GCV Services Ltd Share Price Auditors Report
GCV Services Limited
(FORMERLY GUJARAT CAPITAL VENTURES LIMITED)
ANNUAL REPORT 2010-2011
AUDITORS REPORT
To,
The Members of
GCV Services Limited
We have audited the attached Balance Sheet of GCV Services Limited as at
March 31, 2011 and also the Profit and Loss Account for the Year ended on
that date annexed thereto. 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 our audit in accordance with 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 misstatements. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit includes assessing the accounting principles used and
significant estimates made by the management, as well as evaluating the
overall financial statements/presentations. We believe that our audit
provides a reasonable basis for our opinion.
As required by the Companies (Auditors Report) Order, 2003 as amended by
the Companies (Auditors Report) (Amendment) Order 2004 (together the
order) issued by the Central Government of India in terms of sub-section
(4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the said
Order.
Further to our comments in the annexure referred to above, we report that:
i) 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;
ii) 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 those books;
iii) The Balance Sheet and Profit & Loss Account and Cash Flow dealt with
by this Report are in agreement with the Books of Accounts;
iv) In our opinion, the Balance Sheet and the Profit & Loss Account and
Cash Flow statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the Companies
Act,1956;
v) On the basis of written representation received from Directors, as on
March 31, 2011, and taken on record by the Board of Directors, we report
that none of the directors are disqualified as on March 31, 2011 from being
appointed as Director in terms of Clause (g) of Sub-Section (1) of Section
274 of the Companies Act, 1956;
vi) In our opinion and to the best of our information and according to the
explanations given to us, the said accounts subject to and read together
with the notes there on in schedule 13 give the information required by
the Companies Act, 1956, 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, 2011, and
b. In the case of Profit & Loss Account, of the profit of the Company for
the year ended on that date.
For Subhash Shah & Co.
Chartered Accountants
FRN: 128932W
CA Rakesh Gandhi
Place: Vadodara Partner
Date : September 2, 2011 Membership No. 101972
ANNEXURE TO THE AUDITORS REPORT
RE: GCV SERVICES LIMITED
Referred to in our paragraph 3 of our report of even date.
(i)a) The company has maintained proper records showing full particulars,
including quantities details and situation of assets.
(b) The management has not carried out physical verification of its assets
during the year.
(c) During the year, the company has not disposed off substantial part of
its fixed assets so as to affect its going concern.
(ii) The nature of Companys activity/Business during the year has been
such that Clauses 4(ii), of the order are not applicable to the company.
(iii)a) The company has not granted any loan, secured or unsecured to
Companies, firm or other parties covered in the register maintained under
Section 301 of the companies Act, 1956.Accordingly,paragraph 4(iii) (b) (c)
& (d) of the Order is not applicable.
(b) The company has not taken any loans secured or unsecured from
Companies, firm or other parties covered in the register maintained under
Section 301 of the companies Act, 1956.Accordingly, paragraph 4(iii) (f) &
(g) of the Order is not applicable.
(iv) In our opinion and according to the information and explanation given
to us, there is an internal control system but not commensurate with the
size and nature of its business.
(v) According to the information and explanation given to us, during the
year there were no transactions that need to be entered into the register
maintained under section 301 of the Companies Act,1956. Accordingly the
paragraph (v) (a) & (b) of the Order are not applicable.
(vi) In our opinion and according to the information and explanation given
to us, the company has not accepted deposit from public within the meaning
of section 58-A of the Companies Act and the rules framed there under.
(vii) In our opinion the company need to strengthen the internal Audit
commensurate with the size and nature of the business.
(viii) According to the information and explanation given to us the Central
government of India has not prescribed the maintenance of cost records
under section 209(1)(d) of the Companies act,1956, for any product of the
Company.
(ix) According to information and explanation given to us there is no
provident fund Act, Employees state Insurance Act, Investor Education and
protection Fund is applicable to the company. There is no statutory demand
is outstanding at the end of the year.
(x) The company has accumulated profit of Rs.8.50 Lacs and have cash profit
of Rs. 31.00 Lacs during the year.
(xi) The Company has not borrowed from financial institution, bank or
debenture holders during the year.
(xii) The Company has not granted any 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 fund or a
mutual benefit fund/society. Accordingly, paragraph 4(xiii) (a), (b), (c),
of the order are applicable.
(xiv) The company has maintained proper records of purchase and sales of
share and securities.
(xv) 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.
(xvi) The company has not taken term loan during the year.
(xvii) The company has not raised fund during the year.
(xviii) The company has not allotted preferential shares during the year.
(xix) During the year company has not issued debentures.
(xx) The company has not raised money through public issue during the year.
(xxi) According to the information and explanations given by the
management, no fraud on or by the company has been noticed or reported
during the course of our audit.
For Subhash Shah & Co.
Chartered Accountants
FRN: 128932W
CA Rakesh Gandhi
Place: Vadodara Partner
Date : September 2, 2011 Membership No. 101972