INDEPENDENT AUDITORS
To The Members of G. Claridge And Company Limited,
Report on the Financial Statements
1. We have audited the accompanying financial statements of G Claridge And Company
Limited as at March 31, 2013 and the Statement of Profit and Loss for the year then
ended, and a summary of significant accounting policies and other explanatory information,
which we have signed under reference to this report.
Managements Responsibility for the Financial Statements
2. The Companys Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and financial
performance of the Company in accordance with the Accounting Standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956 of India (the
"Act"). 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.
Auditors Responsibility
3. 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.
4. An audit involves performing procedures to obtain audit evidence, about the amounts
and disclosures in the financial statements. The procedures selected depend on the
auditors 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
auditors consider internal control relevant to the Companys 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 statements.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Opinion
6. In our opinion, and to the best of our information and according to the explanations
given to us, the accompanying 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 India:
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at
March 31,2013;and
(b) in the case of the Statement of Profit and Loss, of the loss for the year ended on
that date.
Report on Other Legal and Regulatory Requirements
7. As required by the Companies (Auditors Report) Order, 2003, as amended by the
Companies (Auditors
Report) (Amendment) Order, 2004, issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Act (hereinafter referred to as the
"Order"), and on the basis of such checks of the books and records of the
Company as we considered appropriate and according to the information and explanations
given to us, we give in the Annexure a statement on the matters specified in paragraphs 4
and 5 of the Order.
8. 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 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 those books;
(c) The Balance Sheet and the Statement of Profit and Loss, dealt with by this Report
are in agreement with the books of account;
(d) In our opinion, the Balance Sheet and the Statement of Profit and Loss, dealt with
by this report comply with the Accounting Standards referred to in sub-section (3C) of
Section211 of the Act; and
(e) On the basis of written representations received from the directors as on March
31,2013, and taken on record by the Board of Directors, none of the directors is
disqualified as on March 31,2013, from being appointed as a director in terms of clause
(g) of sub-section (1) of Section274 of the Act.
|
For S. K.Patodia &Associates |
|
Chartered Accountants |
|
Firms Registration No.: 112723W |
|
Sajjan Kanodia |
| Pace:Mumbai. |
Partner |
| Date:August 30,2013 |
Membership No.:48047 |
Annexure to Independent Auditors Report
Referred to in paragraph 7 of the Independent Auditors Report of even date to the
members of G Claridge And Company Limited on the financial statements as of and for the
year ended March 31,2013
1. a) The Company is maintaining proper records showing full particulars, including
quantitative details and situations of fixed assets.
b) The fixed assets are physically verified by the Management according to a phased
programme designed ot cover all the items over a period of three years which, in our
opinion, is reasonable having regard to the size of the Company and the nature of its
assets. Pursuant to the programme, a portion of the fixed assets has been physically
verified by the Management during the year and no material discrepancies have been noticed
on such verification.
c) In our opinion and according to the information and explanations given to us, a
substantial part of fixed assets has not been disposed off by the Company during the year.
2. a) The inventory has been physically verified by the Management during the year. In
our opinion, the frequency of verification is reasonable
b) In our opinion and according to the information and explanation given to us, the
procedures of physical verification of inventory followed by the management are reasonable
and adequate in relation to the size of the Company and nature of its business.
c) On the basis of our examination of the inventory records, in our opinion, the
Company is maintaining proper records of inventory. The discrepancies noticed on physical
verification of inventory as compared to book records were not material.
3. a) The Company has not granted unsecured loans to any person covered in the register
maintained under Section 301 of the Act.
b) The Company has not taken any loans, secured or unsecured, from companies, firms or
other parties covered in the register maintained under Section 301 of the Act. Therefore,
the provisions of Clause 4(iii)[(f) and (g)] of the said Order are not applicable to the
Company.
4. In our opinion, and according to the information and explanations given to us, there
is an adequate internal control system 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 and services. Further, on the basis of our examination of the books and records of
the Company, and according to the information and explanations given to us, we have
neither come across, nor have been informed of, any continuing failure to correct major
weaknesses in the aforesaid internal control system.
5. a) According to the information and explanations given to us, weare of the opinion
that the particulars of all contracts or arrangements that need to be entered into the
register maintained under Section 301 of the Companies Act, 1956 have been so entered.
b) In our opinion, and according to the information and explanations given to us, the
transactions made in pursuance of such contracts or arrangements and exceeding the value
of Rupees Five Lakhs in respect of any party during the year have been made at prices
which are reasonable having regard to the prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public within the meaning of
Sections 58A and 58AA of the Act and the rules framed there under.
7. The Company does not have formal internal audit systems but its financial and
Internal checks ensures proper recording of financial transactions.
8. The Central Government of India has not prescribed the maintenance of cost records
under clause (d) of sub-section (1) of Section209 of the Act for any of the products of
the Company..
9. a) According to the information and explanations given to us and the records of the
Company examined by us, in our opinion, the Company is generally regular in depositing
undisputed statutory dues in respect of provident fund, employees state insurance and
income-tax, though there has been a slight delay in a few cases, and is regular in
depositing undisputed statutory dues, including investor education and protection fund,
wealth-tax, service-tax, customs duty, excise duty and other material statutory dues, as
applicable, with the appropriate authorities except Rs. 19,29,679 relating to sales-tax
which was outstanding as at March 31,2013 for a period of more than 6 months from the
date, the same is became payable.
b) According to the information and explanations given to us and the records of the
Company examined by us, there are no dues of income-tax, sales-tax, wealth-tax,
service-tax, customs duty, and excise duty which have not been deposited on account of any
dispute.
10. The accumulated losses of the Company are exceeded of its net worth as at March
31,2013 and it has not incurred cash losses in the financial year ended on that date. The
Company has incurred cash losses in the immediately preceding financial year.
11. The Company does not have any borrowings from any financial institution or bank
nor has it issued any debentures as at the balance sheet date, the provisions of Clause
4(xi) of the Order are not applicable to the
Company.
12. The Company has not granted any loans and advances on the basis of security by
way of pledge of shares, debentures and other securities. There fore, the provisions of
Clause 4(xii) of the Order are not applicable to the Company
13. As the provisions of any special statute applicable to chit fund/ nidhi/ mutual
benefit fund/ societies are not applicable to the Company, the provisions of Clause
4(xiii) of the Order are not applicable to the Company
14. In our opinion, the Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of Clause 4(xiv) of the
Order are not applicable to the Company.
15. In our opinion, and according to the information and explanations given to us,
the Company has not given any guarantee for loans taken by others from banks or financial
institutions during the year. Accordingly, the provisions of Clause 4(xv) of the Order are
not applicable to the Company.
16. The Company has not raised any term loans. Accordingly, the provisions of Clause
4(xvi) of the Order are not applicable to the Company.
17. 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 on
short-term basis have been used for long-term investment.
18. The Company has made preferential allotment of shares to parties and companies
covered in the register maintained under Section 301 of the Act during the year. In our
opinion, and according to the information and explanations given to us, the price at which
such shares have been issued is not prejudicial to the interest of the Company.
19. The Company has not issued any debentures during the year and does not have any
debentures outstanding as at the beginning of the year and at the year end. Accordingly,
the provisions of Clause 4(xix) of the Order are not applicable to the Company.
20. The Company has not raised any money by public issues during the year. Accordingly,
the provisions of Clause 4(xx) of the Order are not applicable to the Company
21. During the course of our examination of the books and records of the Company,
carried out in accordance with the generally accepted auditing practices in India, and
according to the information and explanations given to us, we have neither come across any
instance of material fraud on or by the Company, noticed or reported during the year, nor
have we been informed of any such case bythe Management.
|
For S. K. Patodia &Associates |
|
Chartered Accountants |
|
Firms Registration No.: 112723W |
|
Sajjan Kanodia |
| Pace: Mumbai. |
Partner |
| Date:August 30,2013 |
Membership No.:48047 |
+91-9892691696
