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Warden Construction & Finance Ltd.

BSE: 512269 Sector: Infrastructure
NSE: N.A. ISIN Code: N.A.
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NSE 05:30 | 01 Jan Stock Is Not Traded.
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Warden Construction & Finance Ltd. (WARDENCONS) - Auditors Report

Company auditors report

WARDEN CONSTRUCTION AND FINANCE LIMITED ANNUAL REPORT 2009-2010 AUDITORS' REPORT TO THE MEMBERS OF WARDEN CONSTRUCTION AND FINANCE LIMITED We have audited the attached Balance Sheet of Warden Construction and Finance Limited as at 31st March, 2010 and also the Profit and Loss Account 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 conduct 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 misstatements. An audit includes the examining, on a 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 statements presentation. We believe that our audit provides a reasonable basis for our opinion. 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 a statement on the matters specified in paragraphs 4 and 5 of the said Order. Further to our comments in the Annexure referred to above, we report that: 1. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit; 2. 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 these books; 3. The Balance Sheet and Profit and Loss Account are in agreement with the books of account; 4. In our opinion the Profit and Loss account and Balance Sheet comply with the requirement of the accounting standards referred to in sub section (3C) of section 211 of the Companies Act 1956: 5. On the basis of the written representation received from the directors, and taken on record by the Board of Directors, we report that none of the director is disqualified as on 31 st March 2010 from being appointed as a director in term of clause (g) of subsection (1) of section 274 of the Companies Act, 1956 6. In our opinion and to the best of our information and according to the explanations given to us, the said accounts 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 Balance Sheet, of the state of affairs of the Company as at 31st March, 2010 and (b) in the case of the Profit and Loss Account, of the profit of the company for the year ended on that date. For RAJU SHAH PATEL & KOTADIA ASSOCIATES Chartered Accountants Firm Reg. no: 120242W Pankaj C. Shah Partner M. No: 42071 Place : Mumbai Dated : 07th Sept. 2010. ANNEXURE TO THE AUDITORS' REPORT (Referred to in our report of even date) 1) The Company has not carried out any trading or manufacturing operations and as such clauses (i),(ii),(iv)(v),(viii),(xi),(xii), and (xv) of Companies (Auditors Report) Order, 2003 are not applicable to the company for the year under review. 2) a) The Company has not granted any loans, secured or unsecured, to the companies, firms and other parties listed in the register maintained under section 301 of the Companies Act, 1956. b) The Company has taken interest free unsecured loan from director and their relatives for which no stipulations as regards repayment of principal amount have been specified. c) The terms and conditions are not prima facie prejudicial to the interest of the Company. 3) The Company has not accepted any deposits from the public within the meaning of section 58A of the Companies Act, 1956 and the Non Banking Financial companies (Acceptance of Deposits) Rules, 1975. 4) The Company did not have formal internal audit system during the year. 5) At the last date of financial year there were no amounts outstanding in respect of undisputed Provident Fund, Investor Education and protection Fund, Employees' State Insurance, Income-tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other dues to the extent applicable to the company which were due for more than six months from the date they became payable. 6) The accumulated losses of the Company have not exceeded fifty percent of its net worth as at the end of the financial year. The Company has not incurred cash losses during the financial year and immediately preceding financial year. 7) The Company has not granted any loans or advances on the basis of security by way of pledge of shares/debentures or other similar security. 8) According to the balance sheet and other records examined by us and information and explanation given to us, on an overall basis, funds raised on short term basis have, prima facie, not been used during the period for long term investment and vice-versa. 9) 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. 10) No special statutes are applicable to the Company. 11) The Company is not regularly dealing or trading in shares, debentures, securities and other investments. However proper records of the transactions and contracts for purchase and sale of shares have been maintained and timely entries have been made therein. 12) According to the records of the Company, the Company has not issued any debenture during the year. 13) The Company has not raised any money by public issues during the year. 14) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year. For RAJU SHAH PATEL & KOTADIA ASSOCIATES Chartered Accountants Firm Reg. no: 120242W Pankaj C. Shah Partner M. No: 42071 Place : Mumbai Dated : 07th Sept. 2010.