Mar 31, 2014
We have audited the accompanying financial statements of Asia Capital
Limited ("the Company"),which comprise the Balance Sheet as at 31st
March 2014 and also the annexed Statement of Profit and Loss and Cash
Flow Statement for the year then ended on that date 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 and
financial performance and Cash Flow of the Company in accordance with
the accounting Standards Notify under Company Act, 1956 read with
General Circular 15/2013 dated 13-09-2013 of Ministry of Corporate
Affairs in respect of Section 133 of The Companies Act, 2013 and in
accordance with the accounting principal generally accepted in India.
This responsibility includes the design, implementation and maintenance
of internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with Standard on Auditing issued
by Institute of Chartered Accountant 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 auditors
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Company
Internal Control. An audit also includes evaluating the appropriateness
of the accounting policies used and the reasonableness of the
accounting estimates made by the management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
i) In the case of the BALANCE SHEET, of the state of affairs of the
company as at 31st March, 2014; and
ii) In the case of the STATEMENT OFPROFIT AND LOSS, of the profit of
the company for the year ended on that date; and
iii) In the case of the CASH FLOW STATEMENT, of the cash flows of the
company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) (Amendment) Order,
2003 issued by the Central Government of India in terms of Section
227(4A) of the Companies Act 1956, we give in the Annexure hereto a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
2. As required by Section 227(3) of the Act we reported that:
a) We have obtained all the information and explanations which, to the
best of our knowledge and belief, were necessary for the purposes of
our audit;
b) In our opinion, proper books of accounts as required by law have
been kept by the company, so far as appears from our examination of
those books;
c) The Balance Sheet and Statement of Profit and Loss and the cash flow
statement dealt with by this report are in agreement with the books of
account;
d) In our opinion the Balance Sheet and Statement of Profit and Loss
and the cash flow statement comply with the Accounting Standards notify
under the Act read with the General Circular 15/2013 dated 13-09-2013
of the ministry of corporate affairs in respect of section 133 of the
Company Act, 2013.
e) On the basis of the written representations received from the
Directors as on 31st March 2014, and taken on record by the Board of
Directors, none of the directors are disqualified as on 31st March
2014, from being appointed as a director in terms of Section 274 (1)
(g) of the Act.
Referred to in Paragraph 1 under the heading of "report on other legal
and regulatory requirement" of our report of even date.
To
The Member
ASIA CAPITAL LIMITED
1. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of information available.
b) As explained to us, all the fixed assets have been physically
verified by the management in phased periodical manner which is in our
opinion, is reasonable, having regard to the size of the Company and
nature of the assets. No material discrepancies were noticed on such
physical verification.
c) In our opinion, the company has not disposed off a substantial part
of its fixed assets during the year and the going concern status is not
affected.
2. In respect of its Inventories:
a) The Company does not have any Inventories. Hence the requirements of
clause (ii) of paragraph 4 of the Order are not applicable to the
Company.
3. As per the information furnished, the Company has not granted or
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, clauses III (b), III (c), III (d) of
paragraph 4 of the order are not applicable to the Company for the
current year.
4. In our opinion, and according to the information and explanation
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business for
purchase and sales of shares, securities and other investments. In our
opinion and according to the information and explanations given to us,
there is no continuing failure to correct major weaknesses in internal
control system.
5. In respect of the contract or arrangement referred to in section
301 of the companies act, 1956.
a) In our opinion and explanation given to us, the transaction made in
pursuance of contract or arrangement that need to be entered into the
register maintained under section 301 of the Companies Act 1956 have so
entered.
b) In our opinion and according to information and explanation given to
us, the transactions made in pursuance of contracts or arrangement
entered in the register maintained under section 301 of the Companies
Act,1956 and exceeding the value of Rupees Rs 5,00,000/- in respect of
each party during the year have been made at prices which appear
reasonable as per information available with the company.
6. The Company being a "Non-Banking Financial Company", Section 58A,
58AA or any other relevant provisions of the Companies Act 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 is not applicable to the
Company. During the year the Company has not accepted any deposits from
public falling under the purview of the Non-Banking Financial Companies
Acceptance of Public Deposits (Reserve Bank) Direction 1998.
7. In our opinion, the Company does not have an independent internal
audit system, however in our opinion, the existing internal control
procedures are adequate, considering the size and nature of the
business of the Company.
8. The Company being a "Non-Banking Financial Company". Hence the
requirement of clause (viii) of paragraph 4 of the Order is not
applicable to the Company.
9. In respect of statutory dues:
a) According to the record of the Company undisputed statutory dues
including provident fund, investor education & protection fund,
employees'' state insurance, Income Tax, Fringe Benefit Tax, VAT tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty/Education Cess and
other material statutory dues have been generally regularly deposited
with the appropriate authorities.
b) According to the information and explanations given to us, there are
no 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 which are outstanding as at 31st March, 2014 for a period of
more than six months from the date they became payable.
10 The company does not have accumulated losses as at 31st March 2014
nor has incurred any cash losses during the financial year covered by
our audit and in the immediately preceding financial year.
11. In our opinion the Company has not taken any loan from banks or
financial institutions therefore the provisions of this clause are not
applicable to the Company.
12. In our opinion and the explanation given to us the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion the Company is not a Chit Fund, Nidhi or mutual
benefit Society. Hence the requirement of item (xiii) of paragraph 4
of the Order is not applicable to the Company.
14. Based on our examination of the records and evaluation of the
related internal control, the Company has maintained proper records of
the transaction and contracts of the investments dealt in by the
Company and timely entries have been made therein. The Company in its
own name has held the aforesaid securities.
15. 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.
16. According to the information and explanations given to us, during
the year Company has not raised any new term loans.
17. According to the information and explanations given to us and on
the basis of examination of cash flow statement and other records and
on an overall examination of the Balance Sheet of the Company, we
report that no funds raised on short-term basis have been used for
long-term investment.
18. According to the information and explanations given to us, no
preferential allotment of shares have been made by the Company to
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures. Hence the requirement
of clause (xix) of paragraph 4 of the Order is not applicable to the
Company.
20. The Company has not raised capital by the public issue. Hence the
requirements of clause (xx) of paragraph 4 of the Order are not
applicable to the Company.
21. In our opinion and according to the information and explanation
given to us, no material fraud on or by the Company has been noticed or
reported during the course of our audit.
For Prakash & Santosh
Chartered Accountants
FRN: 000454C
Arun Kumar
Partner
Membership No. 087378
Date: 15-05-2014
Place: New Delhi
Mar 31, 2013
We have audited the accompanying financial statements of Asia Capital
Limited ("the Company"), which comprise the Balance Sheet as at 31st
March, 2013 and also the annexed Statement of Profit and Loss for the
year then ended on that date 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 and
financial performance of the Company in accordance with the accounting
principles generally accepted in India including Accounting Standards
referred to in Section 211(3C) of the Companies Act, 1956 ("the Act").
This responsibility includes the design, implementation and maintenance
of internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in 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 of 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 auditors
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of the accounting policies used
and the reasonableness of the accounting estimates made by the
management, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:- i) In the case of the BALANCE SHEET, of
the state of affairs of the company as at 31st March, 2013 and
ii) In the case of the STATEMENT OF PROFIT AND LOSS, of the profit for
the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) (Amendment) Order,
2004 issued by the Central Government of India in terms of Section
227(4A) of the Companies Act 1956, we enclose in the annexure hereto a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
2. Further to our comments in the annexure referred to in paragraph
(3) above, we report that:
a) We have obtained all the information and explanations which, to the
best of our knowledge and belief, were necessary for the purposes of
our audit;
b) In our opinion, proper books of accounts as required by law have
been kept by the company, so far as appears from our examination of
those books:
c) The Balance Sheet and Statement of Profit and Loss dealt with by
this report are in agreement with the books of account.
d) In our opinion the Balance Sheet and Statement of Profit and Loss
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 the written representations received from the
Directors as on 31st March 2013, and taken on record by the Board of
Directors, we report that none of the directors are 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.
Referred to in paragraph 1 of our report of even date on the account of
ASIA CAPITAL LIMITED for the year ended March 31, 2013
1. The Company has maintained proper records showing full particulars
including details and situation of fixed assets on the basis of
information available. According to the information and explanations
given to us, the fixed assets have been physically verified by the
management during the year in a phased periodically manner which, in
our opinion, is reasonable, having regard to the size of the Company
and nature of the assets. No discrepancies were noticed on such
verification.
None of the fixed assets have been disposed off during the year.
2. The Company does not have any Inventories. Hence the requirements
of clause (ii) of paragraph 4 of the Order is not applicable to the
Company.
3. As per the information furnished, the Company has not granted or
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, clauses III (b), III (c), III (d) of
paragraph 4 of the order are not applicable to the Company for the
current year.
4. In our opinion, and according to the information and explanation
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business for
purchase and sales of shares, securities and other investments. In our
opinion and according to the information and explanations given to us,
there is no continuing failure to correct major weaknesses in internal
control system.
5. a. According to information and explanation given to us, we are of
the opinion that transactions needed to be entered into the register
maintained under section 301 of the Companies Act 1956 have so entered.
b. in our opinion and according to information and explanation given to
us, the transactions made in pursuance of contracts or arrangement
entered in the register maintained under section 301 of the Companies
Act 1956 and exceeding the value of rupees five lakhs in respect of any
party during the year have been made at prices which are reasonable
having regard to prevailing market price at the relevant time.
6. The Company being a "Non-Banking Financial Company", Section 58A,
58AA or any other relevant provisions of the Companies Act 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 is not applicable to the
Company. During the year the Company has not accepted any deposits from
public falling under the purview of the Non-Banking Financial Companies
Acceptance of Public Deposits (Reserve Bank) Direction 1998.
7. The Company does not have an independent internal audit system,
however in our opinion, the existing internal control procedures are
adequate, considering the size and nature of the business of the
Company.
8. The Company being a "Non-Banking Financial Company". Hence the
requirement of clause (viii) of paragraph 4 of the Order is not
applicable to the Company.
9. a. The Company is generally regular in depositing undisputed
statutory dues with appropriate authorities including provident fund,
investor education & protection fund, employees'' state insurance,
Income Tax, Fringe Benefit Tax, VAT tax, Wealth Tax, Service Tax,
Custom Duty, Excise Duty/Education Cess and other statutory dues
applicable to it.
b. According to the information and explanations given to us, there are
no 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 which are outstanding as at 31st March, 2013 for a period of
more than six months from the date they became payable.
10 The company has neither accumulated losses as at 31st March, 2013
nor has incurred any cash losses during the financial year covered by
our audit and in the immediately preceding financial year.
11. The Company has not taken any loan from banks or financial
institutions therefore the provisions of this clause are not applicable
to the Company.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The Company is not a Chit Fund, Nidhi or mutual benefit Society.
Hence the requirement of item (xiii) of paragraph 4 of the Order is not
applicable to the Company.
14. Based on our examination of the records and evaluation of the
related internal control, the Company has maintained proper records of
the transaction and contracts of the investments dealt in by the
Company and timely entries have been made therein. The Company in its
own name has held the aforesaid securities.
15. 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.
16. According to the information and explanations given to us, during
the year Company has not raised any new term loans.
17. According to the information and explanations given to us and on
the basis of examination of cash flow statement and other records and
on an overall examination of the Balance Sheet of the Company, we
report that no funds raised on short-term basis have been used for
long-term investment.
18. According to the information and explanations given to us, no
preferential allotment of shares have been made by the Company to
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures. Hence the requirement of
clause (xix) of paragraph 4 of the Order is not applicable to the
Company.
20. The Company has not raised capital by the public issue. Hence the
requirements of clause (xx) of paragraph 4 of the Order is not
applicable to the Company.
21. Based upon the audit procedures performed and information and
explanations given by the Management, we report that no fraud on or by
the Company has been noticed or reported during the course of our
audit.
Shiv Saroj & Associates
Chartered Accountants
Shiv Shanker Gupta
Partner
M. No. FCA 84233
FRN 019715N
Place: New Delhi-110 001
Dated: June 25, 2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of Asia Capital Limited
as at 31st March 2012 and also the Profit and Loss Account for the year
ended on that date annexed thereto for the year ended on that date.
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 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 (Auditors Report) Order, 2003 and
amendments thereto issued by the Central Government in terms of Section
227(4A) of the Companies Act 1956, we annex hereto, a statement on the
matters specified in paragraphs 4 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 purpose of our
Audit.
(b) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
(c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account.
(d) In our opinion, the Balance Sheet and Profit & Loss Account 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 2012 and taken on record by the Board of Directors, we
report that, none of the directors are disqualified as on 31st March
2012 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with
notes on accounts as per schedule H and subject to:
Note No. 4 of notes on accounts regarding show cause notice for
compulsory delisting of company from Delhi Stock Exchange Limited due
to non compliance of Listing requirements
and read with all the notes thereon 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 :-
i) In the case of the BALANCE SHEET of the state of the affairs of the
Company as at 31st March 2012, and
ii) In the case of the PROFIT & LOSS ACCOUNT of the profit for the year
ended on that date.
Referred to in paragraph 1 of our report of even date on the account of
ASIA CAPITAL LIMITED for the year ended March 31, 2012
1. The Company has maintained proper records showing full particulars
including details and situation of fixed assets on the basis of
information available. According to the information and explanations
given to us, the fixed assets have been physically verified by the
management during the year in a phased periodically manner which, in
our opinion, is reasonable, having regard to the size of the Company
and nature of the assets. No discrepancies were noticed on such
verification.
None of the fixed assets have been disposed off during the year.
2. The Company does not have any Inventories. Hence the requirements
of clause (ii) of paragraph 4 of the Order is not applicable to the
Company.
3. As per the information furnished, the Company has not granted or
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, clauses III (b), III (c), III (d) of
paragraph 4 of the order are not applicable to the Company for the
current year.
4. In our opinion, and according to the information and explanation
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business for
purchase and sales of shares, securities and other investments. In our
opinion and according to the information and explanations given to us,
there is no continuing failure to correct major weaknesses in internal
control system.
5. a. According to information and explanation given to us, we are of
the opinion that transactions needed to be entered into the register
maintained under section 301 of the Companies Act 1956 have so entered.
b. in our opinion and according to information and explanation given to
us, the transactions made in pursuance of contracts or arrangement
entered in the register maintained under section 301 of the Companies
Act 1956 and exceeding the value of rupees five lakhs in respect of any
party during the year have been made at prices which are reasonable
having regard to prevailing market price at the relevant time.
6. The Company being a "Non-Banking Financial Company", Section 58A,
58AA or any other relevant provisions of the Companies Act 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 is not applicable to the
Company. During the year the Company has not accepted any deposits from
public falling under the purview of the Non-Banking Financial Companies
Acceptance of Public Deposits (Reserve Bank) Direction 1998.
7. The Company does not have an independent internal audit system,
however in our opinion, the existing internal control procedures are
adequate, considering the size and nature of the business of the
Company.
8. The Company being a "Non-Banking Financial Company". Hence the
requirement of clause (viii) of paragraph 4 of the Order is not
applicable to the Company.
9. a. The Company is generally regular in depositing undisputed
statutory dues with appropriate authorities including provident fund,
investor education & protection fund, employees, state insurance,
Income Tax, Fringe Benefit Tax, VAT tax, Wealth Tax, Service Tax,
Custom Duty, Excise Duty/Education Cess and other statutory dues
applicable to it.
b. According to the information and explanations given to us, there are
no 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 which are outstanding as at 31st March, 2012 for a period of
more than six months from the date they became payable.
10. The Company has no accumulated losses at the end of financial year
and it has not incurred any cash losses in the current and immediately
preceding financial year.
11. The Company has not taken any loan from banks or financial
institutions therefore the provisions of this clause are not applicable
to the Company.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The Company is not a Chit Fund, Nidhi or mutual benefit Society.
Hence the requirement of item (xiii) of paragraph 4 of the Order is not
applicable to the Company.
14. Based on our examination of the records and evaluation of the
related internal control, the Company has maintained proper records of
the transaction and contracts of the investments dealt in by the
Company and timely entries have been made therein. The Company in its
own name has held the aforesaid securities.
15. 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.
16. According to the information and explanations given to us, during
the year Company has not raised any new term loans.
17. According to the information and explanations given to us and on
the basis of examination of cash flow statement and other records and
on an overall examination of the Balance Sheet of the Company, we
report that no funds raised on short-term basis have been used for
long-term investment.
18. According to the information and explanations given to us, no
preferential allotment of shares have been made by the Company to
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures. Hence the requirement
of clause (xix) of paragraph 4 of the Order is not applicable to the
Company.
20. The Company has not raised capital by the public issue. Hence the
requirements of clause (xx) of paragraph 4 of the Order is not
applicable to the Company.
21. Based upon the audit procedures performed and information and
explanations given by the Management, we report that no fraud on or by
the Company has been noticed or reported during the course of our
audit.
Auditor,s Report of ASIA CAPITAL LIMITED for the year ended 31st March
2012 as required by the Non-Banking Financial Companies Auditor,s
Report (Reserve Bank) Directions, 2008 on the matters of supervisory
concern to the Reserve Bank of India as specified in the said
directions.
A. I The Company has granted certificate for registration as
Non-Banking Financial Companies under the Non-Banking Financial
Companies Regulations vide Certificate No. B-14.01730 dated 2nd June
2000 by the Regional Office, Delhi of Reserve Bank of India. The
Company is engaged in the business of Non- Banking Financial
Institution.
II In our opinion and as per the information and explanation given to
us, the Company is entitled to continue to hold Certificate of
Registration in term of its asset/income pattern as on March 31 of the
applicable year.
III In our opinion and as per the information and explanation given to
us, the Company is not classified as Asset Finance Company (AFC).
B. The matter prescribed in Part B of the Report are not applicable
since Company is not accepting/holding any public deposit.
C. i) As per the information and explanation given to us, the Board of
Directors of the Company has passed a resolution for non-acceptance of
any public deposit.
ii) In our opinion and as per the information and explanation given to
us, the Company has not accepted any public deposit during the relevant
year.
iii) In our opinion and as per the information and explanations given
to us, the Company has complied with the prudential norms relating to
income recognition, accounting standards, assets classification and
provisions for bad and doubtful debts as applicable to it in term of
Non-Banking Financial (Non- Deposit Accepting or holding) Companies
Prudential Norms (Reserve Bank) Direction, 2007.
iv) As the Company is not a Systemically Important Non-Deposit taking
NBFCs as defined in paragraph 2(1) (xix) of the Non-Banking Financial
(Non- Deposit Accepting or holding) Companies Prudential Norms (Reserve
Bank) Direction, 2007, hence it is not applicable to the Company
D. Part D of the report is not applicable to the Company.
For SHIV SAROJ & ASSOCIATES
CHARTERED ACCOUTANTS
SHIV SHANKER GUPTA
PARTNER
M. No. 84233
FRN 019715N
Place: New Delhi-110 001
Dated: June 28, 2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of Asia Capital Limited
as at 31st March 2011 and also the Profit and Loss Account for the year
ended on that date annexed thereto and Cash Flow Statement for the year
ended on that date. 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 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 (Auditors Report) Order, 2003 and
amendments thereto issued by the Central Government in terms of Section
227(4A) of the Companies Act 1956, we annex hereto, a statement on the
matters specified in paragraphs 4 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 purpose of our
Audit.
(b) In our opinion, proper books of accounts 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 & 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 & 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.
(e) 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 are 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.
(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
notes on accounts as per schedule H and subject to:
Note No. 4 of notes on accounts regarding show cause notice for
compulsory delisting of company from Delhi Stock Exchange Limited due
to non compliance of Listing requirements
and read with all the notes thereon 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 :-
i) In the case of the BALANCE SHEET of the state of the affairs of the
Company as at 31st March 2011, and
ii) In the case of the PROFIT & LOSS ACCOUNT of the profit for the year
ended on that date.
iii) In the case of CASH FLOW STATEMENT of the cash flows for the year
ended on that date.
Referred to in paragraph 1 of our report of even date on the account of
ASIA CAPITAL LIMITED for the year ended March 31, 2011
1. The Company has maintained proper records showing full particulars
including details and situation of fixed assets on the basis of
information available. According to the information and explanations
given to us, the fixed assets have been physically verified by the
management during the year in a phased periodically manner which, in
our opinion, is reasonable, having regard to the size of the Company
and nature of the assets. No discrepancies were noticed on such
verification.
None of the fixed assets have been disposed off during the year.
2. The Company does not have any Inventories. Hence the requirements of
clause (ii) of paragraph 4 of the Order is not applicable to the
Company.
3. As per the information furnished, the Company has not granted or
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, clauses III (b), III (c), III (d) of
paragraph 4 of the order are not applicable to the Company for the
current year.
4. In our opinion, and according to the information and explanation
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business for
purchase and sales of shares, securities and other investments. In our
opinion and according to the information and explanations given to us,
there is no continuing failure to correct major weaknesses in internal
control system.
5. a. According to information and explanation given to us, we are of
the opinion that
transactions needed to be entered into the register maintained under
section 301 of the Companies Act 1956 have so entered.
b. in our opinion and according to information and explanation given to
us, the transactions made in pursuance of contracts or arrangement
entered in the register maintained under section 301 of the Companies
Act 1956 and exceeding the value of rupees five lakhs in respect of any
party during the year have been made at prices which are reasonable
having regard to prevailing market price at the relevant time.
6. The Company being a "Non-Banking Financial Company", Section 58A,
58AA or any other relevant provisions of the Companies Act 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 is not applicable to the
Company. During the year the Company has not accepted any deposits from
public falling under the purview of the Non-Banking Financial Companies
Acceptance of Public Deposits (Reserve Bank) Direction 1998.
7. The Company does not have an independent internal audit system,
however in our opinion, the existing internal control procedures are
adequate, considering the size and nature of the business of the
Company.
8. The Company being a "Non-Banking Financial Company". Hence the
requirement of clause (viii) of paragraph 4 of the Order is not
applicable to the Company.
9. a. The Company is generally regular in depositing undisputed
statutory dues with appropriate authorities including provident fund,
investor education & protection fund, employees'' state insurance,
Income Tax, Fringe Benefit Tax, VAT tax, Wealth Tax, Service Tax,
Custom Duty, Excise Duty/Education Cess and other statutory dues
applicable to it.
b. According to the information and explanations given to us, there are
no 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 which are outstanding as at 31st March, 2011 for a period of
more than six months from the date they became payable.
10. The Company has no accumulated losses at the end of financial year
and it has not incurred any cash losses in the current and immediately
preceding financial year.
11. The Company has not taken any loan from banks or financial
institutions therefore the provisions of this clause are not applicable
to the Company.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The Company is not a Chit Fund, Nidhi or mutual benefit Society.
Hence the requirement of item (xiii) of paragraph 4 of the Order is not
applicable to the Company.
14. Based on our examination of the records and evaluation of the
related internal control, the Company has maintained proper records of
the transaction and contracts of the investments dealt in by the
Company and timely entries have been made therein. The Company in its
own name has held the aforesaid securities.
15. According to the information and explanations given to us, FDR of
Rs. 25.50 Lacs are under lien with Kotak Mahindra Bank Limited against
Buyer Credit Limit given to D.M. International Pvt. Ltd. in which some
of the Directors are interested either as Director or Shareholder.
16. According to the information and explanations given to us, during
the year Company has not raised any new term loans.
17. According to the information and explanations given to us and on
the basis of examination of cash flow statement and other records and
on an overall examination of the Balance Sheet of the Company, we
report that no funds raised on short-term basis have been used for
long-term investment.
18. According to the information and explanations given to us, no
preferential allotment of shares have been made by the Company to
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures. Hence the requirement
of clause (xix) of paragraph 4 of the Order is not applicable to the
Company.
20. The Company has not raised capital by the public issue. Hence the
requirements of clause (xx) of paragraph 4 of the Order is not
applicable to the Company.
21. Based upon the audit procedures performed and information and
explanations given by the Management, we report that no fraud on or by
the Company has been noticed or reported during the course of our
audit.
Auditor''s Report of ASIA CAPITAL LIMITED for the year ended 31st March
2011 as required by the Non-Banking Financial Companies Auditor''s
Report (Reserve Bank) Directions, 2008 on the matters of supervisory
concern to the Reserve Bank of India as specified in the said
directions.
A. I The Company has granted certificate for registration as
Non-Banking Financial Companies under the Non-Banking Financial
Companies Regulations vide Certificate No. B-14.01730 dated 2nd June
2000 by the Regional Office, Delhi of Reserve Bank of India. The
Company is engaged in the business of Non- Banking Financial
Institution.
II In our opinion and as per the information and explanation given to
us, the Company is entitled to continue to hold Certificate of
Registration in term of its asset/income pattern as on March 31 of the
applicable year.
III In our opinion and as per the information and explanation given to
us, the Company is not classified as Asset Finance Company (AFC).
B. The matter prescribed in Part B of the Report are not applicable
since Company is not accepting/holding any public deposit.
C. i) As per the information and explanation given to us, the Board of
Directors of the Company has passed a resolution for non-acceptance of
any public deposit.
ii) In our opinion and as per the information and explanation given to
us, the Company has not accepted any public deposit during the relevant
year.
iii) In our opinion and as per the information and explanations given
to us, the Company has complied with the prudential norms relating to
income recognition, accounting standards, assets classification and
provisions for bad and doubtful debts as applicable to it in term of
Non-Banking Financial (Non- Deposit Accepting or holding) Companies
Prudential Norms (Reserve Bank) Direction, 2007.
iv) As the Company is not a Systemically Important Non-Deposit taking
NBFCs as defined in paragraph 2(1) (xix) of the Non-Banking Financial
(Non- Deposit Accepting or holding) Companies Prudential Norms (Reserve
Bank) Direction, 2007, hence it is not applicable to the Company
D. Part D of the report is not applicable to the Company.
For SHIV SAROJ & ASSOCIATES
CHARTERED ACCOUTANTS
SHIV SHANKER GUPTA
PARTNER
M. No. 84233
FRN 019715N
Place: New Delhi-110 001
Dated: June 14, 2011