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Ajwa Fun World & Resort Ltd.

BSE: 526628 Sector: Services
NSE: N.A. ISIN Code: INE863E01015
BSE LIVE 10:17 | 08 Nov 26.20 1.15
(4.59%)
OPEN

26.20

HIGH

26.20

LOW

26.20

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 26.20
PREVIOUS CLOSE 25.05
VOLUME 300
52-Week high 26.20
52-Week low 14.25
P/E
Mkt Cap.(Rs cr) 16.74
Buy Price 0.00
Buy Qty 0.00
Sell Price 26.00
Sell Qty 100.00
OPEN 26.20
CLOSE 25.05
VOLUME 300
52-Week high 26.20
52-Week low 14.25
P/E
Mkt Cap.(Rs cr) 16.74
Buy Price 0.00
Buy Qty 0.00
Sell Price 26.00
Sell Qty 100.00

Ajwa Fun World & Resort Ltd. (AJWAFUNWORLD) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR

To

The Members of

AJWA FUN WORLD & RESORT LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of AJWA FUN WORLD & RESORTLIMITED which comprise the Balance Sheet as at 31 March 2014 the statement of Profitand Loss and the Cash Flow Statement for the year then ended and a summary of significantaccounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accounting Standards referred to in sub-section (3C) ofsection 211 of the Companies Act 1956. read with the General Circular 15/3013 dated 13thSeptember 2013 of the MCA in respect of section 133 of the Companies Act 2013 and inaccordance with the accounting principles generally accepted in India. This responsibilityincludes the design implementation and maintenance of internal control relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the Company’s preparation and fairpresentation of the financial statements In order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to US the financial statements give the information required by the Act inthe manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

i. in the case of the balance sheet of the state of affairs of the Company as at 31March 2014;

ii. in the case of the statement of profit and loss of the profit for the year endedon that date; and

iii. in the case of the cash flow statement of the cash flows for the year ended onthat date.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2003 ("theOrder") as amended issued by the Central Government of India in terms ofsub-section (4A) of section 227 of the Act we give in the Annexure a statement on thematters 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 ourknowledge 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 theCompany so far as appears from our examination of the books of the company.

c. the Balance Sheet statement of Profit and Loss and Cash Flow statement dealt withby this report are in agreement with the books of account.

d. in our opinion the Balance Sheet statement of Profit and Loss and Cash Flowstatement comply with the Accounting Standards referred to in sub-section (3C) of Section211 of the Companies Act 1956; and read with the General Circular 15/3013 dated 13thSeptember 2013 of the MCA in respect of section 133 of the Companies Act 2013.

e. on the basis of written representations received from the directors as on 31 March2014 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31 March 2014 from being appointed as a director in terms of clause (g) ofsub-section (1) of Section 274 of the Companies Act 1956.

For PORWAL & PORWAL
CHARTERED ACCOUNTANTS
FRN : 118727W
N.N. PORWAL
Place: Mumbai PARTNER
Date: 25-08-2014 M.No.049610

Annexure to the Auditors’ Report

The Annexure referred to in our report to the members of AJWA FUN WORLD & RESORTLIMITED for the year ended 31 March 2014. We report that:

As required by the Companies (Auditors’ Report) Order 2003 issued by the CentralGovernment of India in terms of sub-section 4A of section 227 of The Companies Act 1956and on the basis of such checks as we considered appropriate we further report that:

(i) (a) In respect of fixed assets the Company has maintained proper records showingfull particulars including quantitative details and situation of fixed assets.

(b) As explained to us the fixed assets have been physically verified by themanagement during the year. We have been informed that no serious discrepancies werenoticed on such verification.

(c) In our opinion the company has not disposed of substantial part of the fixedassets during the year.

(ii) (a) In our opinion the stocks of the stores eatables & beverages spare partsetc. have been physically verified by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of stocks followed by the management are reasonableand adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us thediscrepancies noticed on verification which were not material have been properly dealtwithin the books of account.

(iii) (a) The Company has taken interest free unsecured loan from the parties coveredin register maintained u/s. 301 of the Companies Act 1956 and the year end balance wasRs. 33271584/-. The Company has granted interest free unsecured loan to two partiescovered in register maintained u/s. 301 of the Companies Act 1956 and the year endbalance was Rs. 5449636/-.

(b) In our opinion the rate of interest and other terms and conditions on which loanshave been taken / granted from the parties listed in the register maintained u/s.301 ofthe Companies Act are not prima facie prejudicial to the interest of the company.

(c) In respect of interest - free loans taken/granted by the company principal amountis repayable on demand.

(d) There are no overdue amounts of loans taken/granted by the company as these loansare repayable on demand

(iv) In our opinion and according to the information and explanations given to us thereare adequate internal procedures commensurate with the size of the Company and nature ofits business with regard to purchases of inventory fixed assets and with regard to thesale of goods. Further on the basis of our examination and according to the informationand explanations given to us we have not come across any instance of majorweaknesses in internal controls.

(v) (a) In our opinion and according to the information and explanation given tous the transactions that need to entered into the register maintained u/s.301 of theCompanies Act 1956 have been so entered.

(b) In our opinion and according to the information given to us there are notransactions in pursuance of the contract or arrangements entered in the registermaintained u/s.301 of the Companies Act 1956 aggregating during the year to Rs. 500000or more.

(vi) As per the information and explanations given to us the company has notaccepted deposits from public and has not complied with any of the directives issued bythe Reserve Bank of India and the provisions of Section 58AA of the act and the rulesframed there under in respect of such deposits. .

(vii) The Company does not have any internal audit system.

(viii) This clause is not applicable as the Company is not a manufacturing Company.

(ix) (a) According to the records of the Company and the information and explanationsgiven to us detail of dues of Sales tax Income tax Custom tax Wealth tax Excise dutyand Cess which have not been deposited as on 31st March 2014 on account of any dispute aregiven below :

NAME OF THE STATUTE NATURE OF DUES PERIOD TO WHICH THE AMOUNT RELATES AMOUNT (Rs.) FORUM WHERE DISPUTE PENDING PAYMENT
GUJURAT ELECTRICITY BOARD INSTALLATION CHARGES & INTEREST 01.04.1997 TO 31.03.1998 195070 GUJURAT ELECTRICITY BOARD

(x) The accumulated losses at the end of the financial year are more than fifty percentof its net worth. The company has not incurred any cash losses during the financial year.

(xi) In our opinion and according to information and explanation given to us thecompany has not defaulted in the repayment of dues to banks financial institutions anddebenture holders.

(xii) in our opinion and according to the information and explanations given to us theCompany has not granted any loans and advances on the basis of security by way of pledgeof shares debentures and other securities.

(xiii) In our opinion the Company is not a chit fund or a nidhi/mutual benefitfund/society. Therefore the provisions clauses 4(xiii) of the Companies (Auditor'sReport) Order 2003 are not applicable to the Company.

(xiv) In our opinion the Company is not dealing in or trading in shares securitiesdebentures and other investments. Accordingly the provisions of clause 4(xiv) of theCompanies (Auditor's Report) Order 2003 are not applicable to the Company.

(xv) In our opinion and according to the information and explanations given to us theCompany has not given guarantees for loans taken by others from banks or financialinstitutions which are prejudicial to the interest of the Company.

(xvi) This clause is not applicable as the Company has not obtained any loans in thenature of term loan during the financial year.

(xvii) According to the information and explanations given to us and on an overallexamination of the Balance Sheet of the Company we report that no funds raised on shortterm basis have been used for long term assets and no long term loans have been used tofinance short term assets.

(xviii) According to the information and explanations given to us during the periodcovered by our audit report the Company has not made any preferential allotment of sharesto parties and companies covered in the register maintained under section 301 of theCompanies Act 1956.

(xix) This clause is not applicable as the Company has not issued any debentures.

(xx) During the period covered by our report the Company has not raised any money byway of a public issue.

(xxi) To the best of our knowledge and belief and according to the information andexplanations give to us no fraud on or by the Company has been noticed or reported duringthe course of our audit.

For PORWAL & PORWAL
CHARTERED ACCOUNTANTS
FRN No. 118727W
N.N. PORWAL
Place: Mumbai PARTNER
Date: 25-08-2014 M.No.049610

 

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