We have audited the accompanying financial statements of AJWA FUN WORLD
& RESORT LIMITED which comprise the Balance Sheet as at 31 March 2014,
the Statement of Profit and Loss and the 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 referred to in sub-section (3C) of section 211
of the Companies Act, 1956. read with the General Circular 15/3013
dated 13th September, 2013 of the MCA 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:
i. in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2014;
ii. in the case of the statement of profit and loss, of the profit for
the year ended on that date; and
iii. 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"), as amended, 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 the books
of the company.
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 referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956; and read
with the General Circular 15/3013 dated 13th September, 2013 of the MCA
in respect of section 133 of the Companies Act, 2013
e. on the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2014, from
being appointed as a director in terms of clause (g) of sub-section (1)
of Section 274 of the Companies Act, 1956.
The Annexure referred to in our report to the members,of AJWA FUN WORLD
& RESORT LIMITED for the year ended 31 March 2014. We report that:
As required by the Companies (Auditors' Report) Order, 2003 issued by
the Central Government of India in terms of sub-section 4A of section
227 of The Companies Act, 1956 and on the basis of such checks as we
considered appropriate, we further report that:
(i) (a) In respect of fixed assets, the Company has maintained proper
records showing full particulars including quantitative details and
situation of fixed assets.
(b) As explained to us, the fixed assets have been physically verified
by the management during the year. We have been informed that no
serious discrepancies were noticed on such verification.
(c) In our opinion, the company has not disposed of substantial part of
the fixed assets during the year.
(ii) (a) In our opinion the stocks of the stores, eatables & beverages,
spare parts etc. have been physically verified by the management at
reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of stocks followed
by the management are reasonable and adequate in relation to the size
of the company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the discrepancies noticed on verification, which were not
material, have been properly dealt within the books of account.
(iii) (a) The Company has taken interest free unsecured loan from the
parties covered in register maintained u/s. 301 of the Companies Act,
1956 and the yearend balance was Rs. 3,32,71,584/- The Company has
granted interest free unsecured loan to two parties covered in register
maintained u/s. 301 of the Companies Act, 1956 and the yearend balance
was Rs. 54,49,636/-.
(b) In our opinion, the rate of interest and other terms and conditions
on which loans have been taken / granted from the parties listed in the
register maintained u/s.301 of the Companies Act are not, prima facie,
prejudicial to the interest of the company.
(c) In respect of interest - free loans taken/granted by the company,
principal amount is repayable on demand.
(d) There are no overdue amounts of loans taken/granted by the company
as these loans are repayable on demand (iv) In our opinion and
according to the information and explanations given to us, there are
adequate internal procedures commensurate with the size of the Company
and nature of its business with regard to purchases of inventory, fixed
assets and with regard to the sale of goods. Further on the basis of
our examination and according to the information and explanations given
to us, we have not come across any instance of major weaknesses in
internal controls. (v) (a) In our opinion and according to the
information and explanation given to us, the transactions that need to
entered into the register maintained u/s.301 of the Companies Act, 1956
have been so entered.
(b) In our opinion and according to the information given to us, there
are no transactions in pursuance of the contract or arrangements
entered in the register maintained u/s.301 of the Companies Act, 1956
aggregating during the year to Rs. 5,00,000 or more.
(vi) As per the information and explanations given to us, the company
has not accepted deposits from public and has not complied with any of
the directives issued by the Reserve Bank of India and the provisions
of Section 58AA of the act and the rules framed there under in respect
of such deposits.
(vii) The Company does not have any internal audit system. (viii) This
clause is not applicable as the Company is not a manufacturing Company.
(ix) (a) According to the records of the Company and the information
and explanations given to us, detail of dues of Sales tax, Income tax,
Custom tax, Wealth tax, Excise duty and Cess which have not been
deposited as on 31st March 2014 on account of any dispute are given
below :
NAME OF THE NATURE OF PERIOD TO WHICH THE AMOUNT
STATUTE DUES AMOUNT RELATES (Rs.)
Gujurat Electricity Installation 01.04.1997 to 31.03.1998 1.95.070
Board Charges &
Interest
NAME OF THE STATUTE FORUM WHERE DISPUTE PENDING PAYMENT
Gujurat Electricity Board Gujurat Electricity Board
(x) The accumulated losses at the end of the financial year are more
than fifty percent of its net worth.
The company has not incurred any cash losses during the financial year.
(xi) In our opinion and according to information and explanation given
to us, the company has not defaulted in the repayment of dues to banks,
financial institutions and debenture holders.
(xii) in our opinion and according to the information and explanations
given to us, 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/mutual
benefit fund/society. Therefore, the provisions clauses 4(xiii) of the
Companies (Auditor's Report) Order, 2003 are not applicable to the
Company.
(xiv) 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 Companies (Auditor's Report) Order,
2003 are not applicable to the Company.
(xv) In our opinion and according to the information and explanations
given to us, the Company has not given guarantees for loans taken by
others from banks or financial institutions which are prejudicial to
the interest of the Company.
(xvi) This clause is not applicable as the Company has not obtained any
loans in the nature of term loan, during the financial year.
(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 no funds raised on short term basis have been used for long term
assets and no long term loans have been used to finance short term
assets.
(xviii) According to the information and explanations given to us,
during the period covered by our audit report, the Company has not made
any preferential allotment of shares to parties and companies covered
in the register maintained under section 301 of the Companies Act,
1956.
(xix) This clause is not applicable as the Company has not issued any
debentures.
(xx) During the period covered by our report, the Company has not
raised any money by way of a public issue.
(xxi) To the best of our knowledge and belief and according to the
information and explanations give to us, no fraud on or by the Company
has been noticed or reported during the course of our audit.
For PORWAL & PORWAL
CHARTERED ACCOUNTANTS
FRN : 118727W
N.N. PORWAL
Place: Mumbai PARTNER
Date: 25-08-2014 M.No.049610
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