Mar 31, 2015
1. We have audited the accompanying standalone financial statements of
ASIS Logistics 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 the
significant accounting policies.
Management's Responsibility for the Standalone Financial Statements
2. 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 standalone financial statements,
that give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014 (as amended). This
responsibility also includes maintenance of adequate accounting records
in accordance with the provisions of the Act; safeguarding the assets
of the Company; preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
3. Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
4. 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.
5. 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 standalone financial
statements are free from material misstatement.
6. An audit involves performing procedures to obtain audit evidence
about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial controls relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
7. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the
standalone financial statements.
8. In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid standalone 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 31 March 2015, and its loss and its cash
flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
9. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of Section
143(11) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 3 and 4 of the Order.
10. 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
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 it appears from our examination of
those books;
c. the standalone financial statements dealt with by this report are
in agreement with the books of account;
d. in our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 (as
amended);
e. on the basis of the written representations received from the
directors as on 31 March 2015 and taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164(2) of the
Act;
f. 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. as detailed in Note X to the standalone financial statements, the
Company has disclosed the impact of pending litigations on its
standalone financial position;
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 to the Independent Auditor's Report of even date to the
members of ASIS Logistics Limited, on the financial statements for the
year ended 31 March 2015
Based on the audit procedures performed for the purpose of reporting a
true and fair view on the financial statements of the Company and
taking into consideration the information and explanations given to us
and the books of account and other records examined by us in the normal
course of audit, we report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management
during the year and no material discrepancies were noticed on such
verification. In our opinion, the frequency of verification of the
fixed assets is reasonable having regard to the size of the Company and
the nature of its assets.
(ii) (a) The Company does not have any inventory. Accordingly, the
provisions of clause 3(ii) of the Order are not applicable.
(iii) The Company has not granted any loan, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 189 of the Act. Accordingly, the provisions of clauses
3(iii)(a) and 3(iii)(b) of the Order are not applicable.
(iv) In our opinion, there is an adequate internal control system
commensurate with the size of the Company and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods and services. During the course of our audit, no major
weakness has been noticed in the internal control system in respect of
these areas.
(v) The Company has not accepted any deposits within the meaning of
Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits)
Rules, 2014 (as amended) . Accordingly, the provisions of clause 3(v)
of the Order are not applicable.
(vi) To the best of our knowledge and belief, the Central Government
has not specified maintenance of cost records under sub-section (1) of
Section 148 of the Act, in respect of Company's services. Accordingly,
the provisions of clause 3(vi) of the Order are not applicable.
(vii)(a) 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 other material
statutory dues, as applicable, have generally been regularly deposited
with the appropriate authorities, though there has been a slight delay
in a few cases. Further, no undisputed amounts payable in respect
thereof were outstanding at the year-end for a period of more than six
months from the date they became payable.
(b) There are no dues in respect of income-tax, sales-tax, wealth tax,
service tax, duty of customs, duty of excise, value added tax and cess
that have not been deposited with the appropriate authorities on
account of any dispute.
(c) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company in accordance
with the relevant provisions of the Companies Act, 1956 (1 of 1956) and
rules made thereunder. Accordingly, the provisions of clause 3(vii)(c)
of the Order are not applicable.
(viii) In our opinion, the Company's accumulated losses at the end of
the financial year are less than fifty percent of its net worth. The
Company has incurred cash losses in the current year and immediately
preceding financial year.
(ix) As explained in the note X(i) of the financial statement, the
Company is in litigation under SARFAESI act, no principal and interest
paid during the year to the banks.
(x) The Company has not given any guarantees for loans taken by others
from banks or financial institutions. Accordingly, the provisions of
clause 3(x) of the Order are not applicable.
(xi) The Company did not have any term loans outstanding during the
year. Accordingly, the provisions of clause 3(xi) of the Order are not
applicable.
(xii) No fraud on or by the Company has been noticed or reported during
the period covered by our audit.
For Agarwal Desai & Shah
Chartered Accountants
Firm's Registration No.: 124850W
Date : May 29, 2015
Place : Mumbai Rishi Sekhri
Partner
Membership No.: 126656
Mar 31, 2014
Report on the Financial Statements
1. We have audited the accompanying financial statements of Asis
Logistic Limited, ("the Company"), which comprise the Balance Sheet as
at March 31, 2014, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
2. 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 principles generally accepted in India, including the
Accounting Standards notified under the Companies Act, 1956 ("the Act")
read with the General Circular 15/2013 dated 13 September 2013 of the
Ministry of Corporate Affairs in respect of section 133 of the
Companies Act, 2013. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditors'' Responsibility
3. 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.
4. 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 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 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.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
6. 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:
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
ii) in the case of Statement of Profit and Loss, of the loss for the
year ended on that date; and
iii) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date
Report on Other Legal and Regulatory Requirements
7. 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
8. 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 financial statements dealt with by this report are in agreement
with the books of account;
d. in our opinion, the financial statements comply with the Accounting
Standards notified under the Companies Act, 1956 read with the General
Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate
Affairs in respect of section 133 of the Companies Act, 2013 ; and
e. on the basis of written representations received from the
directors, as on 31 March 2014 and taken on record by the Board of
Directors, none of the directors is disqualified as on 31 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 of even date to the
members of Asis Logistic Limited (formerly known as Paraan Limited) on
the financial statements for the year ended March 31, 2014
Based on the audit procedures performed for the purpose of reporting a
true and fair view on the financial statements of the Company and
taking into consideration the information and explanations given to us
and the books of account and other records examined by us in the normal
course of audit, we report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management
during the year and no material discrepancies were noticed on such
verification. In our opinion, the frequency of verification of the
fixed assets is reasonable having regard to the size of the Company and
the nature of its assets.
(c) During the year, the Company has disposed off a substantial part of
the fixed assets, which, however, in our opinion has not affected the
going concern status of the Company.
(ii) (a) The management has conducted physical verification of
inventory at reasonable intervals during the year.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory and no
material discrepancies between physical inventory and book records were
noticed on physical verification.
(iii) (a) The Company has not granted any loan, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 301 of the Act. Accordingly, the provisions of clauses
4(iii)(b) to 4(iii) (d) of the Order are not applicable.
(e) The Company has taken interest free unsecured loans from two
parties covered in the register maintained under Section 301 of the
Act. The maximum amount outstanding during the year is Rs 65.43 mn and
the year-end balance is Rs 65.43 mn.
(f) In respect of interest free loans taken, the principal amounts are
repayable on demand/ there is no repayment schedule, hence, we are
unable to comment as to whether the terms and conditions are
prejudicial to the interest of the Company
(g) In respect of interest free loans taken, the principal amounts are
repayable on demand and since the repayment of such loans has not been
demanded, in our opinion, payment of the principal amount is regular.
(iv) In our opinion, there is an adequate internal control system
commensurate with the size of the Company and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods and services. During the course of our audit, no major
weakness has been noticed in the internal control system in respect of
these areas.
(v) (a)In our opinion, 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, the transactions made in pursuance of such
contracts or arrangements and exceeding the value of Rs five lakhs in
respect of any party during the year have been made at prices which are
reasonable having regard to the prevailing market prices at the
relevant time.
(vi) The Company has not accepted any deposits from the public within
the meaning of Sections 58A and 58AA of the Act and the Companies
(Acceptance of Deposits) Rules, 1975. Accordingly, the provisions of
clause 4(vi) of the Order are not applicable.
(vii) The Company did not have an internal audit system during the
year.
(viii) To the best of our knowledge and belief, the Central Government
has not prescribed maintenance of cost records under clause (d) of
sub-section (1) of Section 209 of the Act, in respect of Company''s
services. Accordingly, the provisions of clause 4(viii) of the Order
are not applicable.
(ix) (a) The Company is generally regular in depositing undisputed
statutory dues including provident fund, investor education and
protection fund, employees'' state insurance, wealth tax, custom duty,
excise duty, cess and other material statutory dues, as applicable,
with the appropriate authorities except for income-tax and service tax,
where there are delay in many cases. Further, no undisputed amounts
payable in respect thereof were outstanding at the year-end for a
period of more than six months from the date they become payable.
(b) There are no dues in respect of income-tax, sales-tax, wealth tax,
service tax, customs duty, excise duty and cess that have not been
deposited with the appropriate authorities on account of any dispute.
(x) In our opinion, the Company''s accumulated losses at the end of the
financial year are less than fifty percent of its net worth. The
Company has incurred cash losses in the current year and immediately
preceding financial year.
(xi) There are no dues payable to financial institutions or
debenture-holders. The Company has defaulted in repayment of dues to
the following banks:
Name of the bank Amount (Rs in mn) Due date Delay in days
Jankalyan Bank 8.33 11 Sep 13 201
Jankalyan Bank 6.75 25 Feb 14 34
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities. Accordingly, the provisions of clause 4(xii) of the Order
are not applicable.
(xiii) In our opinion, the Company is not a chit fund or a nidhi/
mutual benefit fund/ society. Accordingly, provisions of clause
4(xiii) of the Order are not applicable.
(xiv) In our opinion, the Company is not dealing or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Order are not applicable.
(xv) The Company has not given any guarantees for loans taken by others
from banks or financial institutions. Accordingly, the provisions of
clause 4(xv) of the Order are not applicable.
(xvi) The Company did not have any term loans outstanding during the
year. Accordingly, the provisions of clause 4(xvi) of the Order are not
applicable.
(xvii) In our opinion, no funds raised on short-term basis have been
used for long-term investment by the Company.
(xviii) During the year, the Company has not made any preferential
allotment of shares to (parties /and companies) covered in the register
maintained under Section 301 of the Act. Accordingly, the provisions
of clause 4(xviii) of the Order are not applicable.
(xix) The Company has neither issued nor had any outstanding debentures
during the year. Accordingly, the provisions of clause 4(xix) of the
Order are not applicable.
(xx) The Company has not raised any money by public issues during the
year. Accordingly, the provisions of clause 4(xx) of the Order are not
applicable.
(xxi) No fraud on or by the Company has been noticed or reported during
the period covered by our audit.
For Agarwal Desai & Shah
Chartered Accountants
Firm Registration No.: 123423W
Mumbai
per Rishi Sekhri
May 30, 2014 Partner
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Paraan Limited
("the CompanyÂ), which comprise the Balance Sheet as at 31st March
2013, 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 Responsibility for the Financial Statements
Management is responsible for the preparations 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 ActÂ). This responsibility includes
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 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 evidences about
the amounts and disclosures in the financial statements. The procedures
selected depend upon 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.
An audit also includes evaluating the appropriateness of the 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 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 (Auditor''s Report) Order, 2003 and
Companies (Auditor''s Report) (Amendment) Order, 2004 ("the OrderÂ)
issued by the Central Government of India in terms of sub-section (4A)
of Section 227 of the Companies Act, 1956 we give in the Annexure a
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 explanation which to best
of our knowledge and belief were necessary for the purpose of 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
accounts;
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 of Section 211 of the Companies Act, 1956;
e) On the basis of written representation 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 directors in terms of clause (g) of sub- section(1) of
Section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the CESS is to be paid under 441A of the Companies
Act,1956 nor has it issued any Rules under the said section,
prescribing the manner in which CESS is to be paid, no CESS is due and
payable by the Company.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in our Report of even date on Accounts for the year ended
31st March, 2013 of Paraan Limited)
In our opinion, and on the basis of such checks of the books and
records as we considered appropriate and according to the information
and explanations given to us during the normal course of audit, which
were necessary to the best of our knowledge and belief, we report that:
(i) As there is no fixed asset as on date of balance sheet, clause (i)
of the Order, relating to fixed assets is not applicable to the
Company.
(ii) Due to the nature of its business, clause (ii) of the Order
relating to physical verification of inventory is not applicable to the
Company.
(iii) According to the information and explanation given to us, the
company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956.
The company has taken interest free unsecured loans from Directors &
shareholders covered in the register maintained U/s. 301 of the
Companies Act, 1956. The Maximum amount involved for loan during the
year was Rs. 7,00,000/- & the year end balance was Rs. 7,00,000/-. The
rate of interest and the other terms and conditions are not prejudicial
to the interest of the Company.
(iv) In our opinion and according to information and explanations given
to us, the internal control system for purchase of fixed assets and for
sanction, disbursements and recovery of loans given by the company are
adequate and commensurate with the size of the company and present
nature of its business. During the course of our audit no major
weakness has been noticed in the internal control system.
(v) In our opinion and according to the information and explanation
given to us, we are of the opinion that transactions that need to be
entered in the register maintained under Section 301 of the Companies
Act, 1956 have been so entered.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted deposit from the public so
far up to 31st March, 2013 and therefore, the provision of section 58A
and 58AA or any relevant provisions of the Act and the rules framed
there under are not applicable.
(vii) In our opinion, the company has an adequate internal audit system
commensurate with its size and the nature of its business.
(viii) The Central Government has not prescribed the maintenance of
cost records by the company under Section 209(1) (d) of the Companies
Act, 1956 for any of its products.
(ix) According to the records of the company and information and
explanations given to us in respect of statutory and other dues, the
company has been generally regular in depositing undisputed statutory
dues including Investor Education and Protection Fund, Income Tax,
Service Tax, SEBI Fees and other statutory dues with the appropriate
authorities during the year. According to the records of the company
and information and explanations given to us, there are no disputed
statutory dues.
(x) In our opinion, the company has at the end of the financial year
accumulated losses not less than fifty percent of its net-worth and the
company have incurred cash losses in such financial year under report
and in the immediately preceding financial year.
(xi) According to records of the company, the company has not borrowed
funds from financial institutions or banks or issued debentures till
31st March, 2013. Hence, in our opinion, the question of reporting on
default in repayment of dues to financial institutions or banks or
debenture holders does not arise.
(xii) According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
(xiii) The provisions of any special statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund / Societies are not applicable to the
company.
(xiv) According to the information and explanations given to us, the
company is maintaining adequate records in respect of transactions and
contracts regarding its investment activities in shares, securities,
debenture and other investment and timely entries have also been made
therein. Further such securities have been held by the company in its
own name.
(xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xvi) To the best of our knowledge and belief and according to the
information and explanations given to us, the company has not availed
any term loan during the year.
(xvii) According to the Cash Flow Statement and records examined by us
and according to the information and explanations given to us, on
overall basis, funds raised on short term basis have, prima facie, not
been used during the year for long term investment.
(xviii) During the year, the company has made preferential allotment of
2,600 shares of Rs. 100 each at a premium of Rs. 1,700 per share to one
company covered in the Register maintained under Section 301 of the
Act. The price at which shares have been issued is prima facie not
prejudicial to the interest of the company.
(xix) The company has not issued any Debentures.
(xx) During the year, the company has not raised any money by public
issues.
(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
was noticed or reported during the year.
For B Y & Associates
Firm registration No. 123423W
Chartered Accountants
Place: Mumbai CA Bhavesh Vora
Date: 19th July, 2013 Partner
Membership No. 043908
Mar 31, 2012
1. We have audited the attached Balance sheet of Paraan Limited, as at
31st March 2012 and also the Statement of Profit & Loss of the company
for the year ended on that date annexed thereto and the Cash Flow
Statement for the year ended on that day. These financial statements
are 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 (a) examining, on a test basis, evidence to support the
financial statement amount and disclosures the financial statement (b)
assessing the accounting principles used in the preparation of
financial statements (c) assessing significant estimates made by the
management in the preparation of the financial statement and (d)
Evaluating 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 and
Companies (Auditors' Report) (Amendment) Order, 2004 issued by the
Central Government in terms of section 227(4A) of the Companies Act,
1956, we give in the annexure a statement on the matters specified in
paragraphs 4 & 5 of the said Order.
4. 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, Company has kept proper books of accounts, as
required by law, so far as appears from our examination of the books of
the Company;
(c) The Balance sheet, Statement of Profit and Loss and Cash-flow
statement referred to in this report are in agreement with the books of
account of the Company;
(d) In our opinion, the accounts comply with the accounting standards
referred to in section 211(3C) of Companies Act;
(e) On the basis of representation received from the directors, and
taken on record by the Board of Directors, in our opinion, none of the
directors are disqualified from being appointed as director U/s
274(l)(g) of Companies Act, 1956;
5. In our opinion and to the best of our information and according to
the explanation given to us, the said balance Sheet and Statement of
Profit & Loss, read together with Significant Accounting Policies and
Notes to Accounts, 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 affairs of the
Company as at 31st March' 2012,
(ii) In the case of the Statement of Profit & Loss, the Loss of the
company for the year ended on that date, and
(iii) In the case of the Cash Flow Statement, of the Cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in our Report of even date on Accounts for the year ended
31st March 2012 of Paraan Limited)
In our opinion, and on the basis of such checks of the books and
records as we considered appropriate and according to the information
and explanations given to us during the normal course of audit, which
were necessary to the best of our knowledge and belief, we report that:
(i) As there is no fixed asset as on date of balance sheet, clause (i)
of the Order, relating to fixed assets is not applicable to the
Company.
(ii) Due to the nature of its business, clause (ii) of the Order
relating to physical verification of inventory is not applicable to the
Company.
(iii) According to the information and explanation given to us, the
company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956. The company has taken interest free
unsecured loans from Directors & shareholders covered in the register
maintained U/s. 301 of the Companies Act, 1956. The Maximum amount
involved for loan during the year was Rs. 7,00,000/- & the yearend
balance was Rs. 7,00,000/-. The rate of interest and the other terms and
conditions are not prejudicial to the interest of the Company.
(iv) In our opinion and according to information and explanations given
to us, the internal control system for purchase of fixed assets and for
sanction, disbursements and recovery of loans given by the company are
adequate and commensurate with the size of the company and present
nature of its business. During the course of our audit no major
weakness has been noticed in the internal control system.
(v) In our opinion and according to the information and explanation
given to us, we are of the opinion that transactions that need to be
entered in the register maintained under section 301 of the Companies
Act, 1956 have been so entered.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any public deposits so far up
to 31st March 2012. Hence provision of section 58A and 58AA or any
relevant provisions of the Act and the rules framed there under are not
applicable.
(vii) In our opinion, the company has an adequate internal audit system
commensurate with the size and the nature of the business.
(viii) Due to nature of its business, clause (viii) of the Order,
relating to maintenance of cost records is not applicable to the
company.
(ix) According to the records of the company and information and
explanations given to us in respect of statutory and other dues, the
company has been generally regular in depositing undisputed statutory
dues including Income Tax and other statutory dues with the appropriate
authorities during the year. According to the records of the company
and information and explanations given to us, there are no disputed
statutory dues.
(x) In our opinion, the company has at the end of the financial year
accumulated losses not less than fifty percent of its net-worth and the
company has incurred cash losses in the financial year under report and
in the immediately preceding financial year.
(xi) According to records of the company, the company has not borrowed
funds from financial institutions or banks or issued debentures till
31st March 2012. Hence, in our opinion, the question of reporting on
default in repayment of dues to financial institutions or banks or
debenture holders does not arise.
(xii) According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
(xiii) The provisions of any special statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund / Societies are not applicable to the
company.
(xiv) On the basis of our examination of the company's records we are
of the opinion that the company is maintaining adequate records
regarding transactions and contracts regarding its investment
activities in shares and securities and other investment and timely
entries have been made in these records. All the investment at the
close of the year is held in the name of the Company.
(xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by other from banks
or financial institutions.
(xvi) To the best of our knowledge and belief and according to the
information and explanations given to us, the company has not availed
any term loan during the year.
(xvii) According to the records examined by us and according to the
information and explanations given to us, on overall basis, funds
raised on short term basis have, prima facie, not been used during the
year for long term investment.
(xviii) During the year, the company has made preferential allotment of
4,000 shares of Rs. 100 each at a premium of Rs. 1,700 per share to one
company covered in the Register maintained under section 301 of the
Act. The price at which shares have been issued is prima facie not
prejudicial to the interest of the company.
(xix) The company has not issued any Debentures.
(xx) During the year, the company has not raised any money by public
issues.
(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
was noticed or reported during the year.
For B Y & Associates
Firm Regn. No. 123423W
Chartered Accountants
Navin Jain
Partner
M. No. 106140
Place: Mumbai
Date : 23rd May 2012
Mar 31, 2011
1. We have audited the attached Balance sheet of Paraan Limited, as at
31st March 2011 and also the annexed Profit & Loss Account of the
company for the year ended on that date annexed thereto and The Cash
Flow Statement for the year ended on that day. These financial
statements are responsibility of the companys 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 (a) examining, on a test basis, evidence to support the
financial statement amount and disclosures the financial statement (b)
assessing the accounting principles used in the preparation of
financial statements (c) assessing significant estimates made by the
management in the preparation of the financial statement and (d)
Evaluating 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
Companies (Auditors Report) (Amendment) Order, 2004 issued by the
Central Government in terms of section 227(4A) of the Companies Act,
1956, we give in the annexure a statement on the matters specified in
paragraphs 4& 5 of the said Order.
4. 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, Company has kept proper books of accounts, as
required by law, so far as appears from our examination of the books of
the Company;
(c) The Balance sheet and the Profit and Loss Account and Cash-flow
statement referred to this report are in agreement with the books of
account of the Company;
(d) In our opinion, the accounts comply with the accounting standards
referred to in section 211(3C) of Companies Act;
(e) On the basis of representation received from the directors, and
taken on record by the Board of Directors, in our opinion, none of the
directors is disqualified from being appointed as director U/s
274(1)(g) of Companies Act, 1956;
5. In our opinion and to the best of our information and according to
the explanation given to us, the said balance Sheet and Profit & Loss
Account, together read with Significant Accounting Policies and Notes
to Accounts, 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 affairs of the
Company as at 31st March 2011,
(ii) In the case of the Profit & Loss Account, the Loss of the company
for the year ended on that date, and
(iii) In the case of the Cash Flow Statement, of the Cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in our Report of even date on Accounts for the year ended
31st March 2011 of Parran Limited)
In our opinion, and on the basis of such checks of the books and
records as we considered appropriate and according to the information
and explanations given to us during the normal course of audit, which
were necessary to the best of our knowledge and belief, we report that:
(i) As there is no fixed asset as on date of balance sheet, clause (i)
of the Order, relating to fixed assets is not applicable to the
Company.
(ii) Due to the nature of its business, clause (ii) of the Order
relating to physical verification of inventory is not applicable to the
Company.
(iii) According to the information and explanation given to us, the
company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956. The company has taken interest free
unsecured loans from Directors & shareholders covered in the register
maintained U/s. 301 of the Companies Act, 1956. The Maximum amount
involved for loan during the year was Rs. 4,68,712/-& the year end
balance was Rs. 2,20,000/-.
(iv) In our opinion and according to information and explanations given
to us, the internal control system for purchase of fixed assets and for
sanction, disbursements and recovery of loans given by the company are
adequate and commensurate with the size of the company and present
nature of its business. During the course of our audit no major
weakness has been noticed in the internal control system.
(v) In our opinion and according to the information and explanation
given to us, we are of the opinion that transactions that need to be
entered in the register maintained under section 301 of the Companies
Act, 1956 have been so entered.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any public deposits so far up
to 31st March 2010. Hence provision of section 58A and 58AA or any
relevant provisions of the Act and the rules framed there under are not
applicable.
(vii) In our opinion, the company has an adequate internal audit system
commensurate with the size and the nature of the business.
(viii) Due to nature of its business, clause (viii) of the Order,
relating to maintenance of cost records is not applicable to the
company.
(ix) According to the records of the company and information and
explanations given to us in respect of statutory and other dues, the
company has been generally regular in depositing undisputed statutory
dues including Income Tax and other statutory dues with the appropriate
authorities during the year. According to the records of the company
and information and explanations given to us, there are no disputed
statutory dues.
(x) In our opinion, the company has at the end of the financial year
accumulated losses not less than fifty percent of its net-worth and the
company have incurred cash losses in such financial year under report.
However, there were no cash losses in the immediately preceding
financial year.
(xi) According to records of the company, the company has not borrowed
funds from financial institutions or banks or issued debentures till
31st March 2011. Hence, in our opinion, the question of reporting on
default in repayment of dues to financial institutions or banks or
debenture holders does not arise.
(xii) According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
(xiii) The provisions of any special statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund / Societies are not applicable to the
company.
(xiv) On the basis of our examination of the companys records we are
of the opinion that the company is maintaining adequate records
regarding transactions and contracts regarding its investment
activities in shares and securities and other investment and timely
entries have been made in these records. All the investment at the
close of the year is held in the name of the Company.
(xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by other from banks
or financial institutions.
(xvi) To the best of our knowledge and belief and according to the
information and explanations given to us, the company has not availed
any term loan during the year.
(xvii) According to the records examined by us and according to the
information and explanations given to us, on overall basis, funds
raised on short term basis have, prima facie, not been used during the
year for long term investment.
(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 Act during the year,
(xix) The company has not issued any Debentures.
(xx) During the year, the company has not raised any money by public
issues.
(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
was noticed or reported during the year.
For BRV & Associates.
Firm Regn. No. 123423W
Chartered Accountants
BHAVESH VORA
Partner
(M. No. 43908)
Place : Mumbai
Date : 16th May, 2011
Mar 31, 2010
1. We have audited the attached Balance sheet of Paraan Limited, as at
31st March 2010 and also the annexed Profit & Loss Account of the
company for the year ended on that date annexed thereto and The Cash
Flow Statement for the year ended on that day. These financial
statements are responsibility of the companys 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 (a) examining, on a test basis, evidence to support the
financial statement amount and disclosures the financial statement (b)
assessing the accounting principles used in the preparation of
financial statements (c) assessing significant estimates made by the
management in the preparation of the financial statement and (d)
Evaluating 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
Companies (Auditors Report) (Amendment) Order, 2004 issued by the
Central Government in terms of section 227(4A) of the Companies Act,
1956, we give in the annexure a statement on the matters specified in
paragraphs 4 & 5 of the said Order.
4. 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, Company has kept proper books of accounts, as
required by law, so far as appears from our examination of the books of
the Company;
(c) The Balance sheet and the Profit and Loss Account and Cash-flow
statement referred to this report are in agreement with the books of
account of the Company;
(d) In our opinion, the accounts comply with the accounting standards
referred to in section 211(3C) of Companies Act;
(e) On the basis of representation received from the directors, and
taken on record by the Board of Directors, in our opinion, none of the
directors is disqualified from being appointed as director U/s
274(l)(g) of Companies Act, 1956;
5. In our opinion and to the best of our information and according to
the explanation given
to us, the said balance Sheet and Profit & Loss Account, together read
with Significant Accounting Policies and Notes to Accounts, 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 affairs of the
Company as at 31st March 2010,
(ii) In the case of the Profit & Loss Account, the Loss of the company
for the year ended on that date, and
(iii) In the case of the Cash Flow Statement, of the Cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in our Report of even date on Accounts for the year ended
31st March 2010 of Paraan Limited)
In our opinion, and on the basis of such checks of the books and
records as we considered appropriate and according to the information
and explanations given to us during the normal course of audit, which
were necessary to the best of our knowledge and belief, we report that:
(i) As there is no fixed asset as on date of balance sheet, clause (i)
of the Order, relating to fixed assets is not applicable to the
Company.
(ii) Due to the nature of its business, clause (ii) of the Order
relating to physical verification of inventory is not applicable to the
Company.
(iii) According to the information and explanation given to us, the
company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956. The company has taken interest free
unsecured loans from Directors & shareholders covered in the register
maintained U/s. 301 of the Companies Act, 1956. The Maximum amount
involved for loan during the year was Rs. 2,26,986/- & the year end
balance was Rs. 2,26,986/-.
(iv) In our opinion and according to information and explanations given
to us, the internal control system for purchase of fixed assets and for
sanction, disbursements and recovery of loans given by the company are
adequate and commensurate with the size of the company and present
nature of its business. During the course of our audit no major
weakness has been noticed in the internal control system.
(v) In our opinion and according to the information and explanation
given to us, we are of the opinion that transactions that need to be
entered in the register maintained under section 301 of the Companies
Act, 1956 have been so entered.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any public deposits so far up
to 31st March 2010. Hence provision of section 58A and 58AA or any
relevant provisions of the Act and the rules framed there under are not
applicable.
(vii) In our opinion, the company has an adequate internal audit system
commensurate with the size and the nature of the business.
(viii) Due to nature of its business, clause (viii) of the Order,
relating to maintenance of cost records is not applicable to the
company.
(ix) According to the records of the company and information and
explanations given to us in respect of statutory and other dues, the
company has been generally regular in depositing undisputed statutory
dues including Income Tax and other statutory dues with the appropriate
authorities during the year. According to the records of the company
and information and explanations given to us, there are no disputed
statutory dues.
(x) In our opinion, the company has at the end of the financial year
accumulated losses not less than fifty percent of its net-worth and the
company have incurred cash losses in such financial year under report.
However, there were no cash losses in the immediately preceding
financial year.
(xi) According to records of the company, the company has not borrowed
funds from financial institutions or banks or issued debentures till
31st March 2010. Hence, in our opinion, the question of reporting on
default in repayment of dues to financial institutions or banks or
debenture holders does not arise.
(xii) According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
(xiii) The provisions of any special statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund / Societies are not applicable to the
company.
(xiv) On the basis of our examination of the companys records we are
of the opinion that the company is maintaining adequate records
regarding transactions and contracts regarding its investment
activities in shares and securities and other investment and timely
entries have been made in these records. All the investment at the
close of the year is held in the name of the Company.
(xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by other from banks
or financial institutions.
(xvi) To the best of our knowledge and belief and according to the
information and explanations given to us, the company has not availed
any term loan during the year.
(xvii) According to the records examined by us and according to the
information and explanations given to us, on overall basis, funds
raised on short term basis have, prima facie, not been used during the
year for long term investment.
(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 Act during the year.
(xix) The company has not issued any Debentures.
(xx) During the year, the company has not raised any money by public
issues.
(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
was noticed or reported during the year.
For BRV & Associates
Firm Regn. No. 123423W
Chartered Accountants
Place: Mumbai Bhavesh Vora
Date: 30th May 2010 Partner
M.No.43908