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ఆడిటర్ నివేదిక Labh Construction & Industries Ltd.
Mar 31, 2014
We have audited the accompanying financial statements of Labh
Construction and Industries Limited, Ahmedabad, which comprise the
Balance Sheet as at March 31, 2014, and the Statement of Profit and
Loss 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 of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditors'' Responsibility
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
We report that the company has not complied with the following
Accounting Standards :
i. Non- provision for depletion in value of Investments of Rs 64.99
lacs (PY Rs 64.99 lacs), held in the companies whose net worth has
eroded, in terms of requirement of AS 13. In view of this loss for the
year is understated and investments are overstated by that amount
(refer note 13A).
ii. No provision being made for Retirement benefits payable to
employees including Gratuity and leave encashment in terms of
requirement of AS 15 resulting into overstatement of profit for the
year and understatement of current liabilities to that extent. In view
of non-availability of the relevant information, quantification of
impact thereof could not be ascertained (refer note 2.XI).
iii. The company has neither identified nor provided for loss on
impairment of assets as per the requirement of AS 28, resulting into
overstatement of fixed assets and under statement of profit for the
year. However due to non availability of required information, impact
of same could not be quantified (refer note 2.IV).
We further invite attention to the following :
i. Note S.I.b, regarding the balances of Secured loans being subject
to confirmation and reconciliation. In view of the non-availability of
the relevant information, consequential impact thereof, on the state
of affairs of the company remains to be ascertained,
ii. Note 5.II.b, regarding the balances stated under unsecured loans
being subject to confirmation and reconciliation. In view of the
non-availability of the relevant information, consequential impact
thereof, on the state of affairs of the company remains to be
ascertained,
iii. Note 6 & 9, regarding various long term liabilities to refund
booking advances paid by members who cancelled their bookings as well
as those in the nature of payable in respect of supplies, expenses
being subject to confirmation and reconciliation. In view of the
non-availability of the relevant information, consequential impact
thereof, on the state of affairs of the company remains to be
ascertained,
iv. Note 14, regarding non provision of doubtful advances and deposits
out of long outstanding advances and deposits of Rs 620.24 lacs (PY Rs
620.52 lacs). However in view of non-availability of complete
information in that respect, we are neither able to express our
opinion on realisability thereof nor able to quantify its impact on
the affairs of the company,
v. Note 15.a, regarding non-provision for doubtful debts out of long
outstanding debtors of Rs 57.87 lacs (PY 54.21 lacs), in respect of
the projects already completed. However in view of non-availability of
complete information in that respect, we are neither able to express
our opinion on realisability thereof nor able to quantify its impact
on the affairs of the company,
vi. Note 15,b, regarding non-provision of Rs.6.50 lacs (PY Rs 6.50
lacs) out of Cash balance looted in the year 1995-96 and not recovered
so far, due to which profit for the year and other non- current assets
both are overstated by that amount,
vii. Note 25, regarding non provision of certain liabilities in the
accounts. In view of the non-availability of the relevant information,
consequential impact thereof, on the state of affairs of the company
remains to be ascertained,
viii. Note 25, regarding financial as well as other impact on the
state of affairs of the company due to delayed/ defective execution of
contractual assignment as well as consequences of delayed payment of
statutory dues and those to Secured lenders. In view of the
non-availability of the relevant information, consequential impact
thereof, on the state of affairs of the company remains to be
ascertained, Subject to above,
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Statement of Profit and Loss, of the Loss for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books except the Statutory registers required to be maintained as per
the relevant provisions of the Companies Act 1956 and certain items of
income and expenditure not accounted on accrual basis as required by
section 209 of the Companies Act 1956.
c) The Balance Sheet and Statement of Profit and Loss and Cash How
statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet and 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 except
those specifically disclosed in the relevant notes to the Balance
Sheet.
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.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said
section, prescribing the manner in which such cess is to be paid, no
cess is due and payable by the Company.
We further draw specific attention to violations of the following:
a) Proceedings under Securitization and Reconstruction of Financial
Assets and Enforcement of Security Interest Act 2002 being initiated
against the company by its secured creditors, the liability under
which may exceed the amount provided by the company .
b) Various Recovery and other suits filed by secured and unsecured
creditors, pending against the company in various courts, the
liability under which may exceed the amount provided by the company on
that account.
c) Violation of provisions of section 58-A of Companies Act, 1956, in
respect of Public Deposits accepted by the Company,
d) Violation of section 370 of Companies Act, 1956 regarding advances
made to associate companies and other entities
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Labh Construction and Industries Limited. on the
accounts of the company for the year ended 31st March, 2014.
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:
1. (a) The company has not maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have not been physically verified
by the management at reasonable intervals having regard to the size of
the company and nature of its assets.
(c) In our opinion and according to the information and explanations
given to us, the company has not conducted any business since last
three years.
2. The company did not hold any inventory, therefore clauses
4(ii)(a),(ii)(b) and (ii)(c) of the Companies (auditor''s Report)
Order,2003, are not applicable.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, The company
has taken loan from one party being company,firm and other persons
covered in the register required to be maintained under section 301 of
the Companies Act 1956. The maximum balance involved during the year
was Rs 113.53 lacs (PY Rs 40.15 lacs) and the year- end balance of
such loans was Rs 113.53 lacs (Rs 34.71 lacs). The loan being interest
free is in our opinion prima facie not prejudicial to the interests of
the company.
(b) The Company has granted loan to five parties being company, firm
and other persons covered in the register required to be maintained
under Section 301 of The Companies Act, 1956. The maximum amount
involved during the year was Rs. 157.35 lacs (PY RS 157.35 lacs) and
the year end balance of such loans was Rs. 157.35 lacs (PY Rs 157.35
lacs). The loans being interest free are in our opinion prima facie
prejudicial to the interests of the company.
(c) We are informed that such loans granted by the company, are
repayable on demand and repayment thereof has not yet been demanded.
However such loans granted are long outstanding.
4 As the company has not undertaken any transaction of purchase of
assets or inventories we are unable to comment on adequacy of internal
control procedure in that respect.
5 (a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have not been updated to include the transactions that needed
in the register required to be maintained under that section.
(b) As per information & explanations given to us and in our opinion,
the company has not undertaken any transaction made in pursuance of
contracts or arrangements required to be entered in the register
maintained under Section 301 of the Companies Act, 1956 and exceeding
the value of Rupee Five Lacs in respect of any party during the year.
6 According to the information and explanations given to us the
Company had accepted deposits from the Public hence provisions of
Section 58A and 58AA of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules 1975 with regard to the deposits
accepted from the public are applicable to it. However the company has
contravened the said provisions.
7 As per information & explanations given by the management, the
Company does not have an internal audit system.
8 As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act.
9 (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have not been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were Rs 11.86 lacs outstanding statutory dues as on
31st of March, 2014 for a period of more than six months from the date
they became payable.
(b) According to the information and explanations given to us, the
dues of sale tax, income tax, customs duty, wealth tax, excise duty
and cess not deposited on account of any dispute are as detailed here
in below:
10 The Company has balance of accumulated losses of Rs.2099.18 lacs as
at end of the year and it has incurred loss and cash loss of Rs 25.96
lacs and Rs 20.58 lacs respectively during the financial year covered
by our audit while it had earned profit of Rs 5.81 lacs and cash
profit Rs 12.35 lacs in the immediate preceding financial year.
Accordingly the entire net worth of the company has been eroded.
11 Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has defaulted in repayment of dues to a financial institutions
and banks and the lenders have already initiated various actions
against the company as disclosed in the Notes to the Audited Balance
Sheet. Further that the company does not have any outstanding towards
the debenture holders.
12 According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13 The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14 According to information and explanations given to us, the Company
is not dealing in or trading in Shares, Mutual funds & accepts the
shareholders investments accordingly; the provisions of clause 4(xiv)
of the Companies (Auditor''s Report) Order, 2003 are not applicable to
the company.
15 According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16 Based on our audit procedures and on the information given by the
management, we report that the company has not raised fresh term loans
during the year.
17 Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term except that to finance loss.
18 Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19 The Company has no outstanding debentures during the period under
audit.
20 The Company has not raised any money by public issue during the
year.
21 Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been
informed of such case by the management.
For GATTANI & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN:103097W
SHARAD GATTANI
Place: Ahmedabad PARTNER
Date : 30th May, 2014 Membership No.: 37999
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Labh
Construction and Industries Limited, Ahmedabad, which comprise the
Balance Sheet as at March 31, 2013, and the Statement of Profit and
Loss for the year then ended, and a summary of significant accounting
policies and other explanatory information.
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 of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditors'' Responsibility
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
We report that the company has not complied with the following
Accounting Standards :
i. Non- provision for depletion in value of Investments of Rs 64.99
lacs, majority of which is held in the companies whose net worth has
eroded, in terms of requirement of AS 13. In view of this profit for
the year is understated and investments are overstated by that amount
(refer note 12A). ii. No provision being made for Retirement benefits
payable to employees including Gratuity and leave encashment terms of
requirement of AS 15 resulting into overstatement of profit for the
year and understatement of current liabilities to that extent. In view
of non-availability of the relevant information, quantification of
impact thereof could not be ascertained (refer note 2.XI).
iii. The company has neither identified nor provided for loss on
impairment of assets as per the requirement of AS 28, resulting into
overstatement of fixed assets and overstatement of profit for the year.
However due to non availability of required information, impact of same
could not be quantified (refer note 2.IV).
We further invite attention to the following :
i. Note 25, regarding non provision of the liabilities in the accounts.
In view of the non-availability of the relevant information,
consequential impact thereof, on the state of affairs of the company
remains to be ascertained,
ii. Note 25, regarding financial as well as other impact on the state
of affairs of the company due to delayed/defective execution of
contractual assignment as well as consequences of delayed payment of
statutory dues and those to Secured lenders. In view of the
non-availability of the relevant information, consequential impact
thereof, on the state of affairs of the company remains to be
ascertained,
iii. Note 5.I, regarding the balances of Secured loans being subject to
confirmation and reconciliation. In view of the non-availability of the
relevant information, consequential impact thereof, on the state of
affairs of the company remains to be ascertained,
iv. Note 5.II, regarding the balances stated under unsecured loans
being subject to confirmation and reconciliation. In view of the
non-availability of the relevant information, consequential impact
thereof, on the state of affairs of the company remains to be
ascertained,
v. Note 15, regarding non-provision for doubtful debts out of long
outstanding debtors of Rs 54.20 lacs, in respect of the projects
already completed. However in view of non-availability of complete
information in that respect, we are neither able to express our opinion
on realisability thereof nor able to quantify its impact on the affairs
of the company,
vi. Note 14, regarding non provision of doubtful advances and deposits
out of long outstanding advances and deposits of Rs 380.36 lacs.
However in view of non-availability of complete information in that
respect, we are neither able to express our opinion on realisability
thereof nor able to quantify its impact on the affairs of the company,
vii. Note 14, regarding Advance Tax of Rs 82.81 lacs for last several
years which are yet to be settled. However in view of non-availability
of complete information in that respect, we are neither able to express
our opinion on realisability thereof nor able to quantify its impact on
the affairs of the company, viii. Note 15, regarding non-provision of
Rs.6.50 lacs out of Cash balance looted in the year 1995-96 and not
recovered so far, due to which profit for the year and other non-
current assets both are overstated by that amount, ix. Note 6 & 9,
regarding various long liabilities to refund booking advances paid by
members who cancelled their bookings as well as those in the nature of
payable in respect of supplies, expenses being subject to confirmation
and reconciliation. In view of the non-availability of the relevant
information, consequential impact thereof, on the state of affairs of
the company remains to be ascertained, Subject to above,
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 Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books except the Statutory registers required to be maintained as per
the relevant provisions of the Companies Act 1956 and certain items of
income and expenditure not accounted on accrual basis as required by
section 209 of the Companies Act 1956.
c) The Balance Sheet and 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 and Statement of Profit and Cash
Flow statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956 except the
following which are disclosed in the relevant clause of that schedule,
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.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
We further draw specific attention to violations of the following:
a) Proceedings under Securitization and Reconstruction of Financial
Assets and Enforcement of Security Interest Act 2002 being initiated
against the company by its secured creditors, the liability under which
may exceed the amount provided by the company .
b) Various Recovery and other suits filed by secured and unsecured
creditors, pending against the company in various courts, the liability
under which may exceed the amount provided by the company on that
account.
c) Violation of provisions of section 58-A of Companies Act, 1956, in
respect of Public Deposits accepted by the Company,
d) Violation of provision of section 205A(5) of Companies Act, 1956,
regarding non-maintenance of balance of unpaid dividend in separate
Bank account and further by non-transfer of such amount to the account
of Central Government, as stipulated,
e) Violation of section 205 of Companies Act, 1956 regarding
cancellation of dividend declared for 1997-98,
f) Violation of section 73(3) of Companies Act, 1956 regarding
non-maintenance of balance of unpaid refund in respect of share
application money in separate bank account and further non-transfer of
the same to Investor Education and Protection Fund,
g) Violation of Section 115-O of Income Tax Act, 1961, regarding
non-payment of Corporate Dividend Tax of Rs.6.61 lacs in the earlier
year which has since been written back,
h) Violation of section 370 of Companies Act, 1956 regarding advances
made to associate companies and other entities
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Labh Construction and Industries Limited. on the
accounts of the company for the year ended 31st March, 2013.
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:
1. (a) The company has not maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have not been physically verified
by the management at reasonable intervals having regard to the size of
the company and nature of its assets.
(c) In our opinion and according to the information and explanations
given to us, the company has not conducted any business since last two
years.
2. The company did not hold any inventory, therefore clauses
4(ii)(a),(ii)(b) and (ii)(c) of the Companies (auditor''s Report)
Order,2003, are not applicable.
3 (a) According to the information and explanations given to us and on
the basis of our examination of the books of account, The company has
taken loan from one such party being company firm and other persons
covered in the register required to be maintained under section 301 of
the Companies Act 1956. The maximum balance involved during the year
was Rs 40.15 lacs and the year- end balance of such loans was Rs 34.71
lacs. The loans being interest free are in our opinion prima facie not
prejudicial to the interests of the company.
(b) The Company has granted loan to five parties being company, firm
and other persons covered in the register required to be maintained
under Section 301 of The Companies Act, 1956. The maximum amount
involved during the year was Rs. 157.35 lacs and the year end balance
of such loans was Rs. 157.35 lacs. The loans being interest free are
in our opinion prima facie prejudicial to the interests of the company.
(c) We are informed that such loans granted by the company, are
repayable on demand. However some of such loans granted are long
outstanding.
4 In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5 a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have not been updated to include the transactions that needed
in the register required to be maintained under that section.
b) As per information & explanations given to us and in our opinion,
the reasonability of rates of the transactions made in pursuance of
contracts or arrangements required to be entered in the register
maintained under Section 301 of the Companies Act, 1956 and exceeding
the value of Rupee Five Lacs in respect of any party during the year.
Company has not routed any such transaction.
6 According to the information and explanations given to us the Company
has accepted deposits from the Public hence provisions of Section 58A
and 58AA of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules 1975 with regard to the deposits accepted from the
public are applicable to it. However the company has contravened the
said provisions.
7 As per information & explanations given by the management, the
Company does not have an internal audit system.
8 As per information & explanation given by the management, maintenance
of cost records has not been prescribed by the Central Government under
clause (d) of sub-section (1) of section 209 of the Act.
9 According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have not been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were 11.98 lacs outstanding statutory dues as on 31
st of March, 2013 for a period of more than six months from the date
they became payable.
10 The Company has balance of accumulated losses of Rs.2075.26 lacs as
at end of the year and it has profit and cash profit of Rs 3.76 lacs
and 10.30 lacs respectively during the financial year covered by our
audit and Rs 36.16 lacs and Rs 45.78 lacs respectively in the immediate
preceding financial year. Accordingly the entire net worth of the
company has been eroded.
11 Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has defaulted in repayment of dues to a financial institutions
and banks; hence the lenders have already initiated various actions
against the company as disclosed in the Notes to accounts forming part
of the Audited Balance Sheet. Further that the company does not have
any outstanding towards the debenture holders.
12 According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13 The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14 According to information and explanations given to us, the Company
is not dealing in or trading in Shares, Mutual funds & accepts the
shareholders investments accordingly; the provisions of clause 4(xiv)
of the Companies (Auditor''s Report) Order, 2003 are not applicable to
the company.
15 According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16 Based on our audit procedures and on the information given by the
management, we report that the company has not raised fresh term loans
during the year.
17 Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short-term basis have
been used for long-term except that to finance loss.
18 Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19 The Company has no outstanding debentures during the period under
audit.
20 The Company has not raised any money by public issue during the
year.
21 Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For GATTANI & ASSOCIATES,
Chartered Accountants
Place : Ahmedabad. SHARAD GATTANI
Date : 30-05-2013 Partner
Mar 31, 2012
We have audited the attached Balance Sheet of LABH CONSTRUCTION AND
INDUSTRIES LIMITED, Ahmedabad as at 31 st March, 2012 and the Profit
and Loss Account attached thereto, for the year ended on that date.
These financial statements, is the responsibility of the Company. Our
responsibility is to express an opinion on these financial statements
based on our audit.
We have 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 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 statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management. Audit also includes evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
A. As required by the Companies Auditors Report Order, 2003 issued by
the Company Law Board, Government of India, in term of sub-section (4A)
of section 227 of the Companies Act, 1956, and on the basis of such
checks of the books and records maintained by the Company as we
considered appropriate as well as information and explanation provided
to us during the course of our audit, we enclose in the Annexure
hereto, a statement on the matters specified in the said order.
We also report that:
B. We have obtained the information and explanation, which to the best
of our knowledge and belief were necessary for the purpose of our
audit.
C. In our opinion, proper books of accounts as required by law have
been kept by the company so far as it appears from our examination of
those books except the Statutory registers required to be maintained as
per the relevant provisions of the Companies Act 1956 and certain items
of income and expenditure not accounted on accrual basis as required by
section 209 of the Companies Act 1956.
D. The Balance Sheet, Profit and Loss Account and Cash Flow statement
referred to in this report are in agreement with the books of account.
E. In our opinion the Balance Sheet, Profit and Loss Account and Cash
Row statement read along with significant accounting policies and notes
to accounts, dealt by this report have been prepared in compliance of
the Accounting Standards as referred to in sub-section 3(c) of Section
211 of Companies Act, 1956, except the following which are disclosed in
the relevant clause of that schedule,
i. Non-compliance to requirements of AS 6 for accounting of
depreciation in respect of Depreciation of Rs. 1.41 lacs on one Off ice
Building and furniture therein, not provided in the accounts, due to
which, profit for the year and fixed assets are overstated by that
amount (refer note 11),
ii. Non- provision for depletion in value of Investments of Rs 65.76
lacs, majority of which is held in the the companies whose net worth
has eroded, in terms of requirement of AS 13. In view of this profit
for the year is understated and investments are overstated by that
amount (refer note 12).
hi. No provision being made for Retirement benefits payable to
employees including Gratuity and leave encashment in terms of
requirement of AS 15 resulting into overstatement of profit for the
year and understatement of current liabilities to that extent. In view
of non-availability of the relevant information, quantification of
impact thereof could not be ascertained (refer note 2.XI).
iv. The company has neither identified nor provided for loss on
impairment of assets as per the requirement of AS 28, resulting into
overstatement of fixed assets and overstatement of profit for the year.
However due to non availability of required information, impact of same
could not be quantified (refer note 2.IV).
F. The directors of the Company are disqualified in terms of Clause
(g) of Sub-section (i) of Section 274 of the Companies Act 1956;
G. We further invite specific attention to the following notes
contained in Schedule 19 to be read together with and forming part of
the Balance Sheet and Profit and Loss Account:
i. Note 26, regarding non provision of certain liabilities in the
accounts, due to which profit for the year is overstated and current
liabilities are understated to that extent. However in the absence of
relevant details, impact of the same could not be quantified.
ii., Note 5.I.3, regarding non provision of interest payable on Secured
loans from Gujarat State Finance Corporation, due to which profit for
the year and loans and advances are overstated by that amount. However
in the absence of relevant details, impact of the same could not be
quantified.
iii. Note 5.11.3, regarding the balances stated under unsecured loans
being subject to confirmation and reconciliation. In view of the
non-availability of the relevant information, consequential impact
thereof, on the state of affairs of the company remains to be
ascertained,
iv. Note 14.1, regarding non-provision for doubtful debts out of long
outstanding debtors of Rs 156.37 lacs, in respect of the projects
already completed. However in view of non-availability of complete
information in that respect, we are neither able to express our opinion
on realisability thereof nor able to quantify its impact on the affairs
of the company,
v. Note 13, regarding non provision of doubtful advances and deposits
out of long outstanding advances and depositsofRs 537.71 lacs. However
in view of non-availability of complete information inthat respect, we
are neither able to express our opinion on realisability thereof nor
able to quantify its impact on the affairs of the company,
vi. Note 14.2, regarding non-provision of Rs.6.50 lacs out of Cash
balance looted in the year 1995-96 and not recovered so far, due to
which profit for the year and other non- current assets are overstated
by that amount,
vii. Note 6, regarding various liabilities being subject to
confirmation and reconciliation. However in view of non- availability
of complete information in respect of the liabilities as well as the
same being subject to confirmation, we are not able to quantify its
overall impact on the affairs of the company,
We further draw specific attention to the following:
a) Proceedings under Securitisation and Reconstruction of Financial
Assets and Enforcement of Security Interest Act 2002 being initiated
against the company the its secured creditors, the liability under
which may exceed the amount provided by the company.
b) Various Recovery and other suits filed by secured and unsecured
creditors, pending against the company in various courts, the liability
under which may exceed the amount provided by the company on that
account.
c) Violation of provisions of section 58-A of Companies Act, 1956, in
respect of Public Deposits accepted by the Company,
d) Violation of provision of section 205A(5) of Companies Act, 1956,
regarding non-maintenance of balance of unpaid dividend in separate
Bank account and further by non-transfer of such amount to the account
of Central Government, as stipulated,
e) Violation of section 205 of Companies Act, 1956 regarding
cancellation pf dividend declared for 1997-98,
f) Violation of section 73(3) of Companies Act, 1956 regarding
non-maintenance of balance of unpaid refund in respect of share
application money in separate bank account and further non-transfer of
the same to Investor Education and Protection Fund,
g) Violation of Section 115-0 of Income Tax Act, 1961, regarding
non-payment of Corporate Dividend Tax of Rs.6.61 lacs in the earlier
year which has since been written back,
Subject to the above, in our opinion and to the best of our information
and according to the explanation given to us, the said Balance Sheet,
Profit & Loss Account and Cash Flow Statement read together with
Significant Accounting Policies and notes to the Accounts annexed to
and forming part thereof, give the information required by Companies
Act, 1956, in the manner so required and materially give a true and
fair view:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011 and,
b) In the case of the Profit and Loss Account, of the profit for year
ended on that date.
c) In the case of Cash Flow Statement, of the cash flows of the company
for the year ended on that date.
ANNEXURE TO THE AUDITOR''S REPORT
(REFER TO IN PARAGRAPH (A) OF OUR REPORT OF EVEN DATE)
I In respect of Fixed Assets:.
(a) The company has not maintained proper records showing full
particulars including quantitative details and situation of fixed
assets
(b) The fixed assets have not been physically verified by the
management during the year at reasonable intervals having regard to the
size of the company and nature of its assets.
(c) The company has not disposed off a major part of the plant &
machinery during the year, and the going concern of the company is
therefore not affected.
II In respect of its Inventories:
The company did not hold any inventory during the year covered by this
audit.
III In respect of loans, secured or unsecured, granted or taken by the
company to /from companies, firms and other parties covered in register
required to be maintained under Section 301 of The Companies Act, 1956,
(a) The Company has not taken loan from any party being company, firm
and other persons covered in the register required to be maintained
under Section 301 of The Companies Act, 1956.
(b) The company has taken loan from three such parties being company
firm and other persons covered in the register required to be
maintained under section 301 of the Companies Act 1956. The maximum
balance involved during the year was Rs 424.51 and the year end balance
of such loans was Rs 424.51 lacs. The loans being interest free are in
our opinion prima facie not prejudicial to the interests of the
company.
(c) The Company has granted loan to five parties being company, firm
and other persons covered in the register required to be maintained
under Section 301 of The Companies Act, 1956. The maximum amount
involved during the year was Rs. 220.49 iacs_and the year end balance
of such loans was Rs. 195.49 lacs. The loans being interest free are in
our opinion prima facie prejudicial to the interests of the company.
(d) We are informed that such loans granted by the company, are
repayable on demand. However some of such loans granted are long
outstanding.
IV In our opinion and according to the information and explanations
given to us, the internal control procedures with regard to purchases
of inventory, fixed assets and with regard to the sale of
goods/services are commensurate with the size of the Company and the
nature of its business.
V In respect of transactions covered u/s 301 of The Companies Act,
1956:
(a) According to the information and explanations given to us, register
required to be maintained under Section 301 of the Companies Act, 1956
has not been updated to include the transactions that needed to be
entered therein.
(b) In view of (a) above we are unable to express our opinion regarding
the reasonability of rates of the transactions made in pursuance of
contracts or arrangements required to be entered in the register
maintained under Section 301 of the Companies Act, 1956 and exceeding
the value of Rupee Five Lakhs in respect of any party during the year.
VI According to the information and explanations given to us the
Company has accepted deposits from the Public hence provisions of
Section 58A and 58AA of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules. 1975 with regard to the deposits
accepted from the public are applicable to it. However the company has
contravened the said provisions.
VII The Company does not have an internal audit system.
VIII According to the information and explanation given to us, the
Central Government has not prescribed maintenance of cost records under
Section 209 (I) (d) of the companies Act, 1956.
IX. In respect of statutory dues
(a) As per the information provided to us, the company is not regular
in depositing with appropriate authorities, the undisputed statutory
dues including income tax, sales tax, Service Tax, wealth tax,
provident fund, investor education protection fund, employees state
insurance, custom duty, excise duty, cess and other material statutory
dues, applicable to it
(b) According to the information and explanations given to us, the
undisputed amounts payable in respect of income tax, sales tax, Service
Tax, wealth tax, provident fund, investor education protection fund,
employees state insurance, custom duty, excise duty, cess and other
material statutory dues, applicable to it, were in arrears, as at 31
/03/2012 for a period of more than six months from the date they become
payable are for Rs 12.06 lacs.
(c) According to the information provided to us, the dues of sale tax,
income tax, customs duty, wealth tax, excise duty and cess not
deposited on account of any dispute are as detailed here in below:
Statute Demand Nature of Details of steps Forum
where Date of
filing
Rs. in
lacs Demand initiated by the appeal
is such
appeal
company pending
Income Tax 6.54 U/s
143(3) Appeal with CIT
(A), CIT(A)
VIII, 12/01/2010
(A. Y.
1999-2000) r.w.s.
154 Ahmedabad Ahmedabad
Income Tax 109.54 U/s
143(3) Appeal with ITAT, ITAT, 13/06/2005
(A.Y.
2001-02) r.w.s.
246(1 )(a) Ahmedabad Ahmedabad(1607/A/05)
Income Tax 156.04 U/s
143(3) Appeal with ITAT, ITAT, 12/05/2006
(A.Y.
2002-03) r.w.s.
246(1 )(a) Ahmedabad Ahmedabad(1218/A/06)
Income Tax 22.67 U/s
143(3) Appeal with ITAT ITAT; 09/02/2008
(A.Y.
2003-04) r.w.s 147 Ahmedabad
Income Tax 18.38 U/s 271
(1)C Appeal with
CIT(A) CIT(A)
VIII, 9/11/2009
(A.Y.
2003:04) Ahmedabad Ahmedabad
X The Company has balance of accumulated losses of Rs 2079.08 lacs as
at end of the year and it has earned profit loss ofRs. 36.17 lacs
during the financial year covered by our audit while it had incurred a
loss ofRs 215.43 lacs and cash loss of Rs 233.36 lacs in the immediate
preceding financial year. Accordingly the entire net worth of the
company has been eroded.
XI According to the information given to us, the company has defaulted
in repayment of dues to a financial institutions and banks; hence the
lenders have already initiated various actions against the company as
disclosed in the Notes to accounts forming part of the Audited Balance
Sheet. Further that the company does not have any outstanding towards
the debenture holders.
XII According to the information and explanation 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 of clause 4 (xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company.
XIV According to the Information and explanation given to us, 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 As informed to us, the company has not given any guarantee for loans
taken by others from banks or financial institutions.
XVI We are informed that no fresh term loan has been raised by the
company during the year covered by the audit.
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 long-term funds have been used to finance short-term assets
except that to finance working capital and loss.
XVIII We are informed that during the year, the company has not made
any preferential allotment of shares to any one.
XIX We are informed that the company has not issued any debentures
during the period covered by our audit report.
XX We are informed that the company has not raised any funds by way of
public issues during the period covered by our audit report.
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 that
causes the financial statements to be materially misstated.
For GATTANI & ASSOCIATES,
Chartered Accountants
Place : Ahmedabad. SHARAD GATTANI
Date : 16/08/2012 Partner
Mar 31, 2011
We have audited the attached Balance Sheet of LABH CONSTRUCTION AND
INDUSTRIES LIMITED, Ahmadabad as at 31st March, 2011 and the Profit and
Loss Account attached thereto, for the year ended on that date. These
financial statements, is the responsibility of the Company. Our
responsibility is to express an opinion on these financial statements
based on our audit.
We have 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 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 statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management. Audit also includes evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
A. As required by the Companies Auditors Report Order, 2003 issued by
the Company Law Board, Government of India, in term of sub-section (4A)
of section 227 of the Companies Act, 1956, and on the basis of such
checks of the books and records maintained by the Company as we
considered appropriate as well as information and explanation provided
to us during the course of our audit, we enclose in the Annexure
hereto, a statement on the matters specified in the said order.
We also report that:
B. We have obtained the information and explanation, which to the best
of our knowledge and belief were necessary for the purpose of our
audit.
C. In our opinion, proper books of accounts as required by law have
been kept by the company so far as it appears from our examination of
those books except the Statutory registers required to be maintained as
per the relevant provisions of the Companies Act 1956 and certain items
of income and expenditure not accounted on accrual basis as required by
section 209 of the Companies Act 1956.
D. The Balance Sheet, Profit and Loss Account and Cash Flow statement
referred to in this report are in agreement with the books of account.
E. In our opinion the Balance Sheet, Profit and Loss Account and Cash
Flow statement read along with significant accounting policies and
notes to accounts, as mentioned in Part A and Part B of Schedule 19,
dealt by this report have been prepared in compliance of the Accounting
Standards as referred to in sub-section 3(c) of Section 211 of
Companies Act, 1956, except the following which are disclosed in the
relevant clause of that schedule,
i. Non-compliance to requirements of AS 6 for accounting of
depreciation in respect of:
- Depreciation of Rs. 1.00 lacks on revalued amount of Office Building
charged to revenue, due to which, loss for the year and accumulated
loss overstated by that amount (refer note V.3 of Part B of Schedule 19
to be read together with and forming part of the Balance Sheet and
Profit and Loss Account),
- Depreciation of Rs.1.35 lacs on one Office Building and furniture
therein, not provided in the accounts, due to which, loss for the year
is understated and fixed assets are overstated by that amount (refer
note V.2 of Part B of Schedule 19 to be read together with and forming
part of the Balance Sheet and Profit and Loss Account),
ii. Non- provision for depletion in value of Investments of Rs 168.40
lacs,, in the companies whose net worth has eroded, in terms of
requirement of AS 13. In view of this balance of accumulated losses is
understated and investments are overstated by that amount (refer note
VI.2 of Part B of Schedule 19 to be read together with and forming part
of the Balance Sheet and Profit and Loss Account).
iii. No provision being made for Retirement benefits payable to
employees including Gratuity and leave encashment in terms of
requirement of AS 15 resulting into understatement of loss for the year
and understatement of current liabilities to that extent. In view of
non-availability of the relevant information, quantification of impact
thereof could not be ascertained. (Refer note XII of Part A of Schedule
19 to be read together with and forming part of the Balance Sheet and
Profit and Loss Account).
iv. The company has neither identified nor provided for loss on
impairment of assets as per the requirement of AS 28, resulting into
overstatement of fixed assets and understatement of balance of
accumulated losses. However due to non availability of required
information, impact of same could not be quantified. (Refer note IV of
Part A of Schedule 19 to be read together with and forming part of the
Balance Sheet and Profit and Loss Account).
F. The directors of the Company are disqualified in terms of Clause
(g) of Sub-section (i) of Section 274 of the Companies Act 1956;
G. We further invite specific attention to the following notes
contained in Part B of Schedule 19 to be read together with and forming
part of the Balance Sheet and Profit and Loss Account:
i. Note I, regarding non provision of certain liabilities in the
accounts, due to which loss for the year and current liabilities are
understated to that extent. However in the absence of relevant details,
impact of the same could not be quantified.
ii. Note IX.2 & IX.3, regarding non provision of interest out of
amount paid to Gujarat State Finance Corporation in excess of the
outstanding balance, due to which balance of accumulated losses is
understated and loans and advances are overstated by that amount.
However in the absence of relevant details, impact of the same could
not be quantified.
iii. Note III.3, regarding balances of secured loans being subject to
confirmation. In view of non availability of information in that
respect, the consequential impact thereof, on the state of affairs of
the company remains to be ascertained,
iv. Note IV, regarding the balances of unsecured loans reflected under
current liabilities being subject to confirmation and reconciliation.
In view of the non-availability of the relevant information,
consequential impact thereof, on the state of affairs of the company
remains to be ascertained,
v. Note VIII.1 & 2, regarding non-provision for doubtful debts out of
debtors, especially those in respect of the projects already completed
and/or abandoned. However in view of non-availability of complete
information in that respect, we are neither able to express our opinion
on reliability thereof nor able to quantify its impact on the affairs
of the company,
vi. Note IX, regarding non provision of doubtful advances out of
advances. However in view of non-availability of complete information
in that respect, we are neither able to express our opinion on
reliability thereof nor able to quantify its impact on the affairs of
the company,
vii. Note X regarding various deposits being subject to confirmation
and reconciliation. However in view of non- availability of complete
information in that respect, we are neither able to express our opinion
on reliability thereof nor able to quantify its impact on the affairs
of the company.
viii. Note XI.2, regarding non-provision of Rs.6.50 lacs out of Cash
balance looted in the year 1995-96 and not recovered so far, due to
which balance of accumulates losses is understated while current assets
are overstated by that amount,
ix. Note No XII, regarding various liabilities being subject to
confirmation and reconciliation. However in view of non-availability of
complete information in respect of the liabilities as well as the same
being subject to confirmation, we are not able to quantify its overall
impact on the affairs of the company,
We further draw specific attention to the following:
a) Proceedings under Securitization and Reconstruction of Financial
Assets and Enforcement of Security Interest Act 2002 being initiated
against the company by its secured creditors, the liability under which
may exceed the amount provided by the company .
b) Various Recovery and other suits filed by secured and unsecured
creditors, pending against the company in various courts, the liability
under which may exceed the amount provided by the company on that
account.
c) Violation of provisions of section 58-A of Companies Act, 1956, in
respect of Public Deposits accepted by the Company,
d) Violation of provision of section 205A(5) of Companies Act, 1956,
regarding non-maintenance of balance of unpaid dividend in separate
Bank account and further by non-transfer of such amount to the account
of Central Government, as stipulated,
e) Violation of section 205 of Companies Act, 1956 regarding
cancellation of dividend declared for 1997-98,
f) Violation of section 73(3) of Companies Act, 1956 regarding
non-maintenance of balance of unpaid refund in respect of share
application money in separate bank account and further non-transfer of
the same to Investor Education and Protection Fund,
g) Violation of Section 115-O of Income Tax Act, 1961, regarding
non-payment of Corporate Dividend Tax of Rs.6.61 lacs in the earlier
year which has since been written back, Subject to the above,
in our opinion and to the best of our information and according to the
explanation given to us, the said Balance Sheet, Profit & Loss Account
and Cash Flow Statement read together with Significant Accounting
Policies and notes to the Accounts annexed to and forming part thereof,
give the information required by Companies Act, 1956, in the manner so
required and materially give a true and fair view:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011 and,
b) In the case of the Profit and Loss Account, of the loss for year
ended on that date.
c) In the case of Cash Flow Statement, of the cash flows of the company
for the year ended on that date.
I In respect of Fixed Assets: .
(a) The company has not maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets have not been physically verified by the
management during the year at reasonable intervals having regard to the
size of the company and nature of its assets.
(c) The company has not disposed off a major part of the plant &
machinery during the year, and the going concern of the company is
therefore not affected.
II In respect of its Inventories :
The company did not have any inventory during the year
III In respect of loans, secured or unsecured, granted or taken by the
company to /from companies, firms and other parties covered in register
required to be maintained under Section 301 of The Companies Act, 1956,
(a) The Company has not taken loan from any party being company, firm
and other persons covered in the register required to be maintained
under Section 301 of The Companies Act, 1956.
(b) The Company has granted loan to nine parties being company, firm
and other persons covered in the register required to be maintained
under Section 301 of The Companies Act, 1956. The maximum amount
involved during the year was Rs. 164.91 lacks and the year end balance
of such loans was Rs. 108.24 lacs. The loans being interest free are in
our opinion prima facie prejudicial to the interests of the company.
(c) We are informed that such loans granted by the company, are
repayable on demand. However some of such loans granted are long
outstanding.
IV AS per the information provided to us, the company has not
undertaken any purchase of goods or fixed assets hence we cannot
comment on the adequacy of internal control procedures with regard to
purchases of such items.
V In respect of transactions covered u/s 301 of The Companies Act,
1956:
(a) According to the information and explanations given to us, register
required to be maintained under Section 301 of the Companies Act, 1956
has not been updated to include the transactions that needed to be
entered therein.
(b) In view of (a) above we are unable to express our opinion regarding
the reasonability of rates of the transactions made in pursuance of
contracts or arrangements required to be entered in the register
maintained under Section 301 of the Companies Act, 1956 and exceeding
the value of Rupee Five Lakhs in respect of any party during the year.
VI According to the information and explanations given to us the
Company has accepted deposits from the Public hence provisions of
Section 58A and 58AA of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules. 1975 with regard to the deposits
accepted from the public are applicable to it. However the company has
contravened the said provisions.
VII The Company does not have an internal audit system.
VIII According to the information and explanation given to us, the
Central Government has not prescribed maintenance of cost records under
Section 209 (I) (d) of the companies Act, 1956.
IX In respect of statutory dues
(a) As per the information provided to us, the company is not regular
in depositing with appropriate authorities, the undisputed statutory
dues including income tax, sales tax, Service Tax, wealth tax,
provident fund, investor education protection fund, employees state
insurance, custom duty, excise duty, cess and other material statutory
dues, applicable to it.
(b) According to the information and explanations given to us, the
undisputed amounts payable in respect of income tax, sales tax, Service
Tax, wealth tax, provident fund, investor education protection fund,
employees state insurance, custom duty, excise duty, cess and other
material statutory dues, applicable to it as per the records of the
company, were in arrears, as at 31/03/2011 for a period of more than
six months from the date they become payable are for Rs 36.89 lacs.
(c) According to the information provided to us, the dues of sale tax,
income tax, customs duty, wealth tax, excise duty and cess not
deposited on account of any dispute are as detailed here in below:
Statute Demand Nature of
Rs. in lacs Demand
Income Tax 55.72 U/s 143(3)
(A.Y. 1999-2000) r.w.s. 154
Income Tax 174.62 U/s 143(3)
(A.Y. 2001-02) r.w.s. 246(1)(a)
Income Tax 195.03 U/s 143(3)
(A.Y. 2002-03) r.w.s. 246(1)(a)
Income Tax 22.67 U/s 143(3)
(A.Y. 2003-04) r.w.s 147
Income Tax 18.38 U/s 271(1)C
(A.Y. 2003-04)
Income Tax 139.26 u/s 143(3)
(A.Y. 2006-07) r.w.s 147
Income Tax 43.91 u/s 143(3)
(A.Y. 2008-09)
Statute Details of steps Forum where Date of filing
initiated by the appeal is such appeal
company pending
Income Tax Appeal with CIT (A), CIT(A)VI 11, 12/01/2010
(A.Y.1999-2000) Ahmedabad Ahmedabad
Income Tax Appeal with ITAT, TTAX 13/06/2005
(A.Y.2001-2002) Ahmedabad Ahmedabad (1607/A/05)
Income Tax Appeal with ITAT, ItaT 12/05/2006
(A.Y.2002-2003) Ahmedabad Ahmedabad (1218/A/06)
Income Tax Appeal with ITAT ItaT 09/02/2008
(A.Y.2003-2004) Ahmedabad
Income Tax Appeal with CIT(A) CIT(A)VI 11, 9/11/2009
(A.Y.2003-2004) Ahmedabad Ahmedabad
Income Tax Appeal with CIT(A) CIT(A)VI 11, 25/01/2011
(A.Y.2006-2007) Ahmedabad Ahmedabad
Income Tax Appeal with CIT(A) CIT(A)VI 11,
(A.Y.2008-2009) Ahmedabad Ahmedabad 25/01/2011
X The Company has balance of accumulated losses of Rs 2115.25 lacs as
at end of the year and it has incurred loss of Rs. 215.43 lacs and cash
loss of Rs. 212.32 lacs during the financial year covered by our audit
while it had incurred a loss of Rs 78.82 lacs and cash loss of Rs 65.89
Lacs in the immediate preceding financial year. Accordingly the entire
net worth of the company has been eroded.
XI According to the information given to us, the company has defaulted
in repayment of dues to a financial institutions and banks; hence the
lenders have already initiated various actions against the company as
disclosed in the Notes to accounts forming part of the Audited Balance
Sheet. Further that the company does not have any outstanding towards
the debenture holders.
XII According to the information and explanation 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 of clause 4 (xiii) of
the Companies (Auditor's Report) Order, 2003 are not applicable to
the Company.
XIV According to the Information and explanation given to us, 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 As informed to us, the company has not given any guarantee for loans
taken by others from banks or financial institutions.
XVI We are informed that no fresh term loan has been raised by the
company during the year covered by the audit.
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 long-term funds have been used to finance short-term assets
except that to finance working capital and loss.
XVIII We are informed that during the year, the company has not made
any preferential allotment of shares to any one.
XIX We are informed that the company has not issued any debentures
during the period covered by our audit report.
XX We are informed that the company has not raised any funds by way of
public issues during the period covered by our audit report.
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 that
causes the financial statements to be materially misstated.
For GATTANI & ASSOCIATES,
Chartered Accountants
Place : Ahmedabad. SHARAD GATTANI
Date : 25/08/2011 Partner
Mar 31, 2010
We have audited the attached Balance Sheet of LABH CONSTRUCTION AND
INDUSTRIES LIMITED, Ahmedabad as at 31st March, 2010 and the Profit and
Loss Account attached thereto, for the year ended on that date. These
financial statements, is the responsibility of the Company. Our
responsibility is to express an opinion on these financial statements
based on our audit.
We have 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 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 statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management. Audit also includes evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
A. As required by the Companies Auditors Report Order, 2003 issued by
the Company Law Board, Government of India, in term of sub-section (4A)
of section 227 of the Companies Act, 1956, and on the basis of such
checks of the books and records maintained by the Company as we
considered appropriate as well as information and explanation provided
to us during the course of our audit, we enclose in the Annexure
hereto, a statement on the matters specified in the said order.
We also report that:
B. We have obtained the information and explanation, which to the best
of our knowledge and belief were necessary for the purpose of our
audit.
C. In our opinion, proper books of accounts as required by law have
been kept by the company so far as it appears from our examination of
those books except the Statutory registers required to be maintained as
per the relevant provisions of the Companies Act 1956 and certain items
of income and expenditure not accounted on accrual basis as required by
section 209 of the Companies Act 1956.
D. The Balance Sheet, Profit and Loss Account and Cash Flow statement
referred to in this report are in agreement with the books of account.
E. In our opinion the Balance Sheet, Profit and Loss Account and Cash
Flow statement read along with significant accounting policies and
notes to accounts, as mentioned in Part A and Part B of Schedule 19,
dealt by this report have been prepared in compliance of the Accounting
Standards as referred to in sub-section 3(c) of Section 211 of
Companies Act, 1956, except the following which are disclosed in the
relevant clause of that schedule,
i. Non-compliance to requirements of AS 6 for accounting of
depreciation in respect of:
- Depreciation of Rs.1.05 lacs on revalued amount of Office Building
charged to revenue, due to which, loss for the year and accumulated
loss overstated by that amount (refer note V.3 of Part B),
- Depreciation of Rs.1.62 lacs on one Office Building and furniture
therein, not provided in the accounts, due to which, loss for the year
is understated and fixed assets are overstated by that amount (refer
note V.2 of Part B),
iii. Non- provision for contingencies in ascertainment of contractual
cost and revenue, in terms of requirement of AS 7. In view of
non-availability of the relevant information in respect of the same,
quantification of impact thereof on the accounts of the company could
not be ascertained. (refer note VIII. 1-3 of Part B),
iv. Non- provision for depletion in value of Investments of Rs 168.40
lacs,, in the companies whose net worth has eroded, in terms of
requirement of AS 13. In view of this balance of accumulated losses is
understated and investments are overstated by that amount (refer note
VI.2 of Part B).
v. No provision being made for Retirement benefits payable to
employees including Gratuity and leave encashment in terms of
requirement of AS 15 resulting into understatement of loss for the year
and understatement of current liabilities to that extent. In view of
non-availability of the relevant information, quantification of impact
thereof could not be ascertained. (refer note XII of Part A).
vi. The company has neither identified nor provided for loss on
impairment of assets as per the requirement of AS 28, resulting into
overstatement of fixed assets and understatement of balance of
accumulated losses. However due to non availability of required
information, impact of same could not be quantified.
F. The directors of the Company are disqualified in terms of Clause
(g) of Sub-section (i) of Section 274 of the Companies Act 1956;
G. We further invite specific attention to the following notes
contained in Part B of Schedule 19 to be read together with and forming
part of the Balance Sheet and Profit and Loss Account:
i. Note I, regarding non provision of certain liabilities in the
accounts, due to which loss for the year and current liabilities are
understated to that extent. However in the absence of relevant details,
impact of the same could not be quantified.
ii. Note IX.3, regarding non provision of interest out of amount paid
to Gujarat State Finance Corporation in excess of the outstanding
balance, due to which balance of accumulated losses is understated and
loans and advances are overstated by that amount. However in the
absence of relevant details, impact of the same could not be
quantified.
iii. Note III.3, regarding balances of secured loans being subject to
confirmation. In view of non availability of information in that
respect, the consequential impact thereof, on the state of affairs of
the company remains to be ascertained,
iv. Note IV.2, regarding the balances stated under unsecured loans
being subject to confirmation and reconciliation. In view of the
non-availability of the relevant information, consequential impact
thereof, on the state of affairs of the company remains to be
ascertained,
v. Note VIII, regarding non-provision for doubtful debts out of
debtors, especially those in respect of the projects already completed
and those in respect of the erstwhile manufacturing division of the
company. However in view of non-availability of complete information
in that respect, we are neither able to express our opinion on
realisability thereof nor able to quantify its impact on the affairs of
the company,
vi. Note IX, regarding non provision of doubtful advances out of
advances. However in view of non-availability of complete information
in that respect, we are neither able to express our opinion on
realisability thereof nor able to quantify its impact on the affairs of
the company,
vii. Note X regarding various deposits being subject to confirmation
and reconciliation. However in view of non- availability of complete
information in that respect, we are neither able to express our opinion
on realisability thereof nor able to quantify its impact on the affairs
of the company.
viii. Note XI.2, regarding non-provision of Rs.6.50 lacs out of Cash
balance looted in the year 1995-96 and not recovered so far, due to
which balance of accumulates losses is understated while current assets
are overstated by that amount,
ix. Note No XII, regarding various liabilities being subject to
confirmation and reconciliation. However in view of non-availability of
complete information in respect of the liabilities as well as the same
being subject to confirmation, we are not able to quantify its overall
impact on the affairs of the company,
We further draw specific attention to the following:
a) Petition for winding up of the company, being filed in Hon'ble
Gujarat High Court, by secured creditors (refer note II of Part B). In
view of the same we are of the opinion that the going concern in
respect of the company may be adversely affected.
b) Proceedings under Securitisation and Reconstruction of Financial
Assets and Enforcement of Security Interest Act 2002 being initiated
against the company by its secured creditors, the liability under which
may exceed the amount provided by the company .
c) Various Recovery and other suits filed by secured and unsecured
creditors, pending against the company in various courts, the liability
under which may exceed the amount provided by the company on that
account.
d) Violation of provisions of section 58-A of Companies Act, 1956, in
respect of Public Deposits accepted by the Company,
e) Violation of provision of section 205A(5) of Companies Act, 1956,
regarding non-maintenance of balance of unpaid dividend in separate
Bank account and further by non-transfer of such amount to the account
of Central Government, as stipulated,
f) Violation of section 205 of Companies Act, 1956 regarding
cancellation of dividend declared for 1997-98,
g) Violation of section 73(3) of Companies Act, 1956 regarding
non-maintenance of balance of unpaid refund in respect of share
application money in separate bank account and further non-transfer of
the same to Investor Education and Protection Fund,
h) Violation of Section 115-O of Income Tax Act, 1961, regarding
non-payment of Corporate Dividend Tax of Rs.6.61 lacs in the earlier
year which has since been written back,
Reliance has been placed by us, on technical estimates prepared by the
management in respect of:
- land cost allocable to the project and part thereof,
- total estimated cost of construction contracts and development
assignments,
- percentage completion of various construction contracts and
development assignments,
Subject to the above,
in our opinion and to the best of our information and according to the
explanation given to us, the said Balance Sheet, Profit & Loss Account
and Cash Flow Statement read together with Significant Accounting
Policies and notes to the Accounts annexed to and forming part thereof,
give the information required by Companies Act, 1956, in the manner so
required and materially give a true and fair view:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010 and,
b) In the case of the Profit and Loss Account, of the loss for year
ended on that date.
c) In the case of Cash Flow Statement, of the cash flows of the company
for the year ended on that date.
I In respect of Fixed Assets: .
(a) The company has not maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets have not been physically verified by the
management during the year at reasonable intervals having regard to the
size of the company and nature of its assets.
(c) The company has not disposed off a major part of the plant &
machinery during the year, and the going concern of the company is
therefore not affected.
II In respect of its Inventories :
(a) The inventory has not been physically verified by the management at
regular intervals during the year.
(b) In view of the above, procedure of physical verification of
inventories followed by the management is inadequate.
(c) We are informed that the company is maintaining records of only
major items of inventory. We are further informed that the discrepancy
in respect of these items, on physical verification of inventory as
compared to book records has been dealt with in the accounts.
III In respect of loans, secured or unsecured, granted or taken by the
company to /from companies, firms and other parties covered in register
required to be maintained under Section 301 of The Companies Act, 1956,
(a) The Company has not taken loan from any party being company, firm
and other persons covered in the register required to be maintained
under Section 301 of The Companies Act, 1956.
(b) The Company has granted loan to thirteen parties being company,
firm and other persons covered in the register required to be
maintained under Section 301 of The Companies Act, 1956. The maximum
amount involved during the year was Rs. 212.04 lacs and the year end
balance of such loans was Rs. 143.82 lacs. The loans being interest
free are in our opinion prima facie prejudicial to the interests of the
company.
(c) We are informed that such loans granted by the company, are
repayable on demand. However some of such loans granted are long
outstanding.
IV In our opinion and according to the information and explanations
given to us, the internal control procedures with regard to purchases
of inventory, fixed assets and with regard to the sale of goods need to
be substantially strengthened to be commensurate with the size of the
Company and the nature of its business.
V In respect of transactions covered u/s 301 of The Companies Act,
1956:
(a) According to the information and explanations given to us, register
required to be maintained under Section 301 of the Companies Act, 1956
has not been updated to include the transactions that needed to be
entered therein.
(b) In view of (a) above we are unable to express our opinion regarding
the reasonability of rates of the transactions made in pursuance of
contracts or arrangements required to be entered in the register
maintained under Section 301 of the Companies Act, 1956 and exceeding
the value of Rupee Five Lakhs in respect of any party during the year.
VI According to the information and explanations given to us the
Company has accepted deposits from the Public hence provisions of
Section 58A and 58AA of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules. 1975 with regard to the deposits
accepted from the public are applicable to it. However the company has
contravened the said provisions.
VII The company does not have an internal audit system.
VIII According to the information and explanation given to us, the
Central Government has not prescribed maintenance of cost records under
Section 209 (I) (d) of the companies Act, 1956.
IX. In respect of statutory dues
(a) As per the information provided to us, the company is not regular
in depositing with appropriate authorities, the undisputed statutory
dues including income tax, sales tax, Service Tax, wealth tax,
provident fund, investor education protection fund, employees state
insurance, custom duty, excise duty, cess and other material statutory
dues, applicable to it.
(b) According to the information and explanations given to us, the
undisputed amounts payable in respect of income tax, sales tax, Service
Tax, wealth tax, provident fund, investor education protection fund,
employees state insurance, custom duty, excise duty, cess and other
material statutory dues, applicable to it, were in arrears, as at
31/03/2010 for a period of more than six months from the date they
become payable are for Rs 14.07 lacs.
(c) According to the information provided to us, the dues of sale tax,
income tax, customs duty, wealth tax, excise duty and cess not
deposited on account of any dispute are as detailed here in below:
Statute Demand Nature of
Rs. in lacs Demand
Income Tax 6.54 U/s 143(3)
(A.Y. 1999-2000) r.w.s. 154
Income Tax 109.54 U/s 143(3)
(A.Y. 2001-02) r.w.s. 246(1)(a)
Income Tax 156.04 U/s 143(3)
(A.Y. 2002-03) r.w.s. 246(1)(a)
Income Tax 22.67 U/s 143(3)
(A.Y. 2003-04) r.w.s 147
Income Tax 18.38 U/s 271(1)C
(A.Y. 2003-04)
Statute Details of steps Forum where Date of filing
initiated by the appeal is such appeal
company pending
Income Tax Appeal with CIT (A), CIT(A)VIII, 12/01/2010
(A.Y.1999-2000) Ahmedabad Ahmedabad
Income Tax Appeal with ITAT, ITAT, 13/06/2005
(A.Y.2001-02) Ahmedabad Ahmedabad (1607/A/05)
Income Tax Appeal with ITAT, ITAT, 12/05/2006
(A.Y.2002-03) Ahmedabad Ahmedabad (1218/A/06)
Income Tax Appeal with ITAT ITAT, 09/02/2008
(A.Y.2003-04) Ahmedabad
Income Tax Appeal with CIT(A) CIT(A)VI 11, 9/11/2009
(A.Y.2003-04) Ahmedabad Ahmedabad
X The Company has balance of accumulated losses of Rs 1899.82 lacs as
at end of the year and it has incurred loss of Rs. 82.83 lacs and cash
loss of Rs. 68.64 lacs during the financial year covered by our audit
while it had incurred a loss of Rs 35.50 lacs and cash loss of Rs 19.14
Lacs in the immediate preceding financial year. Accordingly the entire
net worth of the company has been eroded.
XI According to the information given to us, the company has defaulted
in repayment of dues to a financial institutions and banks; hence the
lenders have already initiated various actions against the company as
disclosed in the Notes to accounts forming part of the Audited Balance
Sheet. Further that the company does not have any outstanding towards
the debenture holders.
XII According to the information and explanation 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 of clause 4 (xiii) of
the Companies (Auditor's Report) Order, 2003 are not applicable to the
Company.
XIV According to the Information and explanation given to us, 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 As informed to us, the company has not given any guarantee for loans
taken by others from banks or financial institutions.
XVI We are informed that no fresh term loan has been raised by the
company during the year covered by the audit.
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 long-term funds have been used to finance short-term assets
except that to finance working capital and loss.
XVIII We are informed that during the year, the company has not made
any preferential allotment of shares to any one.
XIX We are informed that the company has not issued any debentures
during the period covered by our audit report.
XX We are informed that the company has not raised any funds by way of
public issues during the period covered by our audit report.
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 that
causes the financial statements to be materially misstated.
For GATTANI & ASSOCIATES,
Chartered Accountants
Place : Ahmedabad. SHARAD GATTANI
Date : 02/09/2010 Partner
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మరింత సమాచారం Labh Construction & Industries Ltd.
-
Labh Construction & Industries Ltd. కంపెనీ వివరాలు
- కంపెనీ ప్రొఫైల్
- నిర్వహణ బృందం
- క్యాపిటల్ స్ట్రక్చర్
- బ్యాంకర్/ఆడిటర్/రిజిస్ట్రార్
-
Labh Construction & Industries Ltd. ముఖ్య ఆర్థిక నిష్పత్తులు
- నిష్పత్తులు
-
Labh Construction & Industries Ltd. ఫలితాలు
- క్వార్టర్లీ ఫలితాలు
- హాఫ్ ఇయర్లీ ఫలితాలు
- 9నెలల ఫలితాలు
- వార్షిక ఫలితాలు
-
Labh Construction & Industries Ltd. ఆర్థిక డేటా
- ఆడిట్ ఫలితాలు
- క్యాష్ ఫ్లో
- బ్యాలెన్స్ షీట్
-
Labh Construction & Industries Ltd. నివేదికలు
- అకౌంటింగ్ విధానాలు
- ఆడిటర్స్ నివేదిక
- డైరక్టర్స్ నివేదిక
- ఖాతాకు గమనికలు
-
Labh Construction & Industries Ltd. కార్పొరేట్ ప్రకటనలు
- బుక్ క్లోజర్
- బోర్డు సమావేశాలు
-
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ఇరాన్ యుద్ధంతో స్టాక్ మార్కెట్లో భయాందోళన..728 పాయింట్లు పడిపోయిన గిఫ్ట్ నిఫ్టీ.. భారీగా పెరిగిన ఇండియా VIX.. -
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Iran Israel war: ఇరాన్-ఇజ్రాయెల్ యుద్ధం! భారత ఆర్థిక వ్యవస్థకు, స్టాక్ మార్కెట్లకు ముప్పు తప్పదా? -
Buy or Sell: ఇరాన్-ఇజ్రాయెల్ యుద్ధం: మార్కెట్ పడినా లాభాలు ఇచ్చే 3 కీలక స్టాక్స్ ఇవే! -
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