cvil infra ltd Auditors report

CVIL INFRA LIMITED ANNUAL REPORT 2010-2011 AUDITORS REPORT We have audited the attached Balance Sheet of Cvil Infra Limited as at March 31, 2011 and annexed Profit and Loss Account of the Company for the year ended on that date. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted audit in accordance with auditing standards generally accepted on India. Those standards require that we plan and perform the audit to obtain reasonable assurance about weather 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 principal 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. We report that: 1. As required by the Companies (Auditors Report) Order, 2003 (as amended by companies (Auditors Report) (Amendment) Order, 2004) issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraph 4A and 4B of the said Order. 2. Further to our comments in the annexure referred to in paragraph (I) above: a). We have obtained all the information and explanations that 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 of account. c). The 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 Balance Sheet and the Profit and Loss account comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable. e). In our opinion and as per the information furnished to us no Director is disqualified from being appointed as a Director under section 274 (1) (g) of the Companies Act 1956; f). In our opinion, and to the best of our information and according to the explanation given to us, the said accounts along with the notes annexed hereto, give the information required by the Companies Act, 1956, in the manner so required; and give a true and fair view: (i) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2010; and ii) In the case of Profit and Loss Account, of the Loss of the company, for the year ended on that date. For TIWARI & ASSOCIATES Chartered Accountants Place: Delhi G. K. MISHRA Date : 01-09-2011 (Partner) M. NO. 092144 ANNEXURE TO THE AUDITORS REPORT: The Annexure referred to in paragraph 1 of the Auditors Report to the Members of CVIL INFRA LIMITED (the Company) for the year ended March 31, 2011 we report under Section 227 (4A) that: i. According to the information and explanation given to us the company has disposed off all part of the fixed assets during the year. ii. According to the information and explanation given to us the company has not own any inventory. iii. a) The company has taken loan in the form of unsecured loan from its directors & associate companies covered in the register maintained under section 301of the companies Act, 1956. b) In our opinion the rate of interest & other terms & conditions on which loans have been taken from the directors & other parties are not prima facie, prejudicial to the interest of the company but the interest has not been provided during the financial year. c) The company is regular in repaying the principle amount as stipulated & has been regular in the payment of interest. There are no loans given by the company. No amount of either principle or interest was due for payment during the year. d) There is no overdue amount of loans taken from or granted to companies, firms or other parties listed in the register maintained under section 301 of the companies act, 1956. iv. There is an adequate internal control procedure 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. v. a) According to the information & explanations given to us we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the companies act, 1956 has been so entered. b) In our opinion & according to the information & explanations given to us, the transactions made in pursuance of contracts or arrangements entered register maintained under section 301 companies act, 1956. vi. The company has not accepted deposits from the public whether the directives issued by the Reserve Bank of India and the provisions of section 58A and 58AA of the Act and the rules framed there under where applicable have been complied with. vii. Company has internal audit system commensurate with its size and nature of its business. viii Maintenance of cost records has not been prescribed by the central government under clause (d) of subsection (1) of section 209 of the Act. ix. a) The company is regular in depositing undisputed statutory dues including provident fund, investor education and protection fund employees state insurance, Income-Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, cess and any other statutory dues with the appropriate authorities and if not, the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a year of more than six months from the date they became payable, shall be indicated by the auditor. b) No dues of Sales Tax/ Income Tax/ Custom Tax/ Wealth Tax/ Excise Duty/Cess have in dispute except Rs. 4.69 lacs payable in respect of Income Tax was in arrears as at 31.03.2011 for a period of more than six month from the date they become payable. c) According to the information & expiation given to us there are no dues of sales tax, Wealth Tax, Custom Duty, Excise Duty and cess, which has not been deposited on account of any dues. x. Its accumulated losses at the end of the financial year are less than fifty per cent of its net worth and whether it has incurred losses in such financial year and in the financial year immediately preceding such financial year also; xi. The company is defaulted in repayment of dues to a financial institution or bank or debenture holders. xii. The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. xiii. The provisions of any special statute applicable to chit fund have been duly complied with. xiv. The company is not dealing or trading in shares, securities, debentures and other investment. xv. The company has given guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof are not prejudicial to the interest of the company. xvi. No term loans has been obtained; xvii. The funds raised on short-terms basis have not been used for long term investment and vice versa. 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 Act. xix. Debenture have not been issued by the company. xx. No Public Issue has been made. xxi. No fraud on or by the company has been noticed or reported during the year. For TIWARI & ASSOCIATES Chartered Accountants Place: Delhi G. K. MISHRA Date : 01-09-2011 (Partner) M. NO. 092144