Mar 31, 2016
To,
The Members of
Asya Infosoft Limited
Ahmedabad.
Report on Financial Statement
1 We have audited the accompanying financial statement of ASYA INFOSOFT LIMITED (formally known as ASYA INFRASTRCUTRE AND TOURISM CORPORATION LTD.) (''The Company'') which comprise Balance Sheet as at 31st March, 2016 and also the statement of the Profit and Loss and the Cash Flow Statement for the year ended on that date and a summary of significant accounting policies and other explanatory information.
Management''s Responsibility for the financial statement
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 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 referred to section 133 of the act, read with rule 7 of the companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provisions of the act for safeguarding the assets of the company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgment and estimates that are reasonable and prudent; and design, implementation and maintenance of internal control that were operating effectively for ensuring the accuracy and completeness of accounting records, relevant to preparation of 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 have taken into account the provision 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 rules made there under. We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
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 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 of the financial statements that give 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 and adequate internal financial controls system over financial reporting and the operating effectiveness of such 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.
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 of the state of affairs of the company as at 31st march 2016, its profit and its 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, 2016 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013 we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.
8 As required by section 143(3) of the Act, we further 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 appears from our examination of those books;
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in section 133 of the Companies Act, 2013, read with rule 7 of The Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors as on March 31, 2016, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016, from being appointed as a director in terms of sub-section (2) of section 164 of the Companies Act, 2013.
f) In our opinion, the company has, in all material respects, an adequate internal financial controls, system over financial reporting and such financial control over financial reporting were operating effectively as at March 31, 2016, based on the internal control over financial reporting criteria established by the company.
g) In our opinion and to the best of our information and according to the explanations given to us, We report as under with respect to other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:
i The Company has not any pending litigations as on 31.03.2016.
ii The Company does not have any long term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise.
iii There has not been an occasion in case of the company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of delay transferring such sums does not arise.
ANNEXURE TO THE AUDITORS'' REPORT
The Annexure referred to in our report to the members of ASYA INFOSOFT LIMITED for the year ended 31st March, 2016.
On the basis of the information and explanation given to us during the course of our audit, we report that:
i. (a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.
(b) These fixed assets have been physically verified by the management at reasonable intervals and there was no Material discrepancies were noticed on such verification.
(c) Total Assets of company does not include Immovable property.
ii. The nature of business of the company does not require it to have any Inventories so the reporting under this clause is not applicable to the company.
iii. The company has granted unsecured loans to companies, covered in the register maintained under section 189 of the Companies Act, 2013.
(a) According to information and explanation given to us, there is no written terms and agreements with respect to the loans given to the parties covered under this clause. The total amount outstanding as on 31.03.2016 is of Rs. 507217 after converting Rs. 9367200 into 936720 Redeemable Non Convertible Preference Shares investment. The loan granted to the parties has been converted into investment due to the nonpayment of principal and interest amount. Also the terms and conditions of the such loans are prejudicial to the company''s Interest as the interest charged at 6% P.A. which is lower than prevailing yield of government security and also this is unsecured loan.
(b) According to information and explanation given to us, there is no written terms and agreements with respect to the loans given. The amount of interest is outstanding and company has not received any amount towards interest charged since granting of loan.
(c) There is no stipulated time for payment for interest or principal amount. However there is no amount received against interest charged since granting of loan and the principal amount of Rs. 8000000 granted as loan has been converted into investment as on 30.03.2016.
iv. In our opinion and according to information given to us, the company has granted the loan to the private company in which director is interested. The Maximum amount outstanding during the year is 10214145.00 and the closing balance is of Rs. 507217.00 after converting the opening balance as on 01.04.2015 amounting to Rs. 9367200.00 into 936720 Redeemable Non Convertible Preference Shares and reversal of interest to the tune of Rs. 450396.00 being the difference between interest given at 6% and interest charged at 12%. In our opinion and according to information given to us, the company has charged interest lower than the government securities or has not charged interest in following cases,
Sr. No |
Particulars |
Name of the Company |
Amount Involved |
Balance as at balance sheet date |
Remarks |
1 |
Charged Interest Lower than the Government Securities |
Abridge Solutions Private Limited |
9367200 |
507217 |
Charged Interest @ 6% on Rs. 9367200.00 |
2 |
No Interest Charged |
Charms Industries Limited |
500000 |
500000 |
No Interest Charged |
v. In our opinion and according to information given to us, the company has not accepted any deposits during the year. Therefore the provisions of clause 3 (v) of the Companies (Auditor''s Report) Order,2016, are not applicable to the Company.
vi. In our opinion and according to the information given to us, the maintenance of cost records has not been specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013. Therefore the provisions of clause 3 (vi ) of the Companies (Auditor''s Report) Order,2016, are not applicable to the Company.
vii. (a) The company is regular in depositing undisputed statutory dues including provident fund, Employee''s state insurance, income-tax, sales-tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues to the appropriate authorities except undisputed statutory dues relating to service tax of Rs. 66930 which remains outstanding since September 2015.
(b) According to the information and explanations given to us , There is Rs. 66930 relating to service tax which remains payable as at 31.03.2016 for a period of more than six months from the date they became payable.
viii. The company hasn''t taken any loans or borrowing from a financial institution, bank, Government or dues to debenture holders. Therefore the provisions of clause 3 (viii ) of the Companies (Auditor''s Report) Order,2016, are not applicable to the Company.
ix. During the year, the company doesn''t raise any money by way of initial public offer or further public offer (including debt instruments)
x. To the best of our knowledge and belief and according to the information and explanations given to us, no material fraud on or by the company by its officers or employees during the year was noticed or reported, nor have we been informed of such case by the management.
xi. In our opinion and according to the information available to us, the managerial remuneration has been paid or provided in accordance with the provisions of Section 197 read with Schedule V to the Companies Act, 2013.
xii. In our opinion, the company is not a Nidhi Company. Therefore, the provisions of clause 3(xii) of the Companies(Auditor''s Report) Order, 2016 are not applicable to the company.
xiii. In our opinion, all transactions with the related parties are in compliance with section 177 and 188 of the Companies act, 2013 where applicable and the details have been disclosed in the financial statements as required by the applicable accounting standards.
xiv. According to the information and explanations given to us, the Company has made preferential allotment of equity shares during the year. The company has complied with the provision of section 42 of the Companies Act 2013. The fund raised by the company has been utilized for the purpose for which it is raised.
xv. In our opinion and according to the information and explanations given to us, the company hasn''t entered into any non-cash transactions with directors or persons connected with him.
xvi. This clause is not applicable to the company as the company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENT OF ASYA INFOSOFT LIMITED
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of ASYA INFOSOFT LIMITED. ("The Company") as of 31 March 2016 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (''ICAI''). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
for JEEVAN JAGETIYA & CO
Chartered Accountants
FRN :121335W
Jeevan Jagetiya
Place : Ahmedabad Partner
Date : 06.08.2016 M.No.046553
Mar 31, 2015
1 We have audited the accompanying financial statement of ASYA INFOSOFT
LIMITED (formally known as ASYA INFRASTRCUTRE AND TOURISM CORPORATION
LTD.) ('The Company') which comprise Balance Sheet as at 31st March,
2015 and also the statement of the Profit and Loss and the Cash Flow
Statement for the year ended on that date and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the financial statement
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 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
referred to section 133 of the act, read with rule 7 of the companies
(Accounts) Rules, 2014. This responsibility also includes the
maintenance of adequate accounting records in accordance with the
provisions of the act for safeguarding the assets of the company and
for preventing and detecting the frauds and other irregularities;
selection and application of appropriate accounting policies; making
judgment and estimates that are reasonable and prudent; and design,
implementation and maintenance of internal control that were operating
effectively for ensuring the accuracy and completeness of accounting
records, relevant to preparation of 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 have taken into account the provision
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 rules made thereunder. We conducted our audit in accordance
with the Standards on Auditing specified under section 143(10) of the
Act. Those Standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free from material misstatement.
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 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 of the financial statements that give 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 and adequate internal financial
controls system over financial reporting and the operating
effectiveness of such 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.
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 of the state of affairs of the company as
at 31st march 2015, its loss and its 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, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Companies Act, 2013 we give in
the Annexure a statement on the matters specified in paragraphs 3 and 4
of the Order.
8 As required by section 143(3) of the Act, we further 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 appears from our examination of those
books;
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
section 133 of the Companies Act, 2013, read with rule 7 of The
Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of sub-section (2) of section 164 of
the Companies Act, 2013.
f) In our opinion and to the best of our information and according to
the explanations given to us, We report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014:
a) The Company has disclosed the impact of pending litigations on its
financial position in its financial statement.
b) The Company does not have any long term contracts including
derivative contracts; as such the question of commenting on any
material foreseeable losses thereon does not arise.
c) There has not been an occasion in case of the company during the year
under report to transfer any sums to the Investor Education and
Protection Fund. The question of delay transferring such sums does not
arise.
ANNEXURE TO THE AUDITORS' REPORT
Annexure referred to in paragraph 7 of our Report of even date to the
members of the company on the accounts of the company for the year
ended 31 march, 2015
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
our audit, we report that :
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year, there is a regular programme of verification which, in
our opinion, is reasonable having regard to the size of the Company and
the nature of its assets. No material discrepancies were noticed on
such verification.
2. The nature of business of the company does not require it to have
any inventory. Hence, the requirement of the clause (ii) of paragraph 3
of the order is not applicable to the company.
3. In our opinion and according to the information and explanation
given to us, the Company has granted unsecured loan to the Companies
covered in the register maintained under section 189 of the Companies
Act. The principal amount has not become due during the year hence
reporting on regularity of receipt of principal does not arise. The
receipt of interest has been regular as per terms agreed.
(b) There is no over due amount of more than rupees one lakh for the
loan granted hence reporting under clause 3(iii)(b) of the order does
not arise.
4. The Company has adequate internal control procedure commensurate
with the size of the Company and nature of its Business with regard to
purchase of s components, plant and machinery, equipment and other
assets, and for sale of services. We have not come across any major
weakness in internal control.
5. The Company has not accepted / invited any deposits falling within
the preview of Section 73 to 76 the Companies Act during the financial
year.
6. As informed to us the Central Govt. has not prescribed the
maintenance of cost records by the Company under sub section (1) of
Section 148 of the Companies Act.
7. (a) According to the records of the Company, the Company is regular
in depositing with appropriate authorities undisputed Statutory
dues including Provident fund, Investor education protection fund,
Employees state insurance, Income tax, Sales tax, Wealth tax, Custom
duty, Cess, Entertainment tax and other material statutory dues
applicable to it.
(b) According to the information and explanations given to us, no
undisputed amount payable in respect of Income tax, Wealth tax, Sales
tax, Customs duty, Excise duty Cess and Entertainment tax were in
arrears, as of 31st March, 2015 for a period of more than six months
from the date they became payable.
(c) According to the information and explanation given to us, there are
no dues of Income tax, Customs duty, Wealth tax, Excise duty, Cess and
Entertainment tax which have not deposited on Account of any dispute.
8. The Company has accumulated losses. The Company does not incur the
cash loss during the current year as well as in the immediate preceding
year.
9. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial Institutions, Banks or debenture holders.
10. In our opinion and according to the information and explanations
given to us, the Company has not given guarantees for loans taken by
others from Bank or financial institutions.
11. The Company has not taken any term loan during the year therefore
the question of its application for the purpose for which they were
raised does not arise.
12. According to the information and explanations given to us, based
upon the audit procedures performed and representations made by the
management, we report that no fraud on or by the Company has been
noticed or reported during the course of our Audit.
Place : Ahmedabad for JEEVAN JAGETIYA & CO
Date : 29.05.2015 Chartered Accountants
FRN: 121335W
Jeevan Jagetiya
Partner
M.No.046553
Mar 31, 2014
We have audited the accompanying financial statement of ASYA INFOSOFT
LIMITED (formally known as ASYA INFRASTRUCTURE AND TOURISM CORPORATION
LTD.) (''The Company'') which comprise Balance Sheet as at 31st March,
2014 and also the statement of the Profit and Loss and the Cash Flow
Statement for the year ended on that date and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the financial statement:
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility:
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of sub-
section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS'' REPORT
Referred to in our Report of even date:
(i) There is no fixed assets in the name of the company hence the
paragraph 4(i) of the order is not applicable.
(ii) The Company is in service sector therefore, does not hold any
physical inventories. Thus paragraph 4(ii) of the order is not
applicable.
(iii) (a) The company has granted a loan to body corporate covered in
the register maintained under section 301 of the Companies Act, 1956
(''the Act''). The maximum amount outstanding during the year was Rs.
88,87,328.00 and the year end balance of such loan was Rs.
88,87,328.00. Other than the above the company has not granted any loan
secured or unsecured to companies, firms or parties covered in the
register maintained under section 301 of the Act.
(b) In our opinion, the rate of interest and other terms and conditions
on which the loan has been granted to the body corporate listed in the
register maintained under section 301 of the Act are not, prime facie,
prejudicial to the interest of the Company.
(c) In the case of loan granted to body corporate listed in the
register maintained under section 301 of the Act, the borrower has been
regular in the payment of Interest as stipulated. The terms of
arrangement do not stipulate any repayment schedule and the loan is
repayable on demand. Accordingly, paragraph 4(iii)(c) of the order is
not applicable to the company in respect of the repayment of the
principal amount.
(d) There are no overdue amounts of more than rupees one lakh in
respect of the loan granted to a body corporate listed in the register
maintained u/s 301 of the Act.
(e) The company has not taken any loan secured or unsecured from the
Companies, Firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(iv) The Company has adequate internal control procedure commensurate
with the size of the Company and nature of its Business with regard to
purchase of stores, raw materials including components, plant and
machinery, equipment and other assets, and for sale of goods. We have
not come across any major weakness in internal control.
(v) (a) In our opinion and according to the information and
explanations given to us, the transactions that need to be entered into
a register in pursuance of section 301 of the Companies Act, 1956, have
been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contract or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding rupees five lakhs each have been
made at prices, which are reasonable having regard to prevailing market
prices at the relevant time.
(vi) The Company has not accepted any deposit from the public during
the year.
(vii) In our opinion, the Company has Internal Audit system
commensurate with the size and nature of its Business.
(viii) As informed to us the Central Govt. has not prescribed the
maintenance of cost records by the Company under Section 209 (1) (d) of
the Companies Act, 1956.
(ix) (a) According to the records of the Company, the Company is
regular in depositing with appropriate authorities undisputed Statutory
dues including Provident Fund, Investor Education Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom
Duty, Cess and other material statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amount payable in respect of Income Tax, Wealth Tax, Sales
Tax, Customs Duty, Excise Duty and Cess were in arrears, as of 31st
March, 2014 for a period of more than six months from the date they
became payable.
(c) According to the information and explanation given to us, there are
no dues of Income Tax, Customs duty, Wealth Tax, Excise duty and Cess
which have not deposited on Account of any dispute.
(x) The Company has accumulated losses at the end of the year. The
company does not incur cash loss during the current year however it had
incurred cash losses in the immediate preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
Financial Institutions, Banks or Debenture Holders.
(xii) In our opinion and according to the information and explanations
given to us, the Company has not granted any loans and advance on the
basis of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion, the Company is not chit fund or a nidhi/Mutual
benefit fund/Society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company.
(xiv) In our opinion, the Company is not dealing in or trading in
Shares, Securities, Debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the Company.
(xv) In our opinion and according to the information and explanations
given to us, the Company has not given guarantees for loans taken by
others from Bank or financial institutions.
(xvi) The Company has not taken any term loan during the year therefore
the question of its application for the purpose for which they were
raised does not arise.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that the no funds raised on short - term basis have been used for
long-term investment. No long-term funds have been used to finance
short-term assets except permanent Working Capital.
(xviii) The Company has not made any preferential allotment of shares
during the year to parties and Companies covered in the register
maintained under Section 301 of the Companies Act, 1956.
(xiv) The Company has not issued any debentures during the year and
therefore the question of creating security in respect thereof does not
arise.
(xx) The Company has not made any Public Issue during the year and
therefore the question of disclosing the end use of money does not
arise.
(xxi) According to the information and explanations given to us, based
upon the audit procedures performed and representations made by the
management, we report that no fraud on or by the Company has been
noticed or reported during the course of our Audit.
for JEEVAN JAGETIYA & CO
Chartered Accountants
FRN : 121335W
JEEVAN JAGETIYA
Place : AHMEDABAD Partner
Date : 21/05/2014 M.No.: 046553
Mar 31, 2013
Report on Financial Statement :
We have audited the accompanying financial statement of ASYA
INFRASTRUCTURE AND TOURISM CORPORATION LIMITED (The Company'') which
comprise Balance Sheet as at 31st March, 2013 and also the statement of
the Profit and Loss and the Cash Flow Statement for the year ended on
that date and a summary of significant accounting policies and other
explanatory information.
Management''s Responsibility for the financial statement :
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial state- ments that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility :
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956
ANNEXURE TO THE AUDITORS'' REPORT
Referred to in our Report of even date :
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situ- ation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year, there is a regular programme of verification which, in
our opinion, is reasonable having regard to the size of the Company and
the nature of its assets. No material discrepancies were noticed on
such verification.
(c) No fixed assets were disposed by the company during the current
year.
(ii) The Company is in service sector therefore, does not hold any
physical inventories. Thus paragraph 4(ii) of the order is not
applicable.
(iii) (a) The company has granted a loan to body corporate covered in
the register maintained under section 301 of the Companies Act, 1956
(''the Act''). The maximum amount outstanding during the year was Rs.
84,32,000.00 and the year end balance of such loan was Rs.
84,32,000.00. Other than the above the company has not granted any loan
secured or unsecured to companies, firms or parties covered in the
register maintained under section 301 of the Act.
(b) In our opinion, the rate of interest and other terms and conditions
on which the loan has been granted to the body corporate listed in the
register maintained under section 301 of the Act are not, prime facie,
prejudicial to the interest of the Company.
(c) In the case of loan granted to body corporate listed in the
register maintained under section 301 of the Act, the borrower has been
regular in the payment of Interest as stipulated. The terms of
arrangement do not stipulate any repayment schedule and the loan is
repayable on demand. Accordingly, paragraph 4(iii)(c) of the order is
not applicable to the company in respect of the repayment of the
principal amount.
(d) There are no overdue amounts of more than rupees one lakh in
respect of the loan granted to a body corporate listed in the register
maintained under section 301 of the Act.
(e) The company has not taken any loan secured or unsecured from the
Companies, Firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(iv) The Company has adequate internal control procedure commensurate
with the size of the Company and nature of its Business with regard to
purchase of stores, raw materials including components, plant and
machinery, equipment and other assets, and for sale of goods. We have
not come across any major weakness in internal control.
(v) (a) In our opinion and according to the information and
explanations given to us, the transactions that need to be entered into
a register in pursuance of section 301 of the Companies Act, 1956, have
been so entered.
(b)In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contract or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding rupees five lakhs each have been
made at prices, which are reasonable having regard to prevailing market
prices at the relevant time.
(vi) The Company has not accepted any deposit from the public during
the year.
(vii) In our opinion, the Company has Internal Audit system
commensurate with the size and nature of its Business.
(viii) As informed to us the Central Govt. has not prescribed the
maintenance of cost records by the Company under Section 209 (1) (d) of
the Companies Act, 1956.
(ix) (a) According to the records of the Company, the Company is
regular in depositing with appropriate authorities undisputed Statutory
dues including Provident Fund, Investor Education Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom
Duty, Cess and other material statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amount payable in respect of Income Tax, Wealth Tax, Sales
Tax, Customs Duty, Excise Duty and Cess were in arrears, as of 31st
March, 2013 for a period of more than six months from the date they
became payable.
(c) According to the information and explanation given to us, there are
no dues of Income Tax, Customs duty, Wealth Tax, Excise duty and Cess
which have not deposited on Account of any dispute.
(x) The Company has accumulated losses at the end of the year. The
company does not incur cash loss during the current year however it had
incurred cash losses in the immediate preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
Financial Institutions, Banks or Debenture Holders.
(xii) In our opinion and according to the information and explanations
given to us, the Company has not granted any loans and advance on the
basis of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion, the Company is not chit fund or a nidhi / Mutual
benefit fund / Society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company.
(xiv) In our opinion, the Company is not dealing in or trading in
Shares, Securities, Debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the Company.
(xv) In our opinion and according to the information and explanations
given to us, the Company has not given guarantees for loans taken by
others from Bank or financial institutions.
(xvi) The Company has not taken any term loan during the year therefore
the question of its application for the purpose for which they were
raised does not arise.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that the no funds raised on short - term basis have been used for
long-term investment. No long-term funds have been used to finance
short-term assets except permanent Working Capital.
(xviii)The Company has not made any preferential allotment of shares
during the year to parties and Companies covered in the register
maintained under Section 301 of the Companies Act, 1956.
(xiv). The Company has not issued any debentures during the year and
therefore the question of creating security in respect thereof does not
arise.
(xx). The Company has not made any Public Issue during the year and
therefore the question of disclosing the end use of money does not
arise.
(xxi) According to the information and explanations given to us, based
upon the audit procedures performed and representations made by the
management, we report that no fraud on or by the Company has been
noticed or reported during the course of our Audit.
Place : AHMEDABAD for JEEVAN JAGETIYA & CO
Date : 30/05/2013 Chartered Accountants
FRN : 121335W
JEEVAN JAGETIYA
Partner
M.No.046553
Mar 31, 2011
1. We have audited the attached Balance Sheet of Asya Infrastructure &
Tourism Corporation Limited (Formally known as Saya Housing Finance
Company Limited) as at 31st March, 2011 and also the Profit and Loss
Account for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company's
Management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We have conducted our audit in accordance with auditing 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 over all financial statements
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order 2003, issued
by the Central Government of India in term of section 227 (4A) of the
Companies Act, 1956 and on the basis of such checks as we considered
appropriate and as per information and explanation given to us during
the course of our audit, we annex hereto a statement on the matters
specified in paragraphs 4 and 5 of the said order.
4. Further to our comments in the annexure referred to the paragraph 3
above, we report as under :-
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 the
books.
c. The Balance Sheet and Profit & Loss Account dealt with by this
Report are in agreement with the books of account of the company.
d. In our opinion, the Balance Sheet and the Profit & Loss Account
dealt with by the report are in compliance with the Accounting
standards referred to in section 211 (3C) of the companies Act, 1956.
e. On the basis of written representation received from the directors
and taken on records by the Board of Directors, we report you that none
of the Directors of the company disqualified as on 31st march 2011 from
being appointed as Director of the company under clause (g) of
sub-section (1) of section 274 of the Act 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the said Financial Statement read
together with the notes thereon give the information required by the
companies Act, 1956 in the manner so required and give a true and fair
view in conformity with the Accounting Principles generally accepted in
India.
(i) In the case of Balance Sheet of the state of affairs of the Company
as at 315| March, 2011.
(ii) In the case of profit and Loss Account of the Loss of the company
for the year ended on that date.
(iii) In the case of Cash Flow Statement, of the Cash Flow for
the year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
REFERRED TO IN PARAGRAPH 2 OF OUR REPORT OF EVEN DATE
1. In Respect of Fixed Assets:
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals in a phased manner in
accordance with a programme of verification adopted by the company
which in our opinion is reasonable having regard to the company and
nature of its assets. To the best of our knowledge no material
discrepancies were noticed on such verification.
(c) In our opinion, the company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of Inventories:
As the company has neither purchased / sold goods during the year nor
there any opening stocks, Hence the provision of clause 4(ii) of the
companies (Auditor's Report) order 2003, is not applicable to the
company.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/ from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
(a) The company has granted loans unsecured to parties covered in the
register maintained under section 301 of the Act.
(b) The rate of interest and other terms of conditions subject to which
loans are given, are not prima facie prejudicial to the interests of
the company
(c) The receipts of principal amounts and interest have been regular.
(d) The company has not taken any loan , secured orunsecured, from the
Companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory, fixed assets and with
regards to Sale of goods. During the course of audit, we have not
observed any continuing failure to correct major weakness in internal
controls.
5. In respect of transaction covered under section 301 of the
Companies Act, 1956.
(a) Based on audit procedures applied by us and according to the
information and explanation given to us, the transaction that needed to
be entered into the register have been so entered.
(b) Where in respect of Each of such transactions ( Excluding loan
Reported in Para (3) above) is in excess of Rs. 5 lakhs in respect of
any party, the transactions have been made at prices which is prime
facie reasonable having regard to the Prevailing market prices
applicable at relevant time.
6. In our opinion and according to the information and explanation
given to us the Company has not accepted any deposit from the public
during the financial year. Hence Provision of Clause (vi) Companies
(Auditor's Report) Order, 2003 is not applicable to the Company
7. In our opinion and according to the information and explanation
given to us the company has adequate internal audit system commensurate
with the size and nature of the business.
8. In the best of our knowledge and according to the information and
explanation given to us the maintenance of cost records has not been
prescribed by the Central Government under section 209 (1) (d) of the
Companies Act, 1956 for any of its products.
9. In respect of Statutory Dues: According to the information and
explanations given to us, there are no undisputed and outstanding
amount payable in respect of Provident fund, Investor Education and
Protection fund, Employee's State Insurance, Income-Tax, Sales-Tax,
Wealth Tax, Custom Duty, Excise Duty, Excise and any other statutory
dues with the appropriate authorities as at 31st March 2011 for a
period of more than six moths from the date they become payable.
10. The Company has no accumulated losses at the end of the year.
11. Based on our audit procedure and according to the information and
explanations given to us, we are of the opinion that the company has
not defaulted in repayment of dues to financial institutions or banks.
12. In our opinion and according to the information and explanations
given to us. No loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund society. Therefore the provision of clause 4(xiii) of the
Companies (Auditors Report) order 2003, is not applicable to the
company.
14. The company is not dealing or trading in shares, security,
debentures and other investments, hence, the provision of clause
4(xiii) of the Companies (Auditor's Report) order 2003, is not
applicable to the company.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions.
16. The company has not raised term loans during the year. Therefore,
the provision of clause 4(xvi) of the Companies (Auditor's Report)
order 2003, is not applicable to the company.
17. According to the information and explanation given to us and on
and overall examination of Balance sheet of the company, funds raised
on short-term basis, prima facie, have not been used during the year
for long-term investment. Similarly long-term funds, prima facie have
not been used to finance short-term assets.
18. During the year, the company has not made any preferential
allotment of share to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956. Therefore, the
provision of clause 4(xviii) of the Companies (Auditor's Report) order
2003, is not applicable to the company.
19. The company has not issued any debentures. Therefore, the
provision of clause 4(xix) of the Companies (Auditor's Report) order
2003, is not applicable to the company.
20. The company has not raised any money by public issue during the
year, therefore, the provision of clause 4(xx) of the Companies
(Auditor's Report) order 2003, is not applicable to the company.
21. Based upon the audit procedure performed and information and
explanation 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
for the year ended March 31, 2011.
Place : Ahmedabad For, Jeevan Jagetiya & Co.
Date .26-08-2011 Chartered Accountants
Jeevan Jagetiya
Proprietor
M No. 046553
Mar 31, 2010
1. We have audited the attached Balance Sheet of Asya Infrastructure &
Tourism Corporation Limited (Formally known as Saya Housing Finance
Company Limited) as at 31st March, 2010 and also the Profit and Loss
Account for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Companys
Management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We have conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence. Supporting the amounts
and disclosures in the financial statements. An audit also int ides
assessing the accounting principles used and significant estimates made
by management as well as evaluating the over all financial statements
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies Auditors Report Order 2003, issued by
the Central Government of India in term of section 227 (4A) of the
Companies Act, 1956 and on the basis of such checks as we considered
appropriate and as per information and explanation given to us during
the course of our audit, we annex hereto a statement on the matters
specified in paragraphs 4 and 5 of the said order.
4. Further to our comments in the annexure referred to the paragraph 3
above, we report as under :-
a. We have obtained all the information and explanations, which to the
best of our knowledge an^ "-.elief 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 the
books.
c. The Balance Sheet and Profit & Loss Account dealt with by this
Report are in agreement with the books of account of the company.
d. In our opinion, the Balance Sheet and the Profit & Loss Account
dealt with by the report are in compliance with the Accounting
standards referred to in section 211 (3C) of the companies Act, 1956.
e. On the basis of written representation received from the directors
and taken on records by the Board of Directors, we report you that none
of the Directors of the company disqualified as on 31st march 2009 from
being appointed as Director of the company under clause (g) of
sub-section (1) of section 274 of the Act 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the said Financial Statement read
together with the notes thereon give the information required by the
companies Act, 1956 in the manner so required and give a true and fair
view in conformity with the Accounting Principles generally accepted in
India.
(i) In the case of Balance Sheet of the state of affairs of the Company
as at 31st March, 2010.
(ii) In the case of profit and Loss Account of the Profit of the
company for the year ended on that date.
(iii) In the case of Cash Flow Statement, of the Cash Flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH 2 OF OUR
REPORT OF EVEN DATE
1. In Respect of Fixed Assets:
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals in a phased manner in
accordance with a programme of verification adopted by the company
which in our opinion is reasonable, having regard to the company and
nature if its assets. To the best of our knowledge no material
discrepancies were noticed on such verification.
(c) In our opinion, the company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of Inventories:
As the company has not purchased / sold goods during the year nor is
there any opening stocks, Hence the provision of clause 4(ii) of the
companies (Auditors) order 2003, is not applicable to the company.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/ from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
(a) The company has not taken or granted any loans, secured or
unsecured to companies, firms or other parties covered in the register
maintained under section 301 of the Act.
(b) Since the Company has not granted or taken any loans, secured or
unsecured to/from companies, firms or other parties covered in the
register maintained under section 301. Hence the relevant Para for the
rate of interest, payment of principal amount & interest and overdue
are not applicable.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory, fixed assets and with
regards to Sale of goods. During the course of audit, we have not
observed any continuing failure to correct major weakness in internal
controls.
5. In respect of transaction covered under section 301 of the
Companies Act, 1956.
(a) Based on audit procedures applied by us and according to the
information and explanation given to us, the transaction that needed to
be entered into the register have been so entered.
(b) In our opinion and according to the information and explanation
given to us, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act. 1956 and exceeding Rupees Five Lac or more in
respect of each party during the year, have been made at prices which
are reasonable having regard to the prevalent market prices at the
relevant time.
6. In our opinion and according to the information and explanation
given to us the Company has not accepted any deposit from the public
during the financial year. Hence Provision of Clause (vi) Companies
(Auditors Report) Order, 2003 is not applicable to the Company
7. In our opinion and according to the information and explanation
given to us the company has adequate internal audit system commensurate
with the size and nature of the business.
8. In the best of our knowledge and according to the information and
explanation given to us the maintenance of cost records has not been
prescribed by the Central Government under section 209 (1) (d) of the
Companies Act, 1956 for any of its products.
9. In respect of Statutory Dues: According to the information and
explanations given to us, there are no undisputed and outstanding
amount payable in respect of Provident fund, Investor Education and
Protection fund, Employees State Insurance, Income-Tax, Sales-Tax,
Wealth Tax, Custom Duty, Excise Duty, Excise and any other statutory
dues with the appropriate authorities as a 31s March 2010 for a period
of more than six moths from the date they become payable.
10. The accumulated losses of the company are not more than fifty
percent of its net worth.
11. Based on our audit procedure and according to the information and
explanations given to us, we are of the opinion that the company has
not defaulted in repayment of dues to financial institutions or banks.
12. In our opinion and according to the information and explanations
given to us. No loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the company is not a chit fund or a nidhi/mutul
benefit fund society. Therefore the provision of clause 4(xiii) of the
Companies (Auditors Report) order 2003, is not applicable to the
company.
14. The company is not dealing or trading in shares, security,
debentures and other investments, hence, the provision of clause
4(xiii) of the Companies (Auditors Report) order 2003, is not
applicable to the company.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions.
16. The company has not raised term loans during the year. Therefore,
the provision of clause 4(xvi) of the Companies (Auditors Report)
order 2003, is not applicable to the company.
17. According to the information and explanation given to us and on
and overall examination of Balance sheet of the company, funds raised
on short-term basis, prima facie, have not been used during the year
for long-term investment. Similarly long-term funds, prima facie have
not been used to finance short-term assets.
18. During the year, the company has not made any preferential
allotment of share to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956. Therefore, the
provision of clause 4(xviii) of the Companies Auditors Report) order
2003, is not applicable to the company.
19. The company has not issued any debentures. Therefore, the
provision of clause 4(xix) of the Companies (Auditors) order 2003, is
not applicable to the company.
20. The company has not raised any money by public issue during the
year, therefore, the provision of clause 4(xx) of the Companies
(Auditors Report) order 2003, is not applicable to the company.
21. Based upon the audit procedure performed and information and
explanation 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
for the year ended March 31, 2010.
Place : Ahmedabad For, JAGETIYA & GURBANI
Date : 29-05-2010 (006551C)
Chartered Accountants
Jeevan Jagetiya
Partner
M No. 046553
Mar 31, 2009
1. We have audited the attached Balance Shoot of Asya Infrastructure &
Tourisam Corporation Limited (Formally known as Saya Housing Finance
Company Limited) as at 31st March, 2009 and also the Profit and Loss
Account tor the year ended on that date annexed thereto. These
financial statements are the responsibility of the Companys Management
Our responsibility is to express an opinion on these financial
statements based on our audit,
2. We have conducted our audit In accordance with auditing standards
generally accepted in India. Those standards raquire 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 lest 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 statements
presentation. We believe that our audit provides, a reasonable basis
for our opinion.
3, As required by the Companies Auditors Report Order 2003, Issued by
the Central Government of India In term of section 227 (4A) of the
Companies Act, 1956 and on the basis of such checks as we considered
appropriate and as per information end explanation given to us during
the course of our audit, we annex hereto a statement on the matters
specified In paragraph 4 and 5 of the said order,
4, Further to our comments in the annexure renamed to the paragraph 3
above, we report as under :-
a. We have obtained all the information and explanations, which and
explanations. which to the best of our knowledga and belief were
necessary for the purpose of our audit.
b. In our opinion proper books of accounts. as required by Law have
bean kept by the Company so Far as appears from our examination of the
books.
c. The Balance Sheet and Profit & Loss Account dealt with by this
Report are In agreement with the books of aocount of the company.
d. In our opinion, the Balance Sheet and the Profit & Loss Account
dealt with. by (he report are in compliance with the Accounting
standards referred to in section 211 (3C) of the companies Act, 1956.
d: On the basis of written representation received from the directors
and taken on records by the Board of Director we report you that none
of the Directors of the company disqualified as on 31st march 2009 from
being appointed as Director of the company under clauae (g) of
sub-section (1) of section 274 of the Act 1956. f. In our opirran and
to the bast of our information and according to the explanations given
to us, the said Financial Statement read tegother with the notes
thereon give the information required by the companies Act, 1956 in the
manner so required and give a true and fair view in conformity with the
Accounting. Principles generally accepted in India.
(I) In the case of Balance Sheet of the state of affairs of the Company
as at 31st March,
(ii) In the Case of profit and Loss Account of the Loss of the company
for the year ended en that date.
(a) In the case of Cash Flow Statement, of the Cash Flow for the year
ended on that; date.
ASYA INFRASTRUCTURE & TOURISM CORPORATION LIMITED ANNEXURE TO THE
AUDITORS REPORT REFERRED TO IN PARAGRAPH 2 OF OUR REPORT OF EVEN DATE
In Respect of Fixed Assets:-
(a) The Company has maintained proper retards showing full particulars
including details and situation of fixed assets.
(b) As explained to us the fixed assets have been physically vended by
the management at reasonable Intervals in a phased manner in accordance
with a programme of verification adopted by the company which In our
opinion is reasonable having regard to the company and nature if Its
assets. To the best of our knowledge no material discrepancies were
noticed on such verfication.
(c) In our opinion, the company has not disposed off substanied part of
fixed seals during the year and the going concern statue of the Company
is not affected,
2. In respect of Inventories:
As the company has not purchased / sold goods during the year nor Is
there any opening stocks, Hence the provision of clause-4(a) of the
companies (Auditors) order 2003. is not applicable to the company,
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/ from companies, firms or other partes covered In the
register maintained under Suction 301 of the Companies Act, 1956.
(a) The company has not taken or granted any loans, secured or
unsecured to companies, firms or other parties covered In the register
maintained under section 301 of the Act.
(b) Since the Company has not granted or taken any loans, secured or
unsecured companies, firms or other panios covered in the register
maintained under section 301. Hence the relevant Para for the rale of
interest, payment of principal amount & interest and overdue are not
applicable.
4. In our opinon and according to Hie Information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory, fixed assets and with
regards to Sale of goods, During the course of audit, we have not
observed any continuing failure to correct major weakness in internal
controls.
5. In respect of transaction covered under section 301 of the
Companies Act, 1956,
(a) Based on audit procedures applied by us and according to the
information and explanation given to us, the transaction that reeded to
be entered into the register have been so entered,
(b} In our opinion and according re the information and explanation
given to us, there are no transactions In pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act. 1956 and exceeding Rupees Five Lac or mane in
respect of each party during the year, have been made at prices which
are reasonable having regard to the prevalent market prices at the
relevant time.
6, In our opinion and according- to the information and explanation
given to us the Company has not accepted any deposit from the public
during the financial year. Hence Provision of Clause Companies
(Auditors Report) Order 2003 is not applicable to the Company
7. In our opinion and according to the information and explanation
given to us the company has adequate internal audit system commensurate
with the size and nature of the business.
8. In the best of our knowledge and avoiding to the information and
explanation given to us the maintenance of cost records has not been
prescribed by the Central Government under section 209 (11 [d] of the
Companies Act. 1956 for any of its products.
9. In respect of Statutory Dues: According to the information and
explanations given to us here are no undisputed and outstanding amount
payable in respect of Provident fund, investor Education and Providant
fund. Employees State Insurance, Income-Tex, Sales-Tax, Wealth Tax,
Custom Dutv Excise Duty, Excise and any other statutory dues with the
appropriate authorities as a 31st March 2009 for a period of more than
six months from the date they become payable.
10. The accumulated losses the company we not more than fifty percent
of its net worth,
11, Based an our audit procedure and according to the information and
explanations given to us, we are of- the opinion that the company has
not deduced In repayment of dues to financial instructions or banks.
12. In our opinion and according to the Infomation and explanations
given to us No loans and advances have bean granted by the company on
the basis of security by way of pledge of shores, debentures and other
securities.
13, In our opinon, the company is not a chit fund or a benefit fund
society Therefore the provision of clause 4(XII) of the Companies
(Auditors Report) order 2003, is not applicable to the company.
14. The company is not dealing or trading in shares security,
debantures and other Investments, hence the provision of clause 4(xiv)
of the Companies (Auditors Report} order 2003, is not applicable to
the company.
15. According to the information and explanations given to us, the
Company has not given any guarantee to; loans taken by of others from
banks and financial Institutions.
16. The company has not raised term loans during the year. Therefore,
the prevision of clause 4(xvi) of the Companies (Auditors Report) order
2003. Is not applicable to the company.
17. According to the information and explanation given to us and on
and overall examination of Balance sheet of the company, funds raised
on short-terni basis, prima facie, have not been used during the year
for long-term investment Similarly long-term funds, prima facie have
not been used to finance short-term assets.
18. During the year, the company has not made any preferential
allotment of share to parlies and companies covered in the register
maintained under section 301 of the Companies Act, 1956. Therefore, the
provision at clause 4(xviii) of the Companies Auditors Report) order
2003, is not Explicable to the company,
19. The company has not issued any debentures. Therefore, the
provision of clause 4(xix) of the Companies (Auditors) order 2003, is
not applicable to the company.
20. The company has not raised any money by public issue during the
year, therefore. the Provision of clause 4(xx) of the Companies
(Auditors Report) order2003, is not applicable to the company.
21. Based upon the audit procedure performed and information and
explanation 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
for the year ended March 31.2003.
for JAGETIYA & GURHANI
Chartered Accountants
Jeevan Jagellya
Partner
Place: Ahmedabad
Date : 25-08-2009