Kolte-Patil Developers
BSE: 532924 | NSE: KOLTEPATIL | ISIN: INE094I01018 | Construction & Contracting - Real Estate
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| Auditor's Report | Year End : Mar '09 |
We have audited the attached Balance sheet of KOLTE PATIL DEVELOPERS
LIMITED, as at 31 st March, 2009 and the Profit and Loss account and
also the Cash Flow statement of the Company for the period ended on
that date annexed thereto (all together referred) to the financial
statement . These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with auditing standard 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 test basis evidence supporting the amount and disclosure
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 (Auditors Report) Order, 2003 issued by
the Central Government of India in terms of Sub-Sec.(4A) of Sec. 227 of
The Companies Act, 1956 and according to the information and
explanation given to us during the course of the audit and on the basis
of such checks as we considered appropriate, we have enclosed in the
Annexure a Statement on the matters specified in the Paragraphs 4 and 5
of the said order, to the extent applicable to the Company.
Further to our comments in Annexure referred to in paragraph 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 purpose of.
audit;
ii. 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 the
those books;
iii. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts;
iv. In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standard referred to in sub-section (3C) of Section 211 of the
Companies Act. 1956.
v. On the basis of written representation received from the Director,
as on 31st March, 2009 and taken on record by the Board of Directors,
we report that none of the director is disqualified as on 31st March,
2009 from being appointed as director 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
explanation given to us, the accounts read with 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 :
a) In case of the Balance Sheet, of the state of the companys affairs
as at 31st March 2009;
b) In case of the Profit and Loss Account of the profit of the Company
for the period ended on that date, and
c) In the case of Cash Flow Statement, cash flow of the company for the
period ended on that date.
ANNEXURE TO THE AUDITORS REPORT
OUR REPORT OF EVEN DATE AND IN TERMS OF THE EXPLANATION* AND THE
INFORMATION GIVEN TO US AND ON THE BASIS OF SUCH CHECKS AS WE
CONSIDERED APPROPRIATE, WE FURTHER STATE THAT:
1. In our opinion and according to the information and explanation
given to us, the nature of Companys business/activities during the
year is such that the requirements of clauses (xiii) and (xiv) of
paragraphs of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company.
2. In respect of Fixed Assets :
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of Fixed Assets.
b. As explained to us, the Fixed Assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c. Although some of the Fixed Assets have been sold / disposed of
during the year, in our opinion and according to the information and
explanations given to us, the ability of the Company to continue as a
going concern is not affected.
d. None of the Fixed Assets has been revalued during the year.
3. In respect of Inventories :
a. As explained to us, an inventory of major items of building
materials and stores has been physically verified by the management at
reasonable intervals during the year. In our opinion, the frequency of
such verification is reasonable.
b. In our opinion and on the basis of the information and explanations
given to us, the procedures for physical verification of
inventory,followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
c. The Company has maintained proper records of inventory.
Verification of inventory is being conducted in a phased programme by
the management designed to cover all inventory, which in our opinion is
reasonable having regard to the size and the nature of the Company. The
discrepancies noticed on such verification were not material and have
been properly dealt with in the books of account. d. The valuation of
stocks is fair and proper, and in accordance with the normally accepted
accounting principles and is on the same basis as in the preceding
year.
4. a. According to information and explanation given to us , the
Company has taken unsecured loan from parties covered in the register
maintained under section 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs. 605.54 lakhs and the year end
balance taken from such parties was Rs. 540.00 lakhs. The Company has
granted advances/ loans to parties and to subsidiary companies in the
register maintained under section 301 of the Companies Act, 1956. The
maximum amount involved during the year was Rs. 8684.68 lakhs and the
year end balance of advances/loans was Rs.5278.40 lakhs.
b. In our opinion, the rate of interest and other terms and conditions
on which loan has been taken from a party listed in the register
maintained under section 301 of the Companies Act, 1956 are not prima
facie, prejudicial to the interest of the company. The advances given
by the Company to wholly owned subsidiary companies and other group
companies is interest free and the other terms and conditions on which
advance has been given are not prima facie, prejudicial to the interest
of the Company,
c. The Company is regular in repaying the payment of interest in
respect of loan taken by the Company. In respect of advances given to
wholly owned subsidiary companies and other group companies, the
advances are interest free and repayable on demand.
d. In respect of advances given to employees, wholly owned subsidiary
companies and other group companies, these are repayable on demand and
therefore the question of overdue amount does not arise.
5. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and nature of its business
with regard to purchase of construction material, fixed assets, and
with regard to the sale of units. During the course of our audit, we
have not observed any continuing failure to correct major weaknesses in
internal controls.
6. In our opinion and according to the information and explanations
given to us, the transactions that needed to be entered in the Register
in pursuance of Section 301 of the Companies Act, 1956 have been
entered.
In our opinion and according to the information and explanations given
to us, there are transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 have been1 made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
7. In our opinion .and according to the information and explanations
given to us, the Company has not accepted any deposit from the public
within the meaning of Section 58A and 58AA of the Companies Act, 1956
or any other relevant provision of the act and the Companies
(Acceptance of Deposits) Rules, 1975.
8. In our opinion, the Company has an internal audit system
commensurate with its size and the nature of its business.
9. The Central Government has not prescribed maintenance of cost
records under Section 209(1) (a) of the Companies Ret, 1956, for any of
the operations of the Company.
10. The Company is regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, employees state
insurance, income tax and other material statutory dues applicable to
it. According to the information andexplanations given to us, no
undisputed amounts payable in respect of Wealth Tax, Income tax and
Sales Tax were outstanding as on 31st March, 2009 for period of more
than six months from the date they became payable.
11. The Company does not have any accumulated losses at the end of
financial year and has not incurred cash losses in the financial year
and in the immediately preceding financial year accordingly, paragraph
4 (x) of the Order is not applicable.
12. According to the information and explanation given to us and based
on our observations during the audit, the Company has not defaulted in
repayment of dues to any financial institution or bank.
13., The.Company, has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities. Accordingly, paragraph 4 (xii) of the Order is not
applicable.
14. According to the information and explanations given to us and the
representations made by the management, the Company has given guarantee
for loan taken by other group companies, from bank. However, as one of
the businesses of the Company is to promote the companies and also
considering the long term involvement with those companies, the
guarantee has not been considered prima facie, prejudicial to the
interest of the Company.
15. According to the information and explanations given to us and
representations made by the management, term loans have been applied
for the purpose for which they were raised
16. 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
investment.
17. According to the information and explanations given to us, the
Company has not made preferential allotment of shares to parties and
companies covered in the Register maintained under Section 301 of the
Companies Act, 1956 and therefore provisions of clause 4 (xviii) of the
Order are not applicable to the Company.
18. The Company has not issued any debentures during the year nor were
any debentures outstanding at the beginning of the year. Accordingly
the provisions of Clause (xix) of the Paragraph 4 of the Companies
(Auditors Report) Order, 2003 are not applicable to the Company.
19. We have verified the end use of money raised by way of Public
Issue and Employee Stock Option Plan in previous year 2007-08 as
disclosed in the note no.26 of Notes to Accounts.
20. Based upon audit procedure performed for the purpose of reporting
true and fair view of financial statements and as per the information
and explanations given by management, which have been relied upon by
us, we report that no fraud on or by the Company has been noticed or
reported during the course of audit.
For S P C M & Associates
(Formerly Known as Bora Kasat & Co.)
Chartered Accountants
CA Suhas P. Bora
Place: Pune Partner
Date : 30th June, 2009 Membership No.039765 |
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