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Auditor Report of A F Enterprises Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of A.F. Enterprises Limited ('the Company') which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, Cash Flow Statement and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the Company in accordance with the accounting principles generally accepted in India including Accounting Standards referred to in section 133 of the Act, read with Rule 7 of the Companies(Accounts) Rules, 2014.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.

Auditor's 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 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 disclosures in the financial statements. The procedures elected depend on the auditor's judgement, 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 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 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:

i. In the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2015.

ii. In the case of Statement of Profit and Loss, of the profit for the year ended on that date; and

iii. In the case of Cash Flow Statement, of the cash flows 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'), as amended, issued by the Central Government of India in terms of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 1 of our Order.

2. As required by section 143(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 purpose 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 those books;

c. The Balance Sheet, Statement of Profit and Loss and 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 Cash Flow Statement dealt with by this report comply with the Accounting Standards.

e. On the basis of written representations received from the directors as on 31st March, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015, from being appointed as a director in terms of section 164 of the Companies Act, 2013.

"ANNEXURE" TO THE AUDITOR'S REPORT

(As referred in paragraphs of our report)

1. In respect of its fixed assets:

a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b) As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such physical verification.

c) In our opinion, the company has not disposed off a substantial part of its fixed assets during the year and the going concern status of the company is not affected.

2. In respect of Inventories consisting of shares and securities held in other Company :

a) The inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c) The Company has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventories as compared to the book records.

3. In respect of the loans, secured or unsecured, granted or taken by the company to/from companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013:

a) In our opinion, and according to the information and explanation given to us, the company has not granted any loans, secured or unsecured during the year to companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013. Consequently, the requirements as per sub- clause (iii) (a) & (b) of the order are not applicable in case of the company.

b) The Company has not taken any loans, secured or unsecured during the year from companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013. Consequently, the requirements as per sub- clause (iii) (e), (f) and (g) of paragraph 4 of the order are not applicable in case of the company.

4. In our opinion, and according to the information and explanation given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods or services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

5. As explained and according to information given to us there has not been any contract or arrangement referred to in section 189 of the Act, particulars of which need to be entered in the register required to be maintained under section 189 of the Companies Act, 2013.

6. According to the information and explanations given to us, the Company has not accepted any deposits from the public. Therefore, the provisions of Clause (vi) of paragraph 4 of the Order are not applicable to the company.

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

8. The cost record maintained by the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under section 148(1 )of the Companies Act, 2013 are not applicable to the company.

9. In respect of statutory dues:

a) According to the records of the company, 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 other statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, there are no undisputed amount payable in respect of the aforesaid statutory dues were outstanding as at 31.03.2015 for a period of more than six months from the date of becoming payable.

b) According to the information and explanations given to us, there are no outstanding statutory dues on the part of company which is not deposited on account of dispute.

10. According to the information and explanations given to us, the Company has no accumulated losses. The company has not incurred any cash losses during the financial year covered by the audit and in the immediately preceding financial year.

11. According to the information and explanations given to us, the company has not taken any loan from any financial institution or bank or debenture holder.

12. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities, and in our opinion, adequate documents and records are maintained.

13. The Company is not a chit fund, nidhi or mutual benefit society. Therefore, the provisions of clause (xiii) of paragraph 4 of the Order are not applicable to the Company.

14. The Company has kept adequate records of its transactions and contracts in shares, securities, debentures and other investments and timely entries have been made therein. The shares, securities, debentures and other investments held by the company, in it's own name.

15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. As per information and explanations given to us, the company has not obtained any term loans during the year and no term loans are outstanding on the company at the end of year.

17. According to the information and explanations given to us, no funds raised on short-term basis have been used for long-term investment.

18. The Company has not made any preferential allotment of shares.

19. The company has not issued any debentures. Hence the requirements of sub- clause (xix) of paragraph 4 of the Order are not applicable to the company.

20. As explained to us, the management has disclosed on the end use of money raised by public issues and the same has been verified.

21. According to the information and explanations given to us, a fraud on or by the company has not been noticed or reported during the year.

FOR V.N. PUROHIT & CO. Chartered Accountants Firm Regn. No. 304040E

Sd/- O.P. Pareek Partner Membership No. 014238

New Delhi, the 29th day of May 2015




Mar 31, 2014

We have audited the accompanying financial statements of A.F. Enterprises Limited (the Company'') which comprise the Balance Sheet as at 31st March, 2014, the Statement of Profit and Loss, Cash Flow Statement and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the Company in accordance with the accounting principles generally accepted in India including 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.

Auditor''s 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 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 disclosures in the financial statements. The procedures elected depend on the audilor''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 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 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:

i. In the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2014;

ii. In the case of Statement of Profit and Loss, of the profit for the year ended on that date; and

iii. In the ease of Cash Flow Statement, of the cash flows 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''), as amended, issued by the Central Government of India in terms of sub-sectinn (4A> of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 1 of our 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 purpose 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 those hooks;

c. The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d. In uur opinion, the Balance Sheet, SLatement of Profit and Loss and Cash Flow Statement dealt with by this report comply with the Accounting SLandards referred to in sub-section (3C) of section 211 of the Companies Act, 1956; and

e. On the basis of written representations received from the directors as on 31st March, 2014, and 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 Companies Act, 1956.

"ANNEXURE" TO THE AUDITOR''S REPORT

(As referred in paragraphs of our report)

1. In respect of its fixed assets:

a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b> As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such physical verification.

c) In our opinion, the company has not disposed off a substantial part of its fixed assets during the year and the going concern status of the company is not affected.

2. In respect of Inventories consisting of shares and securities held in other Company:

a) The inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c) The Company has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventories as compared to the book records.

3. In respect of the loans, secured or unsecured, granted or taken by the company to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956:

a) In our opinion, and according to the information and explanation given to us, the company has not granted any loans, secured or unsecured during the year to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the requirements as per sub-clause (iii) (a), (b), (c) and (d) of paragraph 4 of the order are not applicable in case of the company.

b) The Company has not taken any loans, secured or unsecured during the year from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the requirements as per sub-clause (iii) (e), (f) and (g) of paragraph 4 of the order are not applicable in case of the company.

4. In our opinion, and according to the information and explanation given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods or services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

5. As explained and according to information given to us there has not been any contract or arrangement referred to in section 301 of the Act, particulars of which need to be entered in the register required to be maintained under section 301 of the Companies Act, 1956.

6. According to the information and explanations given to us, the Company has not accepted any deposits from the public. Therefore, the provisions of Clause (vi) of paragraph 4 of the Order are not applicable to the company.

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

8. The cost record maintained by the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under section 209 (1) (d) of the Companies Act, 1956 are not applicable to the company.

9. In respect of statutory dues:

a) According to the records of the company, 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 other statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, there are no undisputed amount payable in respect of the aforesaid statutory dues were outstanding as at 31.03.2014 for a period of more than six months from the date of becoming payable.

b) According to the information and explanations given to us, there are no outstanding statutory dues on the part of company which is not deposited on account of dispute.

10. According to the information and explanations given to us, the accumulated losses of tne company are less than fifty per cent of its net worth. The company has not incurred any cash losses during the financial year covered by the audit and in the immediately preceding financial year.

11. According to the information and explanations given to us, the company has not taken any loan from any financial institution or bank or debenture holder.

12. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities, and in our opinion, adequate documents and records are maintained.

13. The Company is not a chit fund, nidhi or mutual benefit society. Therefore, the provisions of clause (xiii) of paragraph 4 of the Order are not applicable to the Company.

14. The Company has kept adequate records of its transactions and contracts in shares, securities, debentures and other investments and timely entries have been made therein. The shares, securities, debentures and other investments held by the company, in it''s own name.

15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. As per information and explanations given to us, the company has not obtained any term loans during the year and no term loans are outstanding on the company at the end of year.

17. According to the information and explanations given to us, no funds raised on short-term basis have been used for long-term investment.

18. The Company has made preferential allotment of shares to the parties listed in the register maintained under section 301 of the Companies Act, 1956. According to the information and explanations given to us, the price at which such shares have been issued is not prejudicial to the interest of the Company.

19. The company has not issued any debentures. Hence the requirements of sub-clause (xix) of paragraph 4 of the Order are not applicable to the company.

20. As explained to us, the management has disclosed on the end use of money raised by public issues and the same has been verified.

21. According to the information and explanations given to us, a fraud on or by the company has not been noticed or reported during the year.

FOR V.N. PUROHIT & CO. CharLered Accountants Firm Regn. No. 304040E

Sd/- O.P. Pareek Partner Membership No. 014238

New Delhi, the 26th day of May 2014


Mar 31, 2013

We have audited the accompanying financial statements of A F ENTERPRISES LIMITED ("the Company"), which comprise the Balance Sheet As at March 31,2013,the Statement of Profit and Loss for the year then ended, Cash Flow Statement for the year ended, and a summary of significant accounting policies and other explanatory information.

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position performance and the 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.

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 company with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amount and 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 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 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.

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 March 31,2013;

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

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

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 5 of the Order.

2. Books of Accounts are prepared on Going Concern basis, Management is planning to arrange additional funds for repayment of its liabilities. Therefore Going concern assumption seems to be unaffected.

3. 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 purpose 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 those books

c) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statements 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 Statements comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e) On the basis of written representations received from the directors as on March 31 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (I) of section 274 of the Companies Act 1956

f) Since the Central] Government has not issued any notification as to the rate at wh.ch the cess is to be paid under section 441A of the Companies Act. 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

Annexure referred to in Paragraph 1 of our report of even date to the Shareholders of A F ENTERPRISES LIMITED for the year ended on 31st March, 2013

1 No Fixed Assets are held by the Company during the year.

2 No Inventory is held by the Company during the year.

3 The Company has granted loans for Rs.1.04 Lacs without interest to "One Party" and taken unsecured Loans for Rs. 103.78 Lacs from "Two Parties" covered in the Register maintained under Section 301 of The Companies Act, 1956.The rate of interest and other terms & conditions of Loan given by the Company are Prima facie not prejudicial to the interest of the Company.

4 In our opinion, according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5.a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 19S6 have been so entered.

b) In our opinion, according to the information and explanations given to us, there are no transactions made in pursuance of such contracts or arrangements entered into the Register in pursuance of Section 301 of the Act, exceeding the value of Rupees Five Lakhs in respect of any party during the year, which have been made at prices which are not reasonable having regard to the prevailing market prices at the relevant time.

6 The Company has not accepted any deposits from the public within the meaning of Sections 58A and S8AA of the Act and the rules framed there under.

7 The Company have Internal audit system commensurate with the size and nature of its business.

8 The Central Government has not prescribed the maintenance of Cost Records under clause (d) of sub-section (1) of Section 209 of the Act for any of the products of 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 regular in depositing the undisputed statutory dues including income-tax, sales-tax, customs duty, cess and other material statutory dues as applicable with the appropriate authorities.

(b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of sales tax, income-tax, customs duty and cess etc which have not been deposited on account of any dispute.

10 The Company has accumulated losses more than 50% of the Net Worth as at 31st March, 2013 and it has incurred cash losses in the financial year ended on that date. The Company has not incurred cash losses rn the immediately preceding financial year.

11 According to the record of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at 31st March,2013.

12 The Company has not granted loan and advances on the basis of security by way of pledge of Shares, debentures and other securities.

13 The provisions of any special statue applicable to Chit Fund/ Nidhi Mutual Benefit Fund societies are not applicable to the Company.

14 In our opinion, the Company was formed with the object of dealing in shares, debentures, securities and other investments. There is transaction during the year and shares acquired by the Company by way of investments were held in its own name.

15 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 year.

16 The Company has not obtained any term loans during the year.

17 On the basis of overall examination of the Balance Sheet of the Company in our opinion and according to the information and explanations given to us, there are no funds raised on a short-term basis, which have been used for long-term investments or vice versa.

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 year.

19 The Company has not issued any debentures during the year.

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

21 During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have been informed of such case by the management.

For Umesh Chand & Company

Chartered Accountants

Place: New Delhi (FRN O10585N)

Dated: 29.05.2013

Umesh Chand Goyal

(Partner)

M. No.088328


Mar 31, 2012

1 We have audited the attached Balance Sheet of A. F. ENTERPRISES LIMITED as .at 31st March, 2012 and also the Profit and loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Out 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 financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures 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 As required by the Companies (Auditors Report) Order, 2003 (as amended) issued by the Central Government of India under the provisions of Section 227(4A) of the Companies Act, 1956, we enclose in (he Annexure a statement on the matters specified in Paragraphs 4 and 5 of the said order.

4 Books of accounts are prepared on going concern basis, Management is planning to arrange additional funds for repayment of its liabilities. Therefore going concern assumption seems to be unaffected.

5 Further to our comments in the Annexure referred to above, 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, the Company has kept proper books of accounts as required by the law, so far, as appears from our examination of the books.

(iii) The Balance sheet and the Statement of Profit and Loss referred to in the report are in agreement, with the books of accounts.

(iv) In our opinion, Balance Sheet and Statement of Profit & Loss comply with the accounting standards referred to Section 211(3C) of the Companies Act. 1956.

(v) On the basis of written representations received from Directors, as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of the Director'' is disqualified as on 31st March, 2012 from being appointed as Director in terms of clause (g) of sub- section (1) of Section 274 of the Companies Act. 1956.

(vi) In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet and Statement of Profit and Loss give the information required by the Companies Act 1956, in the manner, so required and give a true and fair view:

a. In the case of the Balance sheet of the state of affairs of the Company as at 31si March, 2012 and

b. In the case of Statement of Profit and Loss of the Profit of the Company for the year ended on that date.

Annexure referred to in Paragraph 3 of our report of even date to the Shareholders of A F ENTERPRISES LIMITED for the year ended on 31st March, 2012

1 No Fixed Assets are held by the Company during the year.

2 No Inventory is held by the Company during the year.

3 The Company has granted loans for Rs,1.24 Lacs without interest to two companies and taken unsecured Loans for Rs. 0,86 Lacs from one company covered in the Register maintained under Section 301 of The Companies Act, 1956, As per explanation given by the Management such loans are not prejudicial to the interest of the company.

4 In our opinion, according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business. During the course of our audit, we have. not observed any continuing failure to correct. major weakness in internal controls.

5 a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the. Companies Act, 1956 have been so entered.

(b) In our opinion, according to the information and explanations-given to us, there are no transactions made in pursuance of such contracts or arrangements entered into the Register in pursuance of Section 301 of the Act, exceeding the value of Rupees Five Lakhs in respect-oJ any party during the year, which have I been made at prices which are not reasonable having regard to the prevailing market prices at the relevant time.

6 The Company has not accepted any deposits from the public within the meaning of Sections 58A and 5SAA of the Act and the rules framed there under.

7 In our opinion, the Company has an interna) audit system commensurate with the size and nature of its business.

8 The Central Government has. not prescribed the maintenance of Cost Records under clause (d) of sub- section (1) of Section 209 of the Act for any of the products of 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 regular in depositing, the undisputed statutory dues including income- tax, sales-tax, customs duty, cess and other material statutory dues as applicable with the appropriate authorities.

(b) According to the information and explanations given to us arid the records of the Company examined by us, there are no dues of sales tax, income-tax, customs duty and cess etc., which have not been deposited on account of any dispute.

10 The Company has accumulated losses more than 50% of the Net Worth as at 31st March, 2012 and it has not incurred cash losses in the financial year ended en that date. The Company has incurred cash losses. In the immediately preceding financial year.

11 According to the record of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at 31st March,2012.

12 The Company has not granted loan and advances on the'', basis of security by way of pledge of Shares, debentures and other securities.

13 The provisions of any special statue applicable to Chit Fund/ Nidhi Mutual Benefit Fund societies are not applicable to the Company.

14 In our opinion, the Company was formed with the object of dealing in shares, debentures, securities and other investments, However there are no transacts during me year. Shares acquired by the Company by way of investments were held in its own name.

15 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 year.

16 The Company has not obtained any term loans during the year.

17 On the basis of overall examination of the Balance Sheet of the Company in our opinion and according to the information and explanations given to us, there are no funds raised on a short-term basis, which have been used for long-term investments or vice versa.

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 year.

19 The Company has not issued any debentures during the year.

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

21 During the course of our examination of the books and records of the-Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have been informed of such case, by the management.

For Umesh Chand & Company

Chartered Accountants

Place: New Delhi

(Regn. No, 010585N)

Dated: 30.08,2012

Umesh Chand Goya

{Partner}

M.No. 088328


Mar 31, 2011

1 We have audited the attached Balance Sheet of A. F. ENTERPRISES LIMITED as at 31st March, 2011 and also the Profit and loss Account for the year ended on that date annexed thereto. These 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 financial statements are free of material misstatement. An audit, includes examining, on a test basis, evidence supporting the amounts and disclosures 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 As required by the Companies (Auditors Report) Order, 2003 {as amended) issued by the Central Government of India under the provisions of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in Paragraphs 4 and 5, of the said order,

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, the Company has kept proper books of accounts as required by the law, so far, as appears from our examination of the books.

(iii) The Balance sheet and the Profit and loss account referred to in the report are in agreement with the books of accounts.

(iv) In our opinion, Balance Sheet and Profit & Loss account comply with the accounting standards referred to Section 211(3C) of the Companies Act. 1956.

On the basis of written representations received from Directors, as on 31st March, 2011 and taken on record by the Board of Directors, we report that none of the Director is disqualified as on 31st March, 2011 from being appointed as Director in terms of clause (g) of sub- section (1) of Section 274 of the Companies Act, 1956.

(vi) "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 subject to the matters referred in the notes to the accounts in Schedule 7 B 1 (a} & (b) give the information required by the Companies Act 1956, in the manner, so required and give a true and fair view:

a. In the case of the Balance sheet of the state of affairs of the Company as at 31st March, 2011 and

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

Annexure referred to in Paragraph 3 of our report of even date to the Shareholders of A. F. ENTERPRISES LIMITED for the year ended on 31st March, 2011

1 No Fixed Assets are held by the Company during the year.

2 No Inventory is held by the Company during the year.

3 The Company has not granted any loan, but has taken unsecured loans for Rs. 97.95 lacs without interest from three companies covered in the Register maintained under Section 301 of The Companies Act, 1956. As per explanation given by the Management such loans are not prejudicial to the interest of the company.

4 In our opinion, according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5.a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion, according to the information and explanations given to us, there are no transactions made in pursuance of such contracts or arrangements entered into the Register in pursuance of Section 301 of the Act and exceeding the value of Rupees Five Lakhs in respect of any party during the year, which have been made at prices which are not reasonable having regard to the prevailing market prices at the relevant time,

6 The Company has not accepted any deposits from the public within the meaning of Sections 53A and 58AA of the Act and the rules framed there under.

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

8 The Central Government has not prescribed the maintenance of Cost Records under clause (d) of sub-section (1) of Section 209 of the Act for any of the products of 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 regular in depositing the undisputed statutory dues including income-tax, sales-tax, customs duty, cess and other material statutory dues as applicable with the appropriate authorities. .

(b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of sales tax, income-tax, customs duty and cess etc..which have not been deposited on account of any dispute.

10 The Company has accumulated losses as at 31st March, 2011 and it has incurred .cash losses in the financial year ended on that date. The Company has also incurred cash losses in the immediately preceding financial year,

11 According to the record of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at 31st March,2011.

12 The Company has not granted loan and advances on the basis of security by way of pledge of Shares, debentures and other securities.

13 The provisions of any special statue applicable to Chit Fund/ Knight Mutual Benefit Fund societies are not applicable to the Company.

14 In our opinion, the Company is a dealer or trader in shares, debentures, securities and other investments. However, there are no transactions during the year. Shares acquired by the Company Py way of investments were held in its own name.

15 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 year.

16 The Company has not obtained any term loans during the year.

17 On the basis of overall examination of the Balance Sheet of the Company in our opinion and according to the information and explanations given to us, there are no funds raised on a short- term basis, which have been used for long-term investments or vice versa.

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 year.

19 The Company has not issued any debentures during the year.

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

21 During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have been informed of such case by the management.

For Umesh Chand & Company

Chartered Accountants

Place: New Delhi (Regn. No. 010585N)

Dated: 16th July,2011

Umesh Chand Goyal

(Partner)

M. No, 088328

 
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