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Elegant Floriculture and Agrotech (India) Ltd.

BSE: 526473 | NSE: | Series: NA | ISIN: INE152E01013 | SECTOR: Miscellaneous

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Dec 27, 11:22
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Elegant Floriculture and Agrotech (India) is not listed on NSE

Annual Report

For Year :
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Auditor's Report

We have audited the attached Balance Sheet of ELEGANT FLORICULTURE & AGROTECH (I) LIMITED, MUMBAI, as at 31st March, 2011, and the Profit and Loss Account of the Company for the year ended on that date, both 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. 1 We conducted our audit in accordance with auditing standards generally accepted in India. These 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 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. 2 As required by Companies (Auditor''s Report) Order 2003, issued by the Central Government of India in terms of sub section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order to the Company. 3 Further to our comments in the Annexure referred to in paragraph 2 above, 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 purposes of our audit; (b) In our opinion, proper books of accounts as required by law have been kept by the Company so far as it appears from our examination of the books; (c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the above books of accounts; (d) In our opinion, the Profit and Loss Account and Balance Sheet dealt with by this report comply with the Accounting Standards referred to in sub-section (3c) of Section 211 of the Companies Act, 1956. (e) On the basis of written presentations received from directors as on 31st March, 2011 and taken on records by the Boards of Directors, we report that none of the Directors are disqualified as on 31st March, 2011 from being appointed as a director in terms of clause (g) of sub-section (i) of section 274 of the Companies Act, 1956 on the accounts for the year ended on 31st March, 2011. (f) In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and the Profit and Loss account read together with the 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 : i) insofar as it relates to the Balance Sheet, of the state of affairs of the company as at 31st March, 2011, and ii) insofar as it relates to the Profit & Loss account, of the Loss of the company for the year ended on that date. iii) in the case of Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE TO THE AUDITOR''S REPORT OF EVEN DATE (Referred to in paragraph 3 thereof) i) In respect of fixed assets: a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. b) The fixed assets have been physically verified by the management during the year. We are informed that no material discrepancies were noticed by the management on such verification. c) A substantial part of fixed assets have not been disposed of during the year into consideration. ii) In respect of Inventories: a) The physical verification of inventory has been conducted at regular intervals by the management. b) The procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business. c) The company has been maintaining proper records of the inventory and no material discrepancies were noticed. iii) In respect of loans secured or unsecured, granted or taken by the company, to or from companies, firms or other parties covered in the register maintained under section 301of the Act according to the information and explanation given to us. a) The company has granted/taken loans to/from companies, firms or other parties covered in the register mentioned in Section 301 of the Act as per point 6 of Schedule ''N'' of the Balance Sheet. b) The terms and conditions of the loans granted/taken and the rate of interest are not prima facie prejudicial to the interest of the company. c) According to the information provided to us, the payment schedule for the loans appears to be reasonably regular. d) According to the information provided to us, in cases where the amounts involved are more than lace, reasonable steps are being taken for the recovery of the principal and interest. iv) 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 for the purchase of inventory and fixed assets and for the sale of goods. v) In respect of transactions that need to be entered in the register maintained in pursuance of Section 301 of the Act in our opinion and according to the explanations given to us: a) The company has entered in to transactions with parties mentioned in the register maintained in pursuance of Section 301 .The company has maintained the necessary records for the same. b) According to the information provided to us, the company has entered in the transaction which are reasonable and at prevailing market prices. vi) In our opinion and according to the information and explanation given to us, the Company has not accepted any deposits covered under section 58A of the Act during the year. Hence, the question of compliance with the provisions of Section 58A of the Act does not arise. vii) The Company has ah internal audit system commensurate with its size and nature of the business. viii) The Central Government has not prescribed maintenance of cost records for the Company under section 209(1 )(d) of the Act. ix) According to the information and explanation given to us in respect of statutory and other dues: a) The Company is generally regular in depositing undisputed statutory dues including, Income-tax, Sales-tax, Customs Duty and other statutory dues with appropriate authorities when applicable. According to information and explanations given to us, provision of the statutes relating to ESIC and Provident Fund are not applicable to the company. b) There are no disputed statutory dues. x) According to the information and explanation given to us in respect of Loss : a) The Company has accumulated losses at the end of the financial year into consideration is Rs. 6,87,308/-. b) The company has not incurred the cash losses during the financial year into consideration. c) The company has not incurred the cash losses during the financial year immediately preceding the financial year into consideration. xi) The Company has not defaulted on repayment of dues to any bank or financial institution. The company has not issued any debentures. xii) According to the information and explanations given to us, the Company has not granted loans and advances on basis of security by way of pledge of shares, debenture and other securities. xiii) As per information and explanations given to us, the nature of the Company''s activities during the year under review is such that the provisions of any special statute applicable to chit fund are not applicable to the Company. xiv) As per information and explanations given to us, the Company is dealing or trading in shares, securities, debentures and other investments. The proper records are maintained of the transactions and contracts by company and timely entries have been made therein. The shares, securities, debenture and other securities have been held by the company, in its own name except to the extent of the exemption, if any, granted under section 49 of the Act. xv) As per information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions. xvi) As per information and explanations given to us, the company has not obtained any term loans during the year. xvii) According to the information and explanations given to us, no funds has been raised on short-term basis. xviii) The Company has made preferential allotment of shares during the year as mentioned in Point no. 11 of ''Schedule M'' of the Balance Sheet. xix) No debentures have been issued by the Company during the year. xx) During the year, the Company has allotted 46,35,000 Equity Shares of '' 10/- each to the persons other than promoters. The price at which the said equity shares have been issued is not prejudicial to the interest of the Company. xxi) According to the information and explanations given to us, no fraud on or by the Company have been noticed or reported during the financial year under review. For SHIV PAWAN & COMPANY Chartered Accountants Sd/- Place : Navi Mumbai (S.H.GARG) Date : 8th June, 2011 Partner