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Manor Floatel Ltd.

BSE: 526867 Sector: Others
NSE: N.A. ISIN Code: INE126G01012
BSE 05:30 | 01 Jan Manor Floatel Ltd
NSE 05:30 | 01 Jan Manor Floatel Ltd

Manor Floatel Ltd. (MANORFLOATEL) - Auditors Report

Company auditors report

MANOR FLOATEL LIMITED ANNUAL REPORT 2007-2008 AUDITORS' REPORT TO THE SHAREHOLDERS 1. We have audited the attached Balance Sheet of Manor Floatel Limited as at 31st March 2008 and also the Profit and Loss Account of the company for the year ended on that date annexed thereto, both of which we have signed under reference to this report. This 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. 2. We conducted 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 misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosure 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 statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. In our opinion and to the best of our information and according to the explanations given to us,the Balance Sheet and Profit and Loss Account, together with the notes attached thereto give in the prescribed manner the information required by the Companies Act, 1956 and also give respectively, a true and fair view of the state of the company's affairs as at 31st March 2008 and its loss for the year ended on that date. 4. Further to our comments in the Annexure referred to above, we report that: (i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit. (ii) In our opinion,proper books of account as required by law have been kept by the company so far as appears from our examination of those books. (iii) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account. (iv) In our opinion these accounts have been prepared in compliance with the Accounting Standards issued by the Institute of Chartered Accountants of India referred to in sec. 211(3C) of the Companies Act to the extent applicable. (iv) On the basis of written representations received from the directors, as on 31st March 2008 and taken on record by the Board of Directors, we report that none of the director is disqualified as on 31st March 2008 from being appointed as a director terms of clause (g) of sub-section(1) of section 274 of the Companies Act 1956. (v) In our opinion and to the best of our information and according to the explanations given to us, the said accounts subject to the notes annexed there with 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 the Balance Sheet,of the state of affairs of the company as at 31st March 2008. b) in the case of the Profit and Loss Account of the loss of the company for the year ended on that date. As required by the Companies (Auditors Report) Order and as amended in 2004 we report that: i. a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. b) Fixed Assets have been physically verified by the management during the year and no material discrepancies were identified on such verification. c) There was no disposal of fixed assets during the year. ii. a) The inventory has been physically verified by the management during the year. b) In our opinion the procedures of physical verification of inventories followed by the manage ment are reasonable and adequate in relation to the size of the company and nature of its business. c) The Company has maintained proper records of inventory. The discrepancies noticed on verification between the physical stocks and book records were not material. iii) As informed the Company neither granted nor taken any loans,secured or unsecured to/from Companies,firms or other parties covered under sec.301 of the Companies Act, 1956. iv) In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the company and the nature of its business with regard to purchase of inventory, fixed assets and with. regard to the sale of goods and services. Further there is no continuing failure to correct major weaknesses in internal control system. v) According to the information and explanations provided by the management there were no transaction needed to be entered in the Register maintained under section 301. vi) The Company has not accepted any deposits from the public during the year. vii) In our opinion the Company has an internal audit system commensurate with the size and nature of its business. viii) The Central Government has not prescribed maintenance of cost records under section 209(1)(d) of The Act for the Company. ix) a) As explained to us by the management Provident Fund Act and Employees State Insurance Act are not applicable to the company. The Company is generally regular in depositing with appropriate authorities other undisputed statutory dues. b) Rs.1,14,711/- is refundable to the company for A.Y. 2003-04 vide Income Tax Departments intimation order under sec. 143(1) of the Income Tax Act, 1961. Subsequently Income Tax Department after an assessment made under Sec. 144 of the Income Tax Act has raised a claim of Rs.1093521/- against the Company. The claim has been disputed by the Company and an appeal is pending before CIT (Appeals) - VIII against the claim. Against the order of CIT (Appeals) - VIII, The Income Tax Department has preferred an Appeal before the Hon'ble ITAT-A Bench Kolkata which is still pending. x) The Company has been registered for a period exceeding 5 years and the company has started its operation and capitalised assets accordingly. Pre- operative and preliminary expenses including losses will be dealt with according to the laws. xi) Based on our Audit procedure and according to the information and explanations given to us we are of the opinion that the Company has not defaulted in repayment of dues to a financial institution or bank. xii) Based on our examination of documents and records and as per information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. xiii) 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's Report) Order 2003 are not applicable to the company. xiv) According to the information and explanations given to us,the company is not dealing in or trading in shares, securities and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors Report) order 2003 are not applicable to the company. xv) According to the information and explanation is given to us the company has not given any guarantee for loans taken by others from bank or financial institution. xvi) Based on information and explanations given to us by the management term loans raised by the company have been applied for the purpose for which they were raised. xvii) We have been informed by the management that the funds raised on short term basis have not been used for long term investment and vis-a- vish. xviii) The company has not made any preferential allotment of shares to parties or companies covered under sec. 301 of the Companies Act, 1956. xix) The company has not issued any debentures. xx) We have verified that the end use of money raised by public issue is as disclosed in the notes to the financial statements. xxi) Based upon the Audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud or by the company has been noticed or reported during the course of our audit. In terms of our attached report of even date For N.K. ROYCHOWDHURY & ASSOCIATES Chartered Accountants Date : 12th August, 2008 N.K. Roychowdhury Proprietor