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Maharashtra Corporation
BSE: 505523|ISIN: INE272E01019|SECTOR: Finance - General
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Maharashtra Corporation is not listed on NSE
Jun 12
Auditor's Report (Maharashtra Corporation) Year End : Jun '13
We have audited the attached Balance Sheet of M/s. MAHARASHTRA
 CORPORATION LIMITED as at 30th June, 2013, the Profit & Loss Account
 and the 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 misstatements. 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 statement
 presentation. We believe that our audit provides a reasonable basis for
 our opinion.
 
 As required by the Companies (Auditors'' Report) Order, 2003 (CARO)
 issued by the Central Government in terms of Section 227(4A) of the
 Companies Act, 1956. We give in the annexure hereto a statement on the
 matters specified in the said order.
 
 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.
 
 2.  In our opinion, the company has maintained proper record as
 required by law so far as it appears from our examination of the books
 of accounts.
 
 3.  The Balance Sheet and the Profit & Loss Account dealt with by this
 report are in agreement with the books of accounts and comply with the
 accounting standards referred to in sub-section [3C] of Section 211 of
 the Companies Act. 1956.
 
 4.  On the basis of written representation received from Director and
 taken on record by the Board of Directors, we report that none of the
 Directors are disqualified from being appointed as a Director in terms
 of Clause (g) of sub section (1) of section 274 of the Companies Act,
 1956.
 
 5.  In our opinion and according to the information and explanations
 given to us, the said accounts read together with the notes thereon,
 gives the information required by the Companies Act, 1956 and in the
 manner as required and give a true and fair view:
 
 a.  In the case of the Balance Sheet of the state of affairs of the
 Company as on 30th June, 2013.
 
 b.  In the case of Profit & Loss Account of the Profit of the Company
 for year ended that date.
 
 c.  In the case of Cash Flow statement, of the cash flow for the year
 ended on that date.
 
 ANNEXURE TO THE AUDITORS REPORT
 
 (Statement referred to in paragraph 1 of our Report of even date on the
 Accounts of M/s.  MAHARASHTRA CORPORATION LIMITED for the year ended
 30th June, 2013.)
 
 1) The Company has maintained proper records showing full particulars,
 including quantitative details and situation of fixed Assets. The fixed
 assets of the Company have been physically verified by the management
 during the year in accordance with the regular program 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. The Company has not disposed off any Fixed Assets during
 the year.
 
 2) As explained to us, inventories have been physically verified during
 the year by the Management. The intervals at which the inventories have
 been verified are, in our opinion reasonable in relation to the size of
 the Company and the nature of its business.
 
 The procedures explained to us, which are followed by the Management
 for physical verification of inventories, are, in our opinion
 reasonable and adequate in relation to the size of the Company and the
 nature of its business
 
 On the basis of our examination, we are of opinion that, the company is
 maintaining proper records of its inventory. Discrepancies which were
 noticed on physical verification of inventory as compared to book
 records have been properly dealt with in the books of account.
 
 3) The Company has not taken any loan secured or unsecured from
 Companies, Firms and other parties listed in the register maintained
 under section 301 and/or from the Companies under the same Management
 as defined under section 370 (1B) of the Companies Act, 1956. In view
 of this sub clause (b), (c) and (d) of the clause (iii) of the
 Companies (Auditors'' Report) Order, 2003 are not applicable.
 
 4) In our opinion and according to the information and explanation
 given to us there are adequate Internal Control procedures commensurate
 with the size of the Company and the nature of its business.
 
 5) In our opinion and according to the information and explanations
 given to us the Company has not done any transaction that needs to be
 entered in the register maintained under Section 301 of the Act.
 
 6) In our opinion and according to the information and explanations
 given to us the Company has not accepted any deposit from the public
 during the year as stated in the provisions of Section 58 A of the
 Companies Act, 1956.
 
 7) In our opinion, the Company has an internal audit system
 commensurate with its size and nature of its business.
 
 8) The provisions of Section 209 (1) (d) of the Companies Act, 1956 are
 not applicable to the Company.
 
 9) According to the records of the Company, there were no undisputed
 statutory dues including Provident Fund, , Employees'' State Insurance,
 Income Tax, Sales Tax, Wealth Tax, Custom Duty, cess and other
 Statutory dues applicable to it as at 30th June, 2012 for a period of
 more than six months from the date they became payable.
 
 10) The Company does not have any accumulated losses at the end of the
 financial year.
 
 11) The company has not taken any loans from bank or financial
 institutions.
 
 12) The Company has, in our opinion, maintained adequate documents and
 records in respect of loans and advances granted on the basis of
 security by way of pledge of shares and other securities.
 
 13) In our opinion and according to the information and explanations
 given to us, the nature of activities of the Company does not attract
 any special statute applicable to chit fund and nidhi/mutual benefit
 fund, Societies.
 
 14) The Company has, in our opinion, maintained proper records and
 contracts with respect to its investments where timely entries of
 transactions are made in the former. All investments at the close of
 the year are generally held in the name of the Company except in a few
 cases where the titles to the investments are in dispute or are in the
 process of transfer.
 
 15) The Company has not given any guarantee for loan taken by others
 from bank or financial institutions.
 
 16) The company has not taken any term loan, during the financial year.
 
 17) The Company has not raised any fund, long term or short term during
 the year.
 
 18) The Company has not made any preferential allotment of shares to
 the parties or Companies covered in the register maintained under
 section 301 of the Companies Act, 1956.
 
 19) The Company has not issued any debentures during the year.
 
 20) The Company has not raised any money through a public issue during
 the year.
 
 21) Based upon the audit procedures performed by us for expressing our
 opinion on these financial statements 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 year.
 
                             For Lakhpat M Trivedi & Co.
 
                             Chartered Accountants
 
                             Sd/-
 
                             Lakhpat M Trivedi
 
                             Proprietor M. No. 109047 
 
 Place : Mumbai 
 
 Date : 27.08.2013
Source : Dion Global Solutions Limited
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