Parekh Distributors Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Parekh Distributors Limited ("the Company"), which comprise the Balance Sheet as at 31st March , 2013, the Statement of Profit and Loss for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance of 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 responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India subject to point 10 of annexure forming part of our report:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2013; and

(b) in the case of the Statement of Profit and Loss, of the Loss of the Company for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. 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 of the Act, we give in the Annexure 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 our knowledge 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 the Company so far as it appears from our examination of those books.

(c) The Balance Sheet and Statement of Profit and Loss dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the Balance Sheet, Statement of Profit and Loss, comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act.

(e) On the basis of the written representations received from the directors as on 31st March, 2013 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act.

ANNEXURE TO AUDITORS'' REPORT

The Annexure referred to in our report to the members of Parekh Distributors Limited (''the Company'') for the year ended 31st March 2013. We report that:

1 The company does not possess any fixed assets Hence, any of the clauses relating to is not applicable to the company.

2 In respect of its Inventories:

The company does not possess any inventory. Hence, any of the clauses relating to inventories is not applicable to the company.

3 (a) The company has not granted any loan, to a party covered in the register maintained under Section 301 of the Act. There is no outstanding amount at the end of the year for the parties covered by the provisions of Section 301 of the Act.

(b) The company during the year has taken loans from any parties that are covered in the register maintained under Section 301 of the Act. Loan taken from one party amounting to Rs.280,000 and maximum outstanding during the year is Rs. 5,940,000.

4 In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for purchase and sales of fixed assets and for sales of services, goods etc. Further, on the basis of our examination of the books and records of the Company and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control system.

5 According to the information and explanations given to us, there have been no contracts or arrangements referred to in Section 301 of the Act during the period to be entered in the register required to be maintained under that Section. Accordingly, commenting on transactions made in pursuance of such contracts or arrangements does not arise.

6 The company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Act and the rules framed there under.

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

8 The Central Government of India has not prescribed the maintenance of cost records under Section 209(1)(d) of the Act for any of the services rendered by the Company.

9 (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion the company is generally regular in depositing the undisputed statutory dues including provident fund, investor education and protection fund, employees'' state insurance, income-tax, sales-tax, wealth tax, service tax, custom duty, excise duty, cess and any other statutory dues with the appropriate authorities. There are no statutory dues outstanding as at the last day of the financial period for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of income-tax, service tax, sales tax, excise duty, custom duty, wealth-tax, and cess as at March 31, 2013 which have not been deposited on account of any dispute.

10 The Company has any accumulated losses at the end of the financial year and the networth of the company has been eroded also the company has incurred cash losses in the financial year and in the immediately preceding financial year. The management is working on various option of evaluating into various business opportunities in near future.

11 According to the records of the Company examined by us and the information and explanations given to us, the Company has not obtained any borrowings from any financial institution or bank or debenture holders as at the balance sheet date.

12 The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13 The provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the Company.

14 According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments.

15 In our opinion and according to the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions during the period.

16 The company has not obtained any term loans.

17 On the basis of an overall examination of the balance sheet of the Company and according to the information and explanations given to us, in our opinion, there are no funds raised on a short term basis which have been used for long-term investment.

18 The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act during the period.

19 The Company has not issued any debentures.

20 The Company has not raised any money by public issues during the period.

21 According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit..

For and on behalf of MNRD & Associates

Chartered Accountants

F.R.N.: 126991W

Sd/-

Dilip Singh

Partner

Membership No: 110620

Place: Mumbai

Date: 2nd September, 2013

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Mar 31, 2010

We have audited the attached Balance Sheet of PAREKH DISTRIBUTORS LIMITED as at 31st March 2010, the related Profit and Loss Account and cash flow of the company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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 misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in 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.

As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, and on the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of the audit. We report that:

a) 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;

b) 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 the books of the Company;

c) The Balance Sheet and Profit and Loss Account and cash flow statement dealt with by the report are in agreement with the books of account of the Company;

d) That the accounts have been prepared on a going concern basis inspite of erosion of the entire net worth of the Company (Also refer Note 1(B). of Schedule 11).

f) Subiect to our remark in para d above, in our opinion, the Balance Sheet and Profit and Loss Account comply with the mandatory Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956.

g) On the basis of written representations received from the directors of the Company as on 31st March 2010, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2010, from being appointed as a director in terms of Section 274(l)(g) of the Companies Act, 1956.

h) Subject to our remark in para d above, in our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Notes to/ Accounts in Schedule 11 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 2010;

b. In the case of the Profit and Loss Account, of the profit for the year ended on that date.

In the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.



Statement referred to in paragraph 3 of the Auditors Report to the Members of PAREKH DISTRIBUTORS LIMITED on the accounts for the year ended 31st March 2010.

i) As the Company does not have any fixed assets, clauses (ia), (ib) and (ic) of the aforesaid Order are not applicable to the Company.

ii) As the Company did not carry on any manufacturing or trading activity during the year clauses

(iia), (iib) and, (iic) of the aforesaid Order are not applicable to the Company.

iii a) During the year under review, the Company has not granted any loans, secured or unsecured to any party listed in the register maintained under section 301 of the Companies Act, 1956. As a result provisions of clause iii (a), (b), (c), (d) is not applicable to the company.

iiie) During the year under the review, the Company has not taken any unsecured loans from the entities listed in the register maintained under Section 301 of the Companies Act, 1956 However, the Company has taken unsecured loan in the earlier years from the parties, than listed in the register maintained under Section 301, the year end balance in respect of the said loans aggregates to Rs. 56,57,464.

iiif) As per the information and explanations given to us, the loans taken by the Company referred to above are interest-free and without any stipulations with regard to their repayment. In our opinion, the above intent-free loans taken by the Company are not prima facie prejudicial to the interests of the Company,

iiig) In the absence of any stipulations with regard to repayment of the loans taken, we are unable / to comment on regularity of the repayment of the principal amount and interest thereof.

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 sale of services. During the course of our audit, no major weakness has been noticed in the internal control systems and there is no continuing failure for the same.

va) According to the information and explanations provided by the management, there are no transactions that need to be entered into the register maintained under Section 301. As a result, provisions of Clause v(a) and v(b) is not applicable to the company.

v) The Company has not accepted any public deposits during the year within the meaning of Section 58A and 58AA of the Companies Act, 1956 and rules made thereunder. Hence, the provisions of clause (vi) of the Order is not applicable.

vi) Since the Company does not have a Paid up Capital above Rs.25 Lakhs nor does the average annual turnover exceeding Rs.2 crores for a period of three consecutive financial years immediately preceding the financial year, the question of an internal audit system does not arise.

vii) The Company is not a manufacturing company and as such the question of prescribing the maintenance of cost records by the Central Government under section 209(l)(d) of the Companies Act, 1956 does not arise.

ixa) As per the information and explanations given to us, there are no undisputed amounts payable in respect of statutory dues including Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other statutory dues with appropriate authorities.

ixb) As per the information and explanation given to us, there are no dues of sales tax, income tax, customs duty, wealth tax, service tax, excise duty and cess, which have not been deposited on account of any disputes.

x) The Com.anys accumulated losses at the end of the financial year are more than 50% of its net worth However, the Company has not incurred any cash losses during the financial year under review as well as in the immediately preceding financial year.

xi) Based on our examination of the records and the information and explanations given to us, the Company does not have any dues payable to financial institutions, banks or debenture- holders.

xii) Based on our examination of the records and the information and explanations given to us, the Company has not granted any loans and/or advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii) The Company is not a Chit fund, nidhi, mutual benefit fund or a society and therefore the provisions of clauses (xiii)(a), (xiii)(b), (xiii)(c) and (xiii)(d) of the Order are not applicable.

xiv) According to the information and explanations given to us, the Company is not a dealer or trader in securities, debenture and other investments. As a result this provision is not , applicable to it.

xv) According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks or financial institutions, as a result provision of this clause are not applicable to the company.

xvi) The Company has not taken any term loans during the year.

xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds have been raised on short-term basis during the year & used for long term investments.

xviii) The Company has not made any preferential allotment of shares during the year under review.

xix) During the year covered by our audit report, the Company has not issued any secured debentures.

xx) The Company has not raised any money from public issues during the year covered by our report.

xxi) As per the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.



For and on behalf of

Contractor Nayak & Kishnadwala

Chartered Accountants

Firm Registration No. 101961W

S. S. Agaskar

Partner

Place : Mumbai Reg. No. 110321

Date : 27th May, 2010