Mar 31, 2018
Report on the Financial Statements
We have audited the accompanying financial statements of Ashika Credit Capital Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2018, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation 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 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 and ensuring their operating effectiveness and 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 auditors'' 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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the 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, of the state of affairs of the Company as at 31st March, 2018, its profit and its cash flows for the year ended on that date.
Other Matter
The financial statements of the Company for the year ended 31st March, 2017 were audited by PK.Sah & Associates who expressed an unmodified opinion on those statements on 30th April, 2017.
Our opinion is not modified in respect of this matter.
Report on Other Legal and Regulatory Requirements
(1) As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in "Annexure 1" a statement on the matters specified in paragraphs 3 and 4 of the Order, to th extent applicable.
(2) As required by Section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;
b. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;
c. The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;
d. In our opinion, the aforesaid 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 31st March, 2018 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018 from being appointed as a director in terms of Section 164 (2) of the Act;
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, we give our separate Report in "Annexure 2";
g. 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 pending litigations on its financial position in its financial statements - Refer Note 22 to the financial statements;
(ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;
(iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company
ANNEXURE 1 TO THE INDEPENDENT AUDITOR''S REPORT
[Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' in our Independent Auditor''s Report of even date, to the members of the Company on the financial statements for the year ended 31st March, 2018]
(i) (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) According to the information and explanations given to us, the Company''s Management (''management'') physically verifies its fixed assets annually which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. As informed, no material discrepancies were noticed on such verification of fixed assets during the year.
(c) The title deeds of immovable properties recorded as fixed assets in the books of account of the Company are held in the name of the Company, except as detailed herein below :-
Land/ Building |
Total number of cases |
Leasehold/ Freehold |
Gross Block as at 31st March, 2018 (Rs.) |
Net Block as at 31st March, 2018 (Rs.) |
Remarks |
Building |
1 |
Freehold |
15,62,394 |
13,26,484 |
Conveyance is pending |
(ii) The Company is a Non-Banking Finance Company ("NBFC") and it does not hold any inventory. Thus, paragraph 3(ii) of the Order is not applicable.
(iii) The Company has granted secured and unsecured loans to a Company covered in the register maintained under Section 189 of the Act.
(a) According to the information and explanation given to us, we are of the opinion that the terms and conditions of the grant of the aforesaid loans are not prejudicial to the Company''s interest.
(b) The schedule of repayment of principal and payment of interest in respect of the aforesaid loans has been stipulated and the payment of interest is regular. As per the schedule of repayment of principal, no amount was repayable as at 31st March 2018.
(c) There is no amount which is overdue in respect of the aforesaid loans.
(iv) According to the information and explanations given to us in respect of loans, investments, guarantees and security, the Company has complied with the provisions of section 185 and 186 of the Act wherever applicable.
(v) According to the information and explanations given to us, the Company has not accepted any deposits from the public.
(vi) Being a Non-Banking Financial Company, the provisions of clause 3(vi) of the Order with regard to the maintenance of cost records are not applicable to the Company.
(vii) (a) According to the records of the Company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales tax, service tax, duty of customs, duty of excise, value added tax, goods and services tax, cess and any other material statutory dues have generally been regularly deposited with the appropriate authorities.
According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were in arrears as at 31st March, 2018 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, the dues as at 31st March, 2018 of income-tax, sales tax, service tax, duty of customs, duty of excise, value added tax and goods and services tax, which have not been deposited on account of any dispute, are as follows :
Name of the Statute |
Nature of dues |
Amount (Rs.) |
Period to which the amount relates (Financial Year) |
Forum where dispute is pending |
Income Tax Act, 1961 |
Income Tax |
1,10,500 |
2010-11 |
CIT (Appeals), Kolkata |
Income Tax Act, 1961 |
Income Tax |
34,590 |
2014-15 |
CIT (Appeals), Kolkata |
(viii) Based on our audit procedures and as per the information and explanations given to us by the management, we are of the opinion that during the year the Company has not defaulted in repayment of loans or borrowings to a financial institution, bank or Government. The Company has not issued any debentures as at the balance sheet date.
(ix) The Company has neither raised money by way of initial public offer or further public offer (including debt instruments ) nor has obtained any term loans. Therefore, paragraph 3(ix) of the Order is not applicable to the Company.
(x) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given to us by the management, we report that we have neither come across any instance of fraud by the Company or on the Company by its officers or employees, noticed or reported during the year, nor have we been informed of any such case by the management.
(xi) According to the information and explanations given to us, managerial remuneration has been paid / provided in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
(xii) The Company is not a Nidhi Company.
(xiii) According to the information and explanation given to us and based on our examination of the records of the Company, transactions entered into by the Company with the related parties are in compliance with Sections 177 and 188 of Act where applicable and the details have been disclosed in the Financial Statements, as required by the applicable accounting standards.
(xiv) The Company has made preferential allotment of equity shares and fully convertible equity warrants during the year on 27th March, 2018 and as at 31st March, 2018 the Company had not yet used the amount raised. According to the information and explanations given to us, the requirements of Section 42 of the Act have been complied with.
(xv) As per the information and explanations given to us, the Company has not entered into any non-cash transactions during the year with directors or persons connected with them.
(xvi) The Company is required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934 and the registration has been obtained.
ANNEXURE 2 TO THE INDEPENDENT AUDITOR''S REPORT
[Referred to in paragraph 2(f) under ''Report on Other Legal and Regulatory Requirements'' in our Independent Auditor''s Report of even date, to the members of the Company on the financial statements for the year ended 31st March, 2018]
Report on the Internal Financial Controls over Financial Reporting under Clause (i) of Subsection 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of the Company as of 31st March, 2018 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s Board of Directors is responsible for establishing and maintaining internal financial controls, based on the internal control over financial reporting criteria established by the Company, considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India ("ICAI"). These responsibilities include the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable financial information, as required under the Act.
Auditor''s Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing specified under section 143(10) of the Act to the extent applicable to an audit of internal financial controls, both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting were established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorisations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use or disposition of the Company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial controls over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2018, based on the internal control over financial reporting criteria established by the Company, considering the essential components of internal control stated in the Guidance Note issued by the ICAI.
For Haribhakti & Co. LLP
Chartered Accountants
ICAI Firm Registration No. 103523W/ W100048
Anand Kumar Jhunjhunwala
Kolkata Partner
28th May, 2018 Membership No. 056613
Mar 31, 2015
We have audited the accompanying financial statements of Ashika Credit
Capital 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 explana- tory information.
Management''s Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the mat- ters
stated in Section 134(5) of the Companies Act, 2013 (''the Act'') with
respect to the preparation and presentation of these financial
statements that give a true and fair view of the fi- nancial position,
financial performance and cash flows of the Company in accordance with
the accounting principles gen- erally 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 in- cludes the maintenance of adequate accounting records in ac-
cordance with the provision of the Act for safeguarding of the assets
of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropri- ate accounting
policies; making judgements 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 complete- ness 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 stand- ards and
matters which are required to be included in the au- dit 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 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 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 circum-
stances, but not for the purpose of expressing an opinion on whether
the Company has in place an adequate internal finan- cial controls
system over financial reporting and the operating effectiveness of such
controls. An audit also includes evaluating the appropriateness of
accounting policies used and the rea- sonableness 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 suf- ficient 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 accord- ing to
the explanations given to us, the aforesaid financial state- ments 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 Section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 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 appears from our examination of those
books;
c) the Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account;
d) In our opinion, the aforesaid 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; and
f) With respect to the other matters 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 pending litigations on its
financial position in its financial statements - refer note no.-21 to
the financial statements;
ii) The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses;
iii) There were no amounts which required to be transferred to the
Investor Education and Protection Fund by the Company.
Annexure to the Independent Auditor''s Report
Referred to in Paragraph 1 under the heading "Report on Other Legal and
Regulatory Requirements" of our report of even date to the members of
Ashika Credit Capital Limited.
(i) (a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets;
(b) As per the information and explanations given to us fixed assets
have been physically verified by the management at reasonable intervals
and no material discrepancies were noticed on such verification;
(ii) Since the Company does not hold any physical inventory, sub
clauses (a) to (c) of the clause (ii) of the said Order are not
applicable.
(iii) The Company has not granted any loans, secured or unsecured to
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 an adequate internal control system commensurate
with the size of the company and the nature of its business for the
sale of services. During the year, the company does not have any
purchase of inventory and fixed assets. During the course of our audit,
we have neither come across nor have been informed of any continuing
failure to correct major weaknesses in the internal control system of
the Company.
(v) The Company has not accepted any deposits from the public.
(vi) Being a Non- Banking Financial Company the provisions of clause
(vi) of the said Order as regard to maintenance of cost records are not
applicable to the Company.
(vii) (a) According to the records of the company and explanations
given to us, amounts deducted / accrued in the books of account in
respect of undisputed statutory dues including provident fund,
employees'' state insurance, income-tax, sales-tax, wealth tax, service
tax, duty of customs, duty of excise, value added tax, cess and any
other statutory dues, whatever applicable to it, have been regularly
deposited during the year by the Company with the appropriate
authorities;
According to the information and explanations given to us, there is no
undisputed amount payable in respect of such statutory dues, which were
in arrears as at the Balance Sheet date for a period of more than six
months from the date become payable;
(b) According to the information and explanations given to us, there
are no material dues of sales tax or wealth tax or service tax or duty
of customs or duty of excise or value added tax or cess have not been
deposited on account of any dispute. However, according to the
information and explanations given to us the following dues of income
tax has not been deposited by the Company on account of dispute:
Name of
Statute Nature of Dues Amount
(Rs.) Period to which Forum where
the
amount relates dispute is
pending
Income Tax Income Tax 3,14,820/- # Fin. Yr.
2010-11 CIT Appeals,
Kolkata
# Net of amount paid under protest
(c) There were no amounts which required to be transferred to the
investor education and protection fund by the Company.
(viii) The accumulated losses of the Company at the end of the
financial year are less than fifty percentage of its net worth. The
Company has not incurred cash losses in the financial year and in the
immediately preceding financial year
(ix) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks. During the year, the Company has not borrowed from financial
institutions or by issue of debentures.
(x) In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions.
(xi) In our opinion and according to the information and explanations
given to us, the Company has neither obtained nor applied any term
loans during the year.
(xii) During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year nor we
have been informed of any such cases by the management.
For P. K. SAH & ASSOCIATES
Chartered Accountants
Firm Registration No. 322271E
(P. K. Sah, FCA)
Place : Kolkata Partner
Date : 1st May 2015 Membership No. 056216
Mar 31, 2014
We have audited the accompanying financial statements of Ashika Credit
Capital Limited ("the Company"), which comprise the Balance Sheet as at
31st March, 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 notifed under the Companies Act, 1956 read
with General Circular No.15/2013 dated 13th September 2013, issued by
the Ministry of Corporate Afairs, 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 efectiveness of the company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufcient 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 Companies Act, 1956 ("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 afairs of the
Company as at 31st March, 2014;
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 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 notifed under
the Companies Act, 1956 read with General Circular No.15/2013 dated
13th September 2013, issued by the Ministry of Corporate Afairs, 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 is disqualified as on 31st March, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Act.
Annexure to the Independent Auditors'' Report
ReFeRRed to in paRagRaph 1 undeR the heading " RepoRt on otheR legal
and RegulatoRy RequiRementS" oF ouR RepoRt oF even date to the membeRS
oF aShiKa cRedit capital limited
(i) a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) As per the information and explanations given to us, the fixed assets
of the Company have been physically verifed by the management during
the year and no material discrepancies between the book records and the
physical inventory have been found. In our opinion, the frequency of
verifcation is reasonable.
c) Fixed assets disposed of during the year were not substantial, and
therefore, do not afect the going concern assumption.
(ii) Since the Company does not hold any physical inventories, sub
clauses (a) to (c) of the clause (ii) of the said Order are not
applicable.
(iii) a) The Company has not granted loans, secured or unsecured, to
companies, firms or other parties covered in the Register maintained
under section 301 of the Act. Hence, sub clauses (b), (c) & (d) of the
clause (iii) of the said Order are not applicable.
b) The Company has taken unsecured loans from five companies covered in
the Register maintained under section 301 of the Act. The maximum
amount involved during the year is Rs. 603 Lacs. However entire loan has
been repaid during the year. Other than the above, the Company has not
taken any loans, secured or unsecured, from companies, firms or other
parties covered in the Register maintained under section 301 of the
Act.
c) In our opinion, the rate of interest and other terms and conditions
on which the said loans have been taken by the Company, were are not,
prima-facie, prejudicial to the interest of the Company.
d) No Specific terms for repayment of the above loans have been
stipulated, but the same were stated to be repayable on demand by the
Company.
(iv) In our opinion and according to the information and explanations
given to us, there exists an adequate internal control system
commensurate with the size of the Company and the nature of it''s
business with regard to sale of services. During the year, the company
does not have purchase of inventory and fixed asset. During the course
of our audit, we have neither come across nor have been informed of any
continuing failure to correct major weaknesses in the internal control
system of the Company.
(v) a) According to the information and explanations given to us, we
are of the opinion that the particulars of all contracts or
arrangements that need to be entered into the register maintained under
Section 301 of the Act, have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transaction made in pursuance of contracts and
arrangements referred to in above and exceeding the value of rupees five
lacs in respect of any party during the year have been made at prices
which are prima- facie, reasonable having regard to the prevailing
market prices at the relevant time.
(vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposit from the public
within the meaning of the section 58A and 58AA or any other relevant
provisions of the Act and the Companies (Acceptance of Deposits) Rules,
1975 with regard to the deposit accepted from the public.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of it''s business.
(viii) Being a Non- Banking Financial Company, the provisions of clause
(viii) of the said Order are not applicable to the Company.
(ix) (a) According to the records of the Company and explanations given
to us, the Company is generally regular in depositing undisputed
statutory dues payable in respect of Provident Fund, Investor Education
and Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess or any other
material statutory dues, whatever applicable to it, with the
appropriate authorities.
There is no undisputed amount payable in respect of such statutory
dues, were in arrears as at the Balance Sheet date for a period of more
than six months from the date become payable.
(b) According to the information and explanations given to us, there
are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom
Duty, Excise Duty or Cess, which have not been deposited as on 31st
March, 2014 on account of any dispute.
(x) The accumulated losses of the Company at the end of the financial
year are less than fifty percentage of its net worth. The Company has
not incurred cash losses in the current financial year but had incurred
cash losses in the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks. During the year, the Company has not borrowed from financial institutions or by issue of debentures.
(xii) In our opinion and according to the information and explanations
given to us, the Company has maintained adequate documents and records
in cases where the Company has granted loans and advances on the basis
of security by way of pledge of shares & securities.
(xiii) Clause (xiii) of the Order is not applicable as the Company is
not a chit fund or a nidhi / mutual benefit fund / society.
(xiv) In respect of dealing in shares, securities and other
investments, in our opinion and according to the information and
explanations given to us, proper records have been maintained 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, except to the extent of the exemption granted
under Section 49 of the Act.
(xv) In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
(xvi) In our opinion and according to the information and explanations
given to us, the Company has neither obtained nor applied any term
loans during the year.
(xvii) In our opinion and according to the information and explanations
given to us and on an overall examination of the balance sheet of the
Company, we report that funds raised on short-term basis have not,
prima  facie, been used for long-term investment.
(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) The Company has not issued any debentures during the year and
does not have any debentures outstanding as at the year end.
(xx) The Company has not raised any money through public issue during
the year.
(xxi) During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year nor we
have been informed of any such cases by the management.
For p. K. Sah & Associates
Chartered Accountants
Firm Registration no. 322271E
(p. K. Sah, Fca)
Place : Kolkata Partner
Dated : 28th April, 2014 Membership No. 056216
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Ashika Credit
Capital Limited ("the Company"), which comprise the Balance Sheet as at
31st March, 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.
ManagementÂs 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 mis-statement, whether
due to fraud or error.
AuditorÂs 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 mis-statement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditorÂs 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 CompanyÂs 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 31st March, 2013;
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 (AuditorÂs Report) Order, 2003 (Âthe
OrderÂ) 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 31st March, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2013, from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956.
(i) a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) As per the information and explanations given to us, the fixed
assets have been physically verified by the management during the year
and no material discrepancies between the book records and the physical
inventory have been found. In our opinion, the frequency of
verification is reasonable.
c) Fixed assets disposed off during the year were not substantial, and
therefore, do not affect the going concern assumption.
(ii) Since the Company does not hold any physical inventories, sub
clauses (a) to (c) of the clause (ii) of the said Order are not
applicable.
(iii) a) The Company has not granted loans, secured or unsecured, to
companies, firms or other parties covered in the Register maintained
under section 301 of the Act. Hence, sub clauses (b), (c) & (d) of the
clause (iii) of the said Order are not applicable.
b) The Company has taken unsecured loans from five companies covered in
the Register maintained under section 301 of the Act. The maximum
amount involved during the year is Rs. 1,180 Lacs and the year end
balance is Rs. 593 Lacs. Other than the above, the Company has not
taken any loans, secured or unsecured, from companies, firms or other
parties covered in the Register maintained under section 301 of the
Act.
c) In our opinion, the rate of interest and other terms and conditions
on which the said loans have been taken by the Company, were are not,
prima-facie, prejudicial to the interest of the Company.
d) No specific terms for repayment of the above loans have been
stipulated, but the same were stated to be repayable on demand by the
Company.
(iv) In our opinion and according to the information and explanations
given to us, there exists an adequate internal control system
commensurate with the size of the Company and the nature of itÂs
business with regard to
sale of services. During the year, the Company does not have purchase
of inventory and fixed asset. During the course of our audit, we have
neither come across nor have been informed of any continuing failure to
correct major weaknesses in the internal control system of the Company.
(v) a) According to the information and explanations given to us, we
are of the opinion that the particulars of all contracts or
arrangements that need to be entered into the register maintained under
Section 301 of the Act, have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transaction made in pursuance of contracts and
arrangements referred to in above and exceeding the value of rupees
five lacs in respect of any party during the year have been made at
prices which are prima-facie, reasonable having regard to the
prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposit from the public
within the meaning of the section 58A and 58AA or any other relevant
provisions of the Act and the Companies (Acceptance of Deposits) Rules,
1975 with regard to the deposit accepted from the public.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of itÂs business.
(viii) The Central Government of India has not prescribed the
maintenance of cost records under clause (d) of sub- section (1) of
Section 209 of the Act, hence clause (viii) of the said Order is not
applicable to the Company.
(ix) (a) According to the records of the Company and explanations given
to us, the Company is generally regular in depositing undisputed
statutory dues payable in respect of Provident Fund, Investor Education
and Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess or any other
material statutory dues, whatever applicable to it, with the
appropriate authorities. There is no undisputed amount payable in
respect of
such statutory dues which have remained outstanding as at the Balance
Sheet date for a period more than six months from the date become
payable.
(b) According to the information and explanations given to us, there
are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom
Duty, Excise Duty or Cess, which have not been deposited as on 31st
March, 2013 on account of any dispute.
(x) The accumulated losses of the Company at the end of the financial
year are less than fifty percentage of its net worth. The Company has
incurred cash losses in the current financial year but has not incurred
cash losses in the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks. During the year, the Company has not borrowed from financial
institutions or by issue of debentures.
(xii) In our opinion and according to the information and explanations
given to us, the Company has maintained adequate documents and records
in cases where the Company has granted loans and advances on the basis
of security by way of pledge of shares & securities.
(xiii) Clause (xiii) of the Order is not applicable to the Company as
the Company is not a chit fund or a nidhi / mutual benefit fund /
society.
(xiv) In respect of dealing or trading in shares, securities and other
investments, in our opinion and according to the information and
explanations given to us, proper records have been maintained 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, except to the extent of the exemption granted
under Section 49 of the Act.
(xv) In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
(xvi) In our opinion and according to the information and explanations
given to us, the Company has neither obtained nor applied any term
loans during the year.
(xvii)In our opinion and according to the information and explanations
given to us and on an overall examination of the balance sheet of the
Company, we report that funds raised on short-term basis have prima -
facie not been used for long-term investment.
(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) The Company has not issued any debentures during the year and
does not have any debentures outstanding as at the year end.
(xx) The Company has not raised any money through public issue during
the year.
(xxi) During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year nor we
have been informed of any such cases by the management.
For P. K. SAH & ASSOCIATES
Chartered Accountants
Firm Registration No. 322271E
Place : Kolkata (P. K. SAH, FCA)
Dated : 26th April, 2013 Partner
Mem. No. 056216
Mar 31, 2012
1. We have audited the attached Balance Sheet of Ashika Credit Capital
Limited (the 'Company') as at 31st March, 2012, the Statement of Profit
and Loss and Cash Flow Statement of the Company for the year ended on
that date annexed thereto which we have signed under reference to this
report. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We 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 in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order 2003, as
amended (the 'Order'), issued by the Central Government of India in
accordance to section 227(4A) of the Companies Act 1956 (the 'Act'), we
enclose in the Annexure, a statement on the matters specified in
paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph
(3) above, we report that:
i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii) 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;
iii) 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;
iv) In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub section (3C) of Section 211 of
the Companies Act, 1956;
v) On the basis of written representations received from the directors,
as on 31st March, 2012, and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2012 from being appointed as a director in terms of clause (g) of sub
section 1 of section 274 of the Companies Act, 1956;
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
notes thereon and attached thereto give the information required by the
Companies Act, 1956, 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 Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012;
(b) in the case of Statement of Profit and Loss of the profit for the
year ended on that date and
(c) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS' REPORT - ASHIKA CREDIT CAPITAL LIMITED
[REFERRED tO IN OUR PARAGRAPH (3) OF OUR REPORT OF EVEN DATE]
i) (a) The Company, we have been informed, has maintained proper
records showing full particulars, including quantitative details and
situation of its fixed assets.
(b) As per information and explanations given to us, the management at
reasonable intervals under a phased programme has physically verified
its fixed assets. We have been informed, no material discrepancies have
been found on such physical verifications.
(c) During the year, the Company has not disposed off any part of its
fixed assets.
ii) Since there is no Inventory as on the balance sheet date, sub
clauses (a) to (c) of clause (ii) of the said Order are not applicable.
iii) (a) The Company has granted unsecured loans to four
companies covered in the Register maintained under Section 301 of the
Companies Act, 1956. The maximum amounts involved during the year was
Rs.1,085 lacs and year end balance is Rs. 116 lacs.
(b) In our opinion, the rate of interest and other terms and conditions
of such unsecured loans are prima- facie not pre-judicial to the
interest of the Company;
(c) No specific terms for repayment of the above loans had been
stipulated, but the same were stated to be repayable on demand by the
party. Interest on the above is regularly received by the Company.
(d) There are no overdue amount in excess of Rs. 1 lac in respect loans
granted to respect of such loans granted by the Company;
(e) The Company has not taken loans from any companies covered in the
Register maintained under section 301 of the Companies Act, 1956,
accordingly sub clauses (e) to (g) to clause (iii) of the said Order
are not applicable to the Company.
iv) In our opinion and according to the information and explanations
given to us, there exists an adequate internal control system
commensurate with the size of the Company and the nature of its
business for purchase of inventories and for sale of goods and
services. We have not observed any continuing failure to correct major
weaknesses in internal control system of the Company. During the year
there are no transactions of purchases of fixed assets.
v) (a) According to the information and explanations given
to us, we are of the opinion that the particulars of all contracts or
arrangements that need to be entered into the register maintained under
Section 301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, where each of such transactions is in excess of Rs.5 Lacs
in respect of any party, the transactions have been made at prices
which are, prima-facie, reasonable having regard to the prevailing
market prices at the relevant time except that in respect of sale of
services, for which comparable quotations are not available and in
respect of which we are unable to comment.
vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposit from the public
within the meaning of the section 58A and 58AA or any other relevant
provisions of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules, 1975 with regard to the deposit accepted from the
public.
vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
viii) Since the Company is not engaged in any manufacturing activities,
the clause relating to maintenance of cost records under clause (d) of
sub-section (1) of Section 209 of the Act is not applicable to the
Company.
ix) (a) According to the records of the Company and
explanations given to us the Company is generally regular in depositing
undisputed dues payable in respect of Provident Fund, Investors
Education and Protection Fund, Employees State Insurance, Income Tax,
Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess or
any other material statutory dues, with the appropriate authorities
during the year.
There is no undisputed amount payable in respect of such statutory dues
which have remained outstanding as at the Balance Sheet date for a
period more than six months from the date become payable.
(b) According to the information and explanations given to us, there
are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom
Duty, Excise Duty or Cess, which have not been deposited as on 31st
March, 2012 on account of any dispute.
x) The Company does not have any accumulated losses at the end of the
financial year and it has not incurred cash losses in such financial
year and in the immediately preceding financial year.
xi) The Company has not borrowed from financial institutions or banks
or by issue of debentures as such clause (xi) of the said Order is not
applicable.
xii) In our opinion and according to the information and explanations
given to us, the Company has maintained adequate documents and records
in cases where the Company has granted loans on the basis of security
by way of pledge of shares and securities.
xiii) Clause (xiii) of the Order is not applicable to the Company as
the Company is not a chit fund Company or nidhi/mutual benefit
fund/society.
xiv) The Company has maintained proper records of transactions and
contracts in respect of dealing and trading in shares, securities etc.
and timely entries have been made therein. The Company in its own name
has held the aforesaid securities, except to the extent of the
exemption granted under Section 49 of the Companies Act, 1956.
xv) The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
xvi) According to the information and explanations given to us, in our
opinion, the Company have neither obtained nor applied any term loans
during the year.
xvii) According to the information and explanations given to us, and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short- term basis have, prima facie, been used
for long-term investment.
xviii)The Company has not made preferential allotment of shares to
parties and Companies covered in the Register maintained under Section
301 of the Act, accordingly clause (xviii) of the said Order is not
applicable to the Company.
xix) The Company has not issued any debentures. Accordingly clause
(xix) of the said Order is not applicable.
xx) The Company has not raised any money by public issues during the
year under review.
xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
For P. K. SAH & ASSOCIATES
Chartered Accountants
Firm Registration No. 322271E
P. K. Sah, FCA
Place: Kolkata Partner
Dated: 26th May, 2012 Mem. No. 056216
Mar 31, 2011
1. We have audited the attached Balance Sheet of Ashika Credit Capital
Limited (the 'Company') as at 31st March, 2011, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We have conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order 2003, issued
by the Central Government of India in accordance to section 227(4A) of
the Companies Act 1956, we enclose in the Annexure, a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to in para (3)
above, we report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) 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;
(iii) The Balance Sheet, Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and the
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;
(v) On the basis of written representations received from the
directors, as on 31st March 2011, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2011 from being appointed as a director in terms of clause
(g) of sub section 1 of section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
schedules and notes thereon and attached thereto give the information
required by the Companies Act, 1956, 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 Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011;
(b) in the case of Profit and Loss Account of the profit for the year
ended on 31st March, 2011 and
c) in the case of Cash Flow Statement, of the cash flows for the year
ended on 31st March, 2011.
ANNEXURE TO THE AUDITORS' REPORT - ASHIKA CREDIT CAPITAL LIMITED
[Referred to in our paragraph (3) of our report of even date]
(i) (a) The Company, we have been informed, has maintained proper
records showing full particulars, including quantitative details and
situation of it's fixed assets.
(b) As per information and explanations given to us, the management at
reasonable intervals under a phased programme has physically verified
it's fixed assets. We have been informed, no material discrepancies
have been found on such physical verifications.
(c) During the year, the Company has not disposed off any part of it's
fixed assets.
(ii) (a) As explained to us, Company has conducted physical
verification of inventories by actual inspection or on the basis of
warehouse receipts in respect of commodities at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of it's business.
(c) In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of inventories
and no material discrepancies were noticed on physical verification.
(iii) The Company has neither granted nor taken any loans, secured or
unsecured to/from companies, firms or other parties covered in the
Register maintained u/s.301 of the Companies Act, 1956. Accordingly sub
clauses (a) to (g) of the clause of the said Order are not applicable
to the Company.
(iv) In our opinion and according to the information and explanations
given to us, there exists an adequate internal control system
commensurate with the size of the Company and the nature of it's
business for purchase of inventories and fixed assets and for sale of
goods and services. We have not observed any continuing failure to
correct major weaknesses in internal control system of the Company.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of all contracts or
arrangements that need to be entered into the register maintained under
Section 301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, where each of such transactions is in excess of Rs.5 Lacs
in respect of any party, the transactions have been made at prices
which are, prima-facie, reasonable having regard to the prevailing
market prices at the relevant time except that in respect of sale of
services, for which comparable quotations are not available and in
respect of which we are unable to comment.
(vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposit from the public
within the meaning of the section 58A and 58AA or any other relevant
provisions of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules, 1975 with regard to the deposit accepted from the
public.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of it's business.
(viii) Since the Company is not engaged in any manufacturing
activities, the clause relating to maintenance of cost records under
clause (d) of sub-section (1) of Section 209 of the Act is not
applicable to the Company.
(ix) (a) According to the records of the Company and explanations given
to us the Company is generally regular in depositing undisputed dues
payable in respect of Provident Fund, Investors Education and
Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess or any other
material statutory dues, with the appropriate authorities during the
year.
There is no undisputed amount payable in respect of such statutory dues
which have remained outstanding as at the Balance Sheet date for a
period more than six months from the date become payable.
(b) According to the information and explanations given to us, there
are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom
Duty, Excise Duty or Cess, which have not been deposited as on 31st
March, 2011 on account of any dispute.
(x) The Company does not have any accumulated losses at the end of the
financial year and it has not incurred cash losses in such financial
year and in the immediately preceding financial year.
(xi) The Company has not borrowed from financial institutions or banks
or by issue of debentures as such clause (xi) of the said Order is not
applicable.
(xii) According to the information and explanation given to us, the
Company, during the year, has not granted loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
(xiii) Clause (xiii) of the Order is not applicable to the Company as
the Company is not a chit fund Company or nidhi / mutual benefit fund /
society.
(xiv) The Company has maintained proper records of transactions and
contracts in respect of dealing and trading in shares, securities etc.
and timely entries have been made therein. The company in its own name
has held the aforesaid securities, except to the extent of the
exemption granted under Section 49 of the Companies Act, 1956.
(xv) The Company has given guarantee (jointly with two other
guarantors) to a bank for obtaining Bank Guarantee by a company listed
in the Register maintained under section 301 having outstanding balance
of Rs.1,000 lacs (as on 31st March, 2011) which as per explanations
given by the management are prima facie not prejudicial to the Interest
of the Company.
(xvi) According to the information and explanations given to us, in our
opinion, the Company have neither obtained nor applied any term loans
during the year.
(xvii) According to the information and explanations given to us, and
on an overall examination of the balance sheet of the Company, we
report that no funds raised on short-term basis have, prima facie, been
used for long-term investment.
(xviii) The Company has not made preferential allotment of shares to
parties and Companies covered in the Register maintained under Section
301 of the Act, accordingly clause (xviii) of the said Order is not
applicable to the Company.
(xix) The Company has not issued any debentures. Accordingly clause
(xix) of the said Order is not applicable.
(xx) The Company has not raised any money by public issues during the
year under review.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
For P. K. SAH & ASSOCIATES
Chartered Accountants
(Firm Regn.No. 322271E)
(P. K. SAH, FCA)
Place : Kolkata Partner
Dated : 20th April, 2011 Mem. No. 056216
Mar 31, 2009
1. We have audited the attached Balance Sheet of Ashika Credit Capital
Limited (the 'Company') as at 31st March, 2009 and the relative Profit
and Loss Account and also the Cash Flow Statement for the year ended on
that date annexed thereto. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We have conducted our audit in accordance with auditing standard
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 the management as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order 2003, issued
by the Central Government of India in accordance to section 227(4A) of
the Companies Act 1956, and on the basis of our checks as we considered
appropriate and according to information and explanations given to us
during the course of our audit, we enclose in the Annexure, a statement
on the matters specified in paragraph 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to 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 the
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, 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 31st March 2009, and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2009 from being appointed as a director in terms of sub section 1(g) of
section 274 of the Companies Act, 1956;
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
schedules and notes thereon and attached thereto give the information
required by the Companies Act, 1956 in conformity with the accounting
principles generally accepted in India and give a true and fair view:-
i) In the case of Balance Sheet, of the state of affairs of the Company
as at 31st March, 2009;
ii) In the case of Profit and Loss Account of the profit for the year
ended on 31st March, 2009; and
iii) In the case of Cash Flow Statement, of the cash flows for the year
ended on 31st March, 2009.
ANNEXURE TO THE AUDITORS' REPORT -
ASHIKA CREDIT CAPITAL LIMITED
[Referred to in paragraph (3) of our report of even date]
(i) (a) The Company, we have been informed, has maintained proper
records showing full particulars, including quantitative details and
situation of fixed assets.
(b) As per information and explanations given to us, the management at
reasonable intervals under a phased programme has physically verified
the fixed assets. We have been informed, no material discrepancies have
been found on such physical verifications.
(c) During the year, the Company has not disposed off any part of its
fixed assets that would affect the going concern.
(ii) (a) As explained to us, stock in trade of shares & securities was
physically verified during the year by the management at reasonable
intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of stock in trade
followed by the management were reasonable and adequate in relation to
the size of the Company and nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of stock in
trade and no material discrepancies were noticed on physical
verification.
(iii) (a) The Company has granted unsecured loans to four companies
covered in the Register maintained u/s.301 of the Companies Act, 1956.
The maximum amount involved are Rs.1,418.42 lacs and the year end
balance is Rs.63.34 lacs being the amount of interest accrued;
(b) The rate of interest and other terms and conditions of such
unsecured loans given by the company, are prima-facie not pre-judicial
to the interest of the Company;
(c) The receipt of the principal amount and interest are as per
stipulation;
(d) There are no overdue amount in respect of such loans granted by the
Company;
(e) The Company has taken unsecured loans from two companies covered in
the Register maintained u/s.301 of the Companies Act, 1956. The maximum
amount involved during the year of Rs.224.16 lacs and the year end
balance; is Rs.10.56 lacs being the amount of interest accrued;
(f) In our opinion, the rate of interest and other terms and conditions
of such unsecured loans taken by the company as aforesaid, are
prima-facie, not prejudicial to the interest of the Company;
(g) The payment of the principal amount and interest are regular.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of fixed assets and shares and securities
held as stock in trade and for sale of shares etc. and services. We
have not observed any continuing failure to correct major weaknesses in
such internal controls.
(v) (a) According to the information and explanations given to us, the
transactions made in pursuance of contracts or arrangements, that need
to be entered into the register maintained under Section 301 of the
Companies Act, 1956 have been so recorded in the register.
(b) In our opinion and according to the information and explanations
given to us, where each of such transactions is in excess of Rs.5 Lacs
in respect of any party, the transactions have been made at prices
which are, prima-facie, reasonable having regard to the prevailing
market prices at the relevant time.
(vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposit from the public
within the meaning of the section 58A and 58AA or any other relevant
provisions of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules, 1975 with regard to the deposit accepted from the
public.
(vii) We have informed, the company does not have formal internal audit
system and the internal control is exercised departmentally;
(viii) Since the Company is not engaged in any manufacturing
activities, the clause relating to maintenance of cost records under
clause (d) of sub-section (1) of Section 209 of the Act is not
applicable to the Company.
(ix) (a) According to the records of the Company and explanations given
to us the company is generally regular in depositing undisputed dues
payable in respect of Provident Fund, Investors Education and
Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess or any other
material statutory dues, whatever applicable, with appropriate
authority. There have instances of delayed payment of professional tax
(deducted from employees on payment of salary) and amount of Rs.
2,300/- is in arrear as at the end of financial year.
There is no undisputed amount payable in respect of such statutory dues
which have remained outstanding as at the Balance Sheet date for a
period more than six months from the date become payable except Rs.
280/- in respect of professional tax (deducted from employees on
payment of salary).
(b) As per information provided there are no cases of disputed dues of
income tax, sales tax, wealth tax, service tax, customs duty, excise
duty or cess.
(x) The Company does not have any accumulated losses at the end of the
financial year and the Company has not incurred any cash losses during
the financial year covered by our audit and the immediately preceding
financial year.
(xi) The Company has not borrowed from financial institutions or banks
or by issue of debentures; as such clause (xi) of the said Order is not
applicable.
(xii) According to the information and explanation given to us, the
Company, during the year, has not granted loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
(xiii) Clause (xiii) of the Order is not applicable to the Company as
the Company is not a chit fund Company or nidhi / mutual benefit fund /
society.
(xiv) The Company has maintained proper records of transactions and
contracts in respect of dealing and trading in shares, securities etc.
and timely entries have been made therein. The company in its own name
has held the aforesaid securities, except to the extent of the
exemption granted under Section 49 of the Companies Act'1956.
(xv) The Company has given guarantee (jointly with two other
guarantors) to a bank for obtaining Bank Guarantee by a company listed
in the Registered maintained under section 301 having outstanding
balance of Rs.7.50 crores (as on 31st March, 2009) which as per
explanations given by the management is prima facie not prejudicial to
the Interest of the Company.
(xvi) According to the information and explanations given to us, in our
opinion, the Company have neither obtained nor applied any term loans
during the year.
(xvii) On the basis of our review of utilization of funds, we are of
the opinion that the funds raised on short-term basis have, prima
facie, not been used for long-term purposes or vice - versa.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the Register maintained under
Section 301 of the Companies Act, 1956.
(xix) The Company has not issued any debentures. Accordingly clause
(xix) of the said Order is not applicable.
(xx) The Company has not raised any money by public issues during the
year under review.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the year.
For P. K. SAH & ASSOCIATES
Chartered Accountants
Place : Kolkata ( P. K. SAH, FCA)
Dated : 6th June, 2009 Partner
Mem. No. 56216
Mar 31, 2008
1. We have audited the attached Balance Sheet of Ashika Credit Capital
Limited (the 'Company') as at 31st March, 2008 and the relative Profit
and Loss Account and also the Cash Flow Statement for the year ended on
that date annexed thereto. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We have conducted our audit in accordance with auditing standard
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 include
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.
3. As required by the Companies (Auditor's Report) Order 2003, issued
by the Central Government of India in accordance to section 227(4A) of
the Companies Act 1956, and on the basis of our checks as we considered
appropriate and according to information and explanations given to us
during the course of our audit, we enclose in the Annexure, a statement
on the matters specified in paragraph 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to 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 the
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, 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 31st March 2008, and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2008 from being appointed as a director in terms of sub section 1(g) of
section 274 of the Companies Act, 1956;
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
schedules and notes thereon and attached thereto give the information
required by the Companies Act, 1956 in conformity with the accounting
principles generally accepted in India and give a true and fair view:-
i) In the case of Balance Sheet, of the state of affairs of the Company
as at 31st March, 2008;
ii) In the case of Profit and Loss Account of the profit for the year
ended on 31st March, 2008; and
iii) In the case of Cash Flow Statement, of the cash flows for the year
ended on 31st March, 2008.
ANNEXURE TO THE AUDITORS' REPORT - ASHIKA CREDIT CAPITAL LIMITED
[Referred to in paragraph (3) of our report of even date]
(i) (a) The Company, we have been informed, has maintained proper
records showing full particulars, including quantitative details and
situation of fixed assets.
(b) As per information and explanations given to us, the management at
reasonable intervals under a phased programme has physically verified
the fixed assets. We have been informed, no material discrepancies
have been found on such physical verifications.
(c) During the year, the Company has not disposed off any substantial
part of its fixed assets that would affect the going concern.
(ii) (a) As explained to us, stock in trade of shares & securities was
physically verified during the year by the management at reasonable
intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of stock in trade
followed by the management were reasonable and adequate in relation to
the size of the Company and nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of stock in
trade and no material discrepancies were noticed on physical
verification.
(iii) (a) The Company has granted unsecured loans to four companies
covered in the Register maintained u/s.301 of the Companies Act, 1956.
The maximum amount involved are Rs.1422.04 lacs and the year end
closing are Rs.368.43 lacs ;
(b) The rate of interest and other terms and conditions of such
unsecured loans given by the company, are prima-facie not pre-judicial
to the interest of the Company;
(c) The receipt of the principal amount and interest are as per
stipulation;
(d) There are no overdue amount in respect of such loans granted by the
Company;
(e) The Company has taken unsecured loans from two companies covered in
the Register maintained u/s.301 of the Companies Act, 1956. The maximum
amount involved during the year of Rs.122.00 lacs and the amount
outstanding as on the balance sheet date is 51.75 lacs ;
(f) In our opinion, the rate of interest and other terms and conditions
of such unsecured loans taken by the company as aforesaid, are
prima-facie, not prejudicial to the interest of the Company;
(g) The payment of the principal amount and interest are regular.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of fixed assets and shares and securities
held as stock in trade and for sale of shares etc. and services. We
have not observed any continuing failure to correct major weaknesses in
such internal controls.
(v) (a) According to the information and explanations given to us, the
transactions made in pursuance of contracts or arrangements, that need
to be entered into the register maintained under Section 301 of the
Companies Act, 1956 have been so recorded in the register.
(b) In our opinion and according to the information and explanations
given to us, where each of such transactions (excluding loans reported
in paragraph (iii) above) is in excess of Rs.5 Lacs in respect of any
party, the transactions have been made at prices which are,
prima-facie, reasonable having regard to the prevailing market prices
at the relevant time;
(vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposit from the public
within the meaning of the section 58A and 58AA or any other relevant
provisions of the Companies Act, 1956 and the companies (Acceptance of
Deposits) Rules, 1975 with regard to the deposit accepted from the
public.
(vii) We have informed, the company does not have formal internal audit
system and the internal control is exercised departmentally;
(viii) According to the information and explanations given to us, the
maintenance of cost records prescribed by the Central Government under
clause (d) of sub-section (1) of Section 209 of the Act is not
applicable to the Company.
(ix) (a) According to the records of the Company and explanations given
to us, the Company has been generally regular in depositing undisputed
statutory dues including Provident Fund, Employees State Insurance,
Income Tax, Service Tax, Cess and other material statutory dues as
applicable to it with the appropriate authorities during the year.
(b) According to the information and explanations given to us, there is
no amount payable in respect of the aforesaid statutory dues that have
been deposited on account of any dispute.
(x) The Company does not have any accumulated losses at the end of the
financial year and the Company has not incurred any cash losses during
the financial year covered by our audit and the immediately preceding
financial year;
(xi) The Company has no dues of financial institution, bank or
debenture holders ;
(xii) According to the information and explanation given to us, the
Company has maintained adequate documents and records in relation to
the loans granted on the basis of security by way pledge of shares.
(xiii) Clause (xiii) of the Order is not applicable to the Company as
the Company is not a chit fund Company or nidhi / mutual benefit fund /
society.
(xiv) The Company has maintained proper records of transactions and
contracts in respect of dealing and trading in shares, securities etc.
and timely entries have been made therein. The company in its own name
has held the aforesaid securities, except to the extent of the
exemption granted under Section 49 of the Companies Act'1956.
(xv) The Company has given guarantee (as a joint guarantor along with
three other persons) for loan taken by M/s. Ashika Stock Broking Ltd.
from a bank amounting to Rs.10 Crore. According to the information and
explanation given to us by the management, the same is not prima facie
prejudicial to the interest of the Company.
(xvi) According to the information and explanations given to us, in our
opinion, the Company have neither obtained nor applied any term loans
during the year.
(xvii) On the basis of our review of utilization of funds, we are of
the opinion that the funds raised on short term basis have, prima
facie, not been used for long term investment by the Company.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the Register maintained under
Section 301 of the Companies Act, 1956.
(xix) The Company has not issued any debentures. Accordingly clause
(xviii) of the said Order is not applicable.
(xx) The Company has not raised any money by public issues during the
year under review.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the year.
For SAH LODHA & ASSOCIATES
Chartered Accountants
Place : Kolkata ( P. K. SAH, FCA)
Date: 18th June, 2008 Partner
Mem. No. 56216
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