WBHB/JDEP/NIQ01/2018-19

Amount

Special Audit on accounts of the 8 nos. Joint Sector Cos. (JSCs) & 2 nos. Assisted Sector Cos. (ASCs) ie. 1) M/s. Bengal Ambuja Housing Dev. Ltd. 2) M/s. Bengal Peerless Housing Dev. Co. Ltd., 3) M/s. Bengal Shrachi Housing Dev. Ltd., 4) M/s. Bengal D.C.L. Housing Dev. Co. Ltd., 5) M/s. Bengal Green Field Housing Dev. Co. Ltd., 6) M/s. Bengal Shelter Housing Dev. Ltd., 7) M/s. Bengal Emami Housing Ltd., 8) M/s. Bengal Park Chambers Housing Dev. Ltd., 9) M/s. Bengal Merlin Housing Ltd. 10) M/s. Bengal Kyal Housing Dev. Ltd. and report thereon from the financial year from which the 1st project was commenced to till completion of the project as well as sale out of the property /flats and report thereon after i) Scrutinize/verify the audited accounts of the 8 (eight) Joint Sector and 2 (two) Assisted Sector Companies since inception i.e from year of commencement of their first project. ii) Verify, the books of accounts of the company along with performance audit. iii) Shall assess whether the audited accounts of the company reflects actual financial position of the company. iv) Whether there have been under statement of revenue or overstatement of expenditure which in effect understates profit of the company and thereby reducing quantum of dividend. v) Whether there is any diversion of fund from the concerned JSC / ASC to it’s subsidiary or related company. What is the dividend policy of the company and whether dividend has been declared in accordance with that policy? Whether dividend has properly received by WBHB as per statement. vi) Verify Project Accounts & project-wise cost analysis to find out the construction cost per sq.ft including selling rate per sq.ft. vii) Scrutinise, whether the cost of sales and selling price of flat in each project. Have the selling price of HIG flats differed from market rate prevalent during the period with reason if any. viii) Valuation of shares at the end of each Financial Year i.e 31st March every year. ix) List of shareholders along with nos. of share held by them against issued & paid up share capital. x) Whether there is any secured & unsecured loan taken by the JSCs/ASCs and also any repayment is ether made by the concerned JSCs/ASCs, if yes, then submit a complete detail with the present status. xi) Whether any subsidiary company, LLP/SPV has been created, if yes, then submit a detail report. xii) Whether any amount of fund has been diverted from one project to another.

Amit Ray And Co.

MSKA AND ASSOCIATES