| We have audited the accompanying financial statements of East Buildtech
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2014, and the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management's responsibility for the financial statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
the Accounting Standards notified under the Companies Act, 1956 ("the
Act") read with the General Circular 15/2013 dated 13th September, 2013
of the Ministry of Corporate Affairs in respect of section 133 of the
Companies Act,2013 and in accordance with the accounting principles
generally accepted in India. 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.
Auditor's responsibility
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.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's 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 auditor
considers internal control relevant to the Company's 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. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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, 2014;
(b) in the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on other legal and regulatory requirements
1. As required by the Companies (Auditor's Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure, a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. 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, Statement of Profit and Loss, and Cash Flow
statement dealt with by this report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow statement comply with the Accounting Standards notified
under the Act read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
section 133 of the Companies Act,2013;
e. On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS' REPORT
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The Company has a program of physical verification of its fixed
asset which, in our opinion, is reasonable having regard to the size of
the Company and nature of its assets.
(c) No substantial part of fixed Assets were disposed off during the
year affecting the principle of going concern.
2. (a) The stock of saleable commercial space has been physically
verified at a reasonable interval by the management, during the year.
In our opinion, the frequency of such verification is reasonable.
(b) The procedures for the physical verification of saleable commercial
space followed by the management are, in our opinion, reasonable and
adequate in relation to the size of the company and nature of its
business.
(c) In our opinion, the company is maintaining proper records of
inventory (commercial space). No material discrepancies were noticed on
the physical verification of the same.
3. (a) The Company has not accepted/granted any unsecured loan from/to
Company, Firms or other Parties listed in the register maintained under
section 301 of the Companies Act, 1956. Therefore no comments are being
offered as to the rate of interest, terms & conditions, repayments,
overdue etc.
(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 Companies Act, 1956. Accordingly clauses 4
(iii) (f) and (g) of the Order are not applicable.
4. In our opinion and according to the information and explanations
given to us during the course of audit, there are adequate internal
control procedures commensurate with the size of the Company and nature
of its business.
5. (a) Based upon the audit procedures applied by us and according to
the information and explanations given to us, we are of the opinion
that the particulars of contracts and arrangements referred to in
section 301 of the Companies Act, 1956 have been entered in the
register required to be maintained under that section.
(b) In our opinion and according to the information and explanations
given to us during the course of audit, the transactions made in
pursuance of contracts or arrangements entered in the register
maintained under section 301 of The Companies Act, 1956 and aggregating
during the year Rs. 5 Lakhs or more have been made at prices which are
reasonable having regard to prevailing market price, where such market
prices are available. However no such transaction took place during the
year.
6. The Company has not accepted any deposits from the public within
the meaning of sections 58A and 58AA or any other relevant provisions
of the Companies Act, 1956 including the Companies (Acceptance of
Deposits) Rules, 1975.
7. According to the information and explanation given to us company
has an in house internal audit system which in our opinion commensurate
with the size and nature of its business.
8. The Company is required to maintain the cost record, under clause
(d) of sub-section (1) of section 209 of the Companies Act, 1956, which
are as explained to us, under compilation. We are however not required
to make a detailed examination of such books and records.
9. (a) In our opinion, the company is regular in depositing undisputed
statutory dues including Provident Fund, and other statutory dues with
the appropriate authorities. There are no arrears of outstanding
statutory dues as at the last day of the financial year for more than
six months.
(b) In our opinion and according to the information and explanation
given to us during the course of audit, no dispute is pending with
regard to sales tax, income tax, custom duty, excise duty.
10. In our opinion the company has no accumulated losses at the end of
the financial year and it has not incurred cash losses in the current
and immediately preceding financial year.
11. In our opinion, and according to the information and explanations
given to us, the company has not defaulted in repayments of dues to any
financial institution or bank.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares and other securities.
13. The Company does not fall within the category of Chit fund / Nidhi
/ Mutual Benefit fund / Society and hence the related reporting
requirements of the Order are not applicable.
14. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments and hence the related reporting requirements of the
Order are not applicable.
15. According to the information and explanations given to us, the
Company has not provided guarantee of any type for loans taken by
others.
16. The Company has not taken any Term Loans hence the related
reporting requirement of the order is not applicable.
17. The Company has not taken any loan on a short-term basis in the
previous year hence the related reporting requirement of the order is
not applicable.
18. The Company has not made any preferential allotment of shares,
during the year, to companies and other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
19. The Company has not issued debentures of any type during the
financial year.
20. The Company has not raised any money by public issue during the
financial year.
21. Based on our examination of the books and records of the Company
and according to information and explanations given to us, no fraud on
or by the Company have been noticed.
For DOOGAR & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Reg. No.-000561N
Place: New Delhi MUKESH GOYAL
Date : 28.05.2014 MG. PARTNER
M.No. 081810 |