We have audited the accompanying financial statements of VORA
CONSTRUCTIONS LIMITED (the Company), which comprise the Balance Sheet
as at 31st March, 2014, and the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s 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 and cash flows of the Company in accordance with
the Accounting Standards referred to in Sub-Section (3C) of Section 211
of the Companies Act, 1956 (the Act) read with the General Circular
15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs
in respect of Section 133 of the Companies Act, 2013. 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.
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 disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, 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. 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 financial
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit 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
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
(b) in the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows 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 of India in terms of
sub-section (4A) of Section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, 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
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 those
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
d. in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956 read with
the General Circular 15/2013 dated 13th September 2013 of the Ministry
of Corporate Affairs in respect of Section 133 of the Companies Act,
on the basis of written representations received from the directors as
on 31st March, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st march, 2014, from
being appointed as a director in terms of clause (g) of sub-section (1)
of Section 274 of the Companies Act, 1956.
ANNEXURE TO AUDITORS'' REPORT
(Referred to in paragraph 1 of our report of even date on the accounts
of VORA CONSTRUCTIONS LIMITED for the year ended on 31st March, 2014)
1) The provisions of clauses ii, xi, xii, xiii, xv, xvi, xvii, xviii,
and xix of paragraph 4 and 5 of the Companies (Auditors Report) Order,
2003 are not applicable for the current year.
2) Fixed Assets:
(a) The Company has maintained proper record showing full particulars
including quantitative details and situation of fixed assets.
(b) All fixed assets have been physically verified by the management at
reasonable intervals during the year and no discrepancies were noticed
on such verification.
(c) No substantial part of fixed assets has been disposed off during
3) (a) Loans taken by the company:
As per the information and explanation given to us, the Company has not
taken during the year any loan from any Company, Firm or other party
listed in the register mentioned under Section 301 of the Companies
Act, 1956. As per the information and explanation given to us, there is
no Company under the same management as defined under Section 370 (1B)
of the Companies Act, 1956.
(b) Loans given by the company:
As per the information and explanation given to us the Company has not
granted any loan to any Company, Firm or other party listed in the
register mentioned under Section 301 of the Companies Act, 1956.
4) 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 with regard to purchase and sale of inventories and assets.
5) According to the information and explanations given provided by the
management there have been no transactions that need to be entered into
the register maintained under section 301 of the Companies Act, 1956.
6) In our opinion and information and explanation given to us, the
Company has not accepted any deposits in contravention of the
provisions of Section 58A of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules, 1975.
7) During the year, the Company had an internal audit system, which, in
our opinion, is commensurate of the size of the Company and nature of
8) The Central Government has not prescribed maintenance of cost
records under 209 (1) (d) of the Companies Act, 1956.
9) (a) In our opinion and according to the information and explanation
given to us, provident fund and state Insurance
Schemes are not applicable to the Company.
(b) As per the information and explanation given to us the Company does
not have any undisputed amounts payable in respect of Income Tax,
Wealth Tax, Customs Duty and Excise Duty outstanding as at the last day
of the Financial Year for a period of more than six months from the
date they become payable.
10) According to the Cash Flow Statement and other records examined by
us, and the information and explanations given to us, on overall basis,
funds raised on short term basis have, prima facie, not been used
during the year for long term investments (fixed assets etc.) and vice
versa, other than temporary deployment pending application.
11) The Company is not a Sick Industrial Unit within the meaning of
Clause (c) of Sub Section (1) of Section 3 of Sick Industrial Companies
(Special Provision) Act, 1985.
12) The Company has maintained proper records in respect of
transactions and timely entries have been made in respect of purchase
and sale of shares during the year.
13) 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
was noticed or reported during the year.
14) The company is engaged and continue to undertake the business of
Non-Banking Financial Institution (NBFI) for the financial year ended
on March 31, 2014 and are eligible to hold the certificate of
registration granted by Reserve Bank of India (RBI) under section 45-IA
of the RBI Act, 1934.
For J. P. CHATURVEDI & CO.
J. P. Chaturvedi
Place : Mumbai Proprietor
Dated : May 30, 2014 M. No.: 031373