1. We have audited the attached Balance Sheet of M/s Globus
Constructors & Developers Limited as at December 31, 2011, the Profit
and Loss Account 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.
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 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
3. As required by the Companies (Auditor''s Report) Order, 2003 (as
amended) issued by the Central Government of India in terms of Section
227 (4A) of the Companies Act, 19S6, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order, to the extent all applicable.
4. Further to our comments in the annexure referred to in paragraph 3
above, we report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
(ii) 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 the
(iii) The balance sheet, profit and loss account and cash flow
statement dealt with by this report are in agreement with the books of
(iv) In our opinion, the balance sheet, profit and loss account and
cash flow statement comply with the requirements of the accounting
standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956;
(v) On the basis of written representations received from the
directors, as on December 31,2011 and taken on record by the Board of
Directors, we report that none of the directors are disqualified as on
December 31, 2011 from being appointed as directors in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the 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:
a) in the case of the balance sheet, of the state of affairs of the
Company as at December 31,2011;
b) in the case of the profit and loss account, 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.
ANNEXURE REFERRED TO IN PARAGRAPH (3) OF OUR REPORT OF EVEN DATE ON THE
ACCOUNTS OF M/S GLOBUS CONSTRUCTORS & DEVELOPERS LIMITED FOR THE YEAR
ENDED DECEMBER 31,2011
i. The Company does not have any fixed assets.
ii. During the year ended December 31,2011, the Company does not have
iii. As informed to us, the Company has neither granted nor taken any
loan, secured or unsecured to/ from companies, firms or other parties
covered in the register maintained under section 301 of the Companies
iv. In our opinion and according to the information and explanations
given to us, there are adequate in internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of Service. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
v. According to the information and explanations given to us, we are
of the opinion that no such transactions have been entered by the
Company which are required to be entered into the register maintained
under section 301 of the Companies Act, 19S6.
vi. The Company has not accepted any deposit from the public with in
the provision of section S8A and 58 AA of the Companies Act, 1956 and
the Companies (Acceptance of Deposits) Rules, 1975.
vii. In our opinion and as per the information & explanations given to
us, the company has internal control procedures commensurate with the
size and nature of its business.
viii. To the best of our knowledge and according to the explanation
given to us the Central Government has not prescribed maintenance of
cost records under section 209 (1) (d) of the Companies Act, 1956.
ix. (a) The company has generally being regular in depositing with
appropriate authorities undisputed statutory dues including provident
fund, investor education protection fund, employees, state insurance,
income tax, sales tax, wealth tax, custom duty, excise duty, cuss and
other material statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears, as at 31st
December, 2011 for a period of more than six month from the date they
(c) According to the information and explanation given to us, there are
no dues of sales tax, income tax, customs duty, wealth tax, excise duty
and cess, which have not been deposited on account of any dispute.
x. The Company has accumulated losses at the end of the year and has
incurred cash losses in the current financial year also, since the
company is in its initial phase of setting up of its activities in the
infrastructure industry and has incurred statutory and other expenses
towards its maintenance. It has also incurred cash losses in the
financial year immediately preceding such financial year.
xi. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
financial institutions or banks. The Company has not issued any
xii. According to the information and explanation given to us the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
xiii. In our opinion, the company is not a chit fund or a Nidhi/ mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to
xiv. 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.
xv. In our opinion, the company has not given any guarantee for the
loans taken by others from banks or financial institutions.
xvi. The company did not have any term loan outstanding during the
xvii. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
xviii. According to the information and explanations given to us, the
company has made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
xix. The company did not have outstanding debentures during the year.
xx. The company has not raised any money through any public issue
during the year.
xxi. Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given to us by the management, we
report that no fraud on or by the company has been noticed or reported
during the course of our audit.
For BNPSY & Associates
Date: 13.01.2012 S. K. Sharma
Place: New Delhi Partner
Memb. No. 086387