| 1. We have audited the attached Balance Sheet of GOA FRUIT SPECIALITIES
LIMITED as at 31st March, 2012 of the company for the year ended on
that date annexed there to. 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 the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on test basis evidence supporting the amounts and
disclosure in the financial statement. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion
3. As required by the manufacturing and other Companies (Auditor's
Report) Order, 2003 issued by the Central Government of India in terms
of sub-section (4-A) of section 227 of Companies Act,1956, we enclose
in the Annexure A statement on the matters specified in paragraph 4 and
5 of the said order:
4. Further to our comments in the Annexure refereed to above, we report
that:-
a. We have obtained all the information and explanation, to the best of
our Knowledge and belief, which 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 appears from the examination of
those books:
c. The Balance Sheet dealt with by this report are in agreement with
the books of accounts.
d. In our opinion the Balance Sheet dealt with the applicable
accounting standards referred to in subsection (3C) of section 211 of
the Companies Act, 1956:
e. On the basis of information and explanation given to us and
representations obtained from the company and taken on by the Board of
directors, we report that there are no Director of the company who as
at 31st March, 2012, is disqualified u/s 274(1) of the companies Act,
1956 from being appointed as a director, and
f. In our opinion, and to the best of our information and according to
the explanation given to us the said Balance Sheet read together with
the significant accounting policies and notes to account required by
the Companies Act, 1956 in the manner so required and give a true and
fair view.
i. In the case of Balance Sheet, of the state of affairs of the Company
as at 31st March, 2012.
Statement under para 4 & 5 in terms of section (4-A) of section 227 of
the Companies Act, 1956
1) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets. These
assets have been physically verified by the management at reasonable
intervals during the year and as explained to us no material
discrepancies were notice on such verification.
2) This para related to inventory is not applicable as company has not
commenced business during the year.
3) a) According to the information and explanation given to us, The
Company had granted loans & advances to one party covered in the
register maintained under section 301 of the Companies Act, 1956 the
maximum amount involved during the year aggregated to Rs. 0.29 lacs and
the year end balance of loan given to the company amounted to Rs. Nil.
b) The Company had taken unsecured interest free loans from
parties/companies covered in the register maintained under section 301
of the Companies Act, 1956 and the maximum amount involved during the
year aggregated to Rs. 40.00 lacs and the year end balance of loan
taken from such parties/company amounted to Rs. 115.22 lacs.
c) The above loan and advances granted and taken without any interest.
There is no written agreement as to other terms and conditions.
d) As per the information made available to us, the aforesaid loans and
advances given & taken by the company were payable on demand.
4) According to the information and explanation given to us, there is
an adequate internal control procedure commensurate with the size of
the company and the nature of its business.
5) a) According to the information and explanation given to us, the
transactions that need to be entered into a register on pursuance of
section 301 of the act have entered and have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
b) In our opinion and according to the information and explanation
given to us, the transaction made in pursuance of contracts or
arrangement entered in the registers maintained under section 301 and
exceeding the value of five lakh rupees in respect of any party during
the year have been made at prices which are reasonable having regard to
prevailing market prices at the relevant time.
6) In our opinion and according to the information and explanation
given to us, the Company has complied with the provisions of sections
58A and 58AA of the Companies Act, 1956 and Companies (Acceptance of
Deposits) Rules, 1975 with regard to the deposits accepted from the
public. No order has been passed by the national company law tribunal.
7) The company has no formal internal audit system but its control
through personal supervision of the management ensures reasonable
internal checking to the financial and other records applicable to the
company.
8) The maintenance of cost records has not been prescribed by the
central Government under section 209(1) (d) of the Companies Act, 1956,
for any of the products of the Company.
9) A) The relevant provisions of law relating to Employee's provident
fund scheme and Employee's state Insurance Act are not applicable to
the Company.
B)According to the information and explanation given to us, no
undisputed amount payable in respect of income tax, wealth tax, sales
tax, were outstanding as at 31st March, 2012 for a period of more than
six months from the date they become payable.
10) The company has not incurred any cash losses during the financial
year covered by our audit and the immediately preceding financial year.
11) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
12) The company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13) In our opinion the company is not a chit fund or a nidhi/mutual
benefit fund/society therefore, the provision of clause 4 (Xiii) of the
companies (Auditor's Report) Order, 2003 are not applicable to the
company.
14) In our opinion the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4 (xiv) of the Companies (Auditor's Report) Order,
2003 are not applicable to the company.
15) The company has not given and guarantee for loans taken by others
from bank or financial institutions.
16) In our opinion no term loans have been applied by the company.
17) According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the company, we are of the
opinion that there are no funds raised on short-term basis that have
been used for long term investment.
18) According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the Register maintained under section 301 of
the Act during the year.
19) According to the information and explanations given to us, the
company has not issued any debentures during the year and hence, the
question of creating securities or charge in respect thereof does not
arise.
20) In our opinion and according to the information and explanations
given to us, the company has not raised any money by public issue
during the year covered by our audit report.
21) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the year.
For Krishan Kumar Gupta & Associates,
Chartered Accountants
Sd/-
(B.B.Sharma)
Partner
Place: New Delhi
Date : 20/08/2012
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