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Morgan Ventures Ltd.

BSE: 526237 | NSE: | Series: NA | ISIN: INE902C01015 | SECTOR: Finance - Leasing & Hire Purchase

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Dec 27, 11:22
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Morgan Ventures is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

We have audited the attached Balance Sheet of MORGAN VENTURES LIMITED, NEW DELHI (Formerly: Doogar & Associates Limited) as at 30lhJune 2007 and the Profit and Loss Account and Cash Flow Statement for the year ended on that date annexed there to. These financial statements are the responsibility of Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 1. We have 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 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 the Companies (Auditors Report) Order, 2003, issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 & 5 of the said Orders. 3. Further to our comments in the Annexure referred to 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 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 appears from our examination of the books. c) The said Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with the books of account. d) In our opinion, the Profit & Loss Account and the Balance Sheet comply with the Accounting Standards referred to in sub-section (3C) of Section 211 o the Companies Act, 1956. e) Based on the written representation received from the directors, we report that none of the directors are prima facie disqualified, as on 30th June, 2007, from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956. f) In our opinion and to the best of our information and according to the explanations given to us, the said account read with the Schedules and the Notes thereon and subject to Wore No. 1(C)(i) regarding depreciation on plant and machinery at the rates as per technical report and not as per schedule XIV to the Companies Act, 1956 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) In the case of the Balance Sheet, of the state of affairs of the company as at 30th June, 2007; ii) In the case of the Profit and Loss Account, of the profit for the year ended on that date, iii) In the case of cash flow statement of the cash flow for the year ended on that date Annexure referred to in paragraph 2 of our Report of even date to the Members of Morgan Ventures Limited on the accounts for the year ended 30th June 2007 1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) As explained to us, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable having regard to the size of the company and nature of its assets. No material discrepancies between the book records and the physical inventory were noticed in respect of the assets physically verified. (c) In our opinion, the company has not disposed of substantial part of fixed assets during the year and the going concern status of the company is not affected. 2. (a) Inventories have been physically verified by the management at reasonable intervals during the year. (b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. (c) On the basis of our examination of records of inventory produced to us, in our opinion, the company has maintained proper records of inventories. There were no material discrepancies noticed on physical verification of inventory as compared to the book record. 3. (a) The Company has not granted any loan, secured or unsecured, to companies, firms or other parties listed in the register maintained u/s 301 of the Companies Act, 1956. (b) The company has taken unsecured loan from two parties covered in the register maintained under section 301 of the Act. The maximum amount involved during the year was Rs.566,253,720/- and the year end balance of loans granted to such parties was Rs. 309,435,027/-. (c) The rate of interest and other terms of conditions of loan taken by company are prima facie not prejudicial to the interest of the company. (d) Payment of the principal amount and interest are also regular. 4. In our opinion and according to the information and explanations given to us, there are adequate internal control system commensurate with the size of the company and the nature of its business with regard to purchase of inventory and fixed assets and for the sale of goods. During the course of our audit, no major weakness has been noticed in the internal control in respect of these areas. 5. (a) The company has entered all the particulars of contracts or arrangement referred to in section 301 of the Companies Act, 1956 in the register required to be maintained under that section. (b) In our opinion and according to the information and explanations given to us the transactions with parties with whom transactions exceeding the value of Rupees Five Lakhs have been entered into during the financial year, are at prices, which are reasonable, having regard to the prevailing market prices at the relevant time. 6. The company has not accepted any deposit from the public. Therefore, the provisions of Section 58A and 58AA of the Companies Act, 1956, and the Rules framed there under do not apply. 7. In our opinion, the company has an internal audit system commensurate with the size and nature of its business. 8. The Central Government has prescribed for maintenance of cost records under section 209(1 )(d) of the Companies Act 1956 in respect of power generation. These accounts and records have been made and maintained by the company. 9. (i) Undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess have been regularly deposited with the appropriate authorities. (ii) According to the information and explanations given to us, no undisputed amounts payable in respect of Income-Tax, Sales-Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess were.putstanding at the year end for a period of more than six months from the date they became payable. (iii) According to the record of the company and information and explanation given to us, there were no disputed dues as on 30m June, 2007 in respect of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty and Cess. 10. The company has no accumulated losses as at 30th June, 2007 nor it has incurred any cash losses in the current and immediately preceding financial year. 11. Based on our audit procedures and as per the information and explanation given by the management we are of the opinion that the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders. 12. According to the information and explanations given to us and based on the documents and records produced 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. 13. The provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company. 14. In our opinion, the company has maintained proper records and made timely entries therein, in respect of the transactions of dealing or trading in shares, securities, debentures and other investment made by the company. 15. According to the information and explanation given to us, the company has not given any guarantee for loan taken by others from bank or financial institution. 16. The company has not taken any term loan during the year. 17. According to the information and explanations given to us and on an overall examination of the Balance Sheet and Cash Flow Statement of the company, we report that no funds raised on short-term basis have been used for long-term. 18. The company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956, during the year. 19. No secured debentures were issued by the company. Therefore, no securities have been created. 20. The company has not raised any money by a public issue during the year. 21. Based upon the audit procedures performed for the purpose of reporting true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit. For K.K. Jain & Co. Chartered Accountants Sd/- Simmi Jain Partner Place: New Delhi M. No.86496 Date : 01.12.07