| We have audited the attached Balance Sheet of Good Value Irrigation
Limited as at 31st December, 2013 and also the Profit and Loss Account
for the year ended 31st December 2013 annexed there to. These financial
statements are the responsibilities of the Company's management. Our
responsibility is to express an opinion on these financial statements
based on our Audit.
1. We conducted our audit in accordance with Auditing Standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion. This audit was conducted
as per the request of the Directors of the Company.
2. 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, we enclose in the Annexure
hereto a statement on the matters specified in paragraphs 4 and 5 of
the said order.
3. Subject to the Annexure referred to in paragraphs 2 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 purposes 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 and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
d) In our opinion, The Balance Sheet and Profit and Loss Account dealt
with by this report comply with the mandatory Accounting Standards
referred in sub-section (3-C) of section 211 of the Companies Act,
1956; where ever applicable.
e) On the basis of written representations received from the Directors
and from the public companies in which these directors are directors
which are taken on record by the Board of Directors, we report that
none of the Directors is disqualified as on 31st December 2013 from
being appointed as director 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
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;
i) In so far as it relates to Balance Sheet, of the state of affairs of
the Company as at 31- December 2013.
ii) In so far as it relates to Profit and Loss Account, of the Loss of
the Company for the year ended 31st December 2013
iii) In case of Cash flow statement of cash flows of the company for
the year ended on that date.
1 a) The Company is not required to maintained the records of fixed
assets showing full particulars including quantitative details and
situation of the fixed assets as the Company dose not have any fixed
assets.
b) Not applicable.
2. a) Since there is no any inventory the question of physical
verification during the year by the management does not arise.
b) The procedures of physical verification of inventories: Not
applicable.
3 a) According to information and explanations given to us the Company
has taken interest free unsecured loan from the parties listed in the
Register maintained under section 301 of the Act. The balance as on
31.12.2013 was Rs. 10.93 lacs (Interest free) there are no other terms
and conditions attached to this loan.
b) During the year, the Company has not granted any loan to any party
listed in the register maintained under section 301 of the Companies
Act, 1956.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business. During the course of our audit, no major weakness has been
noticed in these internal controls.
5. According to the information and explanations given to us , we are
of the opinion that there are no transactions those need to be entered
in to the register maintained u/s 301 of the Companies Act, 1956 and
exceeding the value of Rs. 5,00,000/- or more with each party in
respect of purchases of goods and material, sale of goods and material
pursuant to the Contract under Section 301 of the Companies Act, 1956.
6. The Company has not accepted fixed deposits from the public and
consequently the directives issued by Reserve Bank of India, the
provisions of section 58 A and 58 AA of the Companies Act, 1956 are not
applicable.
7. In our opinion the company has to strengthen its Internal Audit
system so as to commensurate with the size and nature of business.
8. As per information given by the Company, the Central Government has
not prescribed to maintain any cost records under clause (d) of
sub-section (1) of Section 209 of the Companies Act, 1956.
9 a) As informed by the Company the laws related to Employees State
Insurance and Provident Fund are not applicable to the Company. In
respect of other undisputed statutory dues there were no undisputed
arrears of statutory dues outstanding as at 31st December, 2013 for a
period of more than six months from the date they became payable.
b) According to the information and explanations given to us by the
Company there were no disputed dues in respect of Sales Tax, Income
Tax, Custom Duty, Wealth Tax, Service Tax and Excise Duty and Cess,
which have not been deposited as on 31st December 2013.
10. As at 31st December 2013 the Company's accumulated losses are more
than fifty percent of its net worth. The Company has incurred cash
losses during the financial year covered by our audit and profit in the
immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us the Company has not taken any loan from financial
institutions or banks hence default in repayment of its dues not
applicable.
12. In our opinion and according to the information and explanation
given to us, the Company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
13 The Clause (xiii) of the Companies (Auditor's Report) Order 2003 is
not applicable to the Company since it is not a chit fund or nidhi /
mutual benefit fund/society.
14. The Company is not dealing in or trading in shares, securities,
debentures and other investments.
15 In our opinion and according to information and explanations given
to us, the Company has not given any guarantees for loans taken by
others from bank or financial institutions.
16. According to information and explanations given to us, the Company
has not applied for term loan for any purpose during the year.
17 Based on the information and explanation given to us and on an
overall examination of the Balance Sheet of the Company, The Company
has not raised funds on short term bass and funds on long term basis
have not been used for short term investment, and vice-versa.
18 During the year 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 Based on the audit procedures performed and information and
explanations given to us and on examination of books of account, we
report that no fraud on or by the Company has been noticed or reported
during the course of our audit.
M/s. Niteen D. Krishnasager & Co.
Chartered Accountants
Reg. No. 107124W
Sd/-
Place : Mumbai N.D. Krishnasager
Dated : 13.1.2014 (Proprietor)
M.No. 30555 |