Mar 31, 2015
We have audited the accompanying standalone financial statements of
ABHISHEK INFRAVENTURES LIMITED ('the Company'), which comprise the
balance sheet as at 31 March 2015, the statement of profit and loss and
the cash flow statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ('the Act') with respect
to the preparation and presentation of these standalone 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 principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
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 standalone
financial statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under. We conducted our
audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Act. 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 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 internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, 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 on the standalone
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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, of the state of affairs of the Company as
at 31 March 2015 and its profit and its 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, 2015 ('the
Order') issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
a) We have sought and 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, the 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 aforesaid standalone financial statements comply
with the Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014;
e) on the basis of the written representations received from the
directors as on 31 March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company does not have any pending litigations.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the financial statements for the Year ended 31
March 2015, we report that:
i. a. The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b. The Company has a regular programme of physical verification of its
fixed assets by which fixed assets are verified in a phased manner. In
accordance with this programme, certain fixed assets were verified
during the year and no material discrepancies were noticed on such
verification. In our opinion, this periodicity of physical verification
is reasonable having regard to the size of the Company and the nature
of its assets.
ii. a. According to the information and explanations given to us, the
management has conducted physical verification of inventories at
reasonable intervals during the year. 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 followed by the management for physical
verification of inventories are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of inventories.
As per the information and explanation given to us, no material
discrepancies were noticed on physical verification.
iii. The Company has not granted any loans to bodies corporate covered
in the register maintained under section 189 of the Companies Act, 2013
('the Act').
iv. In our opinion and according to the information and explanations
given to us, the Company has an adequate internal control system
commensurate with its size and the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in such internal control
system.
v. The Company has not accepted any deposits from the public.
vi. The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act, for any of the services
rendered by the Company.
vii. a. According to the information and explanations given to us and on
the basis of our examination of the records of the Company, amounts
deducted / accrued in the books of account in respect of undisputed
statutory dues including provident fund, employees' state insurance,
duty of excise income tax, sales tax, wealth tax, service tax, duty of
customs, value added tax, cess and other material statutory dues have
been regularly deposited during the year by the Company with the
appropriate authorities.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
sales tax, wealth tax, service tax, duty of customs, value added tax,
cess and other material statutory dues were in arrears as at 31 March
2015 for a period of more than six months from the date they became
payable.
c. According to the information and explanations given to us, there
are no material dues of wealth tax, duty of customs and cess which have
not been deposited with the appropriate authorities on account of any
dispute.
d. According to the information and explanations given to us the
company does not have any liability to be transferred to the investor
education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules there
under.
viii. The Company does not have any accumulated losses at the end of
the financial year and has not incurred cash losses in the financial
year and in the immediately preceding financial year.
ix. The Company did not have any outstanding dues to financial
institutions, banks or debenture holders during the year.
x. In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
xi. The Company did not have any term loans outstanding during the
year.
xii. 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 M M REDDY & Co.,
Chartered Accountants
Firm Registration No.010371S
(M Madhusudhana Reddy)
Place: Hyderabad Partner
Date : 25.04.2015 Membership No.213077
Mar 31, 2014
We have audited the accompanying financial statements of Abhishek
Infraventures Limited ("the Company"), which comprise the Balance Sheet
as at March 31, 2014 and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended 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,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub section (3C) of section 211
of Companies Act, 1956 ("the Act") read with General Circular 15/2013
dated 13th September 2013 of the Ministry of Corporate Affairs in
respect of Section 133 of the Companies Act 2013. 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 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, but not for the purpose of expressing an opinion on the
effectiveness of the Company's internal control. 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:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2014;
(b) in the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date; and
(c) in the case of the 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") 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 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, the 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 subsection (3C) of Section 211 of the Companies Act, 1956 read
with General Circular 15/2013 dated 13th September 2013 of the Ministry
of Corporate Affairs in respect of Section 133 of the Companies Act
2013;
e. On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 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
(Referred to in Paragraph 1 under 'Report on Other Legal and Regulatory
Requirements' section of our report of even date to the members of M/s
Abhishek Infraventures Limited )
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) According to the information and explanations given to us, the
management has conducted physical verification of assets during the year
at reasonable intervals and no material discrepancy was noticed on such
verification.
(c) The Company has not disposed off a substantial part of its fixed
assets during the year.
(ii) (a) According to the information and explanations given to us, the
management has conducted physical verification of inventories at
reasonable intervals during the year. 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 followed by the management for physical
verification of inventories are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of inventories.
The discrepancies noticed on verification between physical stocks and
book records were not material in relation to the operations of the
Company and have been properly dealt with in the books of account.
(iii) (a) The Company has not granted any loan, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956. Accordingly sub clauses
(b), (c) and (d) of clause 4 (iii) of the Order are not applicable.
(b) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered in the register maintained
under section 301 of the Act. Accordingly sub clauses (b), (c) and (d)
of clause 4 (iii) of the Order are not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control systems 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 control system.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the company has not entered into any contracts
or arrangements that need to be entered in the register maintained under
section 301 of the Act.
(b) Since the company has not entered into any such transactions during
the financial year, the clause relating to such transactions at prices
which are reasonable having regard to the prevailing market prices at
the relevant time is not applicable.
(vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public.
Accordingly, the provisions of Clause 4(vi) of the Order are not
applicable.
(vii) In our opinion, the company has an internal audit system
commensurate with its size and nature of its business.
(viii) Maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section (1) of Section 209
of the Companies Act 1956.
(ix) (a) According to the information and explanations given to us, 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
material statutory dues if applicable to it have been regularly
deposited by the company with the appropriate authorities during the
year.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at March 31, 2014 for a period of more than six months
from the date they became payable.
(c) According to the information and explanations given to us, there
are no dues of income tax/ Sales tax / custom tax / wealth tax /
service tax / excise duty / cess which have not been deposited on
account of any dispute.
(x) According to the information and explanation given to us, the
accumulated losses of the company at the end of the financial year
covered by our audit do not exceed fifty percent of its net worth. The
Company has not incurred cash losses in the current financial year and
in the immediately preceding financial year.
(xi) As the Company has neither taken any loan from a financial
institution or bank nor issued debentures, the clause relating to
repayment of dues to a financial institution or bank or debenture
holders is not applicable to the company.
(xii) According to the 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.
Accordingly, the provisions of Clause 4 (xii) of the Order are not
applicable.
(xiii) In our opinion, the Company is not a Chit fund/ Nidhi / Mutual
benefit fund/ Society. Accordingly, the provisions of Clause 4 (xiii)
of the Order are not applicable.
(xiv) In our opinion and according to the information and explanations
given to us, the Company does not deal or trade in shares, securities,
debentures and other investments. Accordingly, the provisions of Clause
4 (xiv) of the Order are not applicable.
(xv) According to the information and explanations given to us, the
Company during the year has not given any guarantee for loans taken by
others from banks or financial institutions.
(xvi) According to the information and explanations given to us, the
company has not obtained any term loans.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, funds
raised on short term basis if any have, prima facie, not been used for
long term investment.
(xviii) According to the information and explanations given to us, the
Company has not made preferential allotment of shares during the year
to parties and companies covered in the register maintained under
section 301 of the Companies Act, 1956.
(xix) According to the information and explanations given to us and the
records examined by us, the Company has not issued any debentures;
accordingly provisions of Clause 4(xix) of the Order are not
applicable.
(xx) During the year covered by our audit, the Company has not raised
any money by public issue.
(xxi) To the best of our knowledge and belief 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 P.P.RAJU & CO
Chartered Accountants
Firm Registration No.010217S
Sd/-
P.P.RAJU
Hyderabad, Proprietor
May 30, 2014 M. No. 212731
Mar 31, 2013
We have audited the accompanying financial statements of EXECUTIVE
STOCK BROKING SERVICES LIMITED ("the Company"), which comprise the
Balance Sheet as at March 31, 2013, and the Statement of Profit and
Loss and Cash Flow Statement for the year then ended, 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,
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.
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 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.
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, of the profit for
the year ended on that date; and
c) in the case of the 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") 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 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 [and proper returns adequate for the purposes of our audit have
been received from branches not visited by us];
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 [and with the returns received from branches not visited by
us];
d. in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement 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 (1) of
section 274 of the Companies Act, 1956.
f. Since the Central Government has not issued any notification as to
the rate at which 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 TO THE AUDITORS' REPORT
(Referred to in paragraph 3 of our report of even date to the members
of M/s. Executive Stock Broking Services Limited)
(i) (a) The company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) These fixed assets have been physically verified at reasonable
intervals by the management and no material discrepancy was noticed on
such verification.
(c) The company has not disposed off a substantial part of its fixed
assets during the year.
(ii) (a) The company does not have any inventory. Therefore, the clause
relating to physical verification of inventory at reasonable intervals
by the management is not applicable.
(b) As the company does not have any inventory, the clause relating to
procedures of physical verification of inventory followed by the
management in relation to the size of the company and the nature of its
business is not applicable.
(c) As the company does not have any inventory, the clause relating to
maintenance of proper records of inventory and notice of any material
discrepancy on physical verification is not applicable.
(iii) (a) The company has not granted any loans, secured or unsecured,
to companies, firms or other parties covered in the register maintained
under section 301 of the Act.
(b) Since the company has not granted any loans, secured or unsecured,
as above the clause relating to rate of interest and other terms and
conditions of such loans is not applicable.
(c) Since the company has not granted any loans, the clause relating to
regular receipt of the principal amount and interest is not applicable.
(d) Since the company has not granted any loans, the clause relating to
overdue amount of more than Rupees One Lac is not applicable.
(e) The company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered in the register maintained
under section 301 of the Act.
(f) Since the company has not taken any loans, secured or unsecured, as
above the clause relating to rate of interest and other terms and
conditions of such loans is not applicable.
(g) Since the company has not taken any loans, the clause relating to
regular payment of the principal amount and interest is not applicable.
(iv) 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, and for
the sale of services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
control system.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the company has not entered into any contract or
arrangement that need to be entered in the register maintained in
pursuance of section 301 of the Act.
(b) Since the company has not entered into any such transactions during
the financial year, the clause relating to such transactions at prices
which are reasonable having regard to the prevailing market prices at
the relevant time is not applicable.
(vi) The company has not accepted deposits from the public within the
meaning of Section 58A, 58AA or any other relevant provisions of the
Act.
(vii) In our opinion, the company has an internal audit system
commensurate with its size and nature of its business.
(viii) Maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Act.
(ix) (a) 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 if applicable to it have been regularly
deposited by the company with the appropriate authorities during the
year.
(b) According to the information and explanations given to us, there
are no dues of income tax / sales tax / wealth tax / service tax /
custom duty / excise duty / cess which have not been deposited on
account of any dispute.
(x) The accumulated losses of the company at the end of the financial
year covered by our audit do not exceed fifty percent of its net worth.
The company has not incurred cash losses in the financial year and in
the immediately preceding financial year.
(xi) As the company has neither taken any loan from a financial
institution or bank nor issued debentures, the clause relating to
repayment of dues to a financial institution or bank or debenture
holders is not applicable to the company.
(xii) The company has not granted any loan or advance against the
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) Proper records have been maintained of the transactions and
contracts of dealing in shares, securities, debentures and other
investments held by the company and timely entries have been made
therein. Shares, securities, debentures and other investments have been
held by the company in its own name except to the extent of the
exemption, if any, granted under section 49 of the Act.
(xv) 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.
(xvi) According to the information and explanations given to us, the
company has not obtained any term loans.
(xvii) According to the information and explanations given to us, we
report that no short term funds have been raised by the company.
(xviii) The company has not made any preferential allotment of shares
during the period covered by our audit to the parties and companies
covered in the Register maintained under section 301 of the Act.
(xix) The company has not issued debentures during the period covered
by our audit.
(xix) The company has not raised money by way of public issues during
the period covered by our audit.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For M/s RMA & Associates
Chartered Accountants
Firm Regn. No. 000978N
Sd/-
(Pankaj Chander)
Place: New Delhi partner
Date: 30th May, 2013 M. No. 89065
Mar 31, 2012
1. We have audited the attached Balance Sheet of EXECUTIVE STOCK
BROKING SERVICES LIMIT D as at 31st March, 2012 the Statement of Profit
& Loss and the Cash flow statement of the Company for the year ended on
that date annexed thereto. These financial statement is 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 Star ards 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 disclosures in the financial statements. An audit also includes
assessing the accounting principles used ar 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 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said c
der.
4. Further to our coments in the Annexure referred to in paragraph 3
above:
(a) We have obtained all the information and explanations, which to the
best of our Knowiedge and belief were necessary for the purposes of our
audit;
(b) In our op- on, proper books of account as required by law have been
kept by the company so far as appears from our examination of such
books;
(c) The Balance Sheet, the Statement of Profit & Loss and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(d) In our op Ion, the Balance Sheet, the Statement of Profit & Loss
and the Cash Flow Statement dealt with by this report complies with the
mandatory Accounting Standard referred in section 211 [3C] of the
Companies Act, 1956,
(e) On the basis of written representations received from the directors
as at 31 03.20 and taken on record by the Board of Directors, we report
that none of the direc re are disqualified as on 31st March, 20' 2 from
being appointed as directors in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956;
(f) in our opinion, and to the best of our information and according to
the explan ions given to us, the said accounts give t the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with accounting principles generally
accepted in India:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012 and
(ii) in the case of the Statement of Profit & Loss of the Company, of
the profit of the company for the year ended or that date ;
(iii) in the case of Cash Flow Statement, of the cash flow of the
company for the year ended on that date.
(Referred to in paragraph 3 of our report of even date to the members
of M/s. Executive Stock Broking Services Limited)
(i) (a) The company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) These
(c) The cc party has not disposed off a substantial part of its fixed
assets during the year,
(a) The company does not have any inventory. Therefore, the clause
relating to physical verification of inventory at reasonable intervals
by the management is not applicable.
(b) As the company does not have any inventory, the clause relating to
procedures of physical verification of inventory followed by the
management in relation to the size of the company and the nature of its
business s not applicable.
(c) As the company does not have any inventory, the clause relating to
maintenance of proper records of inventory and notice of any maiterial
discrepancy on physical verification is not applicable.
(iii) (a) The Company has not granted any loans, secure! or unsecured,
to companies, firms or other parties covered in the register maintained
under section 301 of the Act,
(b) Since the company has not granted any loans, secured or unsecured,
as above the clause relating to rate of interest and other terms and
conditions of such loans is not applicable.
(c) Since the company has not granted any loans, the clause relating to
regular receipt of the principal amount and interest is not applicable.
(d) Since he company has not granted any loans, he clause relating to
overdue amount of more than Rupees One Lac is not applicable.
(e) The company has not taken any loans, secured or unsecured, from
companies, firms other parties covered in the register maintained under
section 301 of the Act.
(f) Since the company has not taken any loans, secu ed or unsecured, as
above the clause elating to rate of interest and other terms and
conditions of such loans is not applicable.
(g) Since he company has not taken any loans, the clause relating to
regular payment of the principal amount and interest is not applicable.
(iv) 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, and for
the sale of services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
control system.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the company has not entered into any contract or
arrangement that need to be entered in the register maintained in
pursuance of section 301 of the Act,
(b) Since the company has not entered into any such transactions during
the financial year, the clause relating to such transitions at prices
which are reasonsble having regard to the prevailing market prices at
the relevant time is not applicable.
(vi) The company has not accepted deposits from the public within the
meaning of Section 58A 58AA or any other relevant provisions of the
Act,
(vii) In our opinion, the company has an internal audit system
commensurate with its size and nature of its busiess.
(viii) Maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub section (1) of section 209
of the Act.
(ix) (a) Undisputed statutory dues including provident find, investor
education and protection fund, employees' state insurance, income-tax,
sales-tax, wealth rax, service ax. custom duty, excise duty, cess and
any other statutory dues if applicable to it have been regularly
deposited by the company with the appropriate authorities during the
year.
(b) According to the information and explanations givein to us, there
are no dues of income tax / sales tax / wealth tax / service tax /
custom duty / excise duty / cess which have not been deposited on
account of any dispute.
(x) The accumulate losses of the company at the end of the financial
year covered by our audit do not exceed fifty percent of its net worth.
The company has not incurred cash losses in the finanicial year and in
the immediately preceding financial year.
(xi) As the compan nas neither taken any loan from a financial
institution or bank nor issued debentures, the :clause relating to
repayment of dues to a financial institution or bank or debenture
holders is not applicable to the company,
(xii) The company has not granted any loan or advance against the
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 povisions of clause 4
(xiii) of the Companies (Auditor's Report) Order, 2003 are not
applicable to the company.
(xiv) Proper records have been maintained of the transaction and
contracts of dealing in shares, securities debentures and other
investments held by the company and timely entries have been made
therein. Shares securities, debentures and other investments have been
held y the company in its own name except to he extent of the exemption,
if any, granted under section 49 of the Act
(xv) 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.
(xvi) According to the information and explanations given to us, he
company has not obtained any term loans
(xvii) According to the information and explanations given to us we
report that no short term funds have been raised by the company.
(xviii) The company as not made any preferential allotment of shares
during the period covered by our audit to the parties and companies
covered in the Register maintained under section 301 of the Act.
(xix) The company has s not issued debentures during the period covered
by our audit
(xx) The company has s not raised money by way of public issues during
the period covered by our audit.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For M/s. RMA & Associates
Chartered Accountants
Firm No. 000978N
Pankaj Chander
Place: New Delhi Partner
Dated: 27th August, 2012 M No. 89065
Mar 31, 2011
1. We have audited the attached Balance Sheet of EXECUTIVE STOCK BROKING
SERVICES LI MITED as at 31March, 2011, the Profit & loss Account and
the Cash flow statement of the Company for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Comnany's management Our responsibility to express an opinion on
these financial statements based on our audit
2. We Conducts 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 include
examining, on a best basis, evidence supporting the amounts and
disclosures in he financial statements. An audit also includes
assessing the accounting principles use 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 issued by
the Central 3. Government India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
or the matters specified in paragraphs A and 5 of the said order.
4 Further to our comments in the Annexure referred to in paragraph 3
above
(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 cur examination of such
books.
(c) The balance Sheet, me Profit & Loss Account 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, the Profit & Loss account and
the Cash Flow Statement dealt with by this report complies with the
mandatory Accounting Standards referred in section 211 [3C] of the
Companies Act, 1956;
(e) On the basis of written representations receiver from the directors
as at 31.0 2011 and taken on record by the Board of Directors, wo
report that none of the rectors are disqualified as on 31st March, 2011
from being appointed as directors in terms of clause (g) of sub-section
(1) of section 274 of the Companies Act, 1956,
(f) In our opinion, and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1953. In the manner so required and give
a true and fair view in conformity with accounting principles generally
accepted in India:
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011 and
(ii) in the case of the Profit & Loss Account of the Company, of the
profit of the company for the year ended on that date;
(iii) in the case of Cash Flow Statement, of the cash flow of the
company for the year ended on that date.
(Referred to in paragraph 3 of our report of even date to the members
of M/s. Executive Stock Broking Services Limited)
(i) (a) The company is maintaining proper records showing full
particulars including quantitive details and situation of fixed assets.
(b) These fixed assets have been physically verified at reasonable
intervals by the
(b) management and no material discrepancy was noticed on such
verification.
(c) The company has not disposed off a substantial part of its fixed
assets during the year
(ii) (a) The company doss not have any inventory. There ore, the clause
relating to (ii) physical verification of inventory at reasonable
intervals by the management is not applicable,
(b) As the company does not have any inventory, the cause relating to
Procedures
(b) of physical verification of inventory followed by the nr management
in relation to the size of the company and the nature of its business Is
not applicable.
(c) as the company does not have any Inventory, the clause relating to
maintenance of proper records of Inventory and notice of any material
discrepancy on physical verification is not applicable
(iii) (a) The company has not granted any loans, secured or unsecured,
to companies, firm or other parties covered in the register maintained
under section 301 of the Act
(b) Since the company has not granted any loans, secured or unsecured,
as above the clause relating to rate of interest and other terms and
conditions of such loans is not applicable,
(c) Since the company has not granted any loans, the clause relating to
regular rec pt of the principal amount and interest is not applicable.
(d) Since the company has not granted any loans, the clause relating to
overdue amount of more than Rupees One Lac is not applicable,
(e)The company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered in the register maintained
under section 301 of the Act
(f) Since the company has not taken any loans, secured or unsecured, as
above the clause relating to rate of interest and other terms and
conditions of such loans is not applicable.
(g) Since the company has not taken any loans, the clause relating to
regular payment of the principal amount and interest is not applicable
(iv) 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 ana the nature of its business, and for
the sale of services. During (the course of our audit, we have not
observed any continuing failure to correct major weeknesses in internal
control system.
(v) (a) According to the information and explanations given to us, we
are of the opinion - that the company has not entered into any contract
or arrangement that need to be entered in the register maintained in
pursuance of section 301 of the Act.
(b) Since the company has not entered into any such transactions during
the financial year, the clause relating to such transactions at prices
which are reasonable having regard to the prevailing market prices at
the relevant time is hot applicable
(vi) The company has not accepted deposits from the public within the
meaning of Section 68A, 63AA or any other relevant provisions of the
Act,
(vii) In our opinion the company has an internal-audit system
commensurate with its size and nature of its business.
(viii) Maintenance of cost records has not been prescribed by (hr
Central Government under clause (d) of sub-section (1) of section 209
of the Act.
(ix) (a) 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 if applicable to it have been regularly
deposited by the company with the appropriate authorities during the
year.
(b) According to the information and explanations giver to us, there
are no dues of income tax / sales tax I wealth tax /service tax /
custom duty / excise duty / cess which have not been deposited on
account of any dispute.
(x) The accumulated losses of the company at the end of the financial
year covered by our audit do not exceed fifty percent of its net worth.
The company has not incurred cash losses in the financial year and in
the immediately preceding financial year
(xi) As the company has neither taken any loan from a financial
institution or bank nor issued debentures, the clause relating to
repayment of dues to a financial Institution or bank or debenture
holders is not applicable to the company.
(xii) The company has not granted any to an or advance against the
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 (will) of
the Companies (Auditor's Report) Order 2003 are not applicable to the
company.
(xiv) Proper records have been maintained of the transactions and
contracts of dealing in shares, securities. debentures and other
investments held by the company and timely entries have been triads
therein. Shares, securities, debentures and other investments have been
held by the company In its own name except to the extent of the
exemption if any. granted under icier section 49 of the Act.
(XV) According to the information and explanations given to us, the
company has not given any gurantee or loans taken by others from banl
or financial institutions
(xvi) According to the information and explanations given to US. the
company has not obtained any term loans.
(xvii) According to the information and explanations given to us, we
report that no short term funds have been raised by the company.
(xviii) The company has not made any preferential allotment of shares
during the period covered byour audit to the parties and companies
covered to the Register maintained under section 301 of the Act.
(xix) The company has not Issued debentures during the period covered
by our audit.
(xx) The company has not raised money by way of public Issues during
the period covered by our audit
(xxi) According to e information and explanations given to us. no fraud
on or by the company has been noticed or reported during the course of
our audit.
For M/s. RMA & Associates
Chartered Accountants
Firm No, 000978N
Pankaj Chander
Place: New Delhi Partner
Dated: 1st September, 2011 M.No.89065