Country Condo's Ltd. இன் முடிவுகள்
Mar 31, 2018
INDEPENDENT AUDITOR''S REPORT
To the Members of COUNTRY CONDO''S LIMITED REPORT ON THE IND AS FINANCIAL STATEMENTS
We have audited the accompanying Ind AS financial statements of M/s COUNTRY CONDO''S LIMITED ("the Company"), which comprises the Balance Sheet as at March 31, 2018, the Statement of Profit and Loss (Including other Comprehensive Income) and Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information. (Herein after referred to as "Ind AS Financial Statement")
MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (''the act'') with respect to the preparation and presentation of these Ind AS financial statements that give a true and fair view of the financial position, financial performance (including the other comprehensive income), cash flows and Statement of Changes in Equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act, read with the relevant rules issued here under. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; design, implementation and maintenance of adequate internal financial controls, that are operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Ind AS 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 Ind AS financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. 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 Ind AS financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the Ind AS financial statements that give a true and fair view, 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 the Company''s Directors, as well as evaluating the overall presentation of the Ind AS financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Ind AS financial statements:
OPINION
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS 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 including Ind AS of the financial position of the Company as at 31st March 2018, and its financial performance including other comprehensive income, it''s cash flow and changes in the equity for the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section143 of the Act, we give in the Annexure A, a statement on the matters Specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we further report that:
a) we have sought and 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 (including Other Comprehensive Income), the Cash Flow Statement and the Statement of changes in Equity dealt with by this Report are in agreement with the books of account;
d) In our opinion, the aforesaid Ind AS financial statements comply with the applicable Indian Accounting Standards specified under Section 133 of the Act, read with relevant rules issued there under.
e) On the basis of written representations received from the directors as on March 31, 2018, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018, from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the company and the operating effectiveness of such controls, refer to our separate report in '' Annexure B''; and
g) With respect to other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its financial position.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the company during the year ended 31st March 2018.
Annexure referred to in Independent Auditors Report to the Members of COUNTRY CONDO''S LIMITED on the Ind AS financial statements for the year ended 31st March 2018, we report that:
i. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) As explained to us, fixed assets have been physically verified by the management at regular intervals; as informed to us no material discrepancies were noticed on such verification. In our opinion, the frequency of verification is reasonable.
(c) According to the information and explanations given to us and on the basis of our examination of records of the Company, the title deeds of immovable properties are held in the name of the Company.
ii. The physical verification of inventory has been conducted at reasonable intervals by the management during the year and no material discrepancies were noticed on such verification.
iii. The Company has not granted any loans, secured or unsecured, to companies, firms, and Limited Liability partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Therefore, the provisions of Clause 3(iii), (iii)(a), (iii)(b) and (iii)(c) of the said order are not applicable to the company.
iv. The Company has not accepted any deposits from the public covered under Section 73 to 76 of the Companies Act, 2013 and rules framed there under to the extent notified.
v. Maintenance of cost records have not been specified by the Central Government under sub-section (1) of section 148 of the Companies Act 2013 for the products and services, are not applicable to the company.
vi. (a) According to the information and explanations given to us and based on the records of the company examined by us, the company is regular in depositing the undisputed statutory dues, including Provident Fund, Employees'' State Insurance, Income-tax, Custom Duty, Goods and Services Tax and other material statutory dues, as applicable, with the appropriate authorities in India ;
(b) There were no undisputed amounts payable in respect of Provident Fund, Employees'' State Insurance, Income-tax, Custom Duty, Goods and Services Tax and other material statutory dues in arrears as at 31st March 2018 for a period of more than 6 months for the date they became payable.
(c) According to the information and explanations given to us and based on the records of the company examined by us, there are no material dues of Income Tax and any other material statutory dues which have not been deposited on account of any dispute.
vii. In our opinion, and according to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institution or banks or Government or dues to debenture holders as at the balance sheet date.
viii. The Company has not raised any moneys by way of initial public offer, further public offer (including debt instruments) and term loans. Accordingly, the provisions of this clause are not applicable to the company.
ix. According to the information and explanations given to us, no material fraud by the company or on the company by its officers or employees has been noticed or reported during the course of our Audit.
x. The Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with schedule V to the Act.
xi. As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it, the Provisions of clause 3(xii) of the order are not applicable to the company.
xii. The Company has entered into transactions with related parties in compliance with the provisions of section 177 and 188 of the Act. The details of such related party transactions have been disclosed in the financial statements as required under Indian Accounting standard (AS) 24, related party disclosures specified under section 133 of the Act, read with relevant rules issued there under.
xiii. The Company has not made any preferential allotment of private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of clause 3(xiv) of the Order are not applicable to the Company
xiv. The Company has not entered into non-cash transactions with its directors or persons connected with him. Accordingly, the provisions of clause 3(xv) of the Order are not applicable to the Company.
xv. The Company is not required to be registered under section 45-IA of The Reserve Bank of India Act 1934. Accordingly, the provisions of clause 3(xvi) of the order are not applicable to the Company.
Report on the Internal Financial Controls under clause (i) of the Sub-section 3 of the Section 143 of the Companies Act, 2013 (''The Act'')
We have audited the internal financial controls over financial reporting of Country Condos Limited (''the company'') as of 31st march 2018 in conjunction with our audit of Ind AS financial statements of the company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditors'' Responsibility
Our responsibility is to express an opinion on the company''s internal financial controls over financial reporting based on our Audit. We conducted our audit in accordance with the Guidance note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the standards on Auditing deed to be prescribed under section 143(10) of the Act to the extent applicable to an Audit of Internal Financial Controls, both applicable to an audit of Internal Financial Controls and both issued by the ICAI. These standards and guidance note require that we comply with ethical requirements and plan and performed the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our Audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the Auditor''s Judgment, including the assessment of the risk of martial misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion and the company''s internal financial control system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A Company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Company''s internal financial control over financial reporting includes these policies and procedures that (1) pertain to the maintenance of records that, in reasonable detailed, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Ind AS financial statements in accordance with generally accepted principles, and that receipts and expenditures of the company are being made only in accordance with authorization of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company''s assets that could have a material effect on the Ind AS financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitation of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be deducted. Also, Projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become in adequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31st, 2018, based on the internal control over financial reporting criteria established by the company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute Of Chartered Accountants of India.
Yours faithfully,
For P C N & Associates
(Formerly known as Chandrababu Naidu & Co.,)
Chartered Accountants
FRN: 016016S
Chandra Babu M
Partner
M.No:227849
Place: Hyderabad
Date : 30th May, 2018
Mar 31, 2015
We have audited the accompanying financial statements of COUNTRY
CONDO'S LIMITED ("the Company"), which comprises the Balance Sheet as
at March 31, 2015, 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
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ('the Act') with respect
to 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 principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with rule 7 of Companies
(Accounts) Rules, 2014. This responsibility includes maintenance of
adequate accounting records in accordance with the provisions of the
Act for safeguarding the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; design, implementation and maintenance of
adequate internal financial controls, that are operating effectively
for ensuring the accuracy and completeness of the accounting records,
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 have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. 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 financial control relevant to the Company's
preparation of the financial statements, that give a true and fair
view, in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company's Directors, 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 on the financial
statements:
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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 of the state of affairs of the Company as
at 31st March, 2015, its profit and its 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, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters Specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we further report that:
a) we have sought and 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 the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the aforesaid financial statements comply with the
applicable Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) With respect to other matters to be included in the Auditor's Report
in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,
2014, in our opinion and to the best of our information and according
to the explanations given to us:
i. The company has disclosed the impact of pending litigations as at
March 31, 2015 on its financial position in its notes to financial
statements.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses;
iii. There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the company.
Annexure referred to in paragraph 1 of Our Report of even date to the
members of Country Condo's Limited on the accounts of the Company for
the year ended 31st March, 2015 under "Report on other Legal &
Regulatory Requirements"
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
our audit, we report that:
i. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at regular intervals; as informed to us no material
discrepancies were noticed on such verification.
ii. (a) The Inventory has been physically verified during the year by
the Management and in our opinion, the frequency of verification is
reasonable.
(b) In our opinion, the procedures of the physical verification of
inventory followed by the Management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory and as
explained to us, no material discrepancies were noticed on physical
verification of stocks as compared to book records.
iii. (a) The Company has given loans to companies covered in the
register maintained under section 189 of the Companies Act, 2013.The
outstanding amount of the said advance aggregating to Rs.
1,27,41,193/-.
(b) Terms and conditions on which advance have been granted to parties
listed in the register maintained under section 189 is not prejudicial
to the interest of company.
(c) According to the information and explanations given to us, the
company is regular is receipt loan given to Companies covered in the
register maintained U/s.189 of the Companies Act, 2013.
iv. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of fixed assets and for the sale of 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, no major
weakness has been noticed or reported.
v. The Company has not accepted any deposits from the public covered
under Section 73 to 76 of the Companies Act, 2013.
vi. In respect of the Company, the Central Government has not
prescribed maintenance of cost records under sub-section (1) of Section
148 of the Companies Act, 2013.
vii. (a) According to the information and explanations given to us and
based on the records of the Company examined by us, the Company is
regular in depositing the undisputed statutory dues, including
Provident Fund, Employee Staff Insurance, Service Tax, Sales Tax
,Income-tax and other material statutory dues, as applicable, with the
appropriate authorities in India;
(b) There were no undisputed amounts payable in respect of Provident
Fund, Employee Staff Insurance, Service Tax, Sales Tax, Income-tax and
other material statutory dues in arrears as at 31st March, 2015 for a
period of more than 6 months for the date they became payable.
(c) According to the information and explanations given to us and based
on the records of the Company examined by us, there are no dues of
Provident Fund, Employee Staff Insurance, Service Tax, Sales Tax,
Income-tax and other material statutory dues, as applicable, which have
not been deposited on account of any disputes.
(d) There are no amounts that are due to be transferred to the
Investors Education and Protection Fund in accordance with the relevant
provisions of the Companies Act, 1956 [1 of 1956] and rules made there
under.
viii. The Company has been registered for a period of not less than 5
years, and its accumulated losses at the end of the financial year are
not more than fifty percent of its net worth and the company has not
incurred cash losses in this financial year and in the immediately
preceding financial year.
ix. In our opinion, and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
Financial Institutions or Banks. The Company has not issued any
debentures.
x. According to the information and explanations given to us, the
Company has given corporate guarantee and Mortgaged their property for
loans taken by M/s.Country Club (India) Limited from Banks and
Financial Institutions namely Vijaya Bank, Bank of India, Union Bank of
India and Karvy Financial Services Limited. The terms and conditions
are not prejudicial to the interest of the company.
xi. In our opinion, and according to the information and explanations
given to us, the term loans have been applied, on an overall basis, for
the purposes for which they were obtained.
xii. To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported during the year.
For P. Murali & Co.,
Chartered Accountants
Firm Registration No. 007257S
P.MURALI MOHANA RAO, Partner
M.No. 023412
Place: Hyderabad
Date: 30-05-2015
Mar 31, 2014
We have audited the accompanying financial statements of Country
Condo''s 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 referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with the General Circular
8/2014 dated 4th April 2014 issued by the Ministry of Corporate
Affairs. 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
controls 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, but not for the purpose of expressing
opinion on the effectiveness of internal control. 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 Profit and Loss Account, 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 accounts 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
accounts,
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956 ("the Act")
read with the General Circular 8/2014 dated 4th April 2014 issued by
the Ministry of Corporate Affairs.
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
I. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) All the assets have been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable with regard to the size of the company
and the nature of its assets. No material discrepanicies were noticed
on such verification.
(c) The Company has not disposed off substantial part of the Fixed
Assets during the year.
II. (a) The Inventory has been physically verified during the year and
in our opinion, the frequency of verifications is reasonable.
(b) In our opinion, the procedures of the physical verification of
inventory followed by the Management are reasonable and adequate in
relation of the size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory and as
explained to us, there was no material discrepancies noticed on such
verification of stocks as compared to book records.
III. (a) The Company has given loans to Companies covered in the
register maintained U/s.301 of the Companies Act, 1956. The outstanding
amount of the said advance agreegating to Rs.13,216,185/-.
(b) Terms and conditions on which advance have been granted to parties
listed in the register maintained under section 301 is not prejudicial
to the interest of company.
(c) According to the information and explanations given to us, the
company is regular is receipt loan given to Companies covered in the
register maintained U/s.301 of the Companies Act, 1956.
(d) As the Company has not taken any loans, the clause of whether the
rate of interest & other terms and conditions on which loan have been
taken from the parties covered in the register maintained U/s.301 of
the Companies Act, 1956 is prejudicial to the interest of company, is
not applicable.
(e) As no loans are taken by the company, the clause of repayment of
interest and principle amount to parties, is not applicable to the
company.
IV. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the company and the nature of its
business with regard to purchase of fixed assets and for sale of
goodsand services. There is no continuing failure by the company to
correct any major weaknesses in internal control.
V. (a) In our opinion and according to the information and explanation
given to us, since no contracts or arrangements referred to in section
301 of the Companies Act, 1956 havebeen made by the company in respect
of any party in the financial year, the entry in the register U/s.301
of the Companies Act, 1956 does not arise.
(b) According to the information and explanations given to us, as no
such contracts or arragements made by the company, the applicability of
the clause of charging the reasonable price having regard to the
prevailing market prices at the relevant time does not arise.
VI. The Company has not accepted any deposits from the public and hence
the applicability of the clause of directives issued by the Reserve
Bank of India and provisions of section 58A,58AA or any other relevant
provisions of the Act and the rules framed there under does not arise.
As per information and explanations given to us the order from the
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any Court or any other Tribunal has not been received by the
Company.
VII. In our opinion, the company is having internal audit system,
commensurate with its size and nature of its business.
VIII. In respect of the Company, the Central Government has not
prescribed maintenance of cost records under clause
(d) of sub-section(1) of section 209 of the Companies Act, 1956.
IX. a) The Company is regular in depositing statuatory dues including
PF, ESI, Income Tax, Cess and any other statuatory dues with the
appropriate authorities and at the last of the financial year there
were no amounts outstanding which were due for more than 6 months from
the date they became payable.
b) According to the information and explanations given to us, no
undisputed amounts are payable in respect of PF, ESI, Income Tax, Cess
and any other statuatory dues as at the end of the period, for a period
more than six months from the date they became payable.
X. The Company has been registered for a period of not less than 5
years, and it has no accummulated losses at the end of the financial
year and the company has not incurred cash losses in this financial
year and in the immediately preceding financial year.
XI. According to information and explanations given to us, the Company
has taken secured loan from Banks. Company is regular in repaying the
dues within due dates.
XII. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XIII. This clause is not applicable to this Company as the Company is
not covered by the provisions of special statute applicable to Chit
Fund in respect of Nidhi/Mutual Benefit Fund/Societies.
XIV. 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 provisions of clause 4(xiv) of the
Companies (Auditor''s Report) Order 2003, are not applicable to the
Company.
XV. According to the information and explanations given to us, the
Company has given corporate guarantee and Mortgaged their property for
loans taken by M/s.Country Club (India) Limited from Banks and
Financial Institutions namely Vijaya Bank, Bank of India, Union Bank of
India and Karvy Financial Services Limited. The terms and conditions
are not prejudicial to the interest of the company.
XVI. According to the information and explanations given to us, the
company has not obtained any Term Loans, hence this clause is not
applicable.
XVII. According to the information and explanations given to us, no
funds are raised by the Company on short-term basis. Hence the clause
of short term funds being used for long-term investment does not arise.
XVIII. According to the information and explanations given to us, 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 and hence the applicability of the clause
regarding the price at which shares have been issued and whether the
same is prejudicial to the interest of the Company does not arise.
XIX. According to the information and explanations given to us, the
company does not have any debentures and hence the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XX. According to information and explanations given to us, the company
has not raised money by way of public issues during the year, hence the
clause regarding the disclosure by the management on the end use of
money raised by Public Issue is not applicable.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
For P.MURALI & CO.
CHARTERED ACCOUNTANTS
Firm Registation No.: 007257S
P.MURALI MOHANA RAO
PLACE : HYDERABAD PARTNER
DATE : 29-05-2014 Membership No. 23412
Mar 31, 2013
Report on the Financial Statements:
We have audited the accompanying financial statements of Country
Condo''s Limited "the Company", which comprise the Balance Sheet as at
March 31, 2013, 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 referred to in sub-section (3C) of section 211
of the Companies Act, 1956 (Âthe ActÂ). 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
controls 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, 2013;
(b) In the case of the Profit and Loss Account, 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 (Âthe
OrderÂ) 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 accounts 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
accounts,
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
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
section 274 of the Companies Act, 1956.
ANNEXURE TO 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 been physically verified by the management at
during the year but there is a regular parogramme of verification
which, in our opinion, is reasonable with regard to the size of the
company and the nature of its assets. No material discrepanicies were
noticed on such verification.
(c) The Company has not disposed off substantial part of the Fixed
Assets during the year.
II. (a) The Inventory has been physically verified during the year and
in our opinion, the frequency of verifications is reasonable.
(b) In our opinion, the procedures of the physical verification of
inventory followed by the Management are reasonable and adequate in
relation of the size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory and as
explained to us, there was no material discrepancies noticed on such
verification of stocks as compared to book records.
III. (a) The Company has granted interest free unsecured loans to
Companies covered in the register maintained U/s.301 of the Companies
Act, 1956. The amount involved during the period and outstanding amount
of the said loan agreegating to Rs. 369,066,389/- (b) No loans have been
granted to Companies, Firms & other parties listed in the register
U/s.301 of the Companies Act, 1956, hence overdue amount of more than
rupees one lac does not arise and the clause is not applicable.
(c) The Company has taken interest free unsecured loan from Companies,
covered in the register maintained U/s.301 of the Companies Act, 1956.
The amount involved during the period and outstanding amount of the
said loan agreegating to Rs. 354,022,202/- IV. In our opinion and
according to the information and explanations given to us, there are
generally adequate internal control systems commensurate with the size
of the company and the nature of its business with regard to purchase
of fixed assets and for sale of goodsand services. There is no
continuing failure by the company to correct any major weaknesses in
internal control.
V. (a) In our opinion and according to the information and explanation
given to us, since no contracts or arrangements referred to in section
301 of the Companies Act, 1956 havebeen made by the company in respect
of any party in the financial year, the entry in the register U/s.301
of the Companies Act, 1956 does not arise.
(b) According to the information and explanations given to us, as no
such contracts or arragements made by the company, the applicability of
the clause of charging the reasonable price having regard to the
prevailing market prices at the relevant time does not arise.
VI. The Company has not accepted any deposits from the public and
hence the applicability of the clause of directives issued by the
Reserve Bank of India and provisions of section 58A,58AA or any other
relevant provisions of the Act and the rules framed there under does
not arise. As per information and explanations given to us the order
from the Company Law Board or National Company Law Tribunal or Reserve
Bank of India or any Court or any other Tribunal has not been received
by the Company.
VII. In our opinion, the company is having internal audit system,
commensurate with its size and nature of its business.
VIII. In respect of the Company, the Central Government has not
prescribed maintenance of cost records under clause (d) of sub-section
(1) of section 209 of the Companies Act, 1956.
IX. a) The Company is regular in depositing statuatory dues including
PF, ESI, Income Tax, Cess and any other statuatory dues with the
appropriate authorities and at the last of the financial year there
were no amounts outstanding which were due for more than 6 months from
the date they became payable.
b) According to the information and explanations given to us, no
undisputed amounts are payable in respect of P F, ESI, Income Tax, Cess
and any other statuatory dues as at the end of the period, for a period
more than six months from the date they became payable.
X. The Company has been registered for a period of not less than 5
years, and it has no accummulated losses at the end of the financial
year and the company has not incurred cash losses in this financial
year and in the immediately preceding financial year.
XI. According to information and explanations given to us, the Company
has not taken any loans from Banks or Financial Institutions. Hence
this clause of repayment of dues to financial Institutions or banks or
debenture holders and the defaulted payment therein is not applicable
to the Company.
XII. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XIII. This clause is not applicable to this Company as the Company is
not covered by the provisions of special statute applicable to Chit
Fund in respect of Nidhi/Mutual Benefit Fund/Scocieties.
XIV. 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 provisions of clause 4(xiv) of the
Companies (Auditor''s Report) Order 2003, are not applicable to the
Company.
XV. According to the information and explanations given to us, the
Company has given corporate guarantee and Mortgaged their property for
loans taken by M/s.Country Club (India) Limited from Banks and
Financial Institutions namely Vijaya Bank, Bank of India, Union Bank of
India and Karvy Financial Services Limited. The terms and conditions
are not prejudicial to the interest of the company.
XVI. According to the information and explanations given to us, the
company has not obtained any Term Loans, hence this clause is not
applicable.
XVII.According to the information and explanations given to us, no
funds are raised by the Company on short-term basis. Hence the clause
of short term funds being used for long-term investment does not arise.
XVIII. According to the information and explanations given to us, 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 and hence the applicability of the clause
regarding the price at which shares have been issued and whether the
same is prejudicial to the interest of the Company does not arise.
XIX. According to the information and explanations given to us, the
company does not have any debentures and hence the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XX. According to information and explanations given to us, the company
has not raised money by way of public issues during the year, hence the
clause regarding the disclosure by the management on the end use of
money raised by Public Issue is not applicable.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
FOR P. MURALI & CO.,
CHARTERED ACCOUNTANTS
FRN: 007257S
P. MURALI MOHANA RAO
PLACE : HYDERABAD PARTNER
DATE : 30-05-2013 MEMBERSHIP NO. 023412
Mar 31, 2012
We have audited the attached Balance Sheet of COUNTRY CONDO'S LIMITED
as at 31st March, 2012 and also the Profit & Loss Account for the year
ended on the date annexed thereto and the cash flow statement for the
year ended on that date. These financial statements are the
responsibility of the Company's 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 misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall statement
presentation. We believe that our audit provides a reasonable basis of
our opinion .
As required by the Companies (Auditors Report) Order 2003 and as
amended by the Companies (Auditor's Report)(Amendment) Order 2004,
issued by the Central Government of India in terms of the
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 purposes of our
Audit ;
(ii) 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 ;
(iii) The Balance Sheet & Profit & Loss Account dealt with by this
report are in agreement with the books of account;
(iv) In our opinion, the Balance Sheet & Profit & Loss Account dealt
with by this report comply with the Accounting standards referred to in
sub-section (3C) of Section 211 of Companies Act, 1956 ;
(v) On the basis of written representations received from the
Directors, as on 31st March, 2012 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March , 2012 from being appointed 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 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 31st March, 2012;
(b) In the case of the Profit & Loss Account, of the Profit for the
year ended on that date;
And
(c) In the case of the Cash Flow, of the cash flows for the year ended
on that date ;
ANNEXURE TO 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 been physically verified by the management at
during the year but there is a regular parogramme of verification
which, in our opinion, is reasonable with regard to the size of the
company and the nature of its assets. No material discrepanicies were
noticed on such verification.
(c) The Company has not disposed off substantial part of the Fixed
Assets during the year.
II. (a) The Inventory has been physically verified during the year and
in our opinion, the frequency of verifications is reasonable.
(b) In our opinion, the procedures of the physical verification of
inventory followed by the Management are reasonable and adequate in
relation of the size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory and as
explained to us, there was no material discrepancies noticed on such
verification of stocks as compared to book records.
III. (a) The Company has granted interest free unsecured loans to
Companies covered in the register maintained U/s.301 of the Companies
Act, 1956. The amount involved during the period and outstanding amount
of the said loan agreegating to Rs. 373,559,866/-
(b) No loans have been granted to Companies, Firms & other parties
listed in the register U/s.301 of the Companies Act, 1956, hence
overdue amount of more than rupees one lac does not arise and the
clause is not applicable.
(c) The Company has taken interest free unsecured loan from Companies,
covered in the register maintained U/s.301 of the Companies Act, 1956.
The amount involved during the period and outstanding amount of the
said loan agreegating to Rs. 222,776,827/-
IV. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the company and the nature of its
business with regard to purchase of fixed assets and for sale of goods
and services. There is no continuing failure by the company to correct
any major weaknesses in internal control.
V. (a) In our opinion and according to the information and explanation
given to us, since no contracts or arrangements referred to in section
301 of the Companies Act, 1956 have been made by the company in respect
of any party in the financial year, the entry in the register U/s.301
of the Companies Act, 1956 does not arise.
(b) According to the information and explanations given to us, as no
such contracts or arragements made by the company, the applicability of
the clause of charging the reasonable price having regard to the
prevailing market prices at the relevant time does not arise.
VI. The Company has not accepted any deposits from the public and
hence the applicability of the clause of directives issued by the
Reserve Bank of India and provisions of section 58A,58AA or any other
relevant provisions of the Act and the rules framed there under does
not arise. As per information and explanations given to us the order
from the Company Law Board or National Company Law Tribunal or Reserve
Bank of India or any Court or any other Tribunal has not been received
by the Company.
VII. In our opinion, the company is having internal audit system,
commensurate with its size and nature of its business.
VIII. In respect of the Company, the Central Government has not
prescribed maintenance of cost records under clause (d) of
sub-section(1) of section 209 of the Companies Act, 1956.
IX. a) The Company is regular in depositing statuatory dues including
PF, ESI, Income Tax, Cess and any other statuatory dues with the
appropriate authorities and at the last of the financial year there
were no amounts outstanding which were due for more than 6 months from
the date they became payable.
b) According to the information and explanations given to us, no
undisputed amounts are payable in respect of PF, ESI, Income Tax, Cess
and any other statuatory dues as at the end of the period, for a period
more than six months from the date they became payable.
X. The Company has been registered for a period of not less than 5
years, and it has no accummulated losses at the end of the financial
year and the company has not incurred cash losses in this financial
year and in the immediately preceding financial year.
XI. According to information and explanations given to us, the Company
has not taken any loans from Banks or Financial Institutions. Hence
this clause of repayment of dues to financial Institutions or banks or
debenture holders and the defaulted payment therein is not applicable
to the Company.
XII. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XIII. This clause is not applicable to this Company as the Company is
not covered by the provisions of special statute applicable to Chit
Fund in respect of Nidhi/Mutual Benefit Fund/Societies.
XIV. 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 provisions of clause 4(xiv) of the
Companies (Auditor's Report) Order 2003, are not applicable to the
Company.
XV. According to the information and explanations given to us, the
Company has given corporate guarantee and Mortgaged their property for
loans taken by M/s. Country Club (India) Limited from Banks and
Financial Institutions namely Vijaya Bank, Bank of India, Unoin Bank of
India and Karvy Financial Services Limited. The terms and conditions
are not prejudicial to the interest of the company.
XVI. According to the information and explanations given to us, the
company has not obtained any Term Loans, hence this clause is not
applicable.
XVII. According to the information and explanations given to us, no
funds are raised by the Company on short-term basis. Hence the clause
of short term funds being used for long-term investment does not arise.
XVIII. According to the information and explanations given to us, 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 and hence the applicability of the clause
regarding the price at which shares have been issued and whether the
same is prejudicial to the interest of the Company does not arise.
XIX. According to the information and explanations given to us, the
company does not have any debentures and hence the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XX. According to information and explanations given to us, the company
has not raised money by way of public issues during the year, hence the
clause regarding the disclosure by the management on the end use of
money raised by Public Issue is not applicable.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
For P.MURALI & CO.,
CHARTERED ACCOUNTANTS
FRN: 007257S
P.MURALI MOHANA RAO
PLACE : HYDERABAD PARTNER
DATE : 31-07-2012 Membership No. 23412
Mar 31, 2011
We have audited the attached Balance Sheet of COUNTRY CONDO'S LIMITED
as at 31st March, 2011 and also the Profit & Loss Account for the year
ended on the date annexed thereto and the cash flow statement for the
year ended on that date. These financial statements are the
responsibility of the Company's 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 misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall statement
presentation. We believe that our audit provides a reasonable basis of
our opinion .
As required by the Companies (Auditors Report) Order 2003 and as
amended by the Companies (Auditor's Report)(Amendment) Order 2004,
issued by the Central Government of India in terms of the
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 purposes of our
Audit;
(ii) 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 ;
(iii) The Balance Sheet & Profit & Loss Account dealt with by this
report are in agreement with the books of account
(iv) In our opinion, the Balance Sheet & Profit & Loss Account dealt
with by this report comply with the Accounting standards referred to in
sub-section (3C) of Section 211 of Companies Act, 1956 ;
(v) On the basis of written representations received from the
Directors, as on 31st March, 2011 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March , 2011 from being appointed Director in terms of clause(g)
of sub-section(l) 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 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 31st March, 2011;
(b) In the case of the Profit & Loss Account, of the Profit for the
year ended on that date;
And
(c) In the case of the Cash Flow, of the cash flows for the year ended
on that date ;
ANNEXURE TO 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 been physically verified by the management at
during the year but there is a regular parogramme of verification
which, in our opinion, is reasonable with regard to the size of the
company and the nature of its assets. No material discrepanicies were
noticed on such verification.
(c) The Company has not disposed off substantial part of the Fixed
Assets during the year.
II. The Company does not have inventory and hence this clause is not
applicable.
III. (a) The Company has not granted any loans, secured or unsecured
to Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act, 1956.
(b) As the Company has not granted any loans, the clasue of whether the
rate of interest & other terms and conditions on which loans have been
granted to parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(c) As no loans are granted by company, the clause of receipt of
interest & principal amount from parties, is not applicable to the
company.
(d) No loans have been granted to Companies, Firms & other parties
listed in the register U/s.301 of the Companies Act, 1956, hence
overdue amount of more than rupees one lac does not arise and the
clause is not applicable.
(e) The Company has not taken loans, unsecured from Companies, Firms or
other Parties covered in the register maintained U/s.301 of the
Companies Act, 1956.
(f) As the Company has not taken any loans, the clause of whether the
rate of interest & other terms and conditions on which loans have been
taken from parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(g) As no loans are taken by the company, the clause of repayment of
interest & principal amount to parties, is not applicable to the
company.
IV. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the company and the nature of its
business with regard to purchase of fixed assets and for sale of
goodsand services. There is no continuing failure by the company to
correct any major weaknesses in internal control.
V. (a) In our opinion and according to the information and explanation
given to us, since no contracts or arrangements referred to in section
301 of the Companies Act, 1956 havebeen made by the company in respect
of any party in the financial year, the entry in the register U/s.301
of the Companies Act, 1956 does not arise.
(b) According to the information and explanations given to us, as no
such contracts or arragements made by the company, the applicability of
the clause of charging the reasonable price having regard to the
prevailing market prices at the relevant time does not arise.
VI. The Company has not accepted any deposits from the public and
hence the applicability of the clause of directives issued by the
Reserve Bank of India and provisions of section 58A.58AA or any other
relevant provisions of the Act and the rules framed there under does
not arise. As per information and explanations given to us the order
from the Company Law Board or National Company Law Tribunal or Reserve
Bank of India or any Court or any other Tribunal has not been received
by the Company.
VII. In our opinion, the company is having internal audit system,
commensurate with its size and nature of its business.
VIII. In respect of the Company, the Central Government has not
prescribed maintenance of cost records under clause (d) of
sub-section(l) of section 209 of the Companies Act, 1956.
IX. a) The Company is regular in depositing statuatory dues including
PF, ESI, Income Tax, Cess and any other statuatory dues with the
appropriate authorities and at the last of the financial year there
were no amounts outstanding which were due for more than 6 months from
the date they became payable.
b) According to the information and explanations given to us, no
undisputed amounts are payable in respect of PF, ESI, Income Tax, Cess
and any other statuatory dues as at the end of the period, for a period
more than six months from the date they became payable.
X. The Company has been registered for a period of not less than 5
years, and it has no accummulated losses at the end of the financial
year and the company has not incurred cash losses in this financial
year and in the immediately preceding financial year.
XI. According to information and explanations given to us, the Company
has not taken any loans from Banks or Financial Institutions. Hence
this clause of repayment of dues to financial Institutions or banks or
debenture holders and the defaulted payment therein is not applicable
to the Company.
XII. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XIII. This clause is not applicable to this Company as the Company is
not covered by the provisions of special statute applicable to Chit
Fund in respect of Nidhi/Mutual Benefit Fund/Societies.
XIV. 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 provisions of clause 4(xiv) of the
Companies (Auditor's Report) Order 2003, are not applicable to the
Company.
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, and hence the applicability of this
clause regarding terms and conditions which are prejudicial to the
interest of the company does not arise.
XVI. According to the information and explanations given to us, the
company has not obtained any Term Loans, hence this clause is not
applicable.
XVII. According to the information and explanations given to us, no
funds are raised by the Company on short-term basis. Hence the clause
of short term funds being used for long-term investment does not arise.
XVIII. According to the information and explanations given to us, 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 and hence the applicability of the clause
regarding the price at which shares have been issued and whether the
same is prejudicial to the interest of the Company does not arise.
XIX. According to the information and explanations given to us, the
company does not have any debentures and hence the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XX. According to information and explanations given to us, the company
has not raised money by way of public issues during the year, hence the
clause regarding the disclosure by the management on the end use of
money raised by Public Issue is not applicable.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
For P.MURAU & CO.,
CHARTERED ACCOUNTANTS
FRN: 007257S
P.MURALI MOHANA RAO
PLACE : HYDERABAD PARTNER
DATE : 05-09-2011 Membership No. 23412
Mar 31, 2010
We have audited the attached Balance Sheet of COUNTRY CONDOS LIMITED
as at 31st March, 2010 and also the Profit & Loss Account for the year
ended on the date annexed thereto and the cash flow statement for the
year ended on that date. 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 misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall statement
presentation. We believe that our audit provides a reasonable basis of
our opinion .
As required by the Companies (Auditors Report) Order 2003 and as
amended by the Companies (Auditors Report)(Amendment) Order 2004,
issued by the Central Government of India in terms of the
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 purposes of our
Audit ;
(ii) 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 ;
(iii) The Balance Sheet & Profit & Loss Account dealt with by this
report are in agreement with the books of account;
(iv) In our opinion, the Balance Sheet & Profit & Loss Account dealt
with by this report comply with the Accounting standards referred to in
sub-section (3C) of Section 211 of Companies Act, 1956 ;
(v) On the basis of written representations received from the
Directors, as on 31st March, 2010 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March , 2010 from being appointed 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 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 31st March, 2010;
(b) In the case of the Profit & Loss Account, of the Profit for the
year ended on that date;
And
(c) In the case of the Cash Flow, of the cash flows for the year ended
on that date ;
ANNEXURE TO 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 been physically verified by the management at
during the year but there is a regular parogramme of verification
which, in our opinion, is reasonable with regard to the size of the
company and the nature of its assets. No material discrepanicies were
noticed on such verification.
(c) The Company has not disposed off substantial part of the Fixed
Assets during the year.
II. The Company does not have inventory and hence this clause is not
applicable.
III. (a) The Company has not granted any loans, secured or unsecured
to Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act, 1956.
(b) As the Company has not granted any loans, the clasue of whether the
rate of interest & other terms and conditions on which loans have been
granted to parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(c) As no loans are granted by company, the clause of receipt of
interest & principal amount from parties, is not applicable to the
company.
(d) No loans have been granted to Companies, Firms & other parties
listed in the register U/s.301 of the Companies Act, 1956, hence
overdue amount of more than rupees one lac does not arise and the
clause is not applicable.
(e) The Company has not taken loans, unsecured from Companies, Firms or
other Parties covered in the register maintained U/s.301 of the
Companies Act, 1956.
(f) As the Company has not taken any loans, the clause of whether the
rate of interest & other terms and conditions on which loans have been
taken from parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(g) As no loans are taken by the company, the clause of repayment of
interest & principal amount to parties, is not applicable to the
company.
IV. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the company and the nature of its
business with regard to purchase of fixed assets and for sale of
goodsand services. There is no continuing failure by the company to
correct any major weaknesses in internal control.
V. (a) In our opinion and according to the information and explanation
given to us, since no contracts or arrangements referred to in section
301 of the Companies Act, 1956 have been made by the company in respect
of any party in the financial year, the entry in the register U/s.301
of the Companies Act, 1956 does not arise.
(b) According to the information and explanations given to us, as no
such contracts or arragements made by the company, the applicability of
the clause of charging the reasonable price having regard to the
prevailing market prices at the relevant time does not arise.
VI. The Company has not accepted any deposits from the public and
hence the applicability of the clause of directives issued by the
Reserve Bank of India and provisions of section 58A,58AA or any other
relevant provisions of the Act and the rules framed there under does
not arise. As per information and explanations given to us the order
from the Company Law Board or National Company Law Tribunal or Reserve
Bank of India or any Court or any other Tribunal has not been received
by the Company.
VII. In our opinion, the company is having internal audit system,
commensurate with its size and nature of its business.
VIII. In respect of the Company, the Central Government has not
prescribed maintenance of cost records under clause (d) of
sub-section(1) of section 209 of the Companies Act, 1956.
IX. a) The Company is regular in depositing statuatory dues including
PF, ESI, Income Tax, Cess and any other statuatory dues with the
appropriate authorities and at the last of the financial year there
were no amounts outstanding which were due for more than 6 months from
the date they became payable.
b) According to the information and explanations given to us, no
undisputed amounts are payable in respect of PF, ESI, Income Tax, Cess
and any other statuatory dues as at the end of the period, for a period
more than six months from the date they became payable.
X. The Company has been registered for a period of not less than 5
years, and it has no accummulated losses at the end of the financial
year and the company has not incurred cash losses in this financial
year and in the immediately preceding financial year.
XI. According to information and explanations given to us, the Company
has not taken any loans from Banks or Financial Institutions. Hence
this clause of repayment of dues to financial Institutions or banks or
debenture holders and the defaulted payment therein is not applicable
to the Company.
XII. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XIII. This clause is not applicable to this Company as the Company is
not covered by the provisions of special statute applicable to Chit
Fund in respect of Nidhi/Mutual Benefit Fund/Scocieties.
XIV. 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 provisions of clause 4(xiv) of the
Companies (Auditors Report) Order 2003, are not applicable to the
Company.
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, and hence the applicability of this
clause regarding terms and conditions which are prejudicial to the
interest of the company does not arise.
XVI. According to the information and explanations given to us, the
company has not obtained any Term Loans, hence this clause is not
applicable.
XVII.According to the information and explanations given to us, no
funds are raised by the Company on short-term basis. Hence the clause
of short term funds being used for long-term investment does not arise.
XVIII. According to the information and explanations given to us, 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 and hence the applicability of the clause
regarding the price at which shares have been issued and whether the
same is prejudicial to the interest of the Company does not arise.
XIX. According to the information and explanations given to us, the
company does not have any debentures and hence the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XX. According to information and explanations given to us, the company
has not raised money by way of public issues during the year, hence the
clause regarding the disclosure by the management on the end use of
money raised by Public Issue is not applicable.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
For P.MURALI & CO.,
CHARTERED ACCOUNTANTS
FRN: 007257S
P.MURALI MOHANA RAO
PLACE : HYDERABAD PARTNER
DATE : 04-09-2010 Membership No. 23412
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Country Condo's Ltd. குறித்த கூடுதல் தகவல்களை
-
Country Condo's Ltd. டூல்ஸ்
- பல்க் டீல்ஸ்
-
Country Condo's Ltd. நிறுவன தகவல்கள்
- நிறுவன சுயவிவரம்
- நிறுவன வரலாறு
- நிர்வாக குழு
- மூலதன வடிவம்
- புராடெக்ட் மிக்ஸ்
- வங்கியாளர்/தணிக்கையாளர்/பதிவாளர்
-
நிறுவன வரலாறு
- போனஸ்
- மும்பை பங்குச் சந்தையில் விலை வரலாறு
- என்எஸ்இ விலை வரலாறு
-
Country Condo's Ltd. முக்கிய நிதியில் விகிதங்கள்
- விகிதங்கள்
-
Country Condo's Ltd. முடிவுகள்
- காலாண்டு முடிவுகள்
- அரையாண்டு முடிவுகள்
- 9 மாத முடிவுகள்
- வருடாந்திர முடிவுகள்
-
Country Condo's Ltd. நிதியியல் தகவல்கள்
- தணிக்கை முடிவுகள்
- பணப்பாய்வு
- இருப்பு நிலைக்குறிப்பு
-
Country Condo's Ltd. அறிக்கை
- கணக்கியல் கோட்பாடுகள்
- தணிக்கையாளர்கள் அறிக்கை
- இயக்குநர்கள் அறிக்கை
- கணக்கு குறிப்புகள்
-
Country Condo's Ltd. கார்ப்பரேட் அறிவிப்புகள்
- புத்தக முடிவு
- நிர்வாகக் குழுக் கூட்டங்கள்
