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Grovy India | Auditor's Report > Construction & Contracting - Real Estate > Auditor's Report from Grovy India - BSE: 539522, NSE: N.A
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Grovy India

BSE: 539522|ISIN: INE343C01012|SECTOR: Construction & Contracting - Real Estate
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Auditor's Report (Grovy India) Year End : Mar '14
We have audited the accompanying financial statements of GROVY EXPORTS &
 MARKETING LIMITED which comprises the balance sheet as at March 31,
 2014 and the statement of profit and loss account for the year ended,
 and a summary of significant accounting policies and other explanatory
 information.
 
 Management Responsibility for the Financial Statements
 
 Management is responsible for the preparation of these financial
 statements that give a true and fair view of the financial position,
 financial performance of the Company in accordance with the Accounting
 Standards referred to in sub-section (3C) of section 211 of the
 Companies Act, 1956. 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,
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these consolidated
 financial statements based on our audit. We conducted out 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 consolidated financial
 statements are free from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the consolidated financial statements.
 The procedures selected depend on the auditor''s judgment, including the
 assessment of the risks of material misstatement of the consolidated
 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 presentation of the consolidated
 financial statements that give a true and Fair view in order to design.
 Audit procedures that are appropriate in the.  circumstances.  An audit
 also includes evaluating the appropriateness of accounting policies
 used and the reasonableness-of the accounting estimates made by
 management, as. well as evaluating the overall presentation of the
 consolidated financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the financial- statements give the
 information required by the Act 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 March'' 31,2014.
 
 (b) IN the case of statement of Profit and Loss Account, of the profit
 for the year ended on that date,
 
 REPORT ON OTHER LEGAI AND REGULAATORY REQUIREMENTS
 
 1.  The Companies (Auditor''s Report) Amended Order 2004 issued by the
 Central Government of India in terms of sub-section (4A) of the section
 227 of the Companies Act, 1956, apply to the company as the company is
 covered under the conditions laid down under the clause ''2'' of the said
 order.
 
 2.  As required by section 227(3) of the Act, 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 purposes of our
 audit;
 
 (ii) In our opinion, proper books of accounts required by law have been
 kept by the company so far as appears from our examination of those
 books;
 
 (iii) The Balance Sheet and the Profit & Loss Account dealt with by
 this report are agreement with .the books of account;
 
 (iv) . In our opinion, the Balance Sheet and the Profit and Loss
 Account dealt with by this report comply with the Accounting Standards
 referred to in sub- section (3C) of section 211 of the Companies
 Act/1956;
 
 (v) Based on written representations received from the Directors, as on
 March 31,201.4 and taken on record by the board of directors, we report
 that none of the directors is disqualified as on 31.03.2014 from being
 appointed as a director in terms of clause (g) of sub-section (1) of
 section 274 of the companies Act/1956.
 
 l.  a) The Company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 b). Fixed assets have been physically verified by the management during
 the year which in our opinion is reasonable having regard to size of
 the company and the nature of fixed assets, As informed, no material
 discrepancies were noticed on such verification.
 
 c) During the year, the company has not disposed of a substantial part
 of fixed assets.
 
 ii, a) In our opinion and according to information and explanations
 given to us, the procedure of physical verification of inventories has
 been conducted at reasonable intervals by the management.
 
 b) In our opinion and according to information and explanations given
 to us, the procedure of verification of inventories followed by
 management was reasonable & adequate in relation to the size of the
 company and the nature of its business.
 
 c) In our opinion and according to information and explanations given
 to us, the company is maintaining proper records of inventory. No
 discrepancy noticed on verification between the stocks and book
 records.
 
 iii, a) The company has not granted an unsecured loan to party which is
 covered in the register maintained under section 301 of the Companies
 Act, 1956,
 
 Accordingly, Paragraphs 4(iii)(a) to 4(iii}(d) of the order axe not
 applicable
 
 e.) The company has taken unsecured loans from 5 party covered in the
 register maintained under section 30! of the act. & other terms and
 conditions are not prejudicial to the company. Details are as foil
 own;- 
 
   
 Particular                   Maximum Amt.             Balance as on
                          Involved during the          31.03.2014
                                year(Rs.)
 
 Anita Jalan                    25,00,000/-             25,00,000/-
 
 PC Jalan HUF                   35,00,000/-             35,00,000/-
 
 Raj Kumar Jalan                50,00,000/-             52,00,000/-
 
 R K Jalan HUF                  35,00,000/-             59,00,000/-
 
 Prakash Chand Jalan.               -                   15,00,000/-
 
 f.) Since the unsecured loan taken by the company is repayable on
 demand, so we are unable to comment on the paragraphs 4(iii)(ii) to
 4(iii)(g).
 
 iv.  In pure 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 the nature of its
 business for the purchase of inventory and fixed assets and for the
 sale of goods and services.  In our opinion and according to the
 information and explanations given to us, there is no continuing
 failure to correct major weaknesses in internal control system,
 
 {v) In respect of transactions entered in the register maintained in
 pursuance of section 301 of the Companies  Act, 1956.
 
 a) Based on audit procedures applied by us, to the best of our
 knowledge and belief and according to the information and explanations
 given to us, we are of the opinion that the particulars of contracts or
 agreements referred to in section 301 of the Act have been entered in
 the register required to be maintained under that section.
 
 b) According to cobs information and explanations given to us, the
 transactions made in pursuance of such contracts or agreements have
 been made at prices, which are reasonable, having regard to the
 prevailing Markel prices at the relevant time.
 
 vi, The Company has not accepted any deposits com the public within the
 meaning of section 58 A, 5SAA or any other relevant provisions of the
 act, and the rules framed there under and therefore not applicable to
 the Company,
 
 vii.  In our opinion and, the company has an internal audit system
 commensurate with the size of the company and the nature of its
 business.
 
 viii. The maintenance of cost records has not been prescribed by the
 Central Government under section 2Q9(l)(d) of the Companies act, 1956.
 
 ix. a) Undisputed statutory dues including Provident Fund, Investor
 Education & Protection Fund, Employee''s State Insurance, Income Tax,
 Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, wherever
 applicable have generally been regularly deposited with the appropriate
 authorities during the year.
 
 b) According to the information and .explanation given to the no
 undisputed amounts payable in respect of Income Tax, Sales Tax, Custom
 Duty, Excise Duty and cess were outstanding at the yearend for a period
 of more than six months from the date they become payable,
 
 c) According to the information and explanation given to us, there are
 no dues of Income Tax, Sales Tax Custom Duty, Excise Duty and cess
 which have not been deposited on account of any dispute.
 
 X, The Company does not have accumulated losses at the end of the year
 and the company has not incurred cash losses during current and the
 immediately preceding such financial year.
 
 xi. Based on our audit procedures and on the basis of information and
 explanations given by the management, we are of the opinion that the
 company has not defaulted in tire repayment of dues to financial
 institutions, banks and debentures & other securities,
 
 xii. The Company has not granted any loans and advances on the basis of
 security by way of pledge of shares, debentures and other similar
 securities during the year.
 
 xiii. The provisions of any special statute applicable to Chit Fund,
 Nidhi or Mutual Benefit Society are not applicable to the Company.
 
 xiv. In our opinion and according to information and explanations given
 to us, the Company has maintained proper records of transactions'' and
 contracts in respect of Trading in securities, debentures and other
 investments and timely entries have been made therein, All shares,
 debentures and other investments have been held by the company it its
 own name.
 
 xv. According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from bank
 or financial institutions.
 
 xvi.  Based on information and explanations given to us by the
 management, the company has not received any term loans.
 
 xvii. According to the information and explanations given to us and
 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 basis.
 
 (viii. We are informed that the company has not ''made any preferential
 allotment of shares to companies, firms or other parties listed in the
 register maintained under section 301 of the Companies Act, 1956.
 
 xix The. Company lies not issued any Deplumes and hence requirements of
 reporting regarding creation of security or charge in. respect of
 Security or charge in respect of debentures issued do not arise.
 
 xx.  The Company has not raised any money by public issue during the
 year.
 
 xxi. During the course of our examination of the books and records of
 the Company, carried out in accordance with the generally accepted
 auditing practices in India, and according to the information and
 explanations given to us, we have neither come across any instance of
 fraud on or by the company, noticed or reported during the year, nor
 have we been informed of such case by the management.
 
 Place: New Delhi.
 
 Date: 31st May, 2014
 
                                                    For WadhWa & Co 
 
                                               Chartered Aecountars
 
                                               (FCA. SUSHIL WADHWA)  
 
                                                     M .No.- 091435
Source : Dion Global Solutions Limited
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