Mar 31, 2015
We have audited the accompanying Financial statements of ANKUSH
FINSTOCK LIMITED ("the company"),which comprise the Balance Sheet as at
31 March 2015, the Statement of Profit and Loss, 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 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 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 the
maintenance of adequate accounting records in accordance with the
provision of the Act for safeguarding of the assets of the Company and
for preventing and detecting the 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 control,
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 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 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 true and fair view 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 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 Financial
Statements.
Opinion :
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements, give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:-
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2015;
b) in the case of the Statement of Profit and Loss, of the loss 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 Re- port) Order, 2015
issued by the Central Gov- ernment of India in terms of sub-section
(11) of section 143 of the Act ( hereinafter referred to as the "
Order"), and on the basis of such checks of the books and records of
the com- pany as we considered appropriate and accord- ing to the
information and explanations given to us , we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order.
2. As required by Section 143 (3) of the Act, we report that:
(a) we have sought and obtained all the in- formation 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 agree- ment with the
books of account.
(d) in our opinion, the aforesaid 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 31st March 2015 are taken on record by the Board of
Directors, none of the Director is disqualified as on 31st March 2015
from being appointed as a Director in terms of Section 164 (2) of the
Act.
(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 has disclosed the impact of pend- ing litigations on
its financial position in its fi- nancial statements ;
ii. In our opinion and as per the information and explanation provided
to us the Company has not entered into any long-term contracts includ-
ing derivatives contract, requiring provision under applicable laws or
accounting standards, for material foreseeable losses.
iii. the company is not required to transfer any amount to Investor
Education and Protection Fund.
ANNEXURE TO THE AUDITOR'S REPORT
The Annexure referred to in our report to the members of ANKUSH
FINSTOCK LIMITED for the year Ended on 31st March,2015, we report that:
1) (a) In our opinion and according to the information and explanation
given to us, the company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets;
(b) In our opinion, the fixed assets have been physically verified by
the management at reasonable intervals having regard to the size of the
company and the nature of its assets. No material discrepancies were
noticed on such verification.
2) (a) As explained to us, inventories have been
physically verified by the management at reasonable intervals during
the year. In our opinion, the frequency of such verification is
reasonable.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of stock followed
by the management are reasonable and adequate in relation to the size
of the company and the nature of it's business.
(c) Company has maintained proper records of inventories. No material
discrepancies were noticed on physical verification of inventories.
3) The company has not granted any loans, secured or unsecured to the
parties covered in the register maintained under Section 189 of the
companies Act, 2013. Accordingly, clauses III (a) & (b) of the Order
are not applicable.
4) In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to the purchase of inventory of, fixed assets and
with regard to the sale of goods. During the course of our audit,
no major weakness has been noticed in the internal controls.
5) The Company has not accepted any deposits from the public. Hence
clause no 5 of the Order is not applicable to the Company.
6) The central government has not prescribed the maintenance of cost
records under section 148(1) of the Act , in respect of any of the
company's products and hence para 3(vi) of CARO 2015 is not applicable.
7) (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, income tax, wealth tax, service tax, value added tax, cess and
other material statutory dues have been regularly deposited during the
year by the Company with the appropriate authorities. As explained to
us, the Company did not have any dues on account of employees' state
insurance and excise duty & custom duty 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.
(b) 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. However, according to information and explanations given to
us, the dues of income tax and service tax have not been deposited by
the Company on account of disputes :
Name Nature Amount Period Forum
of the of Rs. for which where
Statute dues the dispute
amount is
relates pending
Income Income 29,27,851 05-06 Appellate
Tax Tax Tribunal
Service Service 94,657 05-06 Appellate
Tax Tax Tribunal
(c) the company is not required to transfer the amount of investor
education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956)
8) The Company does have accumulated losses at the end of the financial
year & has incurred cash losses in the financial year and in the
immediately preceding financial year.
9) According to the records of the company the company has not borrowed
from financial institutions or banks or issued debentures till 31st
March, 2015. Hence in our opinion the question of reporting on
defaults in repayment of dues to financial institutions or banks or
debentures does not arise.
10) 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.
11) According to the records of the company the company has not taken
any term loans during the year, hence comments under the clause are not
called for.
12) Based on the audit procedures performed and informations and
explanations given by the management we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For DJNV & CO.
Chartered Accountants
Firm Regn. No. 115145W
Jayesh Parikh
Place : Ahmedabad Partner)
Date : 29th May 2015 M. No. 40650
Mar 31, 2014
We have audited the accompanying financial statements of
Ankush Finstock Limited , 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 the Companies Act, 1956. This responsibility includes the design,
implementation and maintenanceof 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
controls 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, 2014;
(b) In the case of statement of Profit and Loss, of the Loss 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 knowl- edge 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.
d. In our opinion, the Balance Sheet, State- ment of Profit and Loss,
and Cash Flow Statement comply with the Accounting Stan- dards 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, 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 theCompanies Act, 1956:
f. Since the Central Government has not is- sued 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 AUDITOR''S REPORT
(1) (a) In our opinion and according to the information and explanation
given to us, the company has maintained all the relevant records
showing full particulars, including quantitative details and situation
of fixed assets.
(b) As explained to us, all the fixed assets have been physically
verified by the management during the year. There is a regular program
of verification which in our opinion is reasonable having regard to the
size of the company and the nature of its assets. No material
discrepancies were noticed on such verification.
(b) During the year as the Company has not disposed off the fixed
assets, hence clause 1(iii) of the Order is not applicable.
2. (a) According to the information & explanations given to us, the
Physical verification of shares has been followed by the management at
reasonable intervals.
(b) In our opinion and according to the information and explanation
given to us, the procedure of physical verification of stock of Shares
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) According to the information and explanation given to us, the
company is maintaining proper records of inventory of shares. No
material discrepancies were noticed on physical verification.
(3) (a) According to the information and explanation given to us and
the records produced to us for our verification, the company has not
granted loans to any parties covered in the register maintained under
section 301 of the Companies Act, 1956,hence the provisions of clause
4(iii) (a) to (d) of the companies ( Auditor''s Report ) Order, 2003 are
not applicable to the company.
(b) According to the information and explanation given to us, the
company has not taken unsecured loans from any parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Hence the provisions of clause 4 (iii) (f) to (g) of the Companies (
Auditors Report) Order, 2003 are not applicable to the Company.
(4) In our opinion and according to the information and explanation
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of share, and with regard to the sale of shares. During the
course of our audit, no major weaknesses have been noticed in the
internal controls.
(5) (a) In our opinion and according to the information and explanation
given to us, the transactions for the year that needed to be entered
into the register maintained under section 301 of the Companies Act,
1956, have so been entered.
(b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of the contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of five lakhs rupees in
respect of any party during the year have been reasonable having regard
to the prevailing market prices at the relevant time.
(6) In our opinion and according to the information and explanation
given to us, the company has not accepted any deposits from the public
within the meaning of section 58A and 58AA of the Companies Act, 1956
and the rules framed there under.
(7) In our opinion the company has internal audit system commensurate
with the size & nature of its business.
(8) To the best of knowledge and according to the information given to
us, the Central Government has not prescribed maintenance of cost
records under section 209 (1) (d) of the Companies Act, 1956, for any
of the products of the Company.
(9) (a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the company is regular in depositing undisputed statutory
dues including Provident Fund, Service Tax ,VAT and Income Tax. As
informed to us provisions of Employee State Insurance, Wealth Tax,
Custom duty are not applicable to the company.
(b) According to information and explanation given to us, details of
dues in respect of income tax & service tax were in arrears, on account
of dispute is as follows :
Name Nature Amount Period Forum
of the of Rs. for which where
Statute dues the dispute
amount is
relates pending
Income Income 29,27,851 A.Y. Appellate
Tax Act, Tax 2005-06 Tribunal
1961
Service Service 94,657 A.Y. Appellate
Tax Tax 2005-06 Tribunal
(10) In our opinion, the accumulated losses of the company are more
than fifty percent of its net worth. The company has incurred cash
losses during the financial year ended on 31st March, 2014,covered by
our audit,however,the company has not incurred cash loss in immediately
preceding financial year.
(11) As the Company has not availed term loan from bank/financial
institution, provisions of clause 4(xi) of the Order are not applicable
to the Company.
(12) According to the information & explanation given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(13) 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.
(14) According to the information & explanations given to us and on the
basis of examination of records of the company, proper records have
been maintained in respect of the transactions and contracts of shares,
securities debentures and other investments and timely entries have
been made therein.
(15) According to the information & explanations given to us and on an
overall examination we report that the company has not given any
guarantee for loans taken by others from banks or financial
institutions.
(16) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the company has not taken any term loans during the year.
(17) Based on the information and explanations given to us and on an
overall examination of the balance sheet and cash flows, the company
has not utilized funds raised on a short term basis for long term
investment.
(18) According to the information and explanation given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Companies Act, 1956.
(19) The Company has not issued any debentures during the year.
(20) The company has not raised any money by way of public issue during
the year.
(21) According to the information and explanation given to us, no fraud
on or by the company has been noticed or reported during the year.
For, DJNV & CO
Chartered Accountants
ICAI Reg.No:115145W
Sd/-
[JAYESH PARIKH]
PLACE : AHMEDABAD PARTNER
DATE : 29.05.2014 M. No.: 40650
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Ankush
Finstock Limited, 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. 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
controls 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 statement of Profit and Loss, of the profit/ loss
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.
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 AUDITOR''S REPORT
(1) (a) In our opinion and according to the information and explanation
given to us, the company has maintained all the relevant records
showing full particulars, including quantitative details and situation
of fixed assets.
(b) As explained to us, the Fixed Assets have been physically verified
by the management during the year. There is a regular program of
verification which in our opinion is reasonable having regard to the
size of the company and the nature of its assets. No material
discrepancies were noticed on such verification.
(c) During the year as the Company has not disposed off the Fixed
Assets, hence clause 1(iii) of the Order is not applicable.
(2) (a) According to the information & explanations given to us, the
Physical verification of shares has been followed by the management at
reasonable intervals.
(b) In our opinion and according to the information and explanation
given to us, the procedure of physical verification of stock of Shares
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) According to the information and explanation given to us, the
company is maintaining proper records of inventory of shares. No
material discrepancies were noticed on physical verification.
(3) (a) According to the information and explanation given to us and
the records produced to us for our verification, the company has not
granted loans to any parties covered in the register maintained under
section 301 of the Companies Act, 1956,hence the provisions of clause
4(iii) (a) to (d) of the companies ( Auditor''s Report ) Order, 2003 are
not applicable to the company.
(b) According to the information and explanation given to us, the
company has not taken interest free unsecured loans from any parties
covered in the register maintained under section 301 of the Companies
Act, 1956. Hence the provisions of clause 4 (iii) (f) to (g) of the
Companies ( Auditors Report) Order, 2003 are not applicable to the
Company.
(4) In our opinion and according to the information and explanation
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of share, and with regard to the sale of shares. During the
course of our audit, no major weaknesses have been noticed in the
internal controls.
(5) (a) In our opinion and according to the information and explanation
given to us, the transactions for the year that needed to be entered
into the register maintained under section 301 of the Companies Act,
1956, have so been entered.
(b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of the contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of five lakhs rupees in
respect of any party during the year have been reasonable having regard
to the prevailing market prices at the relevant time.
(6) In our opinion and according to the information and explanation
given to us, the company has not accepted any deposits from the public
within the meaning of section 58A and 58AA of the Companies Act, 1956
and the rules framed there under.
(7) In our opinion the company has internal audit system commensurate
with the size & nature of its business.
(8) To the best of knowledge and according to the information given to
us, the Central Government has not prescribed maintenance of cost
records under section 209 (1) (d) of the Companies Act, 1956, for any
of the products of the Company.
(9) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the company is regular in depositing undisputed statutory
dues including Provident Fund, Service Tax , Investor education
protection fund and Income Tax. As informed to us provisions of
Employee State Insurance, Sales Tax, Wealth Tax, Custom duty are not
applicable to the company.
(10) In our opinion, the accumulated losses of the company are more
than fifty percent of its net worth. The company has not incurred cash
losses during the financial year ended on 31st March, 2013, covered by
our audit, however, the company has incurred cash loss in immediately
preceding financial year.
(11) As the Company has not availed term loan from bank/financial
institution, provisions of clause 4(xi) of the Order are not applicable
to the Company.
(12) According to the information & explanation given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(13) 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.
(14) According to the information & explanations given to us and on the
basis of examination of records of the company, proper records have
been maintained in respect of the transactions and contracts of shares,
securities debentures and other investments and timely entries have
been made therein.
(15) According to the information & explanations given to us and on an
overall examination we report that the company has not given any
guarantee for loans taken by others from banks or financial
institutions.
(16) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the company has not taken any term loans during the year.
(17) Based on the information and explanations given to us and on an
overall examination of the balance sheet and cash flows, the company
has not utilized funds raised on a short term basis for long term
investment.
(18) According to the information and explanation given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Companies Act, 1956.
(19) The Company has not issued any debentures during the year.
(20) The company has not raised any money by way of public issue during
the year.
(21) According to the information and explanation given to us, no fraud
on or by the company has been noticed or reported during the year.
For, DJNV & CO.
Chartered Accountants
[Firm Reg. No.: 115145W]
Place : Ahmedabad [JAYESH PARIKH]
Date : 28.05.2013 Partner
Membership No.: 40650
Mar 31, 2012
We have audited the attached Balance Sheet of ANKUSH FINSTOCK LIMITED
as at 31st March, 2012 and the Statement of Profit and Loss and also
the Cash Flow Statement for the year ended on 31st March 2012 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.
We have conducted our audit in accordance with the 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
includes examining, on a test basis, evidence supporting the amounts
and disclosures of the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
1. As required by the Companies (Auditor's Report) Order, 2003, as
amended by the companies (Auditor's Report) (Amendment) Order, 2004,
issued by the Central Government in terms 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.
2. Further to our comments in the Annexure referred to in paragraph
(1) above. We report that,
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(b) In our opinion proper books of accounts as required by law have
been kept by the Company as far as appears from our examination of
those books;
(c) The Balance sheet, Profit and Loss account and Cash Flow statement
dealt with by this report are in agreement with the books of account;
(d) In our opinion the Balance sheet, Profit and Loss account and Cash
Flow statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956.
(e) On the basis of written representations received from the
directors, as on March 31, 2012 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31,2012 from being appointed as a Director 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 account read together with the
significant accounting policies and notes to account give the
information required by the Companies Act, 1956, in the manner so
required and gives a true & fair view in accordance with the accounting
principles generally accepted in India:
(i) In the case of Balance Sheet of the state of affairs of the Company
as on 31s March 2012;
(ii) In the case of Profit and Loss Account of the Loss for the year
ended on that date and
(iii) In the case of the Cash Flow statement of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
(1) (a) In our opinion and according to the
information and explanation given to us, the company has maintained all
the relevant records showing full particulars, including quantitative
details and situation of fixed assets.
(b) As explained to us, the Fixed Assets have been physically verified
by the management during the year. There is a regular program of
verification which in our opinion is reasonable having regard to the
size of the company and the nature of its assets. No material
discrepancies were noticed on such verification.
(c) During the year there is no disposal of the Fixed Assets hence
clause 1(iii) of the Order is not applicable.
(2) (a) The Physical verification of shares has been followed by the
management at reasonable intervals.
(b) In our opinion and according to the information and explanation
given to us, the procedure of physical verification of stock of Shares
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of it's business.
(c) According to the information and explanation given to us, the
company is maintaining proper records of inventory of shares. No
material discrepancies were noticed on physical verification.
(3) (a) According to the information and explanation
given to us and the records produced to us for our verification, the
company has not granted loans to a company, firm or other parties
covered in the register maintained under section 301 of the Companies
Act, 1956, hence the provisions of clause 4(iii)
(a) to (d) of the companies (Auditor's Report) Order, 2003 are not
applicable to the company.
(b) According to the information and explanation given to us, the
company has taken interest free unsecured loans from two parties
covered in the register maintained under section 301 of the Companies
Act, 1956. The maximum amount involved during the year is Rs. 71.8
lakhs and the year end balance taken from such parties is Rs.81 lakhs.
(c) In our opinion and according to the information and explanations
given to us, the loan taken from the company is interest free and
repayable on demand.
(d) In respect of the loan taken from the companies the loan is
interest free & as the loan taken is on demand, there are no
stipulation regarding repayment of principal amount.
(4) In our opinion and according to the information and explanation
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of share, and with regard to the sale of shares. During the
course of our audit, no major weaknesses have been noticed in the
internal controls.
(5) (a) In our opinion and according to the
information and explanation given to us. the transactions for the year
that needed to be entered into the register maintained under section
301 of the Companies Act, 1956, have so been entered.
(b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of the contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of five lakhs rupees in
respect of any party during the year have been reasonable having regard
to the prevailing market prices at the relevant time
(6) In our opinion and according to the information and explanation
given to us, the company has not accepted any deposits from the public
within the meaning of section 58A and 58AA of the Companies Act, 1956
and the rules framed there under.
(7) In our opinion the company has internal audit system commensurate
with the size & nature of its business.
(8) To the best of knowledge and according to the information given to
us, the Central Government has not prescribed maintenance of cost
record under section 209 (1) (d) of the Companies Act, 1956, for any of
the products of the Company.
(9) (a) According to the information and
explanations given to us and according to the books and records as
produced and examined by us, in our opinion, the company is regular in
depositing undisputed statutory dues including Provident Fund, Service
Tax, Investor education protection fund and Income Tax As informed to
us provisions of Employee State Insurance, Sales Tax, Wealth Tax,
Custom duty are not applicable to the company.
(b) According to information and explanation given to us, details of
dues in respect of income tax were in arrears, on account of dispute is
as follows:
Name of the Nature of Amount Period for
which Forum where
Statute dues Rs the amount
relates dispute is
pending
Income Tax Act,
1961 Income Tax 29,27,851 A.Y.2005-06 Appellate
Tribunal
(10) In our opinion, the accumulated losses of the company are more
than fifty percent of its net worth. The company has incurred cash
losses during the financial year ended on 31st March, 2012 covered by
our audit and has not incurred cash loss in immediately preceding
financial year
(11) As the Company has not availed term loan from bank/financial
institution, provisions of clause 4(xi) of the Order are not applicable
to the Company.
(12) According to the information & explanation given to us. the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities
(13) In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund/society. Therefore, the provision of clause 4(xiii) of the
companies (Auditor's Report) Order, 2003 are not applicable to the
company.
(14) According to the information & explanations given to us and on the
basis of examination of records of the company, proper records have
been maintained in respect of the transactions and contracts of shares,
securities debentures and other investments and timely entries have
been made therein.
(15) According to the information & explanations given to us and on an
overall examination we report that the company has not given any
guarantee for loans taken by others from banks or financial
institutions.
(16) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the company has not taken any term loans during the year.
(17) Based on the information and explanations given to us and on an
overall examination of the balance sheet and cash flows, the company
has not utilized funds raised on a short term basis for long term
investment.
(18) According to the information and explanation given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Companies Act, 1956.
(19) The Company has not issued any debentures during the year.
(20) The company has not raised any money by way of public issue during
the year.
(21) According to the information and explanation given to us, no fraud
on or by the company has been noticed or reported during the year.
PLACE: AHMEDABAD FOR, DJNV & CO.
DATE : 30.07.2012 CHARTERED ACCOUNTANTS
ICAI REGNO. 115145W
[JAYESH PARIKH]
PARTNER
M. NO.: 040650
Mar 31, 2010
We have audited the attached Balance Sheet of ANKUSH FINSTOCK LIMITED
as at 31st March, 2010 and also the profit and loss account and the
cash flow statement for the year ended on 31st March 2010 annexed
thereto. These financial statements are the responsibility of the
companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We have conducted our audit in accordance with the 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
includes examining, on a test basis, evidence supporting the amounts
and disclosures of the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
1. As required by the Companies (Auditors Report) Order, 2003, as
amended by the companies (Auditors Report) (Amendment) Order, 2004,
issued by the Central Government in terms 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.
2. Further to our comments in the Annexure referred to in paragraph
(1) above, We report that,
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(b) In our opinion proper booi of accounts are required by law have
been kept by the Company as far as appears from our examination of
those books;
(c) The balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
(d) In our opinion the Balance sheet, profit and loss account and cash
flow statement dealt with by this report comply with the accounting
standards referred to in sub- section (3C) of section 211 of the
Companies Act, 1956.
(e) On the basis of written representations received from the
directors, as on March 31, 2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2010 from being appointed as a Director 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 account read together with the
significant accounting policies and notes to account give the
information required by the Companies Act, 1956, in the manner so
required and gives a true & fair view in accordance with the accounting
principles generally accepted in India:
(i) In the case of Balance Sheet of the state of affairs of the Company
as on 31st March 2010;
(ii) In the case of Profit and Loss Account of the Loss for the year
ended on that date; and
(iii) In the case of the cash flow statement of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(1) (a) In our opinion and according to the information and explanation
given to us, the company has maintained all the relevant records
showing full particulars, including quantitative details and situation
of fixed assets.
(b) As explained to us, the Fixed Assets have been physically verified
by the management during the year. There is a regular program of
verification which in our opinion, is reasonable having regard to the
size of the company and the nature of its assets. No material
discrepancies were noticed on such verification.
(c) In our opinion and according to the information and explanation
given to us the substantial part of the Fixed Assets has not been
disposed off by the company during the year.
(2) (a) The Physical verification of shares has been followed by the
management at reasonable intervals.
(b) In our opinion and according to the information and explanation
given to us, the procedure of physical verification of stock of Shares
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of the business.
(c) According to the information and explanation given to us, the
company is maintaining proper records of inventory of shares. No
material discrepancies were noticed on physical verification.
(3) (a) According to the information and explanation given to us and
the records produced to us for our verification, the company has not
granted loans to a company, firm or other parties covered in the
register maintained under section 301 of the Companies Act, 1956,hence
the provisions of clause 4(iii) (a) to (d) of the companies ( Auditors
Report) Order,2003 are not applicable to the company.
(b) According to the information and explanation given to us, the
company has taken interest free unsecured loan from four parties
covered in the register maintained under section 301 of the Companies
Act, 1956. The maximum amount involved during the year is Rs. 243.10
Lacs and the year end balance taken from such party is Rs. 175.70 Lacs.
(c) In our opinion and according to the information and explanations
given to us, the loan taken from the company is interest free and
repayable on demand
(d) In respect of the loan taken from the companies the loan is
interest free & as the loan taken is on demand, there are no
stipulation regarding repayment of principal amount.
(4) In our opinion and according to the information and explanation
given to us, there are adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of share, and with regard to the sale of shares. During the
course of our audit, no major weaknesses has been noticed in the
internal controls.
(5) (a) In our opinion and according to the information and explanation
given to us, the transactions for the year that needed to be entered
into the register maintained under section 301 of the Companies Act,
1956, have so been entered.
(b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of the contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of five lakh rupees in
respect of any party during the year have been reasonable having regard
to the prevailing market prices at the relevant time.
(6) In our opinion and according to the information and explanation
given to us, the company not accepted any deposits from the public
within the meaning of section 58A and 58AA of the Companies Act, 1956
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) To the best of knowledge and according to the information given to
us, the Central Government has not prescribed maintenance of cost
record under section 209 (1) (d) of the Companies Act, 1956, for any of
the products of the Company.
(9) (a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the company is regular in depositing undisputed statutory
dues including Provident Fund, Investor education protection fund and
Income Tax. As informed to us provisions of Employee State Insurance,
Sales Tax, Wealth Tax .Service Tax, Custom duty are not applicable to
the company.
(b) According to information and explanation given to us, details of
dues in respect of income tax were in arrears, on account of dispute is
as follows:
Name of the Nature of Amount Period
for which Forum where
Statute dues Rs the amount
relates dispute is
pending
Income Tax
Act, 1961 Income Tax 2,16,35,865 A.Y.1996-97 Income Tax
Appeallate
Tribunal
Income Tax
Act, 1961 Penalty 1,02,12,690 A.Y.1996-97 Income Tax
Appeallate
Tribunal
Income Tax
Act, 1961 Income Tax 31,27,851 A. Y. 2005-06 CIT Appeal
(10) In our opinion, the accumulated losses of the company are more
than fifty percent of its net worth. The company has incurred cash
losses during the financial year ended on 31st March, 2010 covered by
our audit and has incurred cash loss in immediately preceding financial
year.
(11) As the Company has. not availed term loan from bank/financial
institution, provisions of clause 4(xi) of the Order are not applicable
to the Company.
(12) According to the information & explanation given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(13) In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund/society. Therefore, the provision of clause 4(xiii) of the
companies (Auditors Report) Order, 2003 are not applicable to the
company.
(14) According to the information & explanations given to us and on the
basis of examination of records of the company, proper records have
been maintained of the transaction and contracts of shares, securities
debentures and other investments and timely entries have been made
therein.
(15) According to the information & explanations given to us and on an
overall examination we report that the company has not given any
guarantee for loans taken by others from banks or financial
institutions.
(16) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the company has not taken any term loans during the year.
(17) Based on the information and explanations given to us and on an
overall examination of the balance sheet and cash flows, the company
has not utilized funds raised on a short term basis for long term
investment and vice versa.
(18) According to the information and explanation given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Companies Act, 1956.
(19) The Company has not issued any debentures during the year.
(20) The company has not raised any money by way of public issue during
the year.
(21) According to the information and explanation given to us, no fraud
on or by the company has been noticed or reported during the year.
PLACE: AHMEDABAD FOR, DJNV & CO.
DATE : 23/06/2010 CHARTERED ACCOUNTANTS
ICAI REG.N0.115145W
[JAYESH PARIKH]
PARTNER
M. NO.: 040650
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