AUDITOR REPORT
To
The Members,
M/s Globus Constructors & Developers Limited
(Formerly Known as 'M/s Gupta Fibres Limited')
1. We have audited the attached Balance Sheet of Globus Constructors &Developers Limited, (formerly Gupta fibres Limited) as at March 31, 2009 and alsothe Profit and Loss account and the cash flow statement for the year ended on that dateannexed thereto. These financial statements are the responsibility of the CompaniesManagement. Our responsibility is to express an opinion on these financial statementsbased on our audit.
2. We conducted our audit in accordance with auditing standards generally accepted inIndia. Those Standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of material misstatement. Anaudit includes examining, on a test basis, evidence supporting the amounts and disclosuresin the financial statements. An audit also includes assessing the accounting principlesused and significant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audit provides a reasonable basisfor our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 issued by the CentralGovernment of India in terms of sub-section (4A) of Section 227 of the Companies Act,1956, and on the basis of such checks of the books and records of the Company as weconsidered appropriate and the information and explanations given to us during the courseof audit, we enclose in the Annexure a statement on the matters specified in paragraphs 4and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3 above, we reportthat:
i. We have obtained all the information and explanations, which to the best of ourknowledge and belief were necessary for the purposes of our audit;
ii. In our opinion, proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;
iii. The balance sheet, profit and loss account and cash flow statement dealt with bythis report are in agreement with the books of accounts;
iv. In our opinion, the Balance Sheet, Profit and Loss account and Cash Flow statementdealt with by this report comply with the accounting standards referred to in sub-section(3C) of Section 211 of the Companies Act, 1956, to the extent applicable;
v. On the basis of the written representations received from the directors, as on March31, 2009, and taken on record by the Board of directors, we report that none of thedirectors is disqualified as on March 31, 2009 from being appointed as a director in termsof clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.
vi. Subject to the above, in our opinion and to the best of our information andaccording to the explanations given to us, the said accounts give the information requiredby the Companies Act, 1956, in the manner so required and the said account give a true andfair 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 March31, 2009;
b) in the case of the profit and loss account, of the profit for the year ended on thatdate; and
c) in the case of cash flow statement, of the cash flows for the year ended on thatdate.
For BNPSY & Associates
Sd/-
S. K. Sharma
Partner
M. No. 086387
Place: New Delhi
Dated: 03.12.2009
REFERRED TO IN PARAGRAPH (3) OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS OF GLOBUSCONSTRUCTORS & DEVELOPERS LIMITED (Formerly Known as M/s Gupta Fibres Limited) FOR THEYEAR ENDED 31st MARCH 2009:
I. The Company does not have any fixed assets.
II. In respect of its inventories
a) Physical verification of Inventory has been conducted at reasonable intervals by themanagement.
b) In our opinion and according to the information and explanations given to us, theprocedures of physical verification of inventory followed by the management are reasonableand adequate in relation to the size of the company and the nature of its business.
c) On the basis of our examination of the records of inventory and according to theinformation and explanations given to us, we are of the opinion that the Company ismaintaining proper records of inventory.
III. The Company has not granted or taken any loans, secured or unsecured, tocompanies, firms or other Parties covered in the register maintained under Section 301 ofthe Companies Act, 1956. As the Company has not granted nor taken any loans, secured orunsecured from/to parties listed in the register maintained under Section 301 of theCompanies Act, 1956 the provisions are not applicable.
IV. In our opinion and according to the information and explanations given to us, thereis an adequate internal control system commensurate with the size of the Company and thenature of its business, for the purchase of inventory and fixed assets and for the sale ofgoods and services. During the course of our audit, we have not observed any continuingfailure to correct major weaknesses in internal control system.
V. In respect of contracts or arrangements referred to in section 301 of the Act
a. According to the information and explanations given to us, there was no contract orarrangement during the year needed to be entered in the register maintained under Section301 of the Companies Act, 1956.
b. The Company has not conducted transactions during the year in respect of the Partyin pursuance of Contracts or arrangement entered in register maintained under Section 301of the Companies Act, 1956.
VI. The Company has not accepted any deposits from the public within the meaning ofSections 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and rulesframed there under.
VII. In our opinion internal control procedures commensurate with the size of theCompany and the nature of its business although no separate internal audit department isfunctioning.
VIII. To the best of our knowledge and as explained, the central government has notprescribed maintenance of cost records under Section 209(1) (d) of the Companies Act, 1956for the products of the Company.
IX. In respect of statutory dues;
a) According to the information and explanation given to us, the Company is generallyregular in depositing with appropriate authorities undisputed statutory dues applicable toit during the year.
b) According to the information and explanations given to us, there are no disputedstatutory dues outstanding at the end of the year which was not deposited with respectivestatutory authorities.
X. Accumulated Losses at the end of the financial year have exceeded fifty percent ofthe net worth of the Company. Further the Company has also incurred cash losses during thefinancial year covered by our audit and as well in the immediately preceding financialyear.
XI. Based on our audit procedures and as per the information and explanations given bythe management, the Company has not defaulted in repayment of any dues to a financialinstitution, banks or debenture holders.
XII According to the information and explanations given to us and based on thedocuments and records produced to us, the Company has not granted loans and advances onthe basis of security by way of pledge of shares, debentures and other securities.
XIII. In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund /society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report)Order, 2003 (as amended) are not applicable to the Company.
XIV. In our opinion and according to the information and explanations given to us, theCompany is not dealing in or trading in shares, securities, debentures and otherinvestments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor'sReport) Order, 2003 (as amended) are not applicable to the Company.
XV. In our opinion and according to the information and explanations given to us, theCompany has not given any guarantee for loans taken by others from bank or financialinstitutions.
XVI. The Company did not have any term loans outstanding during the year.
XVII. According to the information and explanations given to us and on an overallexamination of the balance sheet of the Company, we report that no funds raised onshort-term basis have been used for long-term investment.
XVIII. During the year, the Company has not made any preferential allotment of sharesto parties or companies covered in the register maintained under Section 301 of theCompanies Act, 1956.
XIX. The Company did not have any outstanding debentures during the year.
XX. The Company has not raised any money through a public issue during the year.
XXI. Based upon the audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and as per the information and explanationsgiven by the management, we report that no fraud on or by the Company has been noticed orreported during the course of our audit.
For BNPSY & Associates
Sd/-
S. K. Sharma
Partner
M. No. 086387
Place: New Delhi
Dated: 03.12.2009