Auditor Report of Simplex Realty Ltd.
Mar 31, 2017
To
The Members of Simplex Realty Limited
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Simplex Realty Limited (''the Company''), which comprise the Balance Sheet as at 31st March, 2017, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management''s Responsibility for the Standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (''the Act'') with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial control that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provision of the Act and the Rules made there under.
We conducted our audit in accordance with the
Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give true and fair view 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 Company''s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements, give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India,
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March , 2017;
(b) in the case of the Statement of Profit and Loss, 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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016(''the Order'') issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the "Annexure A", a statement on the matters specified in paragraph 3 and 4 of the Order.
2. As required by Section 143 (3) of the Act, we report that:
a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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 the Cash Flow Statement dealt with by this Report are in agreement with the books of account;
d. In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
e. On the basis of written representations received from the directors as on 31st March, 2017 taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2017 from being appointed as a director in terms of Section 164 (2) of the Act;
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and operating effectiveness of such controls, refer to our separate report in ''''Annexure B"; and
g. With respect to the other matters to be included in
the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements - (refer note no. 25 of the financial statement);
ii) The Company did not have any long term contracts including derivatives contract for which there were any material foreseeable losses;
iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company, and
iv) The Company has provided requisite disclosure in its financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8th November,
2016 to 30th December, 2016 and the disclosures are in accordance with the books maintained by the Company.
The Annexure referred to in our report to the members of Simplex Realty Limited (''the Company'') for the year ended on 31st March, 2017. We report that:
i) a) The Company has maintained proper records
showing full particulars, including quantitative details and situation of fixed assets.
b) The Management of the Company has physically verified the fixed assets in accordance with its policy of physical verification at reasonable intervals. The discrepancies, if any noticed during such verification have been suitably adjusted in the books of account. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets.
c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company
ii) a) According to the information and explanations
given to us, the management has conducted physical verification of the inventories at reasonable intervals.
b) In our opinion and according to the information and explanations given to us, the procedures followed by the management for physical verification of inventory are reasonable and adequate in relation to the size of the Company and the nature of the business.
c) No material discrepancies have been noticed on physical verification of the stocks as compared to book records in so far as it appears from our examination of the books.
iii) According to the information and explanations given to us and on the basis of our examination of books of account, the Company has granted unsecured loan to company covered in the register maintained under section 189 of the Companies Act, 2013.
a) The terms and conditions of the loan given are not prejudicial to the Company''s interest.
b) The schedule of repayment of principal and payment of interest has not been stipulated by the Company and hence, we are unable to make any comment on the regularity of repayment of principal and payment of interest.
c) The repayment terms are ''On demand'' and hence, there is no overdue amount of principal and interest.
iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans and investments made; the Company has not given any guarantee or security.
v) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public.
vi) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules,
2011 prescribed by the Central Government under Section 148(1) of the Act, and are of the opinion that prima facie the prescribed cost records have been made and maintained. We have, however, not made a detailed examination of the records with a view to determine whether they are accurate or complete.
vii) a) According to the records of the Company,
undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues have been regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of aforesaid dues were outstanding as at 31st March, 2017 for a period of more than six months from the date it became payable.
b) According to the records of the Company and information and explanations given to us the following Income tax is due on account of dispute:
|
Name of the Statue |
Amount Involved (Rs.) |
Period to which amount relates |
Forum where dispute is pending |
|
Income Tax |
37,96,850/- |
AY 2014-15 |
CIT(Appeals) |
According to the information and explanations given to us and the records of the Company examined by us, there are no dues of sales tax or service tax or duty of customs or duty of excise or value added tax on account of any disputes.
viii) On the basis of our examination of the books and according to the information and explanations given to us, during the year, there are no defaults in repayment of dues to financial institutions, banks, Government or debenture holders.
ix) The Company has not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, paragraph 3 (ix) of the Order is not applicable.
x) According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
xi) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
xii) In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.
xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with Sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
xiv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with them. Accordingly, paragraph 3(xv) of the Order is not applicable.
xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.
ANNEXURE B TO THE INDEPENDENT AUDITOR''S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS OF SIMPLEX REALTY LIMITED
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (''the Act'')
We have audited the internal financial controls over financial reporting of Simplex Realty Limited ("the Company") as of 31st March, 2017 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (''ICAI''). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditor''s Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2017, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India.
For Dayal and Lohia
Chartered Accountants
Firm''s Registration No.102200W
Anil Lohia
Partner
Mumbai, 10th May, 2017 Membership No. 31626
Mar 31, 2015
We have audited the accompanying financial statements of Simplex Realty
Limited ("the Company"), which comprise the Balance Sheet as at
31st March, 2015, the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with
respect to the preparation of these financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes the
maintenance of adequate accounting records in accordance with the
provision of the Act for safeguarding of the assets of the Company and
for preventing and detecting the frauds and other irregularities;
selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of internal financial control, that were
operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provision of the Act, the accounting and
auditing standards and matters which are required to be included in the
audit report under the provision of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give true
and fair view in order to design audit procedures that are appropriate
in the circumstances. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India,
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2015;
(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.
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
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 it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
Directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - refer note 26 to the
financial statements.
ii) The Company did not have any long term contracts including
derivatives contract for which there were any material foreseeable
losses.
iii) There were no amounts which were required to be transferred to
Investor Education & Protection Fund by the Company.
The Annexure referred to in our report to the members of Simplex Realty
Limited ('the Company') for the year ended on 31st March, 2015. We
report that:
i) a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The Management of the Company has physically verified the fixed
assets in accordance with its policy of physical verification at
reasonable intervals. The discrepancies, if any noticed during such
verification have been suitably adjusted in the books of account.
ii) a) According to the information and explanations given to us, the
management has conducted physical verification of the inventories at
reasonable intervals.
b) In our opinion and according to the information and explanation
given to us, the procedures followed by the management for physical
verification of inventory are reasonable and adequate in relation to
the size of the Company and the nature of the business.
c) No material discrepancies have been noticed on physical verification
of the stocks as compared to book records in so far as it appears from
our examination of the books.
iii) a) The Company has not granted any loans to parties covered in the
register maintained under section 189 of the Act.
b & c) Since no loans granted to parties covered in the register
maintained under section 189 of the Act, question of receipt of
principle and interest, and overdue amount is not applicable.
iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and nature of its business with regard to
purchase of inventory, fixed assets and for sale of goods and services.
During the course of our audit, no major weaknesses have been noticed
in the internal control system.
v) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public.
vi) We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 148(1) of the Act,
and are of the opinion that prima facie the prescribed cost records
have been made and maintained. We have, however, not made a detailed
examination of the records with a view to determine whether they are
accurate or complete.
vii) a) According to the records of the Company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employee's State Insurance, Sales Tax, Income Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other statutory dues have been
regularly deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amounts payable
in respect of aforesaid dues were outstanding as at 31st March, 2015
for a period of more than six months from the date it became payable.
b) According to the records of the Company and information and
explanations given to us, there are no dues of sales tax, income tax ,
wealth tax, service tax, custom duty, excise duty on account of any
disputes.
c) There were no amounts which were required to be transferred to
Investor Education & Protection Fund by the Company.
viii) As at the Balance Sheet date, there are no accumulated losses of
the Company. The Company has not incurred cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
ix) On the basis of our examination of the books and according to the
information and explanations given to us, during the year, there are no
dues to financial institutions, banks or debenture holders.
x) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by other parties
from any bank or financial institution.
xi) To the best of our knowledge and belief and according to the
information and explanations given to us, the Company has not availed
any term loan during the year, hence the question of applying it for
the purposes for which the loans were obtained, does not arise.
xii) According to the information and explanations given to us, and to
the best of our knowledge and belief, no fraud on or by the Company,
has been noticed or reported during the year
For Dayal and Lohia
Chartered Accountants
Firm's Registration No.102200W
Anil Lohia
Place : Mumbai Partner
Date : 11th May, 2015 Membership No. 31626
Mar 31, 2014
We have audited the accompanying financial statements of Simplex Realty
Limited ("the Company"), which comprise the Balance Sheet as at 31st
March, 2014, and the Statement of Profit and Loss and Cash Flow
Statement for the year 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 31st March,2014;
(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;
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 31st March, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2014, from
being appointed as a director in terms of clause (g) of sub-section (1)
of Section 274 of the Companies Act, 1956.
ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT (Referred to in paragraph
1 of our Report of even date to the members of Simplex Realty Limited
on the financial statements for the year ended 31st March, 2014.)
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.
b) The Management of the Company has physically verified the fixed
assets in accordance with its policy of physical verification at
reasonable intervals. The discrepancies, if any noticed during such
verification have been suitably adjusted in the books of account.
c) The Company has not disposed off any substantial part of fixed
assets during the year so as to affect it as a going concern.
2. In respect of its inventories:
a) According to the information and explanations given to us, the
management has conducted physical verification of the inventories at
reasonable intervals.
b) In our opinion and according to the information and explanations
given to us, the procedures followed by the management for physical
verification of inventory are reasonable and adequate in relation to
the size of the Company and the nature of the business.
c) No material discrepancies have been noticed on physical verification
of the stocks as compared to book records in so far as it appears from
our examination of the books.
3. In respect of loans, secured or unsecured, granted / taken by the
Company to / from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956 :
a) The Company has granted a loan of Rs. 2,95,21,304/- to one party
listed u/s 301 of the Companies Act 1956. Of the above Rs. 1,20,50,547/-
was granted during the year.
b) In our opinion and according to the information and explanation
given to us, the rate of interest and other terms and conditions are
prima facie not prejudicial to the interest of the Company.
c) Out of the above, the company has received back Rs. 31,00,000/- during
the year. The repayment terms are ''on demand'' and hence there is no
overdue amount of principal and interest.
d) The Company had taken loans of Rs. 84,00,025/- from two parties listed
in the register maintained u/s 301 of the Companies Act, 1956. Of the
above Rs. 5,05,168/- was taken during the year.
e) During the year, the company has repaid these Loans. The repayment
terms are ''on demand'' and hence there is no overdue amount of principal
and interest.
f) In our opinion and according to the information and explanation
given to us, the rate of interest and other terms and conditions are
prima facie not prejudicial to the interest of the Company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and nature of its business
with regard to purchase of inventory, fixed assets and for sale of
goods and services. During the course of our audit, no major weaknesses
have been noticed in the internal control system.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956:
a) According to the information and explanations given to us, we are of
the opinion that the particulars of contracts or arrangements referred
to in Section 301 have been entered in the register maintained under
that section; and
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
under Sections 58A , 58AA or any other relevant provision of the Act.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209 (1) (d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been made and maintained. We have,
however, not made a detailed examination of the records with a view to
determine whether they are accurate or complete.
9. a) According to the records of the Company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employee''s State Insurance, Sales Tax, Income Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other statutory dues have been
regularly deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amounts payable
in respect of aforesaid dues were outstanding as at 31st March, 2014
for a period of more than six months from the date it became payable.
b) According to the records of the Company and information and
explanations given to us there are no dues of sales tax, income tax ,
wealth tax, service tax, custom duty, excise duty on account of any
disputes, except as given below:
Name of the
Statute Nature of
the Dues Demand in Period for
which Forum where
Rs. the demand
relates dispute is pending
Income
Tax Act Penalty 41,25,000 A.Y. 2008-09 CIT (Appeals)
10. As at the Balance Sheet date, there are no accumulated losses of
the Company. The Company has not incurred cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
11. On the basis of our examination of the books and according to the
information and explanations given to us, the Company has not defaulted
in repayment of dues to financial institutions, banks or debenture
holders during the year.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures or any other securities.
13. The Company is not a Chit Fund, Nidhi or Mutual Fund/Society.
14. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities and other
investments, and accordingly, the provisions of clause (xiv) of
paragraph 4 of the Order are not applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by other parties
from any bank or financial institution.
16. To the best of our knowledge and belief and according to the
information and explanations given to us, in our opinion, term loans
availed by the Company were, prima facie, applied by the Company during
the year for the purposes for which the loans were obtained, other than
temporary deployment pending application.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, no funds
raised on short term basis have been used for long term investment by
the Company.
18. The Company has not made any preferential allotment of shares to
parties and 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.
20. The Company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, and to
the best of our knowledge and belief, no fraud on or by the Company,
has been noticed or reported during the year.
For Dayal and Lohia
Chartered Accountants
Firm''s Registration No.102200W
Anil Lohia
Partner
Membership No. 31626
Mumbai, 10th May, 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Simplex Realty
Limited (the Company), which comprise the Balance Sheet as at 31st
March, 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 31st March, 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;
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
sub-section (3C) of section 211 of the Companies Act, 1956;
e. on the basis of written representations received from the directors
as on 31st March, 2013, and 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 Companies Act, 1956.
ANNEXURE TO THE AUDITOR''S REPORT
(Referred to in paragraph 1 of our Report of even date to the members
of Simplex Realty Limited on the financial statements for the year
ended 31st March, 2013.)
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.
b) The Management of the Company has physically verified the fixed
assets in accordance with its policy of physical verification at
reasonable intervals. The discrepancies, if any, noticed during such
verification have been suitably adjusted in the books of account.
c) The Company has not disposed off any substantial part of fixed
assets during the year so as to affect it as a going concern.
2. In respect of its inventories:
a) According to the information and explanation given to us, the
management has conducted physical verification of the inventories at
reasonable intervals.
b) In our opinion and according to the information and explanation
given to us, the procedures followed by the management for physical
verification of inventory are reasonable and adequate in relation to
the size of the Company and the nature of the business.
c) No material discrepancies have been noticed on physical verification
of the stocks as compared to book records in so far as it appears from
our examination of the books.
3. In respect of loans, secured or unsecured, granted / taken by the
Company to / from companies, firm or other parties covered in the
register maintained under section 301 of the Companies Act, 1956 :
a) The Company has granted loan of Rs. 2,43,00,000/- to a party listed
u/s 301 of the Companies Act 1956 during the year.
b) In our opinion and according to the information and explanation
given to us, the rate of interest and other terms and conditions are
prima facie not prejudicial to the interest of the Company.
c) Out of the above, the Company has received back Rs. 78,00,000/-
during the year. The repayment terms are on demand and hence there is
no overdue amount of principal and interest.
d) The Company has taken loans of Rs. 6,20,31,869/- from two parties
listed in the register maintained u/s 301 of the Companies Act, 1956.
e) In our opinion and according to the information and explanation
given to us, the rate of interest and other terms and conditions are
prima facie not prejudicial to the interest of the Company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and nature of its business
with regard to purchase of inventory, fixed assets and for sale of
goods and services. During the course of our audit, no major weaknesses
have been noticed in the internal control system.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956:
a) According to the information and explanations given to us, we are of
the opinion that the particulars of contracts or arrangements referred
to in section 301 have been entered in the register maintained under
that section; and
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
under section 58A and 58AA or any other relevant provision of the Act.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209 (1) (d) of the
Companies Act, 1956 and are of the opinion that prima facie, the
prescribed cost records have been made and maintained. We have,
however, not made a detailed examination of the records with a view to
determine whether they are accurate or complete.
9. a) According to the records of the Company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employee''s State Insurance, Sales Tax, Income Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other statutory dues have been
regularly deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amounts payable
in respect of aforesaid dues were outstanding as at 31st March, 2013
for a period of more than six months from the date it became payable.
b) According to the information and explanations given to us, as at the
Balance Sheet date, Income Tax demands amounting to Rs. 6,29,61,680/-
remained to be deposited on account of pending disputes being filed
before the Commissioner of Income Tax (Appeals).
10. As at the Balance Sheet date, there are no accumulated losses of
the Company. The Company has not incurred cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
11. On the basis of our examination of the books and according to the
information and explanations given to us, the Company has not defaulted
in repayment of dues to financial institutions, banks or debenture
holders during the year.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures or any other securities.
13. The Company is not a Chit Fund, Nidhi or Mutual Fund/Society.
14. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities and other
investments, and accordingly, the provisions of clause (xiv) of
paragraph 4 of the Order are not applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by other parties
from any bank or financial institution.
16. No term loans were availed by the Company during the year and
hence the provisions of clause (xvi) of paragraph 4 of the Order are
not applicable to the Company.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, no funds
raised on short term basis have been used for long term investment by
the Company.
18. The Company has not made any preferential allotment of shares to
parties and 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.
20. The Company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, and to
the best of our knowledge and belief, no fraud on or by the Company,
has been noticed or reported during the year.
For Dayal and Lohia
Chartered Accountants
Firm''s Registration No.102200W
Anil Lohia
Partner
Mumbai, 8th May, 2013 Membership No. 31626
Mar 31, 2012
1. We have audited the attached Balance Sheet of Simplex Realty
Limited as at 31st March 2012 and the Statement of Profit and Loss for
the year ended on that date, and also the Cash Flow Statement for the
year ended on that date. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
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 whether the
financial statements are free of material misstatement. An audit
includes examining, on a test check 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 statements presentation. We believe that our audit provides a
reasonable basis for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 as
amended by Companies (Auditor's Report) (Amendment) Order, 2004 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, on the basis of such
checks of the books and records of the company as we considered
appropriate and the information and explanations given to us during the
course of our audit;
4. Further to our comments in the Annexure referred to above, we report
that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of
our audit;
b. In our opinion, proper books of accounts as required by law have
been kept by the Company so far as it appears from our examination of
those books.
c. The Balance Sheet and the 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 Statement of Profit and Loss and Balance Sheet
comply with the Accounting Standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956;
e. On the basis of written representations received from the
directors, as on 31st March 2012, and taken on record by the Board of
Directors, we report that none of the directors are disqualified as on
31st March, 2012 from being appointed as directors in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, read together with the
notes thereon, give the information required by the Companies Act,1956,
in the manner so required and give true and fair view:
i. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2012; and
ii. in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
iii. in the case of Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph 3 of our Report of even date to the members
of Simplex Realty Limited on the financial statements
fortheyearended31s,March,2012.)
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.
b) The Management of the Company has physically verified the fixed
assets in accordance with its policy of physical verification at
reasonable intervals The discrepancies noticed during such verification
which were not material, have been suitably adjusted in the books of
accounts.
c) The Company has not disposed off any substantial part of fixed
assets during the year so as to affect it as a going concern.
2. In respect of its inventories:
a) According to the information and explanations given to us, the
management has conducted physical verification of the inventories at
reasonable intervals.
b) In our opinion and according to the information and explanation
given to us, the procedures followed by the management for physical
verification of inventory are reasonable and adequate in relation to
the size of the Company and the nature of the business.
c) No material discrepancies have been noticed on physical verification
of the stocks as compared to book records in so far as it appears from
our examination of the books.
3. In respect of loans, secured or unsecured, granted by the Company
to/from companies, firm or other parties covered in the register
maintained under secton 301 of the Companies Act, 1956:
a) The Company has not granted loans to parties listed u/s 301 of the
Companies Act 1956 during the year and therefore the provisions of sub
clause (b), (c), and (d) of clause 4 (iii) of the Order are not
applicable to the Company.
b) The Company has not taken any loans from parties listed in the
register maintained u/s 301 of the Companies Act, 1956, and therefore
the provisions of sub-clauses (f) & (g) of clause 4 (iii) of the Order
are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and nature of its business
with regard to purchase of inventory, fixed assets and for sale of
goods and services. During the course of our audit, no major weaknesses
have been noticed in the internal control system.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956:
a) According to the information and explanations given to us, we are of
the opinion that the particulars of contracts or arrangements referred
to in section 301 have been entered in the register required to be
maintained under that section; and
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
under section 58A and 58AA or any other relevant provision of the Act.
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 and explanation given to us,
maintenance of cost records has not been prescribed by the Central
Government under section 209(1 )(d) of the Act.
9. a) According to the records of the Company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employee's State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other statutory dues have been
regularly deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31st March,
2012 for a period of more than six months from the date they became
payable.
b) According to the information and explanations given to us, as at the
Balance Sheet date, Income Tax demands amounting to Rs 12,83,15,672/-
remained to be deposited on account of pending disputes being filed
before the Honorable Income Tax Appellate Tribunal.
10. As at the Balance Sheet date there are no accumulated losses of
the Company. The Company has not incurred cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
11. On the basis of our examination of the books and according to the
information and explanations given to us, the Company has not defaulted
in repayment of dues to financial institutions, banks or debenture
holders during the year.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances
onthebasisofsecuritybywayofpledgeofshares,debenturesoranyothersecurities.
13. The Company is not a Chit Fund, Nidhi or Mutual Fund/Society.
14. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities and other
investments, and accordingly the provisions of clause (xiv) of
paragraph 4 of the Order are not applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by other parties
from any bank or financial institution.
16. No term loans were availed by the Company during the year and hence
the provisions of clause (xvi) of paragraph 4 of the Order are not
applicable to the Company.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, no funds
raised on short term basis have been used for long term investment by
the Company.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained undeletion 301
of the Companies Act, 1956.
19. The Company has not issued debentures during the year.
20. The Company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, and to
the best of our knowledge and belief no fraud on or by the Company, has
been noticed or reported during the year.
For Dayal and Lohia
Chartered Accountants
(Firm Reg. NO.102200W)
S.V.Thomas
Partner
Mumbai,14th May,2012 M.No. 125944
Mar 31, 2011
1. We have audited the attached Balance Sheet of Simplex Realty
Limited as at 31st March 2011 and the Profit and Loss Account For the
year ended on that date, and also the Cash Flow Statement for the year
ended on that date. 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.
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 whether the
financial statements are free of material misstatement. An audit
includes examining, on a test check 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 statements 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 Companies (Auditors Report) (Amendment) Order, 2004 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, on the basis of such
checks of the books and records of the company as we considered
appropriate and the information and explanations given to us during the
course of our audit;
4. Further to our comments in the Annexure referred to above, we
report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion, proper books of accounts as required by law have
been kept by the Company so far as it appears from our examination of
those books;
c. The Balance Sheet and the Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d. In our opinion, the Profit and Loss Account and Balance Sheet
comply with the Accounting Standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956;
e. On the basis of written representations received from the
Directors, as on 31st March, 2011, and taken on record by the Board of
Directors, we report that none of the Director is disqualified as on
31st March, 2011 from being appointed as directors in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, read together with the
notes thereon, give the information required by the Companies Act,
1956, in the manner so required and give true and fair view:
i. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 st March 2011; and
ii. in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date;
and
iii. in the case of Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph 3 of our Report of even date to the members
of Simplex Realty Limited on the financial statements for the year
ended 31st March 2011.)
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.
b) The Management of the Company has physically verified the fixed
assets in accordance with its policy of physical verification at
reasonable intervals. The discrepancies noticed during such
verification have been suitably adjusted in the books of accounts.
c) The Company has not disposed off any substantial part of fixed
assets during the year so as to affect it as a going concern.
2. In respect if its inventories:
a) According to the information and explanations given to us, the
management has conducted physical verification of the inventories at
reasonable intervals.
b) In our opinion and according to the information and explanation
given to us, the procedures followed by the management for physical
verification of inventory are reasonable and adequate in relation to
the size of the Company and the nature of the business.
c) No material discrepancies have been noticed on physical verification
of the stocks as compared to book records in so far as it appears from
our examination of the books.
3. In respect of loans, secured or unsecured, granted by the Company
to/from companies, firm or other parties covered in the register
maintained under section 301 of the Companies Act, 1956:
a) The Company has not granted loans to parties listed u/s 301 of the
Companies Act 1956 during the year and therefore the provisions of sub
clause (b), (c), and (d) of clause 4 (iii) of the Order are not
applicable to the Company.
b) The Company has not taken any loans from parties listed in the
register maintained u/s 301 of the Companies Act, 1956, and therefore
the provisions of sub-clauses (f) & (g) of clause 4 (iii) of the Order
are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and nature of its business
with regard to purchase of inventory, fixed assets and for sale of
goods and services. During the course of our audit, no major weaknesses
have been noticed in the internal control system.
5. lnrespectoftransactionscoveredunderSection301 of the Companies Act,
1956:
a) According to the information and explanations given to us, we are of
the opinion that the particulars of contracts or arrangements referred
to in section 301 have been entered in the register required to be
maintained under that section; and
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
under section 58Aand58AA or any other relevant provision of the Act.
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 and explanation given to us,
maintenance of cost records has not been prescribed by the Central
Government under section 209(1 )(d) of the Act.
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 and
other statutory dues have been regularly deposited with the appropriate
authorities. According to the information and explanations given to us,
no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at March 31,2011 for a period of more than six months
from the date they became payable.
b) According to the information and explanations given to us, as at the
Balance Sheet date, Income Tax demands amounting to Rs.58.50 Crores
remained to be deposited on account of pending disputes in appeal
before the Commissioner of Income Tax (Appeals).
10. As at the Balance Sheet date there are no accumulated losses of
the Company. The Company has not incurred cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
11. On the basis of our examination of the books and according to the
information and explanations given to us, the Company has not defaulted
in repayment of dues to financial institutions, banks or debenture
holders during the year.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures or any other securities.
13. The Company is not a Chit Fund, Nidhi or Mutual Fund/Society.
14. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities and other
investments, and accordingly the provisions of clause (xiv) of
paragraph 4 of the Order are not applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by other parties
from any bank or financial institution.
16. No term loans were availed by the Company during the year and
hence the provisions of clause (xvi) of paragraph 4 of the Order are
not applicable to the Company.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, no funds
raised on short term basis have been used for long term investment by
the Company.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained undersection
301 of the Companies Act, 1956.
19. The Company has not issued debentures during the year.
20. The Company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, and to
the best of our knowledge and belief no fraud on or by the Company, has
been noticed or reported during the year.
For Dayal and Lohia
Chartered Accountants
(Firm Reg. No.102200W)
(Anil Lohia)
Partner
M.NO.-31626
Mumbai, May 14, 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of Simplex Realty
Limited as at 31st March, 2010 and the Profit and Loss Account for the
year ended on that date, and also the Cash Flow Statement for the year
ended on that date. 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.
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 whether the
financial statements are free of material misstatement. An audit
includes examining, on a test check 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 statements presentation. We believe that our audit provides a
reasonable basis for ouropinion.
3. As required by the Companies (Auditors Report) Order, 2003 as
amended by Companies (Auditors Report) (Amendment) Order, 2004 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, on the basis of such
checks of the books and records of the company as we considered
appropriate and the information and explanations given to us during the
course of our audit;
4. Further to our comments in the Annexure referred to above, we
report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion, proper books of accounts as required by law have
been kept by the Company so far as it appears from our examination of
those books.
c. The Balance Sheet and the Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d. In our opinion, the Profit and Loss Account and Balance Sheet
comply with the Accounting Standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956;
e. On the basis of written representations received from the
directors, as on 31 st March, 2010, and taken on record by the Board of
Directors, we report that none of the directors are disqualified as on
31 st March, 2010 from being appointed as directors in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, read together with the
notes thereon, give the information required by the Companies Act,
1956, in the manner so required and give true and fair view:
i. in case of the Balance Sheet, of the state of affairs of the
Company as at 31 st March, 2010; and
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 Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 3 of our
Report of even date to the members of Simplex Realty Limited on the
financial statements for the year ended 31 st March, 2010)
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.
b) The Management of the Company has physically verified the fixed
assets in accordance with its policy of physical verification at
reasonawe intervals. The discrepancies noticed during such verification
have been suitably adjusted in the books of accounts.
c) The Company has not disposed off any substantial part of fixed
assets during the year so as to affect it as a going concern.
2. In respect if its inventories:
a) According to the information and explanations given to us, the
management has conducted physical verification of the inventories at
reasonable intervals.
b) In our opinion and according to the information and explanation
given to us, the procedures followed by the management for physical
verification of inventory are reasonable and adequate in relation to
the size of the Company and the nature of the business.
c) No material discrepancies have been noticed on physical verification
of the stocks as compared to book records in so far as it appears from
our examination of the books.
3. In respect of loans, secured or unsecured, granted by the Company
to/from companies, firm or other parties covered in the register
maintained under section 301 of the Companies Act, 1956:
a) The Company has granted loans to three parties listed u/s 301 of the
Companies Act 1956 amounting to Rs. 2.30 Crores during the year. This
amount including the opening outstanding balance of Rs. 60 Lacs was
fully repaid during the year and the outstanding balance as on 31 st
March, 2010 is NIL.
b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions are
prima facie not prejudicial to the interest of the Company.
c) In respect of loans and advances in the nature of loan, where
interest and repayment terms have been stipulated, the parties are
repaying the principal amounts as stipulated and are also regular in
the payment of the interest.
d) In respect of the said loans, the same are repayable on demand and
therefore the question of overdue amounts does not arise. In respect of
interest, there were no overdue amounts.
e) The Company has not taken any loans from parties listed in the
register maintained u/s 301 of the Companies Act, 1956, and therefore
the provisions of sub-clauses (f) & (g) of clause 4 (iii) of the Order
are not applicable to the Company.)
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and nature of its business
with regard to purchase of inventory, fixed assets and for sale of
goods and services. During the course of our audit, no major weaknesses
has been noticed in the internal control system.
5. In respect of transactions covered under Section 301 of the
CompaniesAct, 1956:
a) According to the information and explanations given to us, we are of
the opinion that the particulars of contracts or arrangements referred
to in section 301 have been entered in the register required to be
maintained under that section; and
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
under section 58Aand 58AAorany other relevant provision of the Act.
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 and explanation given to us,
maintenance of cost records has not been prescribed by the Central
Government under section 209(1 )(d) of the Act.
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 and other statutory dues have been
regularly deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at March 31,2010
for a period of more than six months from the date of becoming payable.
b) In our opinion and according to the information and explanations
given to us, as at the Balance Sheet date, there were no dues of the
specified nature that remained to be deposited on account of pending
disputes.
10. As at the Balance Sheet date there are no accumulated losses of
the Company. The Company has not incurred cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
11. On the basis of our examination of the books and according to the
information and explanations given to us, the Company has not defaulted
in repayment of dues to financial institutions, banks or debenture
holders during the year.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures or any other securities.
13. The Company is not a Chit Fund, Nidhi or Mutual Fund/Society.
14. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities and other
investments, and accordingly the provisions of clause (xiv) of
paragraph 4 of the Order are not applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by other parties
from any bank or financial institution.
16. No term loans were availed by the Company during the year and
hence the provisions of clause (xvi) of paragraph 4 of the Order are
not applicable to the Company.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, no funds
raised on short term basis have been used for long term investment by
the Company.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. The Company has not issued debentures during the year.
20. The Company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, and to
the best of our knowledge and belief no fraud on or by the Company, has
been noticed or reported during the year.
For Dayal and Lohia
Chartered Accountants
(Firm Reg. No.102200W)
(Anil Lohia)
Partner
M. No.31626
Mumbai, May 21, 2010
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Simplex Realty Ltd. Key Financial Ratios
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Simplex Realty Ltd. Results
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Simplex Realty Ltd. Financial Data
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Simplex Realty Ltd. Reports
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- Auditors Report
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Simplex Realty Ltd. Corporate Announcements
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