Mar 31, 2015
We have audited the accompanying financial statements of M/s. ARNAV
CORPORATION LIMITED, which comprise the Balance Sheet as at 31st March,
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 stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation of these standalone financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
a) 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.
b) 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.
c) An audit involves performing procedures to obtain audit evidence
about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
d) 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 :
i. in the case of the Balance Sheet, of the state of affairs of the
company as at 31st March, 2015;
ii. in the case of the Statement of Profit & Loss account, of the
Profit for the year ended on that date.
iii. 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 section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
2. As required by Section 143(3) of the Act, we report that :
a. we have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b. in our opinion proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books;
c. the Balance Sheet and the Statement of Profit and Loss 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 the written representations received from the
directors as on 31 March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
f. 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:
g. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements, in Point No. 7 and
Point No. 11 of the Note No. 15 to the Balance Sheet.
h. 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
i. 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 'A' TO THE AUDITOR'S REPORT OF EVENT DATE
I) In respect of fixed assets:
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 during the year, having regard to the size of the
company and the nature of its assets. We are informed that no material
discrepancies were noticed by the management on such verification.
II) In respect of Inventories:
c) The physical verification of inventory has been conducted at regular
intervals by the management.
d) The procedure of physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of the
company and the nature of its business.
e) The company has been maintaining proper records of the inventory and
no material discrepancies were noticed.
III) In respect of any loans, secured or unsecured granted by the
Company to other companies, firms or other parties covered in the
register maintained under section 189 of the Companies Act, 2013 :
The company has not granted any loans and advances in the nature of
loans to parties covered in the register maintained under section 189
of the Companies Act, 2013.
IV) In respect of Internal Controls:
a) There is an adequate internal control system commensurate with the
size of the company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods and services.
b) There is no continuing failure to correct major weakness in the
internal control system.
V) In respect of Acceptance of Public Deposits:
The Company has not accepted any deposits from the public covered under
Section 73 to 76 of the Companies Act, 2013.
VI) In respect of cost records:
The Company is not required to maintain cost records as prescribed by
the Central Government u/s 148(1) of the Companies Act, 2013.
VII) In respect of Payment/ Non-payment of Statutory Dues:
a) The Company is generally regular in depositing undisputed statutory
dues including Provident Fund, ESIC, Income-tax, Sales-tax, Wealth Tax,
Custom Duty, Excise Duty, Service Tax, Cess and other statutory dues
with appropriate authorities when applicable subject to Point No. 7 and
11 of Note No. 15 to the Balance Sheet.
b) There are disputed statutory dues pending to be paid as mentioned in
Point No. 11 of the Note No. 15 to the Balance Sheet.
c) No amount was required to be transferred to Investor Education and
Protection Fund.
VIII) In respect of Erosion of Net Worth:
a) Since, the company has been registered for a period of more than
five years and it does not have any accumulated losses as at the end of
the financial year.
b) The company has not incurred the cash losses during the financial
year into consideration.
c) However, the company had incurred the cash losses during the
financial year immediately preceding the financial year into
consideration.
IX) In respect of Default of Dues of Banks / Financial Institutions /
Debenture Holders:
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.
X) In respect of Guarantees given for Loans taken by others:
According to the information and explanations given to us, during the
year the Company has not given any guarantee for loans taken by others
from Banks or Financial Institutions.
XI) In respect of end use of term loan:
According to the records of the company, the company has not obtained
any term loans. Hence, comments under the clause are not called for.
XII) In respect of Frauds noticed / reported:
No frauds on or by the Company have been noticed or reported during the
year.
For Shiv Pawan & Company
Chartered Accountants
Firm Reg No: 120121W
Sd/-
Partner
Date: 28th May, 2015 (Shivhari B. Garg)
Place: Navi Mumbai (Membership No: 085517)
Mar 31, 2014
We have audited the accompanying financial statements of M/s. Arnav
Corporation Limited, which comprise the Balance Sheet as at 31st March,
2014, 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 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 notified under 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 and in accordance with the
accounting principles generally accepted in India. 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 judgement, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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:
i) In the case of the Balance Sheet, of the state of affairs of the
company as at 31st March, 2014;
ii) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
iii) In the case of the Cash Flow Statement, of the cash flows of the
Company 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 Companies Act, 1956, we give in
the Annexure ''A'', the statement on the matters specified in paragraphs
4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement comply with Accounting Standards notified
under 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.
(e) On the basis of written representations received from the directors
as on 31st March, 2014, and taken on record by the Board of Directors,
none of the directors are 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 OF EVEN DATE (Referred to in paragraph
1 thereof)
i) In respect of fixed assets:
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
during the year. We are informed that no material discrepancies were
noticed by the management on such verification.
c) The company has not disposed off any of the fixed assets during the
year.
ii) In respect of Inventories:
a) The physical verification of inventory has been conducted at regular
intervals by the management.
b) The procedure of physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of the
company and the nature of its business.
c) The company has been maintaining proper records of the inventory and
no material discrepancies were noticed.
iii) In respect of loans secured or unsecured, granted or taken by the
company, to or from companies, firms or other parties covered in the
register maintained under section 301 of the Act according to the
information and explanation given to us.
a) The company has not granted loans to companies, firms or other
parties covered in the register mentioned in Section 301 of the Act.
b) The company has taken loans from companies, firms or other parties
covered in the register mentioned in Section 301 of the Act.
c) The terms and conditions of the loans taken and the rate of interest
is not prima facie prejudicial to the interest of the company.
d)According to the information provided to us, the payment of the loans
are on call basis.
iv) 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 and fixed assets and for the
sale of goods.
v) In respect of transactions that need to be entered in the register
maintained in pursuance of Section 301 of the Act in our opinion and
according to the explanations given to us:
a) The company has not entered into transactions with parties mentioned
in the register maintained in pursuance of Section 301. The company has
maintained the necessary records for the same.
vi) In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposits covered under
section 58A and 58AA of the Act during the year. Hence, the question
of compliance with the provisions of Section 58A and 58AA of the Act
does not arise.
vii) The Company has an internal audit system commensurate with its
size and nature of the business.
viii) The Central Government has not prescribed maintenance of cost
records for the Company under section 209(1)(d) of the Act.
ix) According to the information and explanation given to us in respect
of statutory and other dues:
a) The Company is generally regular in depositing undisputed statutory
dues including Provident Fund, ESIC, Income-tax, Sales-tax, Wealth Tax,
Custom Duty, Excise Duty, Service Tax, Cess and other statutory dues
with appropriate authorities when applicable subject to Point No. 7 and
11 of Note No. 15 to the Balance Sheet.
b) There are disputed statutory dues pending to be paid as mentioned in
Point No. 11 of the Note No. 15 to the Balance Sheet.
x) According to the information and explanation given to us in respect
of Loss:
a) Since, the company has been registered for a period of more than
five years and it does not have any accumulated losses as at the end of
the financial year.
b) The company has incurred the cash losses during the financial year
into consideration.
c) The company has not incurred the cash losses during the financial
year immediately preceding the financial year into consideration.
xi) The Company has not taken any loan from any bank or financial
institution. Hence, the question of default on repayment of dues to any
bank or financial institution doesn''t arise. The company has not
issued any debentures.
xii) According to the information and explanations given to us, the
Company has not granted loans and advances on basis of security by way
of pledge of shares, debenture and other securities.
xiii) As per information and explanations given to us, the nature of
the Company''s activities during the year under review is such that the
provisions of any special statute applicable to chit fund are not
applicable to the Company.
xiv) As per information and explanations given to us, the Company has
not dealt in shares, securities and debentures during the year into
consideration..
xv) As per information and explanations given to us, the company has
not given any guarantee for loans taken by others from bank or
financial institutions.
xvi) As per information and explanations given to us, the company has
not obtained any term loans during the year.
xvii) According to the information and explanations given to us, no
funds have been raised on short-term basis which were used for long
term investment and vice versa.
xviii) As per information and explanations given to us, the Company has
made preferential allotment of shares during the year to parties and
companies not covered under section 301 of the Act.
xix) No debentures have been issued by the Company during the year.
xx) During the year, the Company has not raised any money by way of
public issue.
xxi) According to the information and explanations given to us, no
fraud on or by the Company have been noticed or reported during the
financial year under review.
For S. H. Garg & Associates
Chartered Accountants
Sd/-
Proprietor
(S. H. GARG)
Place : Navi Mumbai Mem. No. 085517
Date: 30th May, 2014 Firm No. 103088W
Mar 31, 2012
We have audited the attached Balance Sheet of M/s. ARNAV CORPORATION
LIMITED, MUMBAI, as on 31st March, 2012 and also the Profit and Loss
Account of the Company for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
1 We conducted our audit in accordance with auditing standards
generally accepted in India. These 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
disclosure in the financial statement. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financing statement
presentation. We believe that our audit provides reasonable basis for
our opinion.
2 As required by Companies (Auditor's Report) Order 2003, issued by the
Central Government in terms of Section 227(4A) of the Companies Act,
1956 we give in the Annexure a statement on the matters specified in
paragraphs 4 and 5 of the said Order.
3 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 so far as it appears from our examination of
the books;
c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the above books of accounts;
d) In our opinion, the Profit and Loss Account and Balance Sheet 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 presentation received from directors as on
31st March, 2012 and taken on records by the Boards of Directors, we
report that none of the Directors are disqualified as on 31st March,
2012 from being appointed as a director in terms of clause (g) of
sub-section (i) ,of section 274 of the Companies Act, 1956 on the
accounts for the year ended on 3ist March, 2012.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet and the Profit and
Loss accounts read together with the notes thereon give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view.
i) insofar as it relates to the Balance Sheet, of the state of affairs
of the company 1 as at 31st March, 2012 and
ii) insofar as it relates to the Profit & Loss account, of the Loss of
the company for the year ended on that date.
iii) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT OF EVEN DATE
( Referred to in paragraph 2 thereof )
i) In respect of fixed assets:
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
during the year. We are informed that no material discrepancies were
noticed by the management on such verification.
c) The company has disposed off two fixed assets during the year but
the sale has not affected any substantial part of fixed assets or the
going concern.
ii) In respect of Inventories:
a) The physical verification of inventory has been conducted at regular
intervals by the management.
b) The procedure of physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of the
company and the nature of its business.
c) The company has been maintaining proper records of the inventory and
no material discrepancies were noticed.
iii) In respect of loans secured or unsecured, granted or taken by the
company, to or from companies, firms or other parties covered in the
register maintained under section 301 of the Act according to the
information and explanation given to us.
a) The company has not granted/taken loans to/from companies, firms or
other parties covered in the register mentioned in Section 301 of the
Act.
iv) 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 and fixed assets and for the
sale of goods.
v) In respect of transactions that need to be entered in the register
maintained in pursuance of Section 301 of the Act in our opinion and
according to the explanations given to us:
a) The company has entered into transactions with parties mentioned in
the register maintained in pursuance of Section 301. The company has
maintained the necessary records for the same.
b) According to the information provided to us, the company;' has
entered in the transaction which are reasonable and at prevailing
market prices.
vi) In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposits covered under
section 58A and 58AA of the Act during the year. Hence, the question of
compliance with the provisions of Section 58A and 58AA of the Act does
not arise.
vii) The Company has an internal audit system commensurate with its
size and nature of the business.
viii) The Central Government has not prescribed maintenance of cost
records for the Company under section 209(l)(d) of the Act.
ix) According to the information and explanation given to us in respect
of statutory and other dues:
a) The Company is generally regular in depositing undisputed statutory
dues including Provident Fund, ESIC, Income-tax, Sales-tax, Wealth Tax,
Custom Duty, Excise Duty, Service Tax, Cess and other statutory dues
with appropriate authorities when applicable subject to point no. 8 of
Note No. 17 to the Balance Sheet.
b) There are disputed statutory dues pending to be paid as mentioned in
point no. 12 of the Note No. 17 to the Balance Sheet.
x) According to the information and explanation given to us in respect
of Loss :
a) Since, the company has been registered for a period of more than
five years and it has the accumulated profit of' 1,41,917/- at the end
of the financial year.
b) The company has incurred the cash losses of ' 14,56,383/- during the
financial year into consideration.
c) The company has incurred the cash losses of' 27,61,794/- during the
financial year immediately preceding the financial year into
consideration.
xi) The Company has not taken any loan from any bank or financial
institution. Hence, the question of default on repayment of dues to any
bank or financial institution doesn't arise. The company has not
issued any debentures.
xii) According to the information and explanations given to us, the
Company has not granted loans and advances on basis of security by way
of pledge of shares, debenture and other securities.
xiii) As per information and explanations given to us, the nature of
the Company's activities during the year under review is such that the
provisions of any special statute applicable to chit fund are not
applicable to the Company.
xiv) As per information and explanations given to us, the Company has
not dealt in shares. However, It has invested " 1,50,00,000/- in Arnav
Capital Limited and ' 50,16,000/- in sha,re application money of Status
Equity & Finance Pvt. Ltd. However, the Company has not dealt in
debentures and other securities.
xv) As per information and explanations given to us, the company has
not given any guarantee for loans taken by others from bank or
financial institutions.
xvi) As per information and explanations given to us, the company has
not obtained any term loans during the year.
xvii) According to the information and explanations given to us, no
funds has been raised on short-term basis which were used for long term
investment and vice versa.
xviii The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the Register
maintained under section 301 of the Act.
xix) No debentures have been issued by the Company during the year.
xx) During the year, the Company has not raised any money by way of
public issue.
xxi) According to the information and explanations given to us, no
fraud on or by the Company have been noticed or reported during the
financial year under review.
For S. H. GARG & ASSOCIATES
Chartered Accountants
sd-
Proprietor
(S. H. GARG)
Mem. No. 085517
Firm No. 103088W
Place : Navi Mumbai
Date : 30th May, 2012
Mar 31, 2010
ANNEXURE TO THE AUDITORS REPORT OF EVEN DATE ( Referred to in
paragraph 2 thereof )
i) In respect of fixed assets:
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
during the year. We are informed that no material discrepancies were
noticed by the management on such verification.
c) The company has not disposed off any fixed assets during the year.
Hence, the question of sale of substantial part of fixed assets
affecting going concern does not arise.
ii) In respect of Inventories:
a) The physical verification of inventory has been conducted at regular
intervals by the management.
b) The procedure of physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of the
company and the nature of its business.
c) The company has been maintaining proper records of the inventory and
no material discrepancies were noticed.
iii) In respect of loans secured or unsecured, granted or taken by the
company, to or from companies, firms or other parties covered in the
register maintained under section 301 of the Act according to the
information and explanation given to us.
a) The company has granted/taken loans to/from companies, firms or
other parties covered in the register mentioned in Section 301 of the
Act subject to point no. 8 of Schedule M to the Balance Sheet.
b) The company has not paid/charged interest on loans taken/granted.
Hence, in our opinion, the terms and conditions of the loans
taken/granted and the rate of interest are prima facie prejudicial to
the interest of the company.
c) According to the information provided to us, there is no re-payment
schedule for the loans given.
d) According to the information provided to us, in cases where the
amounts involved are more than Rs. 1 lac, there is no fixed term for
re-payment.
iv) 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 and fixed assets and for the
sale of goods.
v) In respect of transactions that need to be entered in the register
maintained In pursuance of Section 301 of the Act in our opinion and
according to the explanations given to us:
a) The company has entered into transactions with parties mentioned in
the register maintained in pursuance of Section 301. The company has
maintained the necessary records for the same.
b) According to the information provided to us, the company has entered
in the transaction which are reasonable and at prevailing market
prices.
vi) In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposits covered under
section 58A and 58AA of the Act during the year. Hence, the question of
compliance with the provisions of Section 58A and 58AA of the Act does
not arise.
vii) The Company has an internal audit system commensurate with its
size and nature of the business.
viii) The Central Government has not prescribed maintenance of cost
records for the Company under section 209(l)(d) of the Act.
ix) According to the information and explanation given to us in respect
of statutory and other dues:
a) The Company is generally regular in depositing undisputed statutory
dues including Provident Fund, ESIC, Income-tax, Sales-tax, Wealth Tax,
Custom Duty, Excise Duty, Service Tax, Cess and other statutory dues
with appropriate authorities when applicable subject to point no. 7 of
Schedule M to the Balance Sheet.
b) There are no disputed statutory dues.
x) According to the information and explanation given to us in respect
of Loss :
a) Since, the company has been registered for a period of more than
five years and it has no accumulated losses at the end of the financial
year.
b) The company has not incurred any cash losses during the financial
year into consideration.
c) The company has not incurred the cash losses during the financial
year immediately preceding the financial year into consideration.
xi) The Company has not taken any loan from any bank or financial
institution. Hence, the question of default on repayment of dues to any
bank or financial institution doesnt arise. The company has not
issued any debentures.
xii) According to the information and explanations given to us, the
Company has not granted loans and advances on basis of security by way
of pledge of shares, debenture and other securities.
xiii) As per information and explanations given to us, the nature of
the Companys activities during the year under review is such that the
provisions of any special statute applicable to chit fund are not
applicable to the Company.
xiv) As per information and explanations given to us, the Company has
dealt in shares. It has invested Rs. 9,00,000/- in 90,000 unquoted
equity shares fully paid up and Rs. 64,00,000/- in share application
money of Arnav Green Energy Limited. However, the Company has not dealt
in debentures and other securities.
xv) As per information and explanations given to us, the company has
not given any guarantee for loans taken by others from bank or
financial institutions.
xvi) As per information and explanations given to us, the company has
not obtained any term loans during the year.
xvii) According to the information and explanations given to us, no
funds has been raised on short-term basis which were used for long term
investment and vice versa.
xviii) The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the Register
maintained under section 301 of the Act.
xix) No debentures have been issued by the Company during the year.
xx) During the year, the Company has not raised any money by way of
public issue.
xxi) According to the information and explanations given to us, no
fraud on or by the Company have been noticed or reported during the
financial year under review.
For S. H. GARG & ASSOCIATES
Chartered Accountants
Proprietor
(S. H. GARG)
Place : Navi Mumbai
Date : 16th June, 2010