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Euro Asia Exports Ltd.

BSE: 530929 Sector: Others
NSE: N.A. ISIN Code: INE535P01015
BSE 00:00 | 03 Sep Euro Asia Exports Ltd
NSE 05:30 | 01 Jan Euro Asia Exports Ltd
OPEN 6.19
PREVIOUS CLOSE 6.19
VOLUME 300
52-Week high 6.19
52-Week low 5.40
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 6.19
CLOSE 6.19
VOLUME 300
52-Week high 6.19
52-Week low 5.40
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Euro Asia Exports Ltd. (EUROASIAEXPORT) - Auditors Report

Company auditors report

To

The Members of

EURO ASIA EXPORTS LIMITED

Report on the Financial Statements

1. We have audited the accompanying financial statements of Euro Asia Exports Limited("the Company") which comprise the Balance Sheet as at March 31 2014 thefunds flow statement and the Statement of Profit and Loss Account for the year then endedand 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 in accordancewith the Accounting Standards referred to in subsection (3C) of section 211 of theCompanies Act 1956 ("the Act"). This responsibility includes the designimplementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial 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 conducted our audit in accordance with the Standards on Auditing issued bythe 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.

Auditor's 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 atMarch 31 2014; and

(ii) in the case of the Profit and Loss Account of the Profit for the year ended onthat date; and

(iii) in the case of Cash Flow Statement of the cash flows for the year ended on thatdate. Report on Other Legal and Regulatory Requirements

1. As required under the Companies (Auditor's Report) Order 2003 ("theOrder") issued by the Central Government of India in terms of sub-section (4A) ofsection 227 of the Act is annexed separately.

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 Funds Flow Statement and Statement of Profit and Loss dealt withby this Report are in agreement with the books of account.

d) In our opinion the Balance Sheet Funds Flow Statement and Statement of Profit andLoss comply with the Accounting Standards referred to in subsection (3C) of section 211 ofthe Companies Act 1956;

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 Companies Act 1956.

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 VBR & Associates

Chartered Accountants Firm Regd. No. 013174N

Place : New Delhi Vijay Bansal
Date : 30.05.2014 Partner
M. No.88744

Annexure Referred to in paragraph 6 of our Auditor's Report of even date on thefinancial statements for the year ended 31.03.2014 of Euro Asia Exports Limited

On the basis of such checks as we considered appropriate and in terms of theinformation and explanations given to us we state that: -

1. The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

As explained to us physical verification of a major portion of fixed assets as at 31stMarch 2014 was conducted by the management during the year. No material discrepancies werenoticed on such verification as confirmed by the management. The frequency ofverification is reasonable.

The company dose not possess any Plant & Machinery. No purchases of Plant &Machinery made during the financial year.

2 (a) The inventory has been physically verified during the year by management. In ouropinion the frequency

of verification is reasonable.

(b) The procedure 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) On the basis of our examination of the records of the inventory we are of theopinion that The Company is not maintaining proper records of inventory. The discrepanciesnoticed on verification between the physical stocks and the book records were notmaterial.

3 (a) The Company has not granted any fresh loans during the year to Companies firmsand/ or other parties listed in the registers maintained under section 301 of thecompanies Act 1956 and/or to the Companies under the same management within the meaningof section 370 (1-B) of the Companies Act 1956. The Company has not given any fresh loansand/ or advances in the nature of loans to any person during the year under review.

(b) The Company has not taken any fresh loan from Companies firms and / or otherparties listed in the register maintained under section 301 of the Companies Act 1956and/or from the Companies under the same management within the meaning of section 370(1-B) of the Companies Act 1956.

4. In our opinion and according to the information and explanations given to us thereexists an adequate internal control system commensurate with the size of the company andthe nature of its business with regard to purchases of inventory fixed assets and sale ofgoods & services. During the course of our audit we have not observed any continuingfailure to correct major weaknesses in internal control system of the company.

5. There is no transaction made in pursuance of contracts or arrangement required to beentered in the register maintained under section 301 of the Companies Act 1956; hencenot applicable.

6. Company has not accepted any public deposits during the year in contravention to theprovisions of section 58A and 58AA of the Companies Act 1956 and Companies (Acceptance ofDeposits) Rules 1975.

7. In our opinion the company has an internal audit system commensurate with the sizeand nature of its business.

8. In our opinion and according to information and explanations given to us themaintenance of cost records under section 209(1 )(d) of the Companies Act 1956 has notbeen prescribed for the company.

9. (a) According to the information and explanations given to us Provident FundInvestor Education and Protec-tion Fund Employees' State Insurance Wealth Tax CustomDuty Excise Duty etc. as referred are not applicable to the Company.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of income tax wealth tax sales tax customs duty excise duty andcess were in arrears as at 31st March 2014 for a period of more than six months from thedate they became payable.

(c) According to the information and explanations given to us no disputed amountspayable in respect of income tax wealth tax sales tax customs duty excise duty andcess were in arrears as at 31st March 2014 for a period of more than six months from thedate they became payable.

10. In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to a financial institutions or bank.

11. 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.

12. In our opinion the company is not a chit fund or a nidhi/mutual benefit fund/society.

13. In our opinion and according to the information and explanations given to us thecompany is not in the business of dealing or trading in shares securities debentures andother investments.

14. In our opinion and according to the information and explanations given to us thecompany has not given any guarantee for loans taken by others from bank or financialinstitutions the terms and conditions whereof are prejudicial to the interest of thecompany

15. According to the information and explanations given to us and on an overallexamination of the Balance Sheet of the company we are of the opinion that no short-termfunds have been utilized for long term investments. Further no long term funds have beenused to finance short term assets except working capital.

16. According to the information and explanations given to us the company has not madeany preferential allotment of shares during the year.

17. The company has not issued any debentures during the year.

18. The company has not raised any money by way of Public Issue during the year.

19. To the best of our knowledge & belief and according to the information andexplanations given to us no fraud on or by the company has been noticed or reportedduring the course of our audit.

For VBR & Associates
Chartered Accountants
Firm Regd. No. 013174N
Place : New Delhi Vijay Bansal
Date : 30.05.2014 Partner
M. No.88744
.