covered by my audit.
10. There were no loans due to any Financial institution or Banks or
others. Hence, furnishing of details on these lines does not arise.
11. In my Opinion and according to the information and explanation
given to me, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
12. In my opinion the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, clause 4 (xiii) of the Companies
(Auditor's Report) order 2003 is not applicable to the Company.
13. The Company is not dealing or trading shares, securities,
debentures and other investments. Hence, furnishing of details on these
lines does not arise.
14. The Company has not given any guarantee for loans taken by others
from Bank or Financial institutions. Hence, furnishing of details on
these lines does not arise.
15. The Company has not raised any loans during the financial year.
Hence, furnishing of details on these lines does not arise
16. The Company has not raised any funds on short time basis during
the financial year. Hence, furnishing of details on these lines does
not arise.
17. The Company has not made any preferential allotments of shares
during the financial year. Hence, furnishing of details on these lines
does not arise.
18. The Company has not issued any debentures during the financial
year. Hence, furnishing of details on these lines does not arise.
19. The Company has not raised any money during the financial year.
Hence, furnishing of details on these lines does not arise
20. There were no frauds on or by the Company noticed or reported
during the year. Hence, furnishing of details on these lines does not
arise.
Place: Chennai For Rangan. N. Kannan
Date: 22.5.2015 Chartered Accountants
Mar 31, 2014
I have audited the attached Balance Sheet of M/s Praveen Properties
Limited as at 31st March 2014 and also the Profit and Loss Account for
the year ended on that date annexed thereto and Cash Flow statements
for the year ended on that date . These financial statements are the
responsibility of the Company''s management. My responsibility is to
express an opinion on these financial statements based on my audit.
I conducted my audit in accordance with auditing standards generally
accepted in India. Those standards require that I 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 statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management as well as evaluating the overall financial
statement presentation. I believe that my audit provides a reasonable
basis for my opinion.
As required by the Companies (Auditor''s Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, I enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
Further to my comments in the Annexure referred to above, I report
that :
(i) I have obtained all the information and explanations which to the
best of my knowledge and belief were necessary for the purpose of my
audit.
(ii) In my opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from my examination of such
books.
(iii) The Balance Sheet, Profit and Loss Account and Cash flow
statements dealt with by this report are in agreement with the books
of accounts.
(iv) In my opinion, the Balance Sheet, Profit and Loss Account and
Cash Flow statement dealt with by this report comply with the
mandatory accounting standards referred to in sub-section (3c) of
section 211 of the Companies Act, 1956 ;
(v) In my opinion and the based on information and explanation given
to me, none of the directors is disqualified as on 31st March 2014
from being appointed as a director in terms of clause (g) of sub-
section (1) of section 274 of the Companies Act, 1956.
(vi) In my opinion and to the best of my information and according to
the explanations given to me, the said accounts read together with the
significant Accounting Policies and other 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 Balance sheet, of the state of affairs of the
Company as at 31st March, 2014.
b) In the case of Profit and Loss Account, of the Loss 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.
ANNEXURE A'' TO THE AUDITOR''S REPORT
(Referred to in Paragraph "a" of my Report of even date)
On the basis of such checks as I considered appropriate and according
to the information
and explanation given to me during the course of my audit, I report
that :
1. In respect of its fixed assets;
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b. As explained to me, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in my opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c. In my opinion, the Company has not disposed off substantial part of
fixed assets during the year and the going concern status of the
company is not affected.
2. In respect of its inventories
a. As explained to me, inventories have been physically verified by
the management at regular intervals during the year.
b. In my opinion and according to the information and explanation
given to me, 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. The Company has maintained proper records of inventories. As
explained to me, there were no materials discrepancies noticed on
physical verification of inventory as compared to the book records.
3. The Company has not granted or taken any loans, secured or
unsecured to / from companies, firms or other parties covered in the
register maintained under sec 301 of the Act. Hence furnishing of
other particulars regarding the above does not arise.
4. In my opinion and according to the information and explanations
given to me, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and also for the
construction activities. During the course of my audit, I have not
observed any major weaknesses in internal controls.
a) . In my opinion and according to the information and explanations
given to me the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register
maintained under sec 301 of the Companies Act, 1956 have been so
entered.
b) In my opinion the construction receipts are reasonable having
regard to the prevailing market prices at the relevant time during the
financial year under audit.
5. The Company has not accepted any deposits from the public.
6. In my Opinion, the internal audit system of the Company is
commensurate with it''s size and nature of business.
7. On the basis of records produced, I of the opinion the prima facie
cost records and the accounts prescribed the Central Government under
sec. 209 (1)(d) of the Companies Act, 1956 in respect of the
activities of the company have been maintained. However, I was neither
required to carry out nor carried out any detailed examination of such
accounts and records.
8. There were no disputed statutory dues against Government
departments and other authorities during the financial year as at 31st
March, 2014 for a period of more than six months from the date of
becoming payable.
9. The Company has accumulated loss of Rs. 18,30,890/- upto the
Financial Year 20122013, and has incurred cash loss of Rs.8,12,620/-
during the financial year 2013 -2014 covered by my audit.
10. There were no loans due to any Financial institution or Banks or
others. Hence, furnishing of details on these lines does not arise.
11. In my Opinion and according to the information and explanation
given to me, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
12. In my opinion the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, clause 4 (xiii) of the Companies
(Auditor''s Report) order 2003 is not applicable to the Company.
13. The Company is not dealing or trading shares, securities,
debentures and other investments. Hence, furnishing of details on
these lines does not arise.
14. The Company has not given any guarantee for loans taken by others
from Bank or Financial institutions. Hence, furnishing of details on
these lines does not arise.
15. The Company has not raised any loans during the financial year.
Hence, furnishing of details on these lines does not arise
16. The Company has not raised any funds on short time basis during
the financial year. Hence, furnishing of details on these lines does
not arise.
17. The Company has not made any preferential allotments of shares
during the financial year. Hence, furnishing of details on these lines
does not arise.
18. The Company has not issued any debentures during the financial
year. Hence, furnishing of details on these lines does not arise.
19. The Company has not raised any money during the financial year.
Hence, furnishing of details on these lines does not arise
20. There were no frauds on or by the Company noticed or reported
during the year. Hence, furnishing of details on these lines does not
arise.
Place : Chennai-600 094 sd/- RANGAN N. KANNAN
Date : 30.05.2014 Chartered Accountant
Mar 31, 2013
Report on the Financial Statements
I have audited the accompanying financial statements of Praveen
Properties Limited which comprise the Balance Sheet as at 31st,March ,
2013, the Statement of Profit and 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 sub- section
(3C) of section 211 of the Companies Act, 1956. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors'' Responsibility :
My responsibility is to express an'' opinion on these financial
statements, based on my audit.
I conducted my audit in accordance with the Standards on Auditing
issued by the Institute of Chartered Accountants of India. Those
Standards require that I comply with the 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 if the risks of material misstatement of the financial
statements, whether due to fraud of error. In making those risk
assessments, the auditor considers the 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 the Management, as well as evaluating the overall
presentation of the financial statements. I believe that the audit
evidence I have obtained is sufficient and appropriate to provide a
basis'' for my audit opinion.
Opinion : -
In my opinion and to the best of my information and according to the
explanations given to me, 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 31st March, 2013; -
(b) in the case of the Statement of Profit and Loss, of the LOSS of the
Company for the year ended on that date, and
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements :
1. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Act, I 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, I report that:
(a) I have obtained all the information and explanations which to the
best of my Knowledge and belief were necessary for the purposes of our
audit. .
(b) In my opinion, proper books of account as required by law have been
kept by the Company so far as it appears from my examination of those
books.
(c) The Balance Sheet, Statement of Profit and Loss, and the Cash Flow
Statement dealt 1 with by this Report are in agreement with the books
of account.
(d) In my opinion, the Balance Sheet, Statement of Profit and Loss, and
the Cash Flow Statement comply with the Accounting Standards referred
to in sub-section (3C) of section 211 of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2013 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2013
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
(f) Since tied 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.
On the basis of such checks as I considered appropriate and accordihg
to the information and explanation given to me during the course of my
audit, I report that :
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets. '' ''
(b) As explained to me, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In my opinion and according to the information and explanations
given to me, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. (a) As explained to me, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In my opinion and according to the information and explanations
given to me, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company arid the nature of its business. * ''
(c) In my opinion and on the basis of my examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to me and
on the basis of my examination of the books of account, the Company has
not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii (c) and iii (d) of the order are not applicable 1o the
Company. .
, (b) According to the information and explanations given to me and on
the basis of my '' examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus,
sub clauses (f) & (g) are not applicable to the company.
4. In my opinion and according to the information and explanations
given to me, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories and fixed assets and payment
for expenses and for sale of goods. During the course of my audit, no
major instance of continuing failure to correct anyweakness.es in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by me and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section, b) As per information and explanations given to me
and in my opinion, the transaction entered into, by the company with
parties covered u/s 301 of the Act does not exceed five lakhs rupees in
a financial year. Therefore, requirement of reasonableness of
transactions does not arise.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information and explanations given by the management, the
Company has an internal audit system commensurate with , its size and
the nature of its business.
8. As per information and explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub- section (1) of section 209 of the
Act and I am of the opinion that prima facie the prescribed accounts
and records have been made and maintained.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State
Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty, cess to the extent applicable and any other statutory dues
have generally been '' regularly deposited with the appropriate
authorities. According to the information and explanations given to me
there were no outstanding statutory dues as on 31st of March, 2013 for
a period of more than six months from the date they became payable.
(b) According to the information and explanations given to me, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes. .
10. The Company has accumulated losses of Rs. 15,14,000/- up to the
Financial Year 2011 -12 and has not incurred any cash loss in the
immediately preceding financial Year 2011-12 but incurred a cash loss
of Rs.3,01,960/- during the Financial Year 2012-13 covered by my audit.
11.'' Based on my audit procedures and on the information and
explanations given by the management, I am of the opinion that the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to me, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company. ,
14. According to information and explanations given to me, the Company
is not trading in Shares, Mutual funds & other Investments.,
15. According to the information and explanations given to me, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16: Based on my audit procedures and on the information given by the
management, report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to me and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, I report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to me by the management, I report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has not issued any debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to me, I report that no fraud on or by the Company
has been noticed or reported during the year, nor have I been informed
of such case by the management.
Place : Chennai-600 094 sd/-RANGAN N. KANNAN
Date : 31.05.2013 Chartered Accountant
Mar 31, 2012
I have audited the attached Balance Sheet of Praveen Properties Limited
as at 31st March 2012 and also the Profit and Loss Account for the year
ended on that date annexed thereto and Cash Flow statements for the
year ended on that date. These financial statements are the
responsibility of the Company's management. My responsibility is to
express an opinion on these financial statements based on my audit.
I conducted my audit in accordance with auditing standards generally
accepted in India. Those standards require that I 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 statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management as well as evaluating the overall financial statement
presentation. I believe that my audit provides a reasonable basis for
my opinion.
As required by the Companies (Auditor's Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, I enclose in the Annexure 'A' a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
Further to my comments in the Annexure referred to above, I report
that:
(i) I have obtained all the information and explanations which to the
best of my knowledge and belief were necessary for the purpose of my
audit.
(ii) In my opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from my examination of such
books.
(iii) The Balance Sheet, Profit and Loss Account and Cash flow
statements dealt with by this report are in agreement with the books of
accounts.
(iv) In my opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow statement dealt with by this report comply with the mandatory
accounting standards referred to in sub-section (3c) of section 211 of
the Companies Act, 1956 ;
(v) In my opinion and based on information and explanation given to me,
none of the directors is disqualified as on 31st March 2012 from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
(vi) In my opinion and to the best of my information and according to
the explanations given to me, the said accounts read together with the
significant Accounting Policies and other 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 Balance sheet, of the state of affairs of the Company
as at 31st March, 2012.
b) In the case of Profit and Loss Account, 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.
ANNEXURE 'A' TO THE AUDITOR'S REPORT
(Referred to in my Report of even date)
1. In respect of its fixed assets;
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b. As explained to me, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in my opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c. In my opinion, the Company has not disposed off substantial part of
fixed assets during the year and the going concern status of the
company is not affected.
2. In respect of its inventories
a. As explained to me, inventories have been physically verified by
the management at regular intervals during the year.
b. In my opinion and according to the information and explanation
given to me, 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. The Company has maintained proper records of inventories. As
explained to mo, there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. The Company has not granted or taken any loans, secured or
unsecured to/from companies, firms or other parties covered in the
register maintained under sec 301 of the Act. Hence, furnishing of
other particulars regarding the above does net arise.
4. In my opinion and according to the information and explanations
given to me, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and also for the
construction activities. During the course of my audit, I have not
observed any major weaknesses in internal controls.
a) In my opinion and according to the information and explanations
given to me the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under sec 301 of the Companies Act, 1956 have been so entered.
b) In my opinion the construction receipts are reasonable having regard
to the prevailing market prices at the relevant time during the
financial year under audit.
5. The Company has not accepted any deposits from the public.
6. In my Opinion, the internal audit system of the Company is
commensurate with it's size and nature of business.
7. On the basis of records produced, I am of the opinion, prima facie
the cost records and the accounts prescribed by the Central Government
under sec. 209 (1)(d) of the Companies Act, 1956 in respect of the
activities of the company have been maintained. However, I was neither
required to carry out nor carried out any detailed examination of such
accounts and records.
8. There were no disputed statutory dues against Government
departments and other authorities during the financial year as at 31st
March, 2012 for a period of more than six months from the date of
becoming payable.
9. The Company has accumulated losses of Rs. 24,73,930/- upto the
Financial Year 2010 - 2011 and has not incurred any cash loss during
the financial year 2011 - 2012 covered by my audit.
10. There were no loans due to any Financial institution or Banks or
others. Hence, furnishing of details on these lines does not arise.
11. In my Opinion and according to the information and explanation
given to me, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
12. In my opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4 (xiii) of the Companies
(Auditor's Report) Order, 2003 is not applicable to the Company.
13. The Company is not dealing or trading shares, securities,
debentures and other investments. Hence, furnishing of details on these
lines does not arise.
14. The Company has not given any guarantee for loans taken by others
from Bank or Financial institutions. Hence, furnishing of details on
these lines does not arise.
15. The Company has not raised any loans during the financial year.
Hence, furnishing of details on these lines does not arise
16. The Company has not raised any funds on short time basis during
the financial year. Hence, furnishing of details on these lines does
not arise.
17. The Company has not made any preferential allotments of shares
during the financial year. Hence, furnishing of details on these lines
does not arise.
18. The Company has not issued any debentures during the financial
year. Hence, furnishing of details on these lines does not arise.
19. The Company has not raised any money during the financial year.
Hence, furnishing of details on these lines does not arise
20. There were no frauds on or by the Company noticed or reported
during the year. Hence, furnishing of details on these lines does not
arise.
Sd/-
RANGAN N. KANNAN
Chartered Accountant
Place : Chennai-600 094
Date : 25.05.2012
Mar 31, 2010
I have audited the attached Balance Sheet of Praveen Properties Limited
as at 31st March 2010 and also the Profit and Loss Account for the year
ended on that date annexed thereto and Cash Flow statements for the
year ended on that date. These financial statements are the
responsibility of the Companys management. My responsibility is to
express an opinion on these financial statements based on my audit.
I conducted my audit in accordance with auditing standards generally
accepted in India. Those standards require that I 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 statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management as well as evaluating the overall financial statement
presentation. I believe that my audit provides a reasonable basis for
my opinion.
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, 1956,1 enclose in the Annexure A a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
Further to my comments in the Annexure referred to above, I report
that:
(i) I have obtained all the information and explanations which to the
best of my knowledge and belief were necessary for the purpose of my
audit.
(ii) In my opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from my examination of such
books.
(iii) The Balance Sheet, Profit and Loss Account and Cash flow
statements dealt with by this report are in agreement with the books of
accounts.
(iv) In my opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow statement dealt with by this report comply with the mandatory
accounting standards referred to in sub-section (3c) of section 211 of
the Companies Act, 1956 ;
(v) In my opinion and based on information and explanation given to me,
none of the directors is disqualified as on 31st March 2010 from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
(vi) In my opinion and to the best of my information and according to
the explanations given to me, the said accounts read together with the
significant Accounting Policies and other 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 Balance sheet, of the state of affairs of the Company
as at 31st March, 2010.
b) In the case of Profit and Loss Account, of the Loss for the year
ended on that date, and
c) In the case of the cash flow statement, of the cash flows tor the
year ended on that date.
ANNEXURE A TO THE AUDITORS REPORT (Referred to in my Report of even
date)
1. In respect of its fixed assets;
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b. As explained to me, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in my opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c. In my opinion, the Company has not disposed off substantial part of
fixed assets during the year and the going concern status of the
company is not affected.
2. In respect of its inventories
a. As explained to me, inventories have been physically verified by
the management at regular intervals during the year.
b. In my opinion and according to the information and explanation
given to me, 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. The Company has maintained proper records of inventories. As
explained j to me, there were no material discrepancies noticed on
physical verification j of inventory as compared to the book records.
3. The Company has not granted or taken any loans, secured or
unsecured to / from companies, firms or other parties covered in the
register maintained under sec 301 of the Act. Hence, furnishing of
other particulars regarding the above does not arise.
4. In my opinion and according to the information and explanations
given to me, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and also for the
construction activities. During the course of my audit, I have not
observed any major weaknesses in internal controls.
a) In my opinion and according to the information and explanations
given to me the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under sec 301 of the Companies Act, 1956 have been so entered.
b) In my opinion the construction receipts are reasonable having regard
to the prevailing market prices at the relevant time during the
financial year under audit.
5. The Company has not accepted any deposits from the public.
6. In my Opinion, the internal audit system of the Company is
commensurate with its size and nature of business.
7. On the basis of records produced, I am of the opinion, prima facie
the cost records and the accounts prescribed by the Central Government
under sec. 209 (1)(d) of the Companies Act, 1956 in respect of the
activities of the company have been maintained. However, I was neither
required to carry out nor carried out any detailed examination of such
accounts and records.
8. There were no disputed statutory dues against Government
departments and other authorities during the financial year as at 31st
March, 2010 for a period of more than six months from the date of
becoming payable.
9. The Company has accumulated losses of Rs.24,18,020/- upto the
Financial Year 2008 - 2009, and has incurred cash loss of Rs.2,51,670/-
during the financial year 2009 - 2010 covered by my audit.
10. There were no loans due to any Financial institution or Banks or
others. Hence, furnishing of details on these lines does not arise.
11. In my Opinion and according to the information and explanation
given to me, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
12. In my opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund/ society. Therefore, clause 4 (xiii) of the Companies
(Auditors Report) Order, 2003 is not applicable to the Company.
13. The Company is not dealing or trading shares, securities,
debentures and other investments. Hence, furnishing of details on these
lines does not arise.
14. The Company has not given any guarantee for loans taken by others
from Bank or Financial institutions. Hence, furnishing of details on
these lines does not arise.
15. The Company has not raised any loans during the financial year.
Hence, furnishing of details on these lines does not arise
16. The Company has not raised any funds on short time basis during
the financial year. Hence, furnishing of details on these lines does
not arise.
17. The Company has not made any preferential allotments of shares
during the financial year. Hence, furnishing of details on these lines
does not arise.
18. The Company has not issued any debentures during the financial
year. Hence, furnishing of details on these lines does not arise.
19. The Company has not raised any money during the financial year.
Hence, furnishing of details on these lines does not arise
20. There were no frauds on or by the Company noticed or reported
during the year. Hence, furnishing of details on these lines does not
arise.
Place : Chennai-600 094 sd/- RANGAN N. KANNAN
Date : 28.05.2010 Chartered Accountant