Amrapali Developers India Ltd merged Auditor Reports

AMRAPALI DEVELOPERS (INDIA) LIMITED ANNUAL REPORT 2007-2008 AUDITORS REPORT To The Members of AMRAPALI DEVELOPERS (INDIA) LIMITED AHMEDABAD 1. We have audited the attached Balance Sheet of M/S. AMRAPALI DEVELOPERS (INDIA) LIMITED, AHMEDABAD, as at 31st March, 2008 and also the profit and loss account for the year ended on that date annexed thereto. These financial statements are responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with the 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 of our opinion. 3. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government in terms of section 227(4A) of the Companies Act, 1956, we enclose in Annexure - A a statement on the matter specified in paragraph 4 & 5 of the said order. 4. 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 accounts as required by law have been kept by the company, so far as appears from our examination of books ; (c) the balance sheet and the profit and loss Account referred to in this report are in agreement with the books of accounts ; (d) in our opinion, the profit and loss account and balance sheet comply with the accounting standards referred in section 211(3C) of the Companies Act, 1956. (e) on the basis of written representations received from the directors of the company as at 31st March 2008 and taken on record by the board of directors, we report that no director is disqualified from being appointed as director of the company under clause (g) of sub-section (1) of the 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 balance sheet and profit and loss account read together with the notes thereon, give the information required under the Companies Act, 1956 in the manner so required and give a true and fair view: (i) in the case of Balance Sheet, of the state of the affairs of the company as on 31st March, 2008 and (ii) in the case of Profit and Loss-Account , of the profit for the year ended on that date. For, MEHUL THAKKER & CO. CHARTERED ACCOUNTANTS PLACE: AHMEDABAD DATE : 30/06/2008 S.P. THAKKER PARTNER ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDITORS REPORT (i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed Assets. (b) All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification. (c) The company has not disposed of a substantial part of fixed assets during the previous year. (ii) In the absence of inventory, the question of reporting clause (ii) of Companies (Auditors Report) Order,2003 does not arise. (iii) According to the information and explanations given to us, the Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. (iv) In our 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 with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls. (v) According to the information and explanation given to us, the company has not indulged into the transactions which need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered. (vi) The company has not accepted any deposits from the public. (vii) In our opinion, the company has an internal audit system commensurate with the size and nature of its business. (viii) In our opinion, the company is not required to maintain cost records as per the provisions of section 209(1) (d). Accordingly, the provisions of clause 4(vii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company. (ix) (a) According to the records of the company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income tax, sales tax, wealth tax, custom tax, excise duty, cess and other material statutory dues applicable to it. (b) According to the information and explanations given to us, there are no dues of, wealth tax, sales tax, custom duty, excise duty and cess which have not been deposited on account of any dispute. (x) In our opinion, the Accumulated Losses of the company are not more than fifty percentage of its Net Worth. The company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year. (xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution or banks. (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) 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 (Auditors Report) Order, 2003 are not applicable to the company. (xiv) In our opinion and according to explanations given to us, the clause no. (xiv) of Companies (Auditors Report) Order, 2003 is not applicable to company. (xv) According to the information and explanations given to us, the company had not given guarantees for loans taken by others from banks or financial institutions. (xvi) The company had not raised any term loans during the financial year, hence clause no.(xvi) of Companies (Auditors Report) Order, 2003 is not applicable to company. (xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised, if any, on short-term basis have been used for long-term investment and no long-term funds raised, if any, have been used to finance short-term assets. (xviii) The company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 (xix) No debentures have been issued by the Company and hence the question of creating securities in respect thereof does not arise. (xx) During the year, the company has not raised money by public issue and hence question of disclosure and verification of end use of such monies does not arise. (xxi) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit. For, MEHUL THAKKER & CO. CHARTERED ACCOUNTANTS PLACE: AHMEDABAD DATE: 30/06/2008 (S.P. THAKKER) PARTNER