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2. 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 misstatement. An audit includes examining, on 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, as amended by the Companies (Auditor's Report) (Amendment) order,2004 (the said Order) issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, on the basis of such checks of the books and records of the Company as we considered necessary and appropriate, and according to the information and explanations given to us during the course of the audit, 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:
(i) 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;
(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 books;
(iii) the Balance Sheet, the Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account;
(iv) in our opinion, the Balance Sheet, the Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in compliance in all material aspect with the accounting standard referred to in Section 211 (3C) of the Companies Act, 1956 so far as it is applicable to the Company;
(v) On the basis of the written representation received from the Directors as at 31.03.2012 and taken on record by the Board of Directors, we report that none of the Directors of the Company are disqualified as on 31.03.2012 from being appointed as director under Sec. 274 (1) (g) of the Companies Act, 1956;
(vi) in our opinion, and to the best of our information, and according to the explanations given to us, the said financial statements read together 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 the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012 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; and
(c) In the case of the Cash Flow Statement, of the Cash Flow for the year ended on 31st March, 2012.
Annexure to the Auditors' Report
Annexure referred to in paragraph 3 of our report of even date to the members of the Genus Commu-trade Limited on the financial statements for the year ended March 31st, 2012
i. 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 and no material discrepancies were noticed on such verification. In our opinion, the frequency of verification of the fixed assets is reasonable having regards to the size of the Company and the nature of its fixed assets.
c) As during the year, the Company has not disposed off any Fixed Assets, hence clause 4(i) (c) of the Order is not applicable to the Company.
ii. a) The Inventories (Shares) have been verified during the year by the management at the reasonable interval. In our opinion, the frequency of verification is reasonable.
b) The procedures as explained to us, which are followed by the management for physical verification of inventories, are reasonable and adequate in relation to the size of the company and the nature of its business.
c) The Company has maintained proper record of inventory. No material discrepancies noticed on physical verification of inventories as compared to book records.
iii. a) According to the information & explanation given to us, the company has not granted loans to Companies, firms or other parties listed in the register maintained u/s 301 of the Companies Act 1956. Accordingly, sub-clause 4(iii)(b), (c) and (d) in relation to loan granted are not commented upon.
b) The Company has taken loan from a Company and other parties covered in the register maintained under section 301 of the Companies Act, 1956.
c) In our opinion, terms & condition on which loans have taken from such person listed in the register maintained under section 301 of the Companies Act, 1956 are not prima- facie prejudicial to the interest of the Company.
d) In the case of loan taken by the Company, there are no stipulations as to repayment of principal amount; hence we are unable to report about regularity as well as overdue amount of principal and interest.
iv. In our opinion and according to the information and explanations given to us, there are generally adequate internal control procedure commensurate with the size of the company and the nature of its business with regard to the purchase of fixed assets, inventories & Sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.
v. a) In our opinion and according to the information and explanations given to us, during the period there are no contracts or arrangements, particulars of which needs to be entered into the register maintained under section 301 of the Companies Act, 1956.
b) Sub clause (b) is not applicable.
vi. In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956, and the rules framed there under. We are informed that no order has been passed by the company Law Board, National Law Tribunal or Reserve Bank of India or any court or any other tribunal.
vii. The Company do not have formal internal audit, but Company's control procedures ensures reasonable internal checking of its financial & other records.
viii. According to the information and explanation given to us, maintenance of cost records has not been prescribed by the Central Government under Section 209(1 )(d) of the Companies Act,1956 for any of the activities of the Company. Hence the question of reporting under clause 4(viii) of the said Order does not arise.
ix. a) According to the information and explanations given to us and the records of the Company examined by us, during the year there were no disputed statutory dues including Income Tax dues, Sales Tax, Wealth Tax, Service Tax, Custom Duty Excise Duty, Cess & other statutory; We have been informed by the company Provision of Provident Fund, Employees State Insurance Scheme is not applicable and also provisions of Investor Education & Protection Fund these are not applicable hence the question of whether the Company was regular in depositing undisputed statutory dues does not arise.
b) As per records of the Company and according to the information and explanation given to us, no disputed amount payable in respect of Income Tax, Wealth Tax, Service Tax , Sales Tax, Customs Duty, & Excise Duty as at 31.03.2012 for a period more than six months from the date they become payable.
c) According to the information & explanation given to us ,there are no dues of Sale Tax, Income tax, customs duty , Service Tax , wealth tax, excise duty and Cess which have not been deposited on account of any dispute.
x. The Company has accumulated losses at the end of the financial year more than 50% of its net worth and has incurred cash losses at the end of the financial year and immediately preceding financial year.
xi. According to information & explanations given to us, the Company has not raised any loans from Banks or financial institution, hence clause 4 (xi) of the order are not applicable to the Company.
xii. According to information & explanations given to us, 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 or a nidhi / mutual benefit fund / society. Therefore, the provision of clause 4 (xiii) of the Order are not applicable to the Company.
xiv. The provision of clause 4 (xiv) of the order are not applicable, as the Company is not dealing in or trading in shares, securities, debentures, and other investments.
xv. According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from a bank or financial institutions and hence the provision of clause 4 (xv) of the Order is not applicable to the Company.
xvi. The Company has not availed any term loans; accordingly, the question of reporting on its applications does not arise. Therefore, the provision of clause 4 (xvi) of the Order are not applicable to the Company.
xvii. According to the information and explanations given to us and as on overall examination of the Balance Sheet of the Company, We report that no funds raised on short term basis have been used during the year for the 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.
xix. There are no debentures issued or outstanding during the year.
xx. During the year covered by our audit report, the Company has not raised any money by way of public issue.
xxi. During the course of our examination of the books of account, carried out in accordance with generally accepted auditing practice in India, and according to the information and explanations given to us, we have neither come across any incidence of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such case by management.
For Vishves A. Shah & Co.
Vishves A. Shah
M. No. 109944