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Emporis Projects Ltd.

BSE: 531470 Sector: Financials
NSE: N.A. ISIN Code: INE742D01013
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Emporis Projects Ltd. (EMPORISPROJ) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR

TO

THE MEMBERS OF

EMPORIS PROJECTS LIMITED

Report on the Financial Statements

1. We have audited the accompanying financial statements of Emporis ProjectsLimited ("the Company") which comprise the Balance Sheet as at March 312014 and the statement of Profit and loss and Cash flow statement for the year thenended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements thatgive a true and fair view of the financial position financial performance and cash flowsof the Company in accordance with the Accounting Standards referred to in sub-section (3C)of section 211 of the Companies Act 1956 ("the Act"). 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

3. Our responsibility is to express an opinion on these financial statements based onour audit. We have conducted our audit in accordance with the Standards on Auditing issuedby the Institute of Chartered Accountants of India. Those Standards require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor 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.

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

6. 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 in themanner 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 31stMarch 2014;

ii) in the case of the statement of Profit and Loss of the profit for the year endedon that date;

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

7. 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 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 4 and5 of the Order.

8. 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 purposes 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 those books;

c) the Balance Sheet and the statement of Profit and loss Account dealt with by thisreport are in agreement with the books of accounts;

d) in our opinion the Balance Sheet and the statement of Profit and loss Accountcomply with the Accounting Standards referred to in sub-section (3C) of section 211 of theAct and

e) on the basis of written representations received from the directors as on March 312014 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2014 from being appointed as a director in terms of clause (g) ofsub-section (1) of section 274 of the Act

f) Since the Central Government has not issued any notification as to the rate at whichthe cess is to be paid under section 441A of the Companies Act 1956 nor has it issued anyRules under the said section prescribing the manner in which such cess is to be paid nocess is due and payable by the Company

For D. P. AGARWAL & CO.
Chartered Accountants
Firm Reg. No. 100068W
SD/-
(D. P. AGARWAL)
Place: Ahmedabad Proprietor
Date: 30. 05. 2014 M. No. 035500

ANNEXURE TO AUDITORS' REPORT

Referred to in paragraph 4 and 5 of our report of even date on the accounts for theyear ended March 312014 of Emporis Projects Limited

i. FIXED ASSETS

(a) The Company is generally maintained proper records showing full particularsincluding quantitative details and situation of fixed assets.

(b) Assets have been physically verified by the management during the year. Accordingto the information and explanation given to us there is regular programme of verificationwhich in our opinion is reasonable having regards to the size of the Company and thenature of its assets. No material discrepancies were noticed on such verification.

(c) The company has not disposed off substantial part of fixed assets during the year.

ii. INVENTORIES

(a) Inventories have been physically verified during the year by the Management atreasonable intervals.

(b) The procedures of physical verification of inventories followed by the managementare reasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(c) The company has maintained proper records of Inventories and no materialdiscrepancy noticed on physical verification.

iii. LOANS AND ADVANCES

The company has neither taken nor granted any loans or advances in nature of loans toparties covered under register maintained under section 301 of the Companies Act 1956.

iv. INTERNAL CONTROL

There is and adequate internal control procedures commensurate with the size of theCompany and the nature of its business with regard to purchases of inventory fixed assetsand with regard to the sale of goods. During the course of our audit we have not observedany continuing failure to correct major weaknesses in internal control except as statedabove.

v. TRANSACTIONS WITH RELATED PARTIES AS PER REGISTER OF CONTRACTS UNDER SECTION 301 OFTHE COMPANIES ACT 1956

(a) According to the information and explanations given to us we are of the opinionthat the transactions that need to be entered into the register maintained under section301 of the Companies Act 1956 have been so entered.

(b) In our opinion and according to the information and explanation given to us thereis no transaction with related parties in pursuance of contracts or arrangements enteredin the register maintained under section 301 of the Companies Act 1956 aggregating thevalue of rupees five lakhs or more in respect of any party during the year.

vi. DEPOSITS FROM PUBLIC

The Company has not accepted deposits from the public to which the provisions ofSection 58A and 58AA of the companies (Acceptance of deposit) Rules; 1975 apply.

vii. INTERNAL AUDIT SYSTEM

The Company has an internal audit system commensurate with size and nature of itsbusiness.

viii COST RECORDS

As informed to us The Company is not required to maintain cost records under section209 (1) (d) of the Companies Act 1956.

ix. STATUTORY DUES

(a) No undisputed amounts payable in respect of income tax wealth tax sales taxcustoms duty excise duty and cess were in arrears as at the balance sheet date for aperiod of more than six months from the date they became payable.

(b) At the end of the financial year there were no dues of Sales Tax Custom DutyWealth Tax Service Tax Excise duty and Cess which have not been deposited on account ofany dispute.

x. SICK INDUSTRY

The Company has a accumulated losses of Rs. 1046070/- as at March 31 2014. Furtherthe Company does not have cash loss in the immediately preceding financial year covered bythe audit and in the immediately preceding financial year.

xi. DUES TO FINANCIAL INSTITUTIONS

The Company has not taken any financial facilities from any financial institute bankor debenture holder during the year.

xii. SECURED LOANS AND ADVACES GRANTED

In our opinion and according to the information and explanation given to us no loansand advances have been granted by the Company on the basis of security by way of pledge ofshares debentures and other securities.

xii. CHIT FUND NIDHI OR MUTUAL BENEFIT COMPANY

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 Report)Order 2003 are not applicable to the Company.

xiv. INVESTMENT COMPANY

The Company has maintained proper records of transactions and contracts in respect ofinvestments in shares debentures and other securities and those timely entries have beenmade therein. The Shares debentures and other securities have been held by the Company inits own name except to the exemption granted under Section 49(4) of the Companies Act1956.

xv. GUARANTEES GIVEN BY COMPANY

The Company has not given any guarantees for loans taken by other from banks orfinancial institutions. There is no guarantee given by the Company to third party.

xvi. TERM LOANS

In our opinion and according to the information and explanation given to us thecompany has not taken any term loan during the year hence no question of reporting ariseto that extent.

xvii. SOURCE OF FUNDS AND ITS APPLICATION

According to the information and explanation given to us and on an overall examinationof the Balance Sheet of the Company we report that no funds raised on short-term basishave been used for long-term investment. No long-term funds have been used to financeshort-term assets except permanent working capital.

xviii. PREFERENTIAL ISSUE

We are informed that the company has not made any preferential allotment of shares tocompanies firms or other parties listed in the register maintained under Section 301 ofthe Companies Act 1956.

xix. DEBENTURES

According to the information and explanations given to us the company had not issueddebenture. Therefore the provisions of clause 4(xix) of the Companies (Auditor's Report)Order 2003 are not applicable to the company.

xx. PUBLIC ISSUE

During the year company had not raised any money by public issues.

xxi. FRAUD

Based upon our audit procedures performed and on the information and explanations givenby the management we are of the opinion that no fraud on or by the Company has beennoticed or reported during the course of our audit.

For D. P. AGARWAL & CO.
Chartered Accountants
Firm Reg. No. 100068W
SD/-
(D. P. AGARWAL)
Place: Ahmedabad Proprietor
Date: 30. 05. 2014 M. No. 035500