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Mazda Properties
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« Mar 12
Auditor's Report (Mazda Properties) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the accompanying financial statements of MAZDA
 PROPERTIES LIMITED (the Company), which comprise the Balance Sheet as
 at 31st March ,2013, the Statement of Profit and Loss and the Cash Flow
 Statement for the year then ended, and a summary of the significant
 accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 The Company''s Management is responsible for the preparation of these
 financial statements that give a true and fair view of the financial
 position, financial performance and cash flows of the Company in
 accordance with the Accounting Standards referred to in Section 211(3
 C) of the Companies Act, 1956 (the Act)- This responsibility includes
 the design, implementation and maintenance of internal control relevant
 to the preparation and presentation of the financial statements that
 give a true and fair view and are free from material misstatement,
 whether due to fraud or error.
 
 Auditors'' Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit.  We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. Those Standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial statements are free
 from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and the disclosures in the financial statements. The
 procedures selected depend on the auditor''s judgement, including the
 assessment of the risks of material misstatement of the financial
 statements, whether due to fraud or error. In making those risk
 assessments, the auditor considers internal control relevant to the
 Company''s preparation and fair presentation of the financial statements
 in order to design audit procedures that are appropriate in the
 circumstances, but not for the purpose of expressing an opinion on the
 effectiveness of the Company''s internal control. An audit also includes
 evaluating the appropriateness of the accounting policies used and the
 reasonableness of the accounting estimates made by the Management, as
 well as evaluating the overall presentation of the financial
 statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion.
 
 Basis for Qualified Opinion
 
 Attention is invited to Note No. 14(A), which was also the subject
 matter of our report similarly qualified in the previous year,
 regarding non provision of interest payable to a party Rs.13,01,557/-
 for the reasons stated therein which constitutes a departure from the
 Accounting Standard (AS) 1 ''Disclosure of Accounting Policies and
 Accounting Standard (AS) 9 ''Revenue Recognition'' referred to in Section
 211 (3C) of the Act. If the same is considered, the project expenses
 (under Note 9 (c)) as at the year end would have been Rs.87,22,256/- as
 against the reported figure of Rs.74,20,699/- (Previous year
 Rs.86,53,139/- as against the reported figure of Rs.73,95,699/-) and
 Other Current Liabilities (under Note 7) would have been Rs.22,63,503/-
 as against the reported figure of Rs.9,61,946/- (Previous year
 Rs.21,25,199/- as against the reported figure of Rs.8,67,759/-).
 
 Qualified Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, except for the effect of the matter described
 in the Basis for Qualified Opinion above, the aforesaid financial
 statements 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 31st March, 2013 and
 
 (b) in the case of the Statement of Profit and Loss, of the loss of the
 Company for the year ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003 (''the
 Order''), issued by the Central Government in terms of Section 227 (4A)
 of the Companies Act, 1956, we give in the Annexure a statement on the
 matters specified in paragraphs 4 and 5 of the Order.
 
 2.  As required under provisions of Section 227 (3) of the Companies
 Act, 1956, we report that::
 
 (a) 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;.
 
 (b) in our opinion, proper books of account as required by law have
 been kept by the Company so far as it appears from our examination of
 those books;
 
 (c) the Balance Sheet and the Statement of Profit and Loss dealt with
 by this report are in agreement with the books of account;
 
 (d) in our opinion, the Balance Sheet and the Statement of Profit and
 Loss dealt with by this report comply with the requirements of the
 Accounting Standards referred to in sub-section (3C) of Section 211 of
 the Companies Act, 1956;
 
 (e) on the basis of written representations from the Directors as on
 31st March, 2013 and taken on record by the Board of Directors, we
 report that none of the Directors are disqualified as on 31st March,
 2013 from being appointed as Directors in terms of Section 274(l)(g) of
 the Companies Act, 1956.
 
 ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
 
 (Referred to in paragraph 1 of under ''Report on Other Legal and
 Regulatory Requirements'' section of report of even date)
 
 i) The Company does not own any fixed assets. Therefore, requirements
 of clauses 4 (i) (a) to 4 (i)(c) of the Order are not applicable.
 
 ii) The Company is engaged in the business of real estate. It does not
 hold any physical inventories. Therefore, requirements of clauses 4
 (ii) (a) to 4 (ii) (c) of the Order are not applicable.
 
 iii) 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. Therefore, requirements
 of clause 4 (iii) (b) to (iii) (d) of the Order are not applicable.
 
 The Company has taken an interest free loan from three parties covered
 in the register maintained under Section 301 of the Companies Act,
 1956. The maximum amount outstanding during the year and the balance at
 the year end was Rs.l 1,50,500/-. In our opinion, the terms and
 conditions of the said loan are not prima facie prejudicial to the
 interest of the company.
 
 iv) 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 fixed assets and Company''s real estate business.
 Further, on the basis of our examination of the books and records of
 the Company, we have neither come across nor have been informed of any
 continuing failure to correct major weaknesses in internal control
 system.
 
 v) In our opinion and according to the information and explanations
 provided by the management, we report that the Company has not entered
 into any such contracts and arrangements during the year which needs to
 be entered into the register maintained under Section 301 of the
 Companies Act, 1956.
 
 vi) The Company has not accepted any deposits from the public within
 the meaning of sections 58A, 58AA or any other relevant provisions of
 the Companies Act, 1956, where applicable and the Rules framed
 thereunder. We are informed that no Order has been passed by the
 Company Law Board or National Company Law Tribunal or Reserve Bank of
 India or any Court or any other Tribunal.
 
 vii) The Company is yet to set up an Internal Audit System.
 
 viii) As informed to us, the maintenance of cost records has not been
 prescribed by the Central Government under section 209(1 )(d) of the
 Companies Act, 1956, in respect of activities carried on by the
 Company.
 
 ix) In our opinion and according to the information and explanations
 given to us and on the basis of our examination of the records of the
 Company, the Company has been regular in depositing undisputed
 statutory dues, including Provident Fund, Investor Education &
 Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax,
 Wealth Tax, Service-tax, Customs Duty, Excise Duty, Cess and other
 material statutory dues with the appropriate authorities, where
 applicable.
 
 x) The accumulated losses of the Company are more than fifty percent of
 its net worth at the end of its financial year. The Company has
 incurred cash loss during the year and also in the immediately
 preceding financial year.
 
 xi) The Company has not borrowed any money from any financial
 institution or bank or debenture holders. Therefore, requirements of
 clause 4 (xi) of the Order are not applicable.
 
 xii) The Company has not granted any loans and advances on the basis of
 security by way of pledge of shares, debentures and other securities.
 
 xiii) The Company is not a chit fund, nidhi, mutual benefit fund or
 society. Therefore, requirements of clauses 4 (xiii) (a) to (xiii) (d)
 of the Order are not applicable.
 
 xiv) The Company is not dealing or trading in shares, securities,
 debentures and other investments. Therefore, requirements of clause 4
 (xiv) of the Order are not applicable.
 
 xv) 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.
 
 xvi) The Company has not taken any term loan during the year.
 
 xvii) According to the information and explanations given to us and on
 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.
 
 xviii) 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. Therefore, requirements of clause 4
 (xviii) of the Order are not applicable.
 
 xix) The Company has not raised any funds by way of issue of debentures
 during the year.  Therefore, requirements of clause 4 (xix) of the
 Order are not applicable.
 
 xx) The Company has not raised any money through a public issue during
 the year.  Therefore, requirement of clause 4 (xx) of the Order are not
 applicable.
 
 xxi) To the best of our knowledge and belief and according to the
 information and explanations given to us, no fraud on or by the Company
 has been noticed or reported during the year.
 
                                  For P.V. DALAL & CO.
  
                                 (Chartered Accountants) 
 
                                  Firm Regn. No.l02049W
 
 Place : Mumbai                  (PARESH V. DALAL)
 
 Date : 30th May, 2013            Proprietor
 
                                  Membership No.033355
Source : Dion Global Solutions Limited
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