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Auditor Report of Arman Holdings Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Arman Holdings Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2015, 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

The Company's Board of Directors is responsible for the matters 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 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 thereunder. 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 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, 2015;

(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, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section143 of the Act, we give in the Annexure a statement on the matters Specified in paragraphs 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 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 our examination of those books.

c) The Balance Sheet, the 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 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 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.

f) In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014;

(i) The Company does not have any pending litigations which would impact its financial position

(ii) The Company did not have any long-term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise

(iii) There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of delay in transferring such sums does not arise

Annexure to the Auditors' Report

(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements of our report of even date to the members of Arman Holdings Limited on the Financial Statements for the year ended 31st March, 2015)

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets ;

(b) As explained to us, fixed assets have been physically verified by the management at regular intervals; as informed to us no material discrepancies were noticed on such verification;

(ii) The Company does not have any inventory. Hence, the requirement of clause (ii) of paragraph 3 of the said Order is not applicable to the Company

(iii) The company has not granted any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 189 of the Act.

(iv) In our opinion and according to the information and explanations 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 fixed assets and for the sale of services. Further, on the basis of our examination of the books and records of the Company and according to the information and explanations given to us, no major weakness has not been noticed or reported.

(v) The Company has not accepted any deposits from the public covered under Section 73 to 76 of the Companies Act, 2013

(vi) As informed to us, the Central Government has not prescribed maintenance of cost records under sub-section (1) of Section 148 of the Act

(vii) (a) According to the information and explanations given to us and based on the records of the company examined by us, the company is regular in depositing the undisputed statutory dues, including Provident Fund, , Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and other material statutory dues, as applicable, with the appropriate authorities in India ;

(b) According to the information and explanations given to us and based on the records of the company examined by us, there are no dues of Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise Duty which have not been deposited on account of any disputes

(c) There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund.

(viii) According to the records of the company examined by us and as per the information and explanations given to us, the company has not availed of any loans from any financial institution or banks and has not issued debentures

(ix) In our opinion, and according to the information and explanations given to us, the Company has not given any guarantee for loan taken by others from a bank or financial institution during the year

(x) In our opinion, and according to the information and explanations given to us, the company has not raised any term loans during the year

(xi) During the course of our examination of the books and records of the company, carried in accordance with the auditing standards generally accepted in India, we have neither come across any instance of fraud on or by the Company noticed or reported during the course of our audit nor have we been informed of any such instance by the Management

For Anmol Rana & Associates (Chartered Accountants) FRN :: 015666C

(Anmol Rana) Place : Delhi Partner Date : 29th May, 2015 M. No. 512080






Mar 31, 2014

We have audited the accompanying financial statements of Arman Holdings 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 the Companies Act, 1956 ("the Act"). Read with the 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 entity''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, 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 sub-section (3C) of section 211 of the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013; and

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 Auditors'' Report

(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements of our report of even date to the members of Arman Holdings Limited on the Financial Statements for the year ended 31st March, 2014)

(i) The Company has maintained proper records showing full particulars, including quantitative details and situation on fixed assets.

(ii) The Company does not have any inventory.

(iii) The Company has neither granted nor taken any loans, secured or unsecured to or from companies, firms or other parties covered in the register maintained under section 301 of the companies Act, 1956. Accordingly, the provisions of clause 4(iii)(a) to (g) of the Order are not applicable to the Company.

(iv) 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 with regard to purchase of inventory and with regards to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

(v) (a)In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register required to be maintained in pursuance of section 301 of The Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, transactions made in pursuance of contracts or arrangements entered into the register required to be maintained in pursuance of section 301 of the Act have been made, other than the transactions for which comparable prices are not available, at prices which are reasonable having regard to the prevailing market prices at the relevant time.

(vi) In our opinion, the Company has not accepted any deposit from public hence the provisions of sections 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 are not applicable to the company

(vii) The Company has in-house internal audit system which in our opinion is commensurate with the size of the Company and the nature of its business.

(viii) As informed to us, the Company (Cost Accounting Records) Rules, 2011 as prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 is not applicable in respect of the Company. Accordingly clause 4(viii) of the Order is not applicable to the Company.

(ix) According to the records of the Company, all applicable undisputed statutory dues have been deposited regularly during the year with the appropriate authorities and there are no arrears of outstanding statutory dues as at the last day of the financial year concerned, for a period of more than six months from the date they become payable. Further, there are no statutory dues which have not been deposited on account of any dispute.

(x) The Company does not have any accumulated losses at March 31, 2014 and has not incurred cash losses during the financial year covered by our audit or the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the Company has not taken any loan from financial institutions and banks.

(xii) In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The Company is not a chit fund or nidhi / mutual benefit fund / society. Accordingly, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

(xiv) The Company is dealing / trading in shares, securities and other investments. The company has maintained proper records of the transactions and contracts and timely entries have been made therein. The shares / securities and other investments have been held by the company in its own name.

(xv) According to the information and explanations given to us, the Company has not given guarantee on behalf of other company.

(xvi) According to the information and explanations given to us and records examined by us, no term loans have been raised during the period.

(xvii) On the basis of an overall examination of the balance sheet of the Company, in our opinion and according to the information and explanations given to us, there are no funds raised on a short-term basis, which have been used for long-term investment.

(xix) According to the information and explanations given to us, the Company has not issued any debentures during the period.

(xx) The Company has not raised money by way of public issue during the period.

(xxi) During the course of audit carried out and according to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year.

For Anmol Rana & Associates (Chartered Accountants) FRN :: 015666C

(Anmol Rana) Place : Delhi Partner Date : 30th May, 2014 M. No. 512080


Mar 31, 2013

We have audited the accompanying financial statements of Arman Holdings 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 auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Companys 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 31st 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 (Auditors 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, 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 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, 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 1 under Report on Other Legal and Regulatory Requirements of our report of even date to the members of Arman Holdings Limited on the Financial Statements for the year ended 31st March, 2013)

(i) The Company does not have any fixed assets.

(ii) The Company does not have any inventory.

(iii) The Company has neither granted nor taken any loans, secured or unsecured to or from companies, firms or other parties covered in the register maintained under section 301 of the companies Act, 1956.Accordingly the provisions of clause 4(iii)(a) to (g) of the Order are not applicable to the Company

(iv) 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 with regard to purchase of inventory and with regards to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal

(v) (a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register required to be maintained in pursuance of section 301 of The Companies Act,1956 have

(b) In our opinion and according to the information and explanations given to us, transactions made in pursuance of contracts or arrangements entered into the register required to be maintained in pursuance of section 301 of the Act have been made, other than the transactions for which comparable prices are not available, at prices which are reasonable having regard to the prevailing market prices at the relevant time.

(vi) In our opinion, the Company has not accepted any deposit from public hence the provisions of sections 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 are not applicable to the company.

(vii) The Company has in-house internal audit system which in our opinion is commensurate with the size of the Company and the nature of its business.

(viii) As informed to us, the Company (Cost Accounting Records) Rules, 2011 as prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 is not applicable in respect of the Company Accordingly clause 4(viii) of the Order is not applicable to the Company.

(ix) According to the records of the Company, all applicable undisputed statutory dues have been deposited regularly during the year with the appropriate authorities and there are no arrears of outstanding statutory dues as at the last day of the financial year concerned, for a period of more than six months from the date they become payable. Further, there are no statutory dues which have not been deposited on account of any dispute.

(x) The Company does not have any accumulated losses at March 31, 2013 and has not incurred cash losses during the financial year covered by our audit or the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the Company has not taken any loan from financial institutions and banks.

(xii) In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The Company is not a chit fund or nidhi / mutual benefit fund / society. Accordingly, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

(xiv) The Company is dealing / trading in shares, securities and other investments. The company has maintained proper records of the transactions and contracts and timely entries have been made therein. The shares / securities and other

(xv) According to the information and explanations given to us, the Company has not given guarantee on behalf of other company

(xvi) According to the information and explanations given to us and records examined by us, no term loans have been raised during the period.

(xvii) On the basis of an overall examination of the balance sheet of the Company, in our opinion and according to the information and explanations given to us, there are no funds raised on a short-term basis, which have been used for long-term investment.

(xviii) The Company has not made preferential allotment of shares to the parties covered in register maintained under section 301 of the Companies Act, 1956.

(xix) According to the information and explanations given to us, the Company has not issued any debentures during the period.

(xx) The Company has not raised money by way of public issue during the period.

(xxi) During the course of audit carried out and according to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year.

For Anmol Rana & Associates Chartered Accountants Regn. No. 015666C

Place : New Delhi (Nivedita Goyal) Date : 23.04.2013 Partner M.No.409321


Mar 31, 2012

We have audited the annexed Balance Sheet of Arman Holdings Limited as on 31st March, 2012 and also the annexed Profit & Loss Account of the company for the year ended on that date with the Books of Accounts of the Company and report that :

We 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 amount and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the manufacturing and other Companies (Auditors'' Report) Order 1988 issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement of the matters specified in Paragraph 4b& 5 of the said order.

2. Further to our comments in the Annexure referred to in paragraph : above :

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 these Books.

c) The Balance Sheet and Profit & Loss Account dealt with by the report are in agreement with the Books of Account.

d) In our opinion, the Profit & Loss Account & Balance Sheet comply with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 the extent applicable.

e) On the basis of our review of the representations received from the Directors of the company and the explanations given to us, none of the Director of the company has prima facie, as on 31st March 2012, any disqualification as referred to in clause (g) of sub-section (1) to Section 274 of the Act.

f) In our opinion and to the best of our information and according to the explanations given to us the said accounts read with the notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true

i) In the case of the Balance Sheet of the statement of the affairs of the company as on 31st March 2012, and

ii) In the case of the Profit & Loss Account, of the Profit for the year ended on that date.

1. There is no fixed assets with the company and as such, no fixed assets records have been maintained.

2. (a) The Management has been physically verified the stocks of share/ land during the year. In our opinion, the frequency of verification is reasonable.

(b) In our opinion, the procedure for physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The company is maintaining proper records of inventory and no discrepancies were noticed on physical verification of stocks as compared to book records.

3. (a) The company has not taken any loan from the parties listed in the register maintained under Section 301 of the companies Act. However there is one party listed in the register maintained under Section 301 of the Companies Act to whom loan has been granted and are considered doubtful for which necessary provision has been made. The maximum amount involved during the year was Rs. 2.00 lacs and the year end balance of loan from one party outstanding was Rs. 2.00 lacs.

(b) In our opinion and as mentioned above as the loan is doubtful, the rate of interest and other terms and conditions of the loans given to the party listed in the register maintained under section 301 of the Companies Act are not prima facie applicable. The other clauses (c) and (d) 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, for the purchase of inventory, fixed assets and for sale of goods, During the course of our previous assessment, no major weakness in internal control had come to our notice.

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

(b) In our opinion and according to the information given to us, the company has not entered into any transaction exceeding the value of five lacs rupees in respect of each party during the year.

6. In our opinion, the Company has not accepted any deposit from the public during the year.

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

8. As informed, 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 records of the Company, the company is regular in depositing undisputed statutory dues including Provident Fund, investor education protection fund, Employees State insurance, income tax, sales Tax Wealth tax, custom duty, excise duty, cess and other material statutory dues and there were no undisputed statutory dues payable for a period of more than six month from the date they become payable as on 31.03.2012.

(b) According to the information and explanation given to us, there is no any of the above statutory dues which have not been deposited on account of any dispute.

10. There is no accumulated losses of the company. It has earned cash profits in the financial year under report and has also earned profit in the immediately preceding financial year.

11. The company has not taken any loans dues of financial institutions, banks or debenture holders and as such the question of default does not arise.

12. As explained tu us, the company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or any other securities.

13. The company is not a chit fund or a nidhi mutual benefit fund, society and therefore the clause 4(xiii) of the Companies (Auditor''s Report) Order 2003 are not applicable to the company.

14. The company is maintaining proper records in respect of its dealing in shares which are held in company''s name.

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

16. The company has not taken any term loan during the year.

17. On the basis of information and explanations given to us, and on an overall examination on of the financial statements of the Company, no funds raised on short term basis have been used for long-term investment and vice-versa.

18. According the information and explanation give to us, the Company has not made any preferential allotment of shares to nay parties or companies covered in the Register maintained under Section 301 of the Companies Act 1956.

19. The company has not issued any debentures and as such no security has been created.

20. The Company has not raised any money through a public issue during the period.

21. According to the information and explanations given to us, and to the best of our knowledge and belief, no fraud on or by the company, has been noticed or reported by the company during the year.

(HARISH KUMAR) B. Com. F.C.A., M. No. 080105 For Chaudhry Kumar & Co Place : New Delhi Firm''s Regn. No. 005721 N Dated :17/5/2012 Chartered Accountants


Mar 31, 2011

We have audited the annexed Balance Sheet of Arman Holdings Limited as on 31st March, 2011 and also the annexed Profit & Loss Account of the company for the year ended on that date with the Books of Accounts of the Company and report that :-

We 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 amount and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the manufacturing and other Companies (Auditors'' Report) Order 1988 issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement of the matters specified in Paragraph 4b& 5 of the said order.

2. Further to our comments in the Annexure referred to in paragraph : above :-

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 these Books.

c) The Balance Sheet and Profit & Loss Account dealt with by the report are in agreement with the Books of Account.

d) In our opinion, the Profit & Loss Account & Balance Sheet comply with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 the extent applicable.

e) On the basis of our review of the representations received from the Directors of the company and the explanations given to us, none of the Director of the company has prima facie, as on 31st March 2011, any disqualification as referred to in clause (g) of sub-section (1) to Section 274 of the Act.

f) In our opinion and to the best of our information and according to the explanations given to us the said accounts read with the notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true

i) In the case of the Balance Sheet of the statement of the affairs of the company as on 31st March 2011, and ii) In the case of the Profit & Loss Account, of the Profit for the year ended on that date.

1. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies were noticed on such verification.

(c) The Company has not disposed off any substantial part of fixed assets so an affect its going concern.

2. (a) The Management has been physically verified the stocks of share during the year. In our opinion, the frequency of verification is reasonable.

(b) In our opinion, the procedure for physical verification of stock followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The company is maintaining proper records of inventory and no discrepancies were noticed on physical verification of stocks as compared to book records.

3. (a) The company has not taken any loan from the parties listed in the register maintained under Section 301 of the Companies Act. However there is three parties listed in the register maintained under Section 301 of the Companies Act to whom loans has been granted. The maximum amount involved during the year was Rs. 12.15 lacs and the year end balance of loan from one party outstanding was Rs. 2.00Lacs.

(b) In our opinion, rate of interest and other terms and conditions of the loans given to the parties listed in the register maintained under section 301 of the Companies Act, are not prima facie prejudicial to the interest of the Company.

(c) In our opinion as regards the loan given, the parties are regular I repaying the principal amount and interest.

(d) There is no overdue amount of loans given to parties listed in the register maintained u/s 301 of the Companies Act 1956.

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, for the purchase of inventory, fixed assets and for sale of goods. During the course of our previous assessment, no major weakness in internal control had come to our notice.

5. (a) According to the information and explanation given to us, we are of the opinion that the transaction that need to be entered into register maintained under Section 301 of the Companies Act have been so entered.

(b) In our opinion and according to the information given to us, the company has not entered into any transaction exceeding the value of five lacs rupees in respect of each party during the year.

6. In our opinion, the Company has not accepted any deposit from the public during the year.

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

8. As informed, 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 records of the Company, the company is regular in depositing undisputed statutory dues including Provident Fund, investor education protection fund, Employees State insurance, income tax, sales tax, wealth tax, custom duty, excise duty, cess and other material statutory dues and there were no undisputed statutory dues payable for a period of more than six month from the date they become payable as on 31.03.2011.

(b) According to the information and explanation given to us, there is no any of the above statutory dues which have not been deposited on account of any dispute.

10. There is no accumulated losses of the company. It has earned cash profits in the financial year under report and has also earned profit in the immediately preceding financial year.

11. The company has not taken any loans dues of financial institutions, banks or debenture holders and as such the question of default does not arise.

12. As explained to us, the company has not granted any loans or advances on the basis of security by way of pledge of share, debentures or any other securities.

13. The company is not a chit fund or a nidhi mutual benefit fun/society and ther3for the clause 4(xiii) of the Companies (Auditor''s Report) Order 2003 are not applicable to the company.

14. The company is maintaining proper records in respect of its dealing in shares which are held in company''s name.

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

16. The company has not taken any term loan during the year.

17. On the basis of information and explanations given to us, and on an overall examination of the financial statements of the Company, no funds raised on short- term basis have been used for long-term investment and vice-versa.

18. According the information and explanation give to us, the Company has not made any preferential allotment of shares to any parties or companies covered in the Register maintained under Section 301 of the Companies Act 1956.

19. The company has not issued any debentures and as such no security has been created.

20. The Company has not raised any money through a public issue during the period.

21. According to the information and explanations given to us, and to the best of our knowledge and belief, no fraud on or by the company, has been noticed or reported by the company during the year.



Sd/- (HARISH KUMAR) For Chaudhry Kumar & Co. B. Com., F.C.A., M. No. 080105 Place : New Delhi Firm''s Regn. No. 005721 N Dated : 14 May 2011 Chartered Accountants

 
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