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Indiaco Ventures Ltd.

BSE: 506131 Sector: Financials
NSE: N.A. ISIN Code: INE064E01028
BSE LIVE 09:53 | 20 Mar Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 6.77
PREVIOUS CLOSE 6.45
VOLUME 50
52-Week high 6.77
52-Week low 5.50
P/E
Mkt Cap.(Rs cr) 13
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 6.77
CLOSE 6.45
VOLUME 50
52-Week high 6.77
52-Week low 5.50
P/E
Mkt Cap.(Rs cr) 13
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Indiaco Ventures Ltd. (INDIACOVENTURES) - Auditors Report

Company auditors report

TO THE MEMBERS OF INDIACO VENTURES LIMITED

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of INDIACO VENTURES LIMITEDwhich comprise the Balance Sheet as at March 31 2015 and the Statement of Profit andLoss and 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

The Company’s Management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the Accounting Standards notified underthe Companies Act 1956 (the Act) read with the General Circular 15/2013 dated 13thSeptember 2013 of the Ministry of Corporate Affairs in respect of Section 133 of theCompanies Act 2013 and in accordance with the accounting principles generally accepted inIndia. This responsibility includes the design implementation and maintenance of internalcontrol relevant to the preparation and presentation of the financial statements that givea true and fair view and are free from material misstatement whether due to fraud orerror.

AUDITORS’ 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 but not for the purpose of expressing an opinion on theeffectiveness of the Company’s internal control. An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial statements. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us Subject to Other Note No. 24 (2) on Non provision for Diminution in thevalue of Investment amounting to Rs. 1903.75 Lacs the aforesaid financial statementsgive the information required by the Act in the manner so required and give a true andfair 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 atMarch 31 2015; and

(b) In the case of the Statement of Profit and Loss of the Loss of the Company for theyear ended on that date.

(c) 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 (the Order) issuedby the

Central Government of India in terms of Section 227(4A) of the Act we give in theAnnexure 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 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 those books. c. The Balance Sheet theStatement of Profit and Loss and Cash Flow Statement dealt with by this Report are inagreement with the books of account.

d. In our opinion the Balance Sheet the Statement of Profit and Loss and Cash FlowStatement comply with Accounting Standards notified under the Act read with the GeneralCircular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs inrespect of Section 133 of the Companies Act 2013.

e. On the basis of the written representations received from the directors as on March31 2015 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164(2) of theAct.

For V C Venkatraman & Co.
Chartered Accountants
(Regn. No. 111372W)
Sd/-
Place:Pune (V.C Venkatraman)
(Partner)
Date: 05.09.2015 (Membership No. 37730)

ANNEXURE TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1 under "Report on Other Legal and RegulatoryRequirements" section of our report of even date)

(i) In respect of Fixed Assets

(a) The Company has maintained memorandum of records showing details of fixedassets with original cost and depreciation written off in respect of identifiable units ofassets and where such information for identifiable units of assets is not available therecords show the cost and depreciation written off in respect thereof as a group or class.However comprehensive fixed assets register is being compiled.

(b) All the assets have been physically verified by the management in accordanceprogramme of verification which in our opinion is reasonable having regard to the size ofthe company and the nature of its assets. No material discrepancies were noticed on suchphysical verification.

(c) During the year the company has not disposed any assets.

(ii) In respect of Inventories:-

According to the information and explanations given to us the inventory of securitieshave been held in dematerialized form and are verified with the demat account statementsat reasonable intervals.

According to the information and explanations given to us in our opinion theprocedures of physical verification of shares held in Demat Account followed by themanagement are reasonable and adequate in relation of the size of the Company and thenature of its business.

The transaction-wise stock details are compiled for control over the stocks ofsecurities and necessary details are obtained from the custodians of shares and securitiesfrom the Depository Participants. Discrepancies noticed on verification have been properlydealt with.

(iii) According to the information and explanations given to us the Company hasnot granted any loan secured or unsecured to the Companies firms or other parties coveredin the register maintained under section 189 of the Companies Act 2013. Accordinglyclauses (iii) (b) (iii) (c) & (iii) d of the Order are not applicable.

As informed to us the Company has not taken any loans secured or unsecured fromCompanies firms or other parties listed in the register maintained under section 301 ofthe Companies Act 1956. Accordingly clauses (iii) (f) & (iii) g of the Order are notapplicable.

(iv) In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the company andthe nature of its business with regard to purchases of fixed assets and for the sale ofservices. During the course of our audit we have not observed any major weaknesses insuch internal controls. (v) The Company has not accepted deposits from public. (vi)To the best of our knowledge and as explained the Central Government has notspecified the maintenance of cost records under clause 148(1) of the Act for theproducts/services of the Company.

(vii) According to the information and explanations given to us and recordsexamined by us the Company is generally regular in depositing with the appropriateauthorities undisputed statutory dues amounting to Rs.872386/-in respect of Service Taxand Professional Tax.

According to the information and explanation given to us there are no dues of IncomeTax Sales Tax Wealth Tax Service Tax Custom Duty Excise Duty and Cess which have notbeen deposited on account of any dispute other than following :

Name of Statute Nature of dues Amount Period to which the amount relates Forum where dispute is pending
(Rs.in Lacs)
Income tax Act 1961 Assessment due 22.01 F.Y. 2005-06 ITAT Mumbai
Assessment due 764.73 F.Y. 2007-08 CIT (Appeals) Mumbai
Assessment due 456.25 F.Y. 2009-10 CIT (Appeals) Mumbai
Assessment due 22.47 F.Y.2010-11 CIT (Appeals) Mumbai

(viii) The company’s accumulated losses at the end of the financial yearexceeded 50% of the net worth of the company and has incurred cash loss during the yearand in the immediately preceding financial year.

(ix) According to the records of the company examined by us and the informationand explanations given to us the company has not defaulted in repayment of dues to anyfinancial institutions or banks as at the balance sheet date.

(x) In our opinion and according to the information and the explanations given tous the Company has not given any guarantee for loans taken by others from banks orfinancial institutions.

(xi) In our opinion and according to the information and explanation given to usthe term loan obtained by the Company was applied for the purpose for which the loan wasobtained.

(xii) According to the information and explanations given to us no material fraudon or by the Company has been noticed or reported during the course of our audit.

For V C Venkatraman & Co.
Chartered Accountants
(Regn. No. 111372W)
Sd/-
Place:Pune (V.C Venkatraman)
(Partner)
Date:05.09.2015 (Membership No. 37730)