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Interads Export | Auditor's Report > Trading > Auditor's Report from Interads Export - BSE: 530929, NSE: N.A
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Interads Export
BSE: 530929|SECTOR: Trading
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Interads Export is not traded in the last 30 days
Interads Export is not listed on NSE
Mar 11
Auditor's Report (Interads Export) Year End : Mar '12
1.  We have audited the attached Balance Sheet of EURO ASIA EXPORTS
 LTD. as at 31st March, 2012 together with the Profit & Loss Account of
 the company for the year ending 31st March, 2012 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 have conducted our audit in accordance with auditing standards generally accepted in India. Those stan- dards 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.

3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India, in terms of section 227 (4A) of the 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 referred to in paragraph (3) above, we report that:-

4.1 We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

4.2 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;

4.3 The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account;

4.4 In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

4.5 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;

4.6 In our opinion, and to the best of our information and according to the explanations given to us, the said accounts read with the accounting policies, and the notes appearing thereon and attached thereto 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, and

ii) in the case of the Profit & Loss Account, of the Loss of the Company for the year ended on that date .

ANNEXURE TO THE AUDITORS REPORT OF EURO ASIA EXPORTS LTD. FOR THE YEAR ENDED 31.03.2012

(REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE)

1. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of its fixed assets.

(b) All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) No substantial parts of fixed assets have been disposed off during the year.

2. (a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) The procedure of physical verification of inventories followed by the management are reasonable and adequate in relation to the size and nature of the business of the company.

(c) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3. (a) The company has not granted any loans secured or unsecured to companies, firms or other parties covered in the register maintained under section-301 of the Companies Act, 1956.

(b) The company has not taken any loan, secured or unsecured from company, firm or other parties required to be listed in the register maintained under Section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedure commensurate with the size of the company and the nature of its business with regard to sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system of the company.

5. (a) According to the information and explanations given to us, we are of the opinion that the particulars of all contracts or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) The company has not made any transaction with firms, companies or other parties in which the Directors are interested exceeding Rs. 5,00,000/- in value as listed in the register maintained under section 301 of the Act.

6. According to the information and explanations given to us, the company has not accepted any deposits from the public during the year under review within the meaning of the directives issued by the Reserve Bank of India and provisions of Section 58A of the Companies Act,1956.

7. The company has an Internal Audit system commensurate with the size of the company and nature of its business.

8. The maintenance of cost records has not been prescribed by the Central Government under Clause-(d) of Sub Clause-(1) of Sec-209..

9. (a) According to the records of the company, the company has been regular in depositing undisputed statutory dues including Income - tax and any other statutory dues with the appropriate authorities.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax and any other statutory dues were in arrears, as at 31st March, 2012 for a period of more than six months from the date they become payable.

10. The accumulated losses of the company as at 31st March, 2012 are more than 50% of its net worth and the company has incurred cash loss during the financial year under review against cash profit for the immediately preceding 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 and banks.

12. The Company has not granted any Loans or Advances on the basis of securities by way of pledge of shares, debentures and other securities.

13. In our opinion, the company is not a chit fund or nidhi/mutual benefit/society Therefore, the provisions of clause 4(xiv) of The Companies (Auditor's Report) Order, 2003 are not applicable to the company.

14. In our opinion, proper records of the trading of securities and other investments have been maintained by the company and timely entries have been made therein . The investments are held by the company in its own name except to the extent of exemption granted under section 49 of Companies Act, 1956.

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. The company has not obtained any term loan and accordingly no comment has been made in respect of matters specified under clause(XVI) of The Companies (Auditor's Report) Order 2003.

17. According to the information and explanations given to us and on overall examination of the balance sheet of the company, we report that the no funds raised on short - term basis 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 covered in the register maintained under section 301 of the Act.

19. Since the company has not issued any debenture and accordingly there is no question of creation of any securities in respect of debentures issued.

20. Company has not raised any money by way of public issue.

21. 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 audit.

For Rajesh Mani & Associates Chartered Accountants Firm Regd. No.

Rajesh Kumar Proprietor M. No.

Place : Delhi Date : 30.05.2012

Source : Dion Global Solutions Limited
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