We have audited the attached Balance Sheet of WAGEND INFRA VENTURE
LIMITED, Mumbai as at 31st March, 2012 and also the Profit and Loss
Account and the Cash Flow Statement for the year ended as on that date
annexed thereto. 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.
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 a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
As required by the Companies (Auditor''s Report) Order, 2003, issued
by the Central Government of India in terms of Sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
1. Further and subject to our comments in the Annexure referred to in
paragraph 3 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
(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
(c) The Balance Sheet, Statement of 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 Balance Sheet, Statement of Profit and Loss
Account and Cash Flow Statement dealt with by this report are in
compliance with the Accounting Standards referred to in Sub-section
(3C) of Section 211 of the Companies Act, 1956, in so far as they apply
to the Company;
(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 is disqualified as on
31st March, 2012 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(f) In our opinion and to the best of our information and according to
the explanations given to us, the accounts and Notes on accounts give
the information required by the Companies Act, 1956 in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
(i) In the case of the Balance Sheet, of the State of Affairs of the
Company as at 31st March, 2012;
(ii) In the case of Profit and Loss Account, of the Profit of the
Company for the year ended as on that date; and
(iii) In the case of Cash Flow Statement, of the Cash Flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS'' REPORT ON THE ACCOUNTS FOR THE YEAR ENDED
31st MARCH, 2012 OF WAGEND INFRA VENTURE LIMITED
(Referred to in paragraph 1 thereof)
1. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets. However
there were no fixed assets held during the year.
2. The Company''s nature of operation does not require it to hold the
inventories and hence this clause of the order is not applicable.
3. (a) According to the information and explanation given to us, the
company has not granted any loans covered in the register maintained
under section 301 of the Companies Act, 1956
(b) There is no amount overdue for more than rupees one lakh.
(c) The company has not taken any loans, secured or unsecured from
companies, firms, or other parties covered in the register maintained
under section 301 of the Act.
4. In our opinion, and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with
regards to sale of goods and services. During the course of our audit,
no major weakness has been noticed in the internal controls.
5. According to the information and explanations given to us, there
were no contracts or arrangements entered into Section 301 of the
Companies Act, 1956 which were required to be entered in the register
maintained under that section except as mentioned below.
6. According to the Information and explanation given to us, the
Company has not accepted any deposits during the year from public
within the meaning of provisions of Section 58A, 58AA or any other
relevant provisions of the Companies Act, 1956 and the rules made
7. In our opinion, the company has an adequate internal audit system
commensurate with the size and nature of its Business.
8. The Central Government has not prescribed maintenance of cost
records under sub-section (1)(d) of Section 209 of the companies Act,
1956 for any of the products of the Company.
9. According to the information and explanation given to us in respect
of statutory dues:
a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Wealth
Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material
statutory dues applicable to it with the appropriate authorities.
b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory
dues in arrears as at 31st March, 2012 for a period of more than six
months from the date they became payable.
10. According to the information and explanations given to us, the
Company has no accumulated losses at the end of the financial and it
has not incurred cash losses in the current and immediately preceding
11. The Company has neither taken any loan from banks and financial
institutions nor issued any debentures.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion the Company is not a chit fund or a nidhi / mutual
benefit fund/society. Therefore, the provisions of clause 4 (viii) of
the companies (Auditors Report) order, 2003 are not applicable to the
14. The Company has maintained proper records of transaction and
contracts in respect of Investments in securities and timely entries
have been made therein. All Investments at the close of the year have
been held in name of the company.
15 The Company has raised funds during the year.
16. During the year the Company has made allotment of 12,50,000
warrants which are convertible into equal number of Equity Shares of
Rs.10/- each at Premium of Rs.2 each, During the year the Company has
allotted 4,29,000 Equity Shares upon conversion of 4,29,000 warrants to
parties covered in the Register maintained under section 301 of the
Companies Act, 1956.
17. The company has not issued any debentures during the year.
18. During the year, the Company has not raised money by public
19. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the course of our
Place: Mumbai For M/s Gupta Saharia & Co.
Date: 13.08.2012 Chartered Accountants
Membership No.: 73373
Firm Reg. No. 103446W