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महासागर ट्रेवल्स

बीएसई: 526795  |  NSE: N.A  |  ISIN: INE007G01014  |  Miscellaneous

खोजें महासागर ट्रेवल्स कनेक्शन Mar 13
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '14
We have audited the accompanying financial statements of Mahasagar
 Travels Limited, which comprise the Balance Sheet as at 31st March ,
 2014, the Statement of Profit and Loss and the Cash Flow Statement 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 and cash flows 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:
 
 (a) in the case of the Balance Sheet, of the state of affairs of the
 Company as at 31st March, 2014;
 
 (b) in the case of the Statement of Profit and Loss, of the profit of
 the Company for the year ended on that date, and
 
 (c) in the case of the Cash Flow Statement, of the cash flows 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, Statement of Profit and Loss, and the Cash Flow
 Statement 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,
 and the Cash Flow Statement 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, 2014 taken on record by the Board of
 Directors, none of the directors is disqualified as on 31st March, 2014
 from being appointed as a director in terms of clause (g) of
 sub-section (1) of section 274 of the Act.
 
 ANNEXURE TO THE AUDITORS '' REPORT
 
 (Referred to in our Report of even date)
 
 (I) (a) The Company maintains proper records showing full particulars
 including quantitative details and situations of fixed asset.
 
 (b) The fixed assets have been physically verified by the management at
 all its offices at reasonable interval. Material discrepancies were not
 noticed.
 
 (c) The Company did not disposed off a substantial part of fixed assets
 during the year.
 
 (ii) (a) The management carried out physical verification of the
 inventory at reasonable intervals during the year
 
 (b) In our opinion, and according to the information and explanations
 given to us, the procedures of physical verification of inventory
 followed by the management are reasonable and adequate in relation to
 the size of the Company and nature of its business.
 
 (C) The Company maintains proper records of inventory, No Discrepancies
 noticed on physical verification of inventory as compared to the book
 records.
 
 (iii) (a) The Company has not granted or taken any loans, secured or
 unsecured to/from Companies, firms or other parties covered in the
 register maintained under Section 301 of the Act during the year.
 
 (b) In our opinion, the terms and conditions of such Loans were not,
 prima facie, prejudicial to the interest of the Company.
 
 (c) In respect of the aforesaid Interest free loan, the Company is
 receiving the Loan amount as stipulated.
 
 (d) In respect of the aforesaid Loan, there is no specific terms for
 repayment of loan.
 
 (iv) In our opinion, the Company has an adequate internal control
 procedure commensurate with the size of the Company and nature of its
 business for the purchase of inventory and fixed assets and for the
 sale of goods.
 
 (v) (a) according to the information and explanation given to us, based
 on the disclosure of interest made by the directors of the Company,
 transactions that need to be entered into a register in pursuance of
 section 301 of the Act have been so entered.
 
 (b) In our opinion and according to the information and explanations
 given to us, in respect of the transactions made in pursuance of
 contracts or arrangement entered in the registers maintained under
 section 301, the rates at which such services are rendered are
 reasonable having regard to the prevailing market prices of such
 services and the commission paid to other parties.
 
 (vi) The Company has not accepted any deposits from the public to which
 the directives issued by the Reserve Bank of India and the provisions
 of section 58A and 58AA of the Act and the rules framed there under are
 applicable,
 
 (vii) In our opinion, the Company has an adequate internal control
 system in the absence of 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 any of the activities of
 the Company.
 
 (ix) (a) According to the information and explanations given to us, the
 Company is generally regular in depositing undisputed statutory dues
 including,, Income Tax, Sales Tax, RTO Tax etc. and any other statutory
 dues with the appropriate authorities. There is no Undisputed Dues as
 at March, 31st 2014 for a period exceeding six months from the date
 they became payable is accounted for on accrual basis and provided for
 in the books.
                                               
     Name of the Statue         Nature of dues    Amount   
 
 1   The Gujarat Commercial                                
     Tax  Act                   Proessinal Tax    23200/- 
 
     Name of the Statue       Perieod to which    Due Dates    Date of
                                 it relate                     Payment
 
 1   The Gujarat Commercial    April-2013 to     7th of next 
     Tax  Act                  September-2013       month        N.A
                                                       
 (b) According to information and explanations given to us, the
 following are disputed dues by the company under the various Acts.
 
    Name of the statue                              Dispute
                                                     Amount
 
 1  The Income Tax Act, 1961    INCOME TAX        6508160/-
 
 2  The Income Tax Act, 1961    INCOME TAX        3868320/- 
 
 3  The Income Tax Act, 1961       T.D.S           367014/- 
 
 4  The Income Tax Act, 1961       T.D.S            81600/-
 
 5  Service Tax                SERVICE TAX    1,88,71,086/- 
 
    Name of the statue          Period to which    Forum where dispute
                                amount relates         is pending
 
 1  The Income Tax Act, 1961    F.Y.2007-08           ITAT, Rajkot
 
 2  The Income Tax Act, 1961    F.Y.2010-11          CIT (APPEALS) IV
                                                       ,Ahmedabad
 
 3  The Income Tax Act, 1961    F.Y. 2012-13       CIT(appeal), Rajkot
 
 4  The Income Tax Act, 1961    F.Y. 2013-14       CIT(appeal), Rajkot
 
 5  Service Tax                 April-2006 to       CESTAT, Ahmedabad
                                February-2011
 
 The pending dipute of Income Tax in relation to F.Y. 2006-07 and F.Y.
 2007-08 in which there is reduction in loss and department has filed
 appel at ITAT, Rajkot and in relation to F.Y. 2009-10, the dispute is
 pending before CIT (A), Rajkot is not included in above table as there
 is no tax demand in it.
 
 (x) The Company''s accumulated losses at the end of the financial year
 does not exceed 50 % of its net worth. The company does not incurred
 cash losses during the financial year and in the Financial year
 immediately preceeding such financial year.
 
 (xi) On the basis of our examination and according to the information
 and explanation given to us, the Company has not defaulted in repayment
 of the dues to financial institutions and Banks with respect to its
 borrowing.
 
 (xii) According to the information and explanation given to us, the
 Company has not granted any loans and advances on the basis of security
 by way of pledge of shares.
 
 (xiii) Provision for special statute applicable to chit fund, Nidhi,
 Mutual Benefit Fund/ Societies are not applicable to the Company.
 
 (xiv) According to information and explanation given to us, the Company
 has not dealt in trading in shares, securities, debentures and other
 investments .
 
 (xv) According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others to banks
 or financial institution.
 
 (xvi) The Company has obtained H.P. Vehicle Loan from Banks and
 Financial Institution and O/D. from bank which has been utilized for
 the purpose for which it was obtained.
 
 (xvii) On the basis of our examination and according to the information
 and explanation given to us, there are no funds raised on a short term
 basis which are used for long term investment, and vice versa.
 
 (xviii) 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 During the Year
 
 (xix) The Company has not issued debentures. Accordingly, we have no
 comments.
 
 (xx) The Company has not raised any money by public issue during the
 year.
 
 (xxi) To the best of our knowledge and 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,B.H.Advani & Associates
 Place: Junagadh                             Chartered Accountants
 Dated: 21.07.2014                           F.R.No: 117127W
 
                                             (B.H.Advani)
                                             Sole Proprietor
                                             Membership No:102464
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `1116.79 Cr की बिकवाली की
  • MARKET CUES : DIIs ने कैश में `450.36 Cr की बिकवाली की
  • MARKET CUES : FIIs ने F&O में `58.91 Cr की खरीदारी की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `1197.47 Cr की बिकवाली
  • MARKET CUES : इंडेक्स ऑप्शंस में `1280 Cr की खरीदारी
  • MARKET CUES : स्टॉक फ्यूचर्स में `22.75 Cr की बिकवाली
  • MARKET CUES : स्टॉक ऑप्शंस में `1.60 Cr की बिकवाली
  • CS ON AUROBINDO PHARMA : रेटिंग Neutral से घटाकर Underperform
  • CS ON AUROBINDO PHARMA : लक्ष्य `450/Sh से घटाकर `345/Sh
  • HSBC ON BAJAJ FIN : BUY रेटिंग, लक्ष्य `4,860 से घटाकर `3,750/Sh

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