RAMSONS PROJECTS LIMITED
ANNUAL REPORT 2011-2012
AUDITORS` REPORT
TO
THE MEMBER OF
RAMSONS PROJECTS LIMITED
We have audited the attached Balance Sheet of RAMSONS PROJECTS LIMITED
having its Registered Office at 21-A, Janpath, New Delhi- 110001 with
Corporate Identity Number L74899DL1994PLC063708 as at 31st March 2012, and
also the Profit and Loss Account and Cash Flow Statement of the Company for
the year ended on that date annexed thereto. These financial statements are
the responsibility of the Company`s management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with Auditing Standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on 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 management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
1. As required by the Companies (Auditor`s Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of section 227
of the Companies Act, 1956, we enclose in the Annexure-1 a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
2. As required by the "Non-Banking Financial Companies Auditor`s Report
(Reserve Bank) Directions, 2008", we have submitted a report to the Board
of Directors of the Company containing a statement on the matters specified
in those directions.
3. Further to our comments in the Annexure - 1, referred to above, we
report that:
(i) We have obtained all the information and explanations, which to the
best of ourknowledge and belief were necessary for the purposes of our
audit;
(ii) In our opinion, proper books of accounts, as required by law have been
kept by the Company, so far as appears from our examination of those books;
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow dealt with
by this report are in agreement with the books of accounts;
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow dealt with by this report comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Companies Act,
(v) On the basis of written representations received from the Directors as
on 31st March 2012 and taken on record by the Board of Directors and in
accordance with the information and explanation as made available, the
Directors of the company do not, prime facie, have any disqualification as
on 31st March 2012 as referred to in clause (g) of the subsection (1) of
section 274 of the Act.
(vi) In our opinion and to the best of our information and according to the
explanations given to us, the Balance Sheet and Profit & Loss Account give
the information required by the Companies Act, 1956, in the manner so
required and give a true and fair view in conformity with the accounting
principles generally accepted in India:
(a) in the case of the Balance Sheet, of the State of Affairs of the
Company as at 31st March, 2012,
(b) in the case of the Profit & Loss Account, of the Profit for the year
ended on that date; and
(c) in the case of the Cash Flow Statement, of the Cash Flows for the year
ended on that date.
Sandeep Kumar & Associates
Chartered Accountants
Firm Regn. No. 004838N
(CA Raj Kumar)
Partner
Mem. No. 501863
Place: Gurgaon
Date : 29-05-2012
Annexure-1,
Annexure to Auditor`s Report of RAMSONS PROJECTS LIMITED
(Referred to in Paragraph 3 of our report of even date)
i) Fixed Assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets
b) As explained to us, the fixed assets have been physically verified by
the management during the year, which in our opinion is reasonable, having
regard to the size of the Company and nature of its assets. No material
discrepancies were notice on such physical verification
c) In our opinion and according to the information and explanations given
to us, a substantial part of the fixed assets has not been disposed off by
the Company during the year and hence, the going concern status of the
Company is not affected.
ii) Inventory:
Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the provisions of
clause 4(ii) of the order are not applicable to the Company.
iii) According to information and explanation given to us, the Company has
taken unsecured loan from companies, firms and other parties covered in the
register maintained u/s 301 of the Companies Act, 1956 and terms and
conditions of the loans taken are not prejudicial to the interest of the
Company. The Company has not granted any loan, secured or unsecured, to
companies, firms and other parties covered in the register maintained u/s
301 of the Companies Act, 1956.
iv) In our opinion and according to the information and explanation give to
us, there are adequate internal control procedures, commensurate with the
size of the Company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods and services. During
the course of audit no major weaknesses have been noticed in the internal
control system.
v) In respect of transactions covered under section 301 of the Companies
Act 1956, in our opinion and according to the information and explanations
given to us, the particulars of the contracts/arrangements referred to in
section 301 of the Companies Act, 1956, have been entered in the register
required to be maintained under that section.
vi) The Company has not accepted any deposits from the public.
vii) The Company does not have a formal internal audit system. However,
according to information and explanation given to us, operating control
system are commensurate with the size and nature of its business.
viii) As explained to us, the Central Government has not prescribed the
maintenance of cost records by the Company under section 209 (1) (d) of the
Companies Act, 1956. Therefore, the provisions of clause 4(viii) of the
order are not applicable to the Company.
ix) a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Investors Education and Protection Fund,
Employee`s State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty, Cess and other Statutory Dues, to the extent
applicable in the case of the Company, have been regularly deposited with
the appropriate authorities. According to the information and explanations
given to us, no undisputed amounts payable in respect of the aforesaid dues
were outstanding as at 31st March 2012, for a period of more than six
months from the date of becoming payable
b) According to the information and explanations give to us, there are no
dues outstanding of sales tax, income tax, custom duty, wealth tax, service
tax, excise duty and cess which have not been deposited on account of any
dispute.
x) The Company has no accumulated losses at the end of financial year and
it has not incurred any cash loss in the financial year ended on that date
and during the immediately preceding financial year.
xi) Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
defaulted in repayment of the dues to banks. There are no dues to financial
institutions and debenture holders.
xii) According to the information and explanation given to us and based on
the documents and records produced 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.
xiii) In our opinion, the Company is not a chit fund or a nidhi /mutual
benefit funds/society. Therefore, the provisions of clause 4(xiii) of the
Order are not applicable to the Company.
xiv) In respect of dealing/trading in shares, securities, debentures and
other investments, in our opinion and according to the information and
explanations given to us, proper records have been maintained of the
transactions and contracts and timely entries have been made therein. The
shares securities, debentures and other investments have been held by the
Company in its own name except 5900 shares of Millenium Bear Industries
Ltd., which are held under blank transfer.
xv) According to information and explanation given to us, the Company has
not given any guarantee for loans taken by others from bank or financial
institution.
xvi) The Company has neither raised any term loan during the year nor was
any amount outstanding on this account, as at the beginning of the year.
Therefore, the provisions of clause 4(xvi) of the order are not applicable
to the company.
xvii) According to the information and explanations given to us and on the
overall examination of the Balance Sheet of the Company, we report that the
funds raised on short - term basis have not been used for long - term
investments and vice versa.
xviii) During the year, the Company has not made any preferential allotment
of shares to parties and companies covered in the Register maintained under
section 301 of the Companies Act, 1956.
xix) The Company has not issued any debentures during the year/earlier
years. Therefore, provisions of clause 4(xix) of the order are not
applicable to the Company.
xx) The Company has not raised any money by way of public issue during the
year.
xxi) Based upon the audit procedures and according to information and
explanations given to us, no fraud on or by the Company has been noticed or
reported during the year.
Sandeep Kumar & Associates
Chartered Accountants
Firm Regn. No. 004838N
(CA Raj Kumar)
Partner
Mem. No. 501863
Place: Gurgaon
Date : 29-05-2012 |