Mar 31, 2015
We have audited the accompanying financial statements of M/s Available
Finance Limited, which comprise the Balance Sheet as at March 31,2015,
and the Statement of Profit and Loss and Cash Flow Statement for the
year then ended, and a summary of significant accounting policies and
other explanatory information.
1. Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the 'matter stated
in Section 134(5)of the Companies Act, 2013 with respect to the
preparation and presentation of these standalone financial statements
that give a true and fair view of the financial position, financial
performance and cash flow of the company in accordance with the
Accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Companies Act,
2013 read with Rule 7 of Companies(AccountsO Rules, 2014. This
responsibility also includes maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding the
assets of the company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent ;and design, implementation and maintenance of adequate
internal financial 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.
2. Auditors'Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit. We have taken into account the
provisions of the Companies Act, 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
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 on the standalone
financial statements.
3. 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 of
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2015;
b) In the case of the Profit and Loss Account, 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.
4, Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 issued
by the Central Government of India in terms of sub-section (11) of
section 143 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 3 and 4 of the Order, to the extend
applicable.
2. As required by section 143 (3) ofthe 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 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 specified
under section 133 of the Companies Act read with Rule 7 of the
Companies (Accounts) Rules, 2014
e) On the basis of written representations received from the directors,
and taken on record by the Board of Director none of the directors is
disqualified as on 31st March, 2015, from being appointed as a director
in terms of section 164(2) of the Companies Act, 2013; and
f) with respect to other matters to be inc luded in the Auditors Report
in accordance with Rule 11 of the companies (Audit and Auditors) Rule,
2014 in our opinion and to the best of our information and according to
explanation given to us as at 31st March, 2015:
i. There was no company pending litigations impacting on companies
financial position to disclose in its financial statements.
ii. There was no material foreseeable losses on long term contracts
including derivative contracts requiring to make provision under the
applicable law or accounting standards
iii. There were no amounts required to be transferred, to the Investor
Education and Protection Fund by the Company.
ANNEXTJRE TO THE AUDITORS' REPORT OF AVAILABLE FINANCE LIMITED
The Annexure referred to un our independent Auditors Report to the
members of the Company on the standalone financial statements for the
year ended 31st March, 2015 we report that:
(I) (a) The company is maintaining proper records showing full
particulars, including Quantitative details and situation of fixed
assets.
(b) The management at reasonable intervals has physically verified
these fixed assets; and No discrepancies were noticed on such
verification.
(ii) The company do not hold any inventory during the financial year,
Hence clause ii (a), (b) & (c)is not applicable to the company.
(iii) The company had granted unsecured loan amounting to Rs 1745 lakhs
to a Companies covered in the register maintained under section 189 of
the Companies Act.
(a) Receipt of principal amount of the loan and interest on it were
also regular.
(b) As per information and explanation given to us, there were no
overdue amount as at the balance sheet date.
(iv) In our opinion and according to information and explanation given
to us There is an adequate internal control procedure 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. We have not observed any continuing failure to correct major
weakness in internal control system.
(v) The company has not accepted deposits from the public, the
directives issued by the Reserve Bank of India and the provisions of
section 73 to 76 or any other relevant provisions of the Companies Act
and the rules framed there under, arc not applicable to the company.
(vi) Central Government has not prescribed maintenance of cost records
under clause sub section (1) of section 148 of the Companies Act.
(vii) (a) According to information and explanation given to us, The
company is generally regular in depositing undisputed statutory dues,
including provident fund, employee's state insurance, income tax, sales
tax, wealth tax, service tax, duty of custom, duty of excise, value
added tax, cess and any other statutory dues with the appropriate
authorities to the extent payable by the company.
(b) According to the information and explanations given to us, there is
no material dues in case of sales tax, wealth tax, service Tax, duty of
customs, duty of excise, value added tax or cess which have not been
deposited with the appropriate authorities on account of any dispute.
However, in case of income tax, demand on account of Regular Assessment
amounting to Rs. 16,85,850/-is payable asunder::
Name of statute Nature of Dues Amount Financial Year Forum where
dispute is
pending
IncomeTax Income Tax & Penalty 1685850/- 2011-12 Commissioner
(AY 2012-13)of Appeals
(c) As per information and explanation given to us there was no amount
required to be transferred to investor education and protection fund in
accordance with relevant provisions of the Companies Act 1956 (1 of
1956) and rule made there under such fund.
(xi) There are no Accumulated losses of the company at the end of the
financial year and it has not incurred cash losses in such financial
year immediately preceding financial year also,
(xii) The company did not have any outstanding dues to financial dues
to financial institutions or banks or debenture holders during the
financial year.
(xiii) According to information and explanation given to us, The
company has not given any guarantee for loans taken by others from bank
or financial Institutions.
(xiv) Term Loan were applied for the purpose for which the loans were
obtained;
(xv) According to information and explanation given to us, No fraud on
or by the company has been noticed or reported during the year by the
company.
For Jain Doshi & Co.
Firm Reg. No. : 007365C
Chartered Accountants,
Place: Indore Sd/-
Date: 28/05/2015 (Dipentira Kumar Jain)
Partner
Membership No.: 076875
Mar 31, 2014
We have audited the accompanying financial statements of M/s Available
Finance Limited, which comprise the Balance Sheet as at March 31st,
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.
1. Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the company in
accordance with the Accounting Standards notified under the Companies
Act, 1956("the Act") (which continue to be applicable in respect of
section 133 of Companies Act, 2013 in terms of General circular 15/2013
dated 13th September, 2013 of the Ministry of Corporate Affairs) and in
accordance with the accounting principles generally accepted in India.
This responsibility includes the design, implementation and maintenance
of internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
2. 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 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 the Management, as well as evaluating the overall presentation of
the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
3. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31st, 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 of the
Company for the year ended on that date.
4. Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government in terms of section 227(4A) 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, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
notified under the act (which continue to be applicable in respect of
section 133 of Companies Act, 2013 in terms of General circular 15/2013
dated 13th September, 2013 of the Ministry of Corporate Affairs);
e) On the basis of written representations received from the directors
as on 31st March, 2014 taken on record by the Board of Directors, none
of the directors is disqualified as on 31st March, 2014 from being
appointed as a director in terms of Section 274(1)(g) of the Act.
ANEXURE TO THE INDEPENDENT AUDITORS'' REPORT
Referred to in paragraph 1 under the heading "Report on other legal and
regulatory requirements" of our report of even date,
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets were physically verified by the management during
the year in accordance with a regular programme of verification, which
in our opinion provides for physical verification of all the fixed
assets at reasonable intervals. We are informed that no material
discrepancies were noticed on such verification.
(c) No substantial part of fixed assets has been disposed off during
the year.
(ii) The Company do not hold any inventory during the financial year.
Hence clause II (a),(b),(c)&
(d) is not applicable to the company.
(iii) The Company has not granted / taken any loan to / from Companies,
firms or other parties covered in the register maintained under Section
301 of the Companies Act, 1956. Consequently, requirement of clauses
(iii,b), (iii,c), (iii,d), (iii,e), (iii,f) and (iii,g) of paragraph 4
of the order are not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there exists an adequate internal control system
commensurate with the size of the Company and the nature of its
business for the purchase of Inventory, fixed assets and for sale of
goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
controls.
(v) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
there were no contracts or arrangements that needs to be entered in the
register maintained under section 301 of the Companies Act, 1956.
Consequently, requirement of clauses (v,a) and (v,b) of paragraph 4 of
the order are not applicable.
(vi) According to information and explanation given to us, The company
has not accepted any deposit from public. Directives issued by the
Reserve Bank of India and the provisions of section 58A and 58AA of the
Companies Act and rules framed there under, are not applicable to the
company.
(vii) In our opinion, the company has an internal audit system
commensurate with the size of the Company and the nature of its
business.
(viii) The Company is not engaged in production, processing,
manufacturing or mining activities. Therefore, the provisions of
clause (viii) of paragraph 4 of the order are not applicable.
(ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Income Tax, Wealth Tax, Service
Tax, cess and other material statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Wealth Tax,
Service Tax, cess were in arrears as at March 31st, 2014 for a period
of more than six months from the date they became payable.
(x) The Company neither has any accumulated losses nor has incurred any
cash losses during the financial year covered by our audit and the
immediately preceding financial year.
(xi) According to the information and explanations given to us, the
Company has not defaulted in repayment of dues to a financial
institution or banks or debenture holders.
(xii) The company has not granted loans and advances on the basis of
securities by way of pledge of shares, debentures and other securities.
(xiii) The Company is not a chit fund or a Nidhi/mutual benefit
fund/society. Therefore, the provisions of clause (xiii) of paragraph 4
of the order are not applicable.
(xiv) The company is dealing in securities for which proper records
have been maintained of the transactions and contracts and timely
entries have been made therein. Securities held by the company are held
in the name of the company.
(xv) To the best of our knowledge and belief and according to the
information and explanations given to us, the Company has not given any
guarantee for loans taken by others from bank or financial
Institutions.
(xvi) To the best of our knowledge and belief and according to the
information and explanations given to us, in our opinion, the company
has not taken any term loans during the year.
(xvii) According to the Cash Flow Statement and other records examined
by us and the information and explanations given to us, the Company has
made long term investment in debenture of Rs. 500 lakhs from the funds
raised on short term basis.
(xviii) According to the information and explanations given to us, the
Company has not made any preferential allotment of shares during the
year.
(xix) No debentures has been issued by the company.
(xx) The Company has not raised any money by public issue during the
year.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
i) Terms/Rights attached to equity shares
The Company has only one class of equity shares having a par value
of-10 per share.
Member of the company holding equity share capital therein have a right
to vote on every resolution placed before the company and right to
receive dividend Each holder of equity shares is entitled to one vote
per share.
The Company declares dividend(If any) in Indian rupees. The dividend
proposed by the Board of Directors(If any) is subject to approval of
the shareholder in the Annual General Meeting except in case of interim
dividend.
For Jain Doshi & Co.
Firm Reg. No. : 007365C
Chartered Accountants,
Sd/-
Place: Mumbai (Rakesh Kumar Jain)
Date: 27/05/2014 Partner
Membership No. : 075938
Mar 31, 2013
We have audited the accompanying financial statements of Mfs Available
Finance Limited, which comprise the Balance Sheet as at March 31, 2013
and the Statement of Profit Loss and Cash Row Statement for the year
then ended, and a summary of significant accounting policies and other
explanatory information. .
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. 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 orerror.
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 fmandal statements. The procedures
selected depend on the auditor''s Judgment including the assessment of
risks of material misstatement of the financial statement 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 statement in order to design audt
procedures that are appropriates in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by
managementasweDasevaluatingtheoverallpresentationofthefinancialstatements.
We beleive that the audit evidence we have obtained is suficient 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 Profit and Loss Account of the profit for the
year ended on that date; and
c) In the case of the Cash Flow Statements, of the cash flow for the
year ended on that date.
1. As required by the Companies (Auditor''s Report) Order, 2003 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 o 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.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANEXURE TO THE AUDITOR''S REPORT OF AVAILABLE FINANCE LIMITED
(i) (a) The company is maintaining proper records showing full
particulars, including Quantitative details and situation of fixed
assets.
(b) The management at reasonable intervals has physically verified
these fixed assets; and No discrepancies were noticed on such
verification.
(c) It is explained to us that none of fixed assets have been disposed
off during the year.
(ii) The company do not hold any inventory during the financial year,
Hence clause ii (a), (b) & (c) is not applicable to the company.
(iii) The company neither granted nor taken any loans, secured or
unsecured to/ from companies, firms or other parties covered in the
register maintained under section 301 of the Act.
(iv) There is an adequate internal control procedure commensurate with
the size of the company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods.
v) As per information and explanation given to us No transaction needed
to be entered in to a register in pursuance to section 301 of the Act.
(vi) The company has not accepted deposits from the public, the
directives issued by the Reserve Bank of India and the provisions of
section 58A and 58AA of the Act and the rules framed there under, are
not applicable to the company.
(vii) The Company has an internal audit system commensurate with its
size and nature of its business.
(viii) Central Government has not prescribed maintenance of cost
records under clause (d) of sub-section 209 of the Act.
(ix) (a) According to information and explanation given to us, The
company is generally regular in depositing undisputed statutory dues,
including provident fund, investor education and protection fund,
employee''s state insurance, income tax, sales tax, wealth tax, custom
duty, excise duty, cess and any other statutory dues with the
appropriate authorities to the extent payable by the company.
(b) According to the information and explanations given to us, No
undisputed 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, cess and nay other
statutory dues were outstanding as at 31st March 2013 for a period of
more then six month from the date they become payable.
(x) As per information and explanation given to us. There is no
disputed dues as on 31 st March, 2013.
(xi) There are no Accumulated losses of the company at the end of the
financial year and it has not incurred cash losses in such financial
year immediately preceding financial year also.
(xii) The company has not defaulted in repayment of dues to a financial
institution or bank or debenture holders.
(xiii) The company has not granted loans and advances on the basis of
securities by way of pledge of shares, debenture and other securities.
(xiv) We are informed that the provision of any special statute
applicable to chit funds, Nidhi or Mutual Benefit Society do not apply
to the company.
(xv) Proper records have been maintained of the transactions and
contracts and timely entries have been made therein; also the shares,
securities, debentures, and other securities that have been held by the
company.
(xvi) The company has not given any guarantee for loans taken by others
from banks or financial institutions.
(xvii) Term Loan were applied for the purpose for which the loans were
obtained;
(xviii) According to the information and explanation given to us and on
an overall examination of Balance Sheet of the Company and the Cash
Flow Statement, in our opinion funds raised on short-term basis have
not been used for long-term investment.
(xviii) The company has not made preferential allotment of shares
during the year to parties and companies covered in the register
maintained under section 301 of the Act.
(xix) No Debenture has been issued by the company.
(xx) No money has been raised by public issues during the year by the
company.
(xxi) No fraud on or by the company has been noticed or reported during
the year by the company.
For Jain Doshi &Co.
Firm Reg. No.: 007365C
Chartered Accountants,
Place: Mumbai
Date: 27105/2013 Sd/-
(Rakesh Kumar Jain)
Partner
Memb. No.: 075938
Mar 31, 2012
We have audited the attached Balance Sheet of Available Finance Limited
as at 31 st March 2012 and also the Profit and Loss Account of the
company for the period ended on 31 st March 2012 and Cash Flow
Statement for the year ended on that date. These financial statements
are the responsibility of the Company's Management. Our responsibility
is to express an opinion on these financial statements based on our
audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the Amounts and
disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall. Financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
Subject to the foregoing remark, we report that: -
1. As required by the companies (Auditors Report) Order, 2003 issued
by the central Government of India in terms of Sec. 227 (4A) of the
companies act, 1956, annex hereto a statement on the matters specified
in paragraph 4 and 5 of the said order.
2. Further to our comments in the annexure referred to in paragraph
above, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books;
c. The balance sheet and Profit and Loss account and Cash Flow
Statement dealt with by this report, are in agreement with the books of
account;
d. In our opinion. The Profit & Loss Account, Balance Sheet Cash Flow
Statement comply with the Accounting Standards referred to in
Sub-section {3C) of section 211 of the Companies Act, 1956.
e. According to the information and explanation given to us and on the
basis of written representation from the directors, taken on record by
Board of Directors, none of the director is disqualified under section
274(1 )(g) of the Companies Act, 1956 from being appointed as a
director as on 31 st March, 2012.
f. In our opinion and to the best of our information and according to
the explanations given to us the said accounts, subject to our remarks
given above and read together with significant accounting policies and
notes on accounts and annexure thereto give the information required by
the companies Act. 1956 in the manner so required and give a true and
fair view:
(i) In the case of Balance Sheet, of the state of affairs of the
company as at 31 st March, 2012; and
(ii) In the case of Profit and Loss Account, of the Profit 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.
ANEXURE TO THE AUDITOBS, REPORT OF AVAILABLE FINANCE LIMITED
(i) (a) The company is maintaining proper records showing full
particulars, including Quantitative details and situation of fixed
assets.
(b) The management at reasonable intervals has physically verified
these fixed assets; and No discrepancies were noticed on such
verification.
(c) It is explained to us that none of fixed assets have been disposed
off during the year,
(it) The company do not hold any inventory during the financial year.
Hence clause ii (a), (b) & (c) is not applicable to the company.
(iii) The company neither granted nor taken any loans, secured or
unsecured to/ from companies, firms or other parties covered in the
register maintained under section 301 of the Act.
(iv) There is an adequate internal control procedure commensurate with
the size of the company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods.
(v) (a) As per information and explanation given to us No transaction
needed to be entered in to a register in pursuance to section 301 of
the Act.
(vi) The company has not accepted deposits from the public, the
directives issued by the Reserve Bank of India and the provisions of
section 58A and 58AA of the Act and the rules framed there under, are
not applicable to the company.
(vii) The Company has an internal audit system commensurate with its
size and nature of its business.
(viii) Central Government has not prescribed maintenance of cost
records under clause (d) of sub-section 209 of the Act.
(ix) (a) The company is generally regularly deposited undisputed
statutory dues, including provident fund, investor
education and protection fund, employee's state insurance, income tax,
sales tax, wealth tax, custom duty, excise duty, cess and any other
statutory dues with the appropriate authorities to the extent payable
by the company. According to the information and explanations given to
us no undisputed amounts were outstanding as at 31st March 2012 for a
period of more then six month from the date of becoming payable.
(b) As at 31st March, 2012 according to records of the company and
information and explanation given to us. Following are the particulars
of dues on account of Income Tax matter that have not been deposited on
account of dispute :-
Amount Period to
which the Forum where
Sl
No- Statute Nature of
Dues (Rs.in Lacs) amount
relates F.Y. pending
01. Income
Tax Additions 255060/- 2006-07 Income Tax
Appellate
Tribunal,
Mumbai
Banches 'A',
Mumbai
Appeals of the company has been accepted by the tribunal vide its order
dated 2nd May, 2012.
(x) There are no Accumulated losses of the company at the end of the
financial year and it has not incurred cash fosses in such financial
year immediately preceding financial year also.
(xi) The company has not defaulted in repayment of dues to a financial
institution or bank or debenture holders
(xii) The company has not granted loans and advances on the basis of
securities by way of pledge of shares, debenture and other securities.
(xiii) We are informed that the provisions of any Special statute
applicable to Chit funds, Nidhi or Mutual Benefit Society do not apply
to the company.
(xiv) Proper records have been maintained of the transactions and
contracts and timely entries have been made therein; also the shares,
securities, debentures, and other securities that have been held by the
company.
(xv) The company has not given any guarantee for loans taken by others
from banks or financial institutions.
(xvi) Term Loan were applied for the purpose for which the loans were
obtained;
(xvii) According to the information and explanation given to us and on
an overall examination of Balance Sheet of the Company and the Cash
Flow Statement, in our opinion funds raised on short term basis have
not been used for long- term investment.
(xviii) Preferential allotment of shares of the company has not been
made to parties and companies covered in the Register maintained under
section 301 of the Act and the price at which shares has been issued is
not prejudicial to the interest of the company;
(xix) No Debenture has been issued by the company.
Ixx) No money has been raised by public issues during the year by the
company.
(xxi) No fraud on or by the company has been noticed or reported during
the year by the company.
For Jain Doshi & Co.
Firm Reg. No.: 007365C
Chartered Accountants,
Place: Mumbai
Date: 24/08/2012
Sd/-
(Rakesh Kumar Jain)
Partner
Memb. No.: 075938
Mar 31, 2010
We have audited the attached Balance Sheet of Available Finance Limited
as at 31 st March 2010 and also the Profit and Loss Account of the
company for the period ended on 31 st March 2010 and Cash Flow
Statement for the year ended on that date. 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the Amounts and
disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall. Financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
Subject to the foregoing remark, we report that :-
1. As required by the companies (Auditors Report) Order, 2003 issued by
the central Government of India in terms of Sec. 227 (4A) of the
companies act, 1956, annex hereto a statement on the matters specified
in paragraph 4 and 5 of the said order.
2 Further to our comments in the annexure referred to in paragraph
above, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books ;
c. The balance sheet and Profit and Loss account dealt with by this
report, are in agreement with the books of account;
d. In our opinion, The Profit & Loss Account and Balance Sheet comply
with the Accounting Standards referred to in Sub section (3C) of
section 211 of the Companies Act, 1956.
e. According to the information and explanation given to us and on the
basis of written representation from the directors, taken on record by
Board of Directors, none of the director is disqualified under section
274(1) (g) of the Companies Act, 1956 from being appointed as a
director as on 31st March, 2010.
f. In our opinion and to the best of our information and according to
the explanations given to us the said accounts, subject to our remarks
given above and read together with significant accounting policies and
notes on accounts and annexure thereto give the information required by
the companies Act. 1956 in the manner so required and give a true and
fair view:
(i) In the case of Balance Sheet, of the state of affairs of the
company as at 31st March, 2010; and
(ii) In the case of Profit and Loss Account, of the Profit for the year
ended on that date,
(iii) In the case of Cash Flow statement of the cash for the year ended
on that date.
ANEXURE TO THE AUDITORS REPORT OF AVAILABLE FINANCE LIMITED
(i) (a) The company is maintaining proper records showing full
particulars, including Quantitative details and situation of fixed
assets.
(b) The management at reasonable intervals has physically verified
these fixed assets; and no Discrepancies were noticed on such
verification.
(c) It is explained to us that none of fixed assets have been disposed
off during the year,
(ii) (a) The securities held as stock in trade have been physically
verified by the management at the financial year end. In our opinion,
the frequency of physical verification is reasonable.
(b) In our opinion, the procedures of physical verification of
securities held as stock in trade followed by the Management are
reasonable and adequate in relation to the size of the Company and the
nature of its business.
(c ) On the basis of our examination of the records of the company
relating to securities held as stock in trade, in our opinion, the
company has maintained proper records of stock in trade and no material
discrepancies between the book records and physical verification have
been noticed.
(iii) The company neither granted nor taken any loans, secured or
unsecured to/ from companies, firms or other parties covered in the
register maintained under section 301 of the Act.
(iv) There is an adequate internal control procedure commensurate with
the size of the company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods.
(v) (a) As per information and explanation given to us No transaction
needed to be entered in to a register in pursuance to section 301 of
the Act.
(vi) The company has not accepted deposits from the public, the
directives issued by the Reserve Bank of India and the provisions of
section 58A and 58AA of the Act and the rules framed there under, are
not applicable to the company.
(vii) The Company has an internal audit system commensurate with its
size and nature of its business.
(viii) Central Government has not prescribed maintenance of cost
records under clause (d) of subsection 209 of the Act.
(ix) (a) The company is generally regularly deposited undisputed
statutory dues, including provident fund, investor education and
protection fund, employees state insurance, income tax, sales tax,
wealth tax, custom duty, excise duty, cess and any other statutory dues
with the appropriate authorities to the extent payable by the company.
According to the information and explanations given to us no undisputed
amounts were outstanding as at 31st March 2010 for a period of more
then six month from the date of becoming payable.
(b) As at 31 st March, 2010 according to records of the company and
information and explanation given to us. Following are the particulars
of dues on account of Income Tax matter that have not been deposited on
account of dispute :-
S. Statute Nature of Dues Amount
No. (Rs.in Lacs)
01. Income Tax Additions 195624
S. Statute Period to which the Forum where
No. amount relates pending
1. Incpm Tax 2006-07 CIT Appeals,
fMumbai
(x) There are no Accumulated losses of the company at the end of the
financial year and it has not incurred cash losses in such financial
year immediately preceding financial year also.
(xi) The company has not any liability payable to Financial
Institution, Banks or Debenture holder.
(xii) The company has not granted loans and advances on the basis of
securities by way of pledge of shares, debenture and other securities.
(xiii) We are informed that the provisions of any Special statute
applicable to Chit funds, Nidhi or Mutual Benefit Society do not apply
to the company.
(xiv) Proper records have been maintained of the transactions and
contracts and timely entries have been made therein; also the shares,
securities, debentures, and other securities that have been held by the
company.
(xv) The company has not given any guarantee for loans taken by others
from banks or financial institutions.
(xvi) No term loans were taken by the company.
(xvii) No funds raised by the company on short-term basis.
(xviii) The company has not made any preferential allotment of shares
during the year.
(xix) No Debenture has been issued by the company.
(xx) No money has been raised by public issues during the year by the
company.
(xxi) No fraud on or by the company has been noticed or reported during
the year by the company.
For Rakesh Narendra Kumar & Co.
Firm Registration No.: 007365C
Chartered Accountants,
Sd/-
Place : Mumbai (Rakesh Kumar Jain)
Date: 06th July, 2010 Partner
Membership No.: 075938
Mar 31, 2004
We have audited the attached Balance Sheet of Available Finance Limited
as at 31st March 2004 and also the Profit and Loss Account of the
company for the period ended on 31 st March 2004. 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the Amounts and
disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall. Financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
Subject to the foregoing remark, we report that: -
5. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of Sec. 227 (4A) of the
companies act, 1956, annex hereto a statement on the matters specified
in paragraph 4 and 5 of the said order.
6. Further to our comments in the annexure referred to in paragraph
above, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books;
c. The balance sheet and Profit and Loss account dealt with by this
report, are in agreement with the books of account;
d. In our opinion, The Profit & Loss Account and Balance Sheet comply
with the Accounting Standards referred to in Sub-section (3C) of
section 211 of the Companies Act, 1956.
e. According to the information and explanation given to us and on the
basis of written representation from the directors, taken on record by
Board of Directors, none of the director is disqualified under section
274(1)(g) of the Companies Act, 1956 from being appointed as a director
as on 31st March, 2004.
f. In our opinion and to the best of our information and according to
the explanations given to us the said accounts, subject to our remarks
given above and read together with significant accounting policies and
notes on accounts and annexure thereto give the information required by
the companies Act. 1956 in the manner so required and give a true and
fair view:
(i) In the case of Balance Sheet, of the state of affairs of the
company as at 31st March, 2004; and
(ii) In the case of Profit and Loss Account, of the Profit for the year
ended on that date.
(iii) In so far as it relates to the Cash Flow Statement of the cash
flow of the company for the year ended on that date.
ANEXURE TO THE AUDITORS REPORT OF AVAILABLE FINANCE LIMITED
i. (a)The company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b)The management at reasonable intervals has physically verified these
fixed assets; and no discrepancies were noticed on such verification.
(c) It is explained to us that none of fixed assets have been disposed
off during the year.
ii. The company had not any inventory during the year therefore, sub
clause (a), (b),(c) of clause (ii) regarding frequency of physical
verification of inventory , procedure and adequacy of such
verification, maintenance of records and discrepancies found on such
verification are not applicable to the Company.
iii. The company neither granted nor taken any loans, secured or
unsecured to/from companies, firms or other parties covered in the
register maintained under section 301 of the Act.
iv. There is an adequate internal control procedure commensurate with
the size of the company and the nature of its business, for the
purchase of inventory and Fixed assets and for the sale of goods.
v. (a) As per information and explanation given to us no transaction
needed to be entered in to a register in pursuance to section 301 of
the Act
vi. The company has not accepted deposits from the public, the
directives issued by the Reserve Bank of India and the provisions of
section 58A and 58AA of the Act and the rules framed there under, are
not applicable to the company.
vii. The company has an internal audit systems commensurate with its
size and nature of its business.
viii. Central Government has not prescribed maintenance of cost records
under clause (d ) of sub- section 209 of the Act.
ix. (a) The company is generally regularly deposited undisputed
statutory dues, including providend fund, investor education and
protection fund, employees state insurance, income tax, sales tax,
wealth tax, custom duty, excise duty, cess and any other statutory dues
with the appropriate authorities to the extent payable by the company.
According to the information and explanations given to us no undisputed
amounts were outstanding as at 31st March 2004 for a period of more
then six month from the date of becoming payable as per information and
explanation given to us.
(b) There is no disputed statutory dues as on 31st March, 2004.
x. Accumulated losses of the company at the end of the financial year
are less then fifty percent of its net worth and it has not incurred
cash losses in such financial year immediately preceding financial year
also.
xi. The Company has not owe any liability payable to Financial
Institutions, Banks or Debenture holder.
xii. The company has not granted loans and advances on the basis of
securities by way of pledge of shares, debenture and other securities.
xiii. We are informed that the provisions of any Special statute
applicable to Chit funds, Nidhi or Mutual Benefit Society do not apply
to the company.
xiv. Proper records have been maintained of the transactions and
contracts and timely entries have been made therein; also the shares,
securities, debentures ans other securities that have been held by the
company in its own name.
xv. The company has not given any guarantee for loans taken by others
from banks or financial institutions.
xvi. No term loans were taken by the company.
xvii. No funds raised by the company on short-term basis.
xviii. The company has not made any preferential allotment of shares.
xix. No Debenture have been issued by the company.
xx . No money has been raised by public issues during the year by the
company.
xxi. No fraud on or by the company has been noticed or reported during
the year by the company.
For Rakesh Narendra Kumar & Co.
Chartered Accountants,
(Rakesh Kumar Jain)
Partner
Membership No.: 075938
Place : Mumbai
Date : 28th June 2004
Mar 31, 2003
We have audited the attached Balance Sheet of Available Finance Limited
as at 31st March 2003 and also the Profit and Loss Account of the
company for the period ended on 31st March 2003. 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the Amounts and
disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall. Financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
Subject to the foregoing remark, we report that: -
1. As required by the manufacturing and other companies (Auditors
Report) Order, 1988 issued by the company law board in terms of Sec.
227 (4A) of the companies act, 1956, annex hereto a statement on the
matters specified in paragraph 4 and 5 of the said order.
2. Further to our comments in the annexure referred to in paragraph
above, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books;
c. The balance sheet and Profit and Loss account dealt with by this
report, are in agreement with the books of account;
d. In our opinion. The Profit & Loss Account and Balance Sheet comply
with the Accounting Standards referred to in Sub-section (3C) of
section 211 of the Companies Act, 1956.
e. According to the information and explanation given to us and on the
basis of written representation from the directors, taken on record by
Board of Directors, none of the director is disqualified under section
274(1)(g) of the Companies Act, 1956 from being appointed as a director
as on 31st March, 2003.
f. In our opinion and to the best of our information and according to
the explanations given to us the said accounts, subject to our remarks
given above and read together with significant accounting policies and
notes on accounts and annexure thereto give the information required by
the companies Act. 1956 in the manner so required and give a true and
fair view:
(i) ln the case of Balance Sheet, of the state of affairs of the
company as at 3lst March, 2003; and (ii) In the case of Profit and Loss
Account, of the Profit for the year ended on that date. (iii) in the
case of Cash Flow statement of the cash for the year ended on that
date.
ANEXURE TO THE AUDITORS REPORT OF AVAILABLE FINANCE LIMITED
1. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets. The fixed
assets of the company have been physically verified by the management
at the end of the year and no discrepancies were noticed on such
verification.
2. The fixed assets of the company have not been revalued during the
year.
3. The stock-in-trade (Shares/Debenture/Other Securities) has been
verified by the Management at reasonable intervals and no discrepancies
were noticed on such verification. In our opinion, the method of
valuation of such stock is fair and proper and in accordance with
normally accepted accounting principles and is on the same basis as in
previous year.
4. The company has not accepted any loans from companies, firms or
other parties listed in the register maintained u/s 301 or 370 (1/B) of
the companies act 1956.
5. The company has not granted any loans, secured or unsecured to
companies, firms or other parties listed in the registers maintained
u/s 301 or 370 (1B) of the companies act 1956.
6. The parties to whom loans have been given by the company are
generally repaying the principal alongwith the interest due thereon as
stipulated.
7. In our opinion company has adequate internal control commensurate
with its size regarding purchase of Fixed and other assets.
8. During the year the company has not accepted any deposit from the
public, which attract the provisions of section 58-A of the Companies
Act. 1956
9. The Company has an internal audit system commensurate with its size
and nature of Business.
10. In our opinion, there are adequate internal control systems
commensurate with the size and nature of business of the company.
11. The provisions of Provident Fund Act are not applicable to the
company.
12. In our opinion and according to the information and explanations
given to us, there are no undisputed amounts payable in respect of
Income Tax, Wealth Tax, Sales Tax, Customs duty and excise duty as at
the last day of the financial year concerned for a period of more than
6 months from the date they become payable.
13. In our opinion and according to the information and explanations
given to us, no personal expenses have been charges to revenue account
other than those payable under contractual obligations or in accordance
with generally accepted business practices.
14. According to the information and explanations given to us the
company is keeping adequate records of loans and advances given.
15. In our opinion, in relation to the company s dealings in shares,
securities debentures and other investments, proper records have been
maintained of the transactions and contracts and timely entries have
been made therein. Shares debentures and other securities are held by
the company in its own name.
16. We are informed that the provisions of any Special statue
applicable to Chit funds, Nidhi or Mutual Benefit Society do not apply
to the company.
17. The company does not own any industrial undertaking therefore the
provisions of sick industrial companies (special provisions) Act, 1985
do not apply to the company.
18. The other provisions of the manufacturing and other companies
(Auditors Report) order, 1988 are not applicable for the year covered
by the aforesaid accounts.
For Rakesh Narendra Kumar & Co.
Chartered Accountants,
(Rakesh Kumar Jain)
Partner
Place: Mumbai.
Date : 19 August 2003
Mar 31, 2002
We have audited the attached Balance Sheet of Available Finance Limited
as at 31st March, 2002 and also the Profit and Loss Account of the
company for the period ended on 31st March, 2002. 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the Amounts and
disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall. Financial statement
presentation . We believe that our audit provides a reasonable basis
for our opinion.
Subject to the foregoing remark, we report that:-
1. As required by the manufacturing and other companies ( Auditors
Report) Order, 1988 issued by the company law board in terms of Sec.
227 (4A) of the companies act, 1956, annex hereto a statement on the
matters specified in paragraph 4 and 5 of the said order.
2. Further to our comments in the annexure referred to in paragraph
above, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books;
c. the balance sheet and Profit and Loss account dealt with by this
report, are in agreement with the books of account;
d. In our opinion, The Profit & Loss Account and Balance Sheet comply
with the Accounting Standards referred to in Sub-section (3C) of
section 211 of the Companies Act,1956.
e. According to the information and explanation given to us and on the
basis of written representation from the directors, taken on record by
Board of Directors, none of the director is disqualified under section
274(1g) of the Companies Act, 1956 from being appointed as a director
as on 31st March, 2002.
f. In our opinion and to the best of our information and according to
the explanations given to us the said accounts, subject to our remarks
given above and read together with significant accounting policies and
notes on accounts and annexure thereto give the information required by
the companies Act. 1956 in the manner so required and give a true and
fair view:
(i) In the case of Balance Sheet, of the state of affairs of the
company as at 31st March, 2002; and
(ii) In the case of Profit and Loss Account, of the Profit for the year
ended on that date.
ANEXURE TO THE AUDITORS REPORT OF AVAILABLE FINANCE LIMITED
1. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets. The fixed
assets of the company have been physically verified by the management
at the end of the year and no discrepancies were noticed on such
verification.
2. The fixed assets of the company have not been revalued during the
year.
3. The stock-in-trade (Shares/Debenture/Other Securities) has been
verified by the Management at reasonable intervals and no discrepancies
were noticed on such verification . In our opinion, the method of
valuation of such stock is fair and proper and in accordance with
normally accepted accounting principles and is on the same basis as in
previous year.
4. The company has not accepted any loans from companies, firms or
other parties listed in the register maintained u/s 301 or 370 (l/B) of
the companies act 1956.
5. The company has not granted any loans, secured or unsecured to
companies, firms or other parties listed in the registers maintained
u/s 301 or 370 (1B) of the companies act 1956.
6. The parties to whom loans have been given by the company are
generally repaying the principal alongwith the interest due thereon as
stipulated , In case of delays in repayment of principal and interest,
where reasonable steps have been taken for the recovery by the company.
7. In our opinion company has adequate internal control commensurate
with its size regarding purchase of Fixed and other assets.
8. During the year the company has not accepted any deposit from the
public which attract the provisions of section 58-A of the Companies
Act. 1956.
9. The Company does not have any internal audit system.
10. In our opinion, there are adequate internal control systems
commensurate with the size and nature of business of the company.
11. The provisions of Provident Fund Act are not applicable to the
company.
12. In our opinion and according to the information and explanations
given to us, there are no undisputed amounts payable in respect of
Income Tax, Wealth Tax, Sales Tax, Customs duty and excise duty as at
the last day of the financial year concerned for a period of more than
6 months from the date they become payable.
13. In our opinion and according to the information and explanations
given to us, no personal expenses have been charges to revenue account
other than those payable under contractual obligations or in accordance
with generally accepted business practices.
14. According to the information and explanations given to us the
company is keeping adequate records of loans and advances given.
I5. In our opinion, in relation to the company s dealings in shares,
securities debentures and other investments, proper records have been
maintained of the transactions and contracts and timely entries have
been made therein. Shares debentures and other securities are held by
the company in its own name.
16. We are informed that the provisions of any Special statue
applicable to Chit funds, Nidhi or Mutual Benefit Society do not apply
to the company.
17. The company does not own any industrial undertaking therefore the
provisions of sick industrial companies (special provisions) Act, 1985
do not apply to the company.
18. The other provisions of the manufacturing and other companies
(Auditors Report) order, 1988 are not applicable for the year covered
by the aforesaid accounts.
For Rakesh Narendra Kumar & Co.
Chartered Accountants,
(Rakesh Kumar Jain)
Partner
Place: Indore.
Date : 12.08.2002
Mar 31, 2001
We have audited the attached Balance Sheet of Available Finance Limited
as at 31st March, 2001 and also the Profit and Loss Account of the
company for the period ended on 31st March, 2001 annexed thereto and
report that -
1. As required by the manufacturing and other companies Auditors
Report) Order, 1988 issued by the company law board in terms of Sec.
227 (4A) of the companies act, 1956, annex hereto a statement on the
matters specified in paragraph 4 and 5 of the said order.
2. Further to our comments in the annexure referred to in paragraph 1
above, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the 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 and Loss account dealt with by this
report, are in agreement with the books of accounts.
d. In our opinion, The Profit & Loss Account and Balance Sheet
complies with the Accounting Standards referred to in Sub section (3C)
of section 211.
e. According to the information and explanation given to us and on the
basis of written representation from the directors, taken on record by
Board of Directors, none of the director is disqualified under section
274(1 )(g) of the Companies Act, 1956 from being appointed as a
director as on 31st March, 2001 .
f. In our opinion and to the best of our information and according to
the explanations given to us the said accounts, subject to our remarks
given above and read together with significant accounting policies and
notes on accounts and annexure thereto give the information required by
the companies Act. 1956 in the manner so required and give a true and
fair view :
i. in the case of Balance Sheet of the state of affairs of the company
as at 31st March, 2001, and
ii. in the case of Profit and Loss Account of the Profit of the company
for the year ended on that day.
ANEXURE TO THE AUDITORS REPORT OF AVAILABLE FINANCE LIMITED
1. The company has maintained proper records showing full particulars
including quantitative details and situation of leased and other fixed
assets. The fixed assets of the company have been physically verified
by the management at the end of the year and no discrepancies were
noticed on such verification.
2. The fixed assets of the company have not been revalued during the
year.
3. The stock-in-trade ( Shares/Debenture/Other Securities) has been
verified by the Management at reasonable intervals and no discrepancies
were noticed on such verification . In our opinion, the method of
valuation of such stock is fair and proper and in accordance with
normally accepted accounting principles and is on the same basis as in
previous year.
4. The company has not accepted any loans from companies, firms or
other parties listed in the register maintained u/s 301 or 370 (1/B) of
the companies act 1956.
5. The company has not granted any loans, secured or unsecured to
companies, firms or other parties listed in the registers maintained
u/s 301 or 370 (1B) of the companies act 1956.
6. The parties to whom loans have been given by the company are
generally repaying the principal alongwith the interest due thereon as
stipulated., In case of delays in repayment of principal and interest ,
where reasonable steps have been taken for the recovery by the company.
7. In our opinion company has adequate internal control commensurate
with its size regarding purchase of Fixed and other assets.
8. During the year the company has not accepted any deposit from the
public which attract the provisions of section 58-A of the Companies
Act. 1956.
9. In our opinion, there are adequate internal control system
commensurate with the size and nature of business of the company.
10. The provisions of Provident Fund Act are not applicable to the
company.
11. In our opinion and according to the information and explanations
given to
us, there are no undisputed amounts payable in respect of Income Tax ,
Wealth Tax, Sales Tax, Customs duty and excise duty as at the last day
of the financial year concerned for a period of more than 6 months from
the date they become payable.
12. In our opinion and according to the information and explanations
given to us, no personal expenses have been charges to revenue account
other than those payable under contractual obligations or in accordance
with generally accepted business practices.
13. According to the information and explanations given to us the
company is keeping adequate records of loans and advances given against
the security of pledge of shares, debentures and other securities
14. In our opinion, in relation to the company s dealings in shares,
securities debentures and other investments, proper records have been
maintained of the transactions and contracts and timely entries have
been made therein. Shares debentures and other securities are held by
the company in its own name except to the extent shares & debentures
which are either lodged for transfer in the name of the company or are
held with valid transfer forms.
15. We are informed that the provisions of any Special statue
applicable to Chit funds, Nidhi or Mutual Benefit Society do not apply
to the company.
16. The company does not own any industrial undertaking therefore the
provisions of sick industrial companies (special provisions) Act, 1985
do not apply to the company.
17. In our opinion, other provisions of the manufacturing and other
companies (Auditors Report) order, 1988 are not applicable for the year
covered by the aforesaid accounts.
For Rakesh Narendra Kumar & Co.
Chartered Accountants,
(Rakesh Kumar Jain)
Partner
Place : Indore.
Date : 24.8.2001
Mar 31, 2000
We have audited the attached Balance Sheet of Available Finance Limited
as at 31st March, 2000 and also the Profit and Loss Account of the
company for the period ended on 31st March, 2000 annexed thereto and
report that -
1. As required by the manufacturing and other companies Auditors
Report) Order, 1988 jewed by the coapany law board in terms of Sec. 227
(4A) of the companies act, 1956, annex hereto a statement on the
matters specified in paragraph 4 and 5 of the said order.
2. Further to our comments in the annexure referred to in paragraph 1
above, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the 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 and Loss account dealt with by this
report, are in agreement with the books of accounts.
d. Subject to our remarks given below in point No. (e), in our opinion
, The Profit & Loss Account and Balance Sheet complies with the
Accounting Standards referred to in Sub section (3C) of sectiong 211.
e. In our opinion and to the best of our information and according to
the explanations given to us the said accounts , subject to our remarks
given above and read together with significant accounting policies and
notes on accounts and aneexure thereto give the information required by
the companies Act 1956 in the manner so required and give a true and
fair view:
i. In the case of Balance Sheet of the state of affairs of the company
as at 31st March, 2000.
ii. in the case of Profit and Loss Account of the Loss of the company
for the year ended on that day.
ANEXURE TO THE AUDITORS REPORT OF AVAILABLE FINANCE LIMITED
1. The company has maintained proper records showing full particulars
including quantitative details and situation of leased and other fixed
assets. The fixed assets of the company have been physically verified
by the management at the end of the year and no discrepancies were
noticed on such verification.
2. The fixed assets of the company have not been revalued during the
year.
3. The stock-in-trade (Shares/Debenture/Other Securities) has been
verified by the Management at resonable intervals and no descripancies
were noticed on such verification. In our opinion, the method of
valuation of such stock is fair and proper and in accordance with
normally accepted accounting principles and is on the same basis as in
previous year.
4. The company has not accepted any loans from companies, firms or
other parties listed in the register maintained u/s 301 or 370 (1/B) of
the companies act 1956.
5. The company has not granted any loans, secured or unsecured to
companies, firms or other parties listed in the registers maintained
u/s 301 or 370 (1B) of the companies act 1956.
6. The parties to whom loans have been given by the company are
generally repaying the principal along with the interest due thereon as
stipulated, In case of delays in repayment of principal and interest,
where resonable steps have been taken for the recovery by the company.
7. In our opinion company has adequate internal control commensurate
with its size regarding purchase of Fixed and other assets.
8. During the year the company has not accepted any deposit from the
public which attract the provisions of section 58-A of the Companies
Act 1956.
9. In our opinion, there are adequate internal control system
commesurate with the size and nature of business of the company.
10. The provisions of Provident Fund Act are not applicable to the
company.
11. In our opinion and according to the information and explanations
given to us, there are no undisputed amounts payable in respect of
Income Tax, Wealth Tax, Sales Tax, Customs duty and excise duty as at
the last day of the financial year concerned for a period of more than
6 months from the date they become payable.
12. In our opinion and according to the information and explanations
given to us, no personal expenses have been charges to revenue account
other man those payable under contractual obligations or in accordance
with generally accepted business practices.
13. According to the information and explanations given to us the
company is keeping adequate records of loans and advances given against
the security of pledge of shares, debuntures and other securities
14. In our opinion, in relation to the company s dealings in shares,
securities debuntures and other investments, proper records have been
maintained of the transactions and contracts and timely entries have
been made threin. Shares debuntures and other securities are held by
the company in its own name except to the extent shares & debuntures
which are either lodged for transfer in the name of the company or are
held with valid transfer forms.
15. We are informed that the provisions of any Special statue
applicable to Chit funds, Nidhi or Mutual Benefit Society do not apply
to the company.
16. The company does not own any industrial undertaking therefore the
provisions of sick industrial companies (special provisions) Act, 1985
do not apply to the company.
17. The other provisions of the manufacturing and other companies
(Auditors Report) order, 1988 are not applicable for me year covered by
the aforesaid accounts.
For RakeshNarendra Kumar & Co.
Chartered Accountants,
(Rakesh Kumar Jain)
Partner
Place: Indore.
Date : 18.8.2000