મેટ્રિક્સ
 
 
Moneycontrol.com ભારત | ઓડિટર રિપોર્ટ > Construction & Contracting - Civil > ઓડિટર રિપોર્ટ થી લાભ કંસ્ટ્રક્શન - બીએસઈ: 530339, ઍનઍસઈ : LABHCONST

લાભ કંસ્ટ્રક્શન

બીએસઈ: 530339  |  ઍનઍસઈ : LABHCONST  |  ISIN: INE962A01013  |  Construction & Contracting - Civil

શોધો લાભ કંસ્ટ્રક્શન કનેક્શન � Mar 13
ઓડિટર રિપોર્ટ વર્ષાન્ત : Mar '14
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
સ્તોત્ર: રેલીગેર ટેકનોવા


ન્યૂઝ ફ્લૅશ

  • સન ફાર્મા અમેરિકામાં Imatinib Mesylate લોન્ચ
  • કારોબાર : શૅર્સ સંબધિત પ્રશ્નો પૂછવા માટે BH (SPACE) STOCK સાથે તમારું નામ અને ફોન નંબર લખીને મેસેજ કરો 51818 પર
  • કારોબાર : BH (SPACE) આપના સ્ટોકની વિગત, સાથે જ આપનું નામ લખી 51818 પર મેસેજ કરો અને અમારા ટોલ ફ્રી નંબર 1800-4190-709 પર કાૅલ કરો અને જવાબ મેળવો અમારા ખાસ શાૅ બજાર હેલ્પલાઇનમાં સોમવારથી શુક્રવાર સવારે 11.30 કલાકે
  • કારોબાર : પર્સનલ ફાઇનાન્સને લગતા તમારા કોઈ પ્રશ્ન હોય તો તમે અમને money@network18online.com પર મોકલી શકો છો. તમારા સવાલના જવાબ મની મૅનેજરમાં આપવામાં આવશે
  • કારોબાર : ચીનના આર્થિક આંકડાઓ જાન્યુઆરી Caixin ફાઈનલ મેન્યુફેક્ચરીંગ PMI 48.2 થી વધી 48.4 (MoM)
  • કારોબાર : US FDAની મંજૂરી મળી ઓરોબિન્દો ફાર્માને ડાયાબિટિશની દવા Saxagliptin માટે મંજૂરી મળી
  • કારોબાર : US FDAની મંજૂરી મળી ડો.રેડ્ડીઝને બેક્ટેરિયલ ઈન્ફેક્શનની દવા ડોક્સીસાયક્લીન માટે મંજૂરી મળી
  • કારોબાર : US FDAની મંજૂરી મળી માઈગ્રેનની દવા Sumatriptan માટે ડો.રેડ્ડીઝને મંજૂરી મળી
  • કારોબાર : જાપાનના આર્થિક આંકડાઓ જાન્યુઆરીમાં મેન્યુફેક્ચરીંગ PMI 52.6 થી ઘટી 52.3 (MoM)
  • કારોબાર : વકરાંગીએ ટાટા AIG જનરલ ઈન્શ્યોરન્સ કંપની સાથે કરાર કર્યા