We have audited the attached Balance Sheet of M/S. ANUVIN INDUSTIRES
LIMITED, as at 31st March 2012, Statement of Profit and Loss and Cash
Flow Statement of the Company for the year ended 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 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
our opinion. -
As required by the Companies (Auditor''s Report) Order, 2003 as amended
by the Companies (Auditors report) (Amendment) order 2004 issued by the
Central Government of India in term 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 Order.
Further to our comments in the Annexure referred to above, we report
(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
(b) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
(c ) The Balance Sheet, the Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
(d) In our opinion, the Balance Sheet, the statement of Profit and Loss
and the Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956.Except for Accounting standard 15 , Accounting
for Retirement Benefits in the Financial Statements of Employer. The
liability has not been worked out by the Company and provided for.
(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 section
274 (l)(g) 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 give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view Subject to 1. Note No.17 and 45 of Notes to the
accounts and Clause iii of Annexure referred to in Paragraph (3) of
this report regarding loans and advances to parties covered u/s.301 for
non recovery of
(i) In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012.
(ii) In case of the Statement of profit and Loss, of the Profit for the
year ended on that date; and
(iii) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH (3^ OF AUDITOR''S REPORT OF EVEN DATE
As required by the Companies (Auditors Report) order, 2003 issued by
the Company Law Board in terms of Sections 227 (4A) of the Companies
Act, 1956 and on the basis of such checks as we considered appropriate,
we report that:
1.(a) The Records of fixed assets showing full particulars including
quantitative details and situation of fixed assets is under
(b) As explained to us, the assets have been physically verified by the
management, which, in our opinion, is reasonable, considering the size
and nature of the business.
The frequency of verification is reasonable and no material
discrepancies have been noticed on such physical verification.
(c) Though the Company has disposed off all the fixed assets during the
year, In our opinion, the going concern status of the Company is not
2.(a) As per the information furnished, the inventories have been
physically verified by the management during the year at reasonable
intervals, having regards to the nature of inventories, the frequency
of physical verification is reasonable.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of the inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business.
(c) The Company has maintained proper records of inventories on
Computer. In our opinion and according to the information, there were
no major discrepancies noticed on such verification.
3. (a) According to information and explanation given to us, on
verification of the records we are of the opinion that the Company had
given unsecured loan of Rs. 3,39,00,000/- to Neo Builders & Developers,
a firm where a Director Mr. Naresh Mehta is interested. However the
amount was given to them under business MOU, but on cancellation of
MOU, the amount was converted in to loans. The amount outstanding at
the year end is Rs.Nil. No interest has been charged to the loan during
the yera. An advances of Rs. 1. is given during the year to Mr.Dilip
Mehta, a Director of the Company without any agreement dated 15.06.2009
and 6th April, 2011
(b) According provided and from the verification of the records of the
company, the firm where directors are interested is without interest,
the terms and conditions prejudicial to the interest of the Company.
(c) The Company has not received any interest from Neo Builders &
Developers and from Mr. Dilip Mehta as per the terms of the MOU during
the financial year 2011-12.
(d) According to information and explanation given to us by the Company
and from the verification of the records, we are of the opinion that
the Company has recovered the entire amount of'' loan without any
interest during the year from Neo Builders & Developers.
(e) According to the information and explanation given to us, on
verification of the records, 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 Companies Act, 1956
(f) & (g) As there is no loan taken, sub clause f and g is not
4. 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 the nature of its business with regard
to purchase of inventory, fixed assets and Sale of goods & services.
Further, on the basis of our examination of the books and records of
the Company, and according to the information and explanation given to
us, we have neither come across nor have been informed of any
continuing failure to correct major weakness in the aforesaid internal
5. In our opinion and according to the information and explanations
given to us, the Company has maintained a proper records for the
Contracts or arrangements referred to in section 301 of the Companies
Act 1956 that need to be entered in the register required to be
maintained under that section.
b)According to the information and explanation given to us, on
verification of the records, we are of the opinion that the transaction
of purchase and sale of goods, materials and services made in pursuance
of contracts arrangements entered in the register maintained under
Section 301 of the Companies Act, 1956 aggregating during the year to
Rs. 5,00,000/- or more in respect of each parties have been recorded
6. The company has not accepted any deposits from public within the
meaning of section 58A and 58AA of the companies Act, 1956 and the
rules framed there under.
7. In our opinion, the Company does not have any internal audit system
or any secretarial department or cell for internal audit, but looking
at the quantum and value of transaction and the internal control
procedures, the Company has enough control over the transactions of the
8. In our opinion, the Company is covered under section 209(l)(d) of
the Companies Act,1956 and is required to maintain the cost records as
required by the Act, According to information an explanation given to
us by the management, they came to know about this recently only, hence
the records are under preparation and shall be ready within short
9. (a)According to the information and explanations given to us and
the records examined by us, the Company is generally regular in
depositing undisputed statutory dues including Provident Fund,
Employees'' State Insurance Fund, Income Tax, Sales Tax, wealth tax,
service tax, Custom Duty, Excise Duty, Cess and other statutory dues
with appropriate authorities. .
(b)According to the records of the company and information and
explanation given to us, there are no undisputed and any other
statutory dues outstanding as at 31st March, 2012 for a period of more
than six months from the date they became payable.
(c)According to the information and Explanation given to us there are
no dues of income tax, sales tax, wealth tax, and service tax, which
have not been deposited with the appropriate authorities on account of
10. The Company does not have any accumulated business loss as at the
end of the financial year and has not incurred Cash losses in the
financial year and in the immediately preceding financial year.
11. The Company did not have any out standing dues to any financial
Institution, or debentures holder during the year.
12. The Company has not granted loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute applicable to chit
fund/nidhi/mutual benefit fund/Societies are not applicable to the
14. The Company has not dealt or traded in shares, securities and
debentures during the year under report. However, as per the
information & explanation given to us, proper records have been
maintained by the Company for the investments made in the past.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. According to the information and explanation given to us, and on
verification of records, we are of the opinion that the Company has
applied the term loan for the same purpose for which the loans were
17. On the basis of our examination of the Cash Flow statement, the
fund raised on short term basis has notbeen used for long term
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 during the year.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by public issue during the
21. On the basis of our examination and according to the information
and explanations given to us, no fraud, on or by the Company, has been
noticed or reported during the course of our audit.
For Jayesh R. Shah & Co.
Firm Regn. No. 104182W
Proprietor M.No. 033864
Date : 30.05.2012