Mar 31, 2015
We have audited the accompanying financial statements of Banas Finance
Limited ("the Company"), which comprise the balance sheet as at 31
March 2015, the statement of profit and loss and the cash flow
statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of ectors is responsible for the matters stated in
Section 134(5) of the Companies Act, 2013 ("the Act") with respect to
the preparation and presentation of these financial statements that
give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's ectors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Basis for Qualified Opinion
The Company is registered as Non Banking Financial Companies (NBFC),
having Certificate of Registration under Section 45 IA of RBI Act,
1934/The company has not complied with few NBFC prudential norms as
prescribed by Reserve Bank of India from time to time as mentioned in
Note no. 27.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, except for the effects of the matter
described in the Basis for Qualified Opinion paragraph, the aforesaid
financial statements give the information required by the Act in the
manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India, of the state of
affairs of the Company as at 31 March 2015 and its profit and its cash
flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books;
(c) The balance sheet, the statement of profit and loss and the cash
flow statement dealt with by this Report are in agreement with the
books of account;
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014;
(e) On the basis of the written representations received from the
ectors as on 31 March 2015 taken on record by the Board of ectors, none
of the ectors is disqualified as on 31 March 2015 from being appointed
as a ector in terms of Section 164 (2) of the Act; and
(f) with respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note no. 21 to
the financial statements;
ii. The Company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. The company is not liable to transfer any amounts to the Investor
Education and Protection Fund. Therefore, there has been no delay in
transferring amounts, required to be transferred, to the Investor
Education and Protection Fund by the Company.
Annexure to the Independent Auditors' Report
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the financial statements for the year ended 31
March 2015, we report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The company has a regular programme of physical verification of
fixed assets. The fixed assets were verified in a phased manner during
the year; in certain assets it was noticed that their useful life had
expired. These assets have been suitably written off in the books of
accounts. In our opinion, the periodicity of physical verification is
reasonable having regard to the size of the Company and the nature of
its assets.
(ii) As informed to us, the equity shares held as inventories in
dematerialized form have been verified by the management with
supportive evidence during the year. And for other unquoted equity
shares held as inventories the procedures performed by the management
for physical verification were found to be satisfactory.
(iii) (a) The Company has granted loans to two parties covered in the
register maintained under section 189 of the Companies Act, 2013 ('the
Act').
(iv) (b) In the case of the loans granted to any parties in the
register maintained under section 189 of the Act, the borrowers have
been regular in the payment of the interest as stipulated. The terms of
arrangements do not stipulate any repayment schedule and the loans are
repayable on demand. Accordingly, paragraph 3(iii)(b) of the order is
not applicable to the Company in respect of repayment of the principal
amount.
(c) There are no overdue amounts of more than rupees one lakh in
respect of the loans granted to the bodies corporate listed in the
register maintained under section 189 of the Act.
(v) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchase of inventory and fixed assets and for sale of goods and
services. We have not observed any major weaknesses in the internal
control system during the course of the audit.
(vi) During the year Company has not accepted any deposits from the
public.
(vii) The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act, for any of the activities of
the Company.
(viii) (a) According to the information and explanations given to us
and on the basis of our examination of the records of the Company,
amounts deducted/ accrued in the books of account in respect of
undisputed statutory dues including provident fund, income tax, sales
tax, wealth tax, service tax, duty of customs, value added tax, cess
and other material statutory dues have been regularly deposited during
the year by the Company with the appropriate authorities. As explained
to us, the Company did not have any dues on account of employees' state
insurance and duty of excise.
According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
sales tax, wealth tax, service tax, duty of customs, value added tax,
cess and other material statutory dues were in arrears as at 31 March
2015 for a period of more than six months from the date they became
payable.
(b) According to the information and explanations given to us, there
are no material dues of wealth tax, duty of customs and cess which have
not been deposited with the appropriate authorities on account of any
dispute.
However, according to the information and explanation given to us, the
following dues of Income Tax have not been deposited by the Company.
(Also refer note no. 21 to the financial statements)
Name of the Nature of dues Amount (in Period to Forum where
Rs.) which the dispute is
amount statute
relates pending
Income Tax Act Income Tax 7,74,50,120 Assessment Commissioner
of Income and Year Tax,
Interest 2011-12 (Appeals)
(c) According to the information and explanations given to us the
amounts which were required to be transferred to the investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules there under has been
transferred to such fund within time. The Company is not required to
transfer any amount to the investor education and protection fund,
accordingly paragraph (vii) (c) of the Order is not applicable to the
Company
(ix) Accumulated losses of the Company as at 31st March, 2015 do not
exceed fifty percent of its net worth at the end of the financial year.
The Company has incurred cash losses amounting to Rs. 37.16 lakhs in
the financial year covered by our audit and there was no cash loss
incurred in the immediately preceding financial year.
(x) The Company did not have any outstanding dues to financial
institutions, banks or debenture holders during the year.
(xi) In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
(xii) The Company did not have any term loans outstanding during the
year.
(xiii) According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For Pravin Chandak & Associates
Chartered Accountants
Firm's registration number: 116627W
Sd/-
Pravin Chandak
Partner
Membership number: 049391
Place: Mumbai
Date: 28th May 2015
Mar 31, 2014
We have audited the accompanying financial statements of Banas Finance
Limited ("The Company") which comprise the Balance Sheet as at March
31,2014, and the Statement of Profit and Loss and Cash Flow Statement
for the year ended 2014, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance 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. 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.
Basis for Qualified Opinion
The Company is registered as Non Banking Financial Companies (NBFC),
having Certificate of Registration under Section 45 IA of RBI Act,
1934.The company has not complied with few NBFC prudential norms as
prescribed by Reserve Bank of India from time to time as mentioned in
Note no 19.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, except for the effects of the matter
described in the Basis for Qualified Opinion Paragraph, 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,2014.
(b) In the case of the Profit and Loss Account, of the loss for the
year ended March,2014.
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended March,2014.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that :
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c. the Balance Sheet and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account
d. in our opinion, the Balance Sheet, Statement of Profit and Loss,
comply with the Accounting Standards referred to in sub-section (3C) of
section 211 of Companies Act, 1956read with the General Circular
15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in
respect of Section 133 of the Companies Act, 2013.
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 AUDITOR''S REPORT ON THE FINANCIAL STATEMENT FOR THE
YEAR ENDED 31STMARCH, 2014
(Referred to in point 1 of "Report on Other Legal and Regulatory
Requirements" of our Report of even date to the members of Banas
Finance Limited on the financial statements for the year ended 31st
March, 2014)
1. In respect of its fixed assets:
a. The Company has maintained records showing particulars including
quantitative details of fixed assets in fixed assets registered.
However, fixed asset register is in process of reconciliation.
b. As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c. In our opinion, the Company has not disposed of any part of fixed
assets during the year and the going concern status of the Company is
not affected.
2. As informed to us, the inventories held in dematerialized form,
have been verified by the management with supportive evidence during
the year. In our opinion the frequency of verification is reasonable.
In our opinion, the procedures for physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business. On the basis of
our examination of the records of inventory, we are of the opinion that
Company is maintaining proper records of inventory. We are informed
that no discrepancies were noticed on physical verification.
3. (a) The Company has granted unsecured loans to 6 parties covered in
the register maintained under Section 301 of the Companies Act, 1956.
The maximum amount outstanding at any time during the year was Rs.
2.70Croresand the yearend balance is Rs. NIL
(b) In our opinion and according to the information and explanations
given to us, the terms and conditions of the loans given by the Company
are not prima facie prejudicial to the interest of the Company.
(c) No stipulations have been made for the recovery of the loans hence
clause 4 (iii) (c) is not applicable to the company.
(d) No stipulations have been made for recovery of the loans given by
the company hence clause 4(iii) (d) is not applicable to the company.
(e) The Company has taken interest free unsecured loans from 5 parties
covered in the register maintained under Section 301 of the Companies
Act 1956, the maximum amount outstanding at any time during the year
was Rs. 1.85Crore and the yearend balance is Rs. NIL.
(f) In our opinion and according to the information and explanations
given to us, the terms and conditions of the loans taken by the Company
are not prima facie prejudicial to the interest of the Company.
(g) No stipulations have been made for the repayment of the loans hence
clause 4(iii) (g) is not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of fixed assets and for the sale of goods. In
our opinion and according to the information and explanations given to
us, there is no continuing failure to correct major weaknesses in
internal control.
5. According to the information and explanations given to us, we are
of the opinion that the company has not entered into any contracts or
arrangements referred to in section 301 of the Companies Act, 1956.
6. No deposits, within the meaning of Section 58A and 58AA or any
other relevant provisions of the Companies Act, 1956 and rules framed
there under have been accepted by the Company.
7. The company does not have adequate internal audit system
commensurate with size of the Company and nature of its business.
8. According to the information and explanation given to us the
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Companies Act, 1956 for any of the activities of the company.
9. (a) The Company is regular in depositing undisputed statutory dues
including Investor Education and Protection Fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty, cess and other material statutory dues applicable to the
company with the appropriate authorities. No undisputed amounts payable
in respect of the aforesaid statutory dues were outstanding as at the
last day of the financial year for a period of more than six months
from the date they became payable.
b) There is an outstanding income tax demand of Rs.6,58,17,580/-
pertaining to AY 2011-12 u/s 143(3), order dated 28th March, 2014 and
company has filed an appeal before CIT(A) . There are no dues of Sales
Tax, Service Tax, Customs Duty, Wealth Tax, Excise Duty, cess which
have not been deposited on account of any dispute.
10. Accumulated losses of the company as at 31st March, 2014 do not
exceed fifty percent of its net worth at the end of the financial year.
The company has not incurred any cash losses during the financial year
covered by our audit and during the immediately preceding financial
year.
11. According to the records made available to us and information and
explanations given to us by the management, the company has not taken
any financial assistance from any financial institutions or banks.
Accordingly Clause 4(xi) of Companies (Auditor''s Report) Order, 2003 is
not applicable.
12. According to the information given to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion, the company is not a chit fund 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.
14. The Company has maintained proper records of the transactions and
contracts for dealing or trading in shares, securities, debentures and
other investments and timely entries have been made therein. All
shares, securities, debentures and other investment have been held by
the company, in its own name except to the extent of the exemption
granted under section 49 of the Companies Act, 1956.
15. In our Opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from Banks or Financial Institutions during the year.
16. As per the information and records furnished to us, the Company
has not accepted any term loans. Accordingly Clause 4(xvi) of the
Companies (Auditor''s Report) Order, 2003 is not applicable to the
company.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, in our
opinion, the funds raised on short-term basis have, prima facie, not
been used for long-term investment.
18. According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
19. During the financial year, company had not issued any debenture.
Accordingly Clause 4(xviii) of Companies (Auditor''s Report) Order, 2003
is not applicable.
20. The Company has not raised any money by way of public issue during
the year. Accordingly Clause 4(xx) of Companies (Auditor''s Report)
Order, 2003 is not applicable.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us,
we have neither come across any instance of fraud on or by the Company,
noticed or reported during the year, nor have we been informed of such
case by the management.
As required by the Non Banking Financial Companies Auditors Report
(Reserve Bank) Directions, 2008 issued by Reserve Bank of India, on the
matters specifies in Para 3 and 4 of the said directions to the extent
applicable to the company and according to the information and
explanations given to us for the purpose of audit for the year ended
31st March 2014 we report that:
1) We hereby state that M/s Banas Finance Limited is engaged in the
business of Non Banking Financial Institution and it has obtained a
Certificate of Registration from the Reserve Bank of India.
2) The Company is entitled to hold such Certificate of Registration in
terms of its assets/income pattern as on 31st March, 2014.
3) The Board of Directors has passed a resolution for non acceptance of
any public deposits in its meeting held on 22nd April, 2013.
4) The Company has not accepted any public deposits during the year
ended 31st March, 2014.
5) The Company has not complied with few prudential norms as applicable
to it in terms of Non Banking Financial (Non-Deposit Accepting or
Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007,
the same is disclosed in Notes to Accounts in point no. 19.
For Pravin Chandak& Associates
Chartered Accountants
(Firm Registration No. 116627W)
Sd/-
Pravin Chandak
Partner
Membership No. 49391
Place: Mumbai
Dated: 30/05/2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Banas Finance
Limited ("The Company") which comprise the Balance Sheet as at March
31,2013, and the Statement of Profit and Loss and Cash Flow Statement
for the year ended 2013, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance 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. An audit also
includes evaluating the appropriateness of accounting poKies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overaflic presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March, 2013.
(b) In the case of the Profit and Loss Account, of the loss for the
year ended March, 2013.
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended March, 2013.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that :
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c. the Balance Sheet and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account
d. In our opinion, the Balance Sheet, Statement of Profit and Loss,
comply with the Accounting Standards referred to in sub-section (3C) of
section 211 of 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.
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.
ANNEXURE TO THE AUDITOR''S REPORT
(Referred to in point 1 of "Report on Other Legal and Regulatory
Requirements" of our Report of even date to the members of Banas
Finance Limited on the financial statements for the year ended 31st
March, 2013)
1. In respect of its fixed assets:
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b. As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c. In our opinion, the Company has not disposed of any part of fixed
assets during the year and the going concern status of the Company is
not affected.
2. As informed to us, the inventories held in dematerialized form,
have been verified by the management with supportive evidence during
the year. In our opinion the frequency of verification is reasonable.
In our opinion, the procedures for physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business. On the basis of
our examination the records of inventory, we are of the opinion that
Company is maintaining proper records of inventory. We are informed
that no discrepancies were noticed on physical verification.
3. (a) The Company has granted unsecured loans, to 3 parties covered
in the register maintained under Section 301 of the Companies Act,
1956, the maximum amount outstanding atfany time during the year was
Rs. 1.71 crores and the yearend balance is Rs. 54 Lakhs.
(b) In our opinion and according to the information and explanations
given to us, the terms and conditions of the loans given by the Company
are not prima facie prejudicial to the interest of the Company.
(c) No stipulations have been made for the recovery of the loans hence
clause 4 (iii) (c) is not applicable to the company.
(d) No stipulations have been made for recovery of the loans given by
the company hence clause 4(iii) (d) is not applicable to the company.
(e) The Company has taken interest free unsecured loans from 5 parties
covered in the register maintained under Section 301 of the Companies
Act 1956, the maximum amount outstanding at any time during the year
was Rs. 2.70 Crores and the yearend balance is Rs. NIL.
(f) In our opinion and according to the information and explanations
given to us, the terms and conditions of the loans taken by the Company
are not prima facie prejudicial to the interest of the Company.
(g) No stipulations have been made for the repayment of the loans hence
clause 4(iii) (g) is not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of Inventory (shares), fixed assets and for
the sale of goods. In our opinion and according to the information and
explanations given to us, there is no continuing failure to correct
major weaknesses in internal control.
5. According to the information and explanations given to us, we are
of the opinion that the company has not entered into any contracts or
arrangements referred to in section 301 of the Companies Act, 1956.
6. No deposits, within the meaning of Section 58A and 58AA or any
other relevant provisions of the Companies Act, 1956 and rules framed
there under have been accepted by the Company.
7. In our opinion and according to information and explanation given
to us, the company has adequate internal audit system commensurate with
size of the Company and nature of its business.
8. According to the information and explanation given to us the
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Companies Act, 1956 for any of the activities of the company.
9. (a) The Company is regular in depositing undisputed statutory dues
including Investor Education and Protection Fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty, cess and other material statutory dues applicable to the
company with the appropriate authorities. No undisputed amounts payable
in respect of the aforesaid statutory dues were outstanding as at the
last day of the financial year for a period of more than six months
from the date they became payable.
(b) According to the records of the Company, there are no dues of
Income Tax, Sales Tax, Service Tax, Customs Duty, Wealth Tax, Excise
Duty, cess which have not been deposited on account of any dispute.
10. Accumulated losses of the company as at 31st March, 2013 do not
exceed fifty percent of its net worth at the end of the financial year.
The company has not incurred any cash losses during the financial year
covered by our audit and during the immediately preceding financial
year.
11. According to the records made available to us and information and
explanations given to us by the management, the company has not taken
any financial assistance from any financial institutions or banks.
Accordingly Clause 4(xi) of Companies (Auditors Report) Order, 2003 is
not applicable.
12. According to the information given to us, the .Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other:securities.
13. In our opinion, the company is not a chit fund or a Nidhi/ mutual
benefit fund/ society. Therefore, the provisions of clause 4 (xiii) of
the Companies (Auditor''siReport) Order, 2003 are not applicable to the
company.
14. The Company has maintained proper records of the transactions and
contracts for dealing or trading in shares, securities, debentures and
other investments and timely entries have been made therein. All
shares, securities, debentures and other investment have been held by
the company, in its own name except to the extent of the exemption
granted under section 49 of the Companies Act, 1956.
15. In our Opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from Banks or Financial Institutions during the year.
16. As per the information and records furnished to us, the Company
has not accepted any term loans. Accordingly Clause 4(xvi) of the
Companies (Auditor''s Report) Order, 2003 is not applicable to the
company.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, in our
opinion, the funds raised on short-term basis have, prima facie, not
been used for long-term investment.
18. According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
19. During the financial year, company had not issued any debenture.
Accordingly Clause 4(xviii) of Companies (Auditor''s Report) Order, 2003
is not applicable.
20. The Company has not raised any money by way of public issue during
the year. Accordingly Clause 4(xx) of Companies (Auditor''s Report)
Order, 2003 is not applicable.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For Pravin Chandak & Associates
(Chartered Accountants)
(Firm Registration No. 116627W)
Sd/-
Pravin Chandak
(Partner)
Membership No. 049391
Place: Mumbai
Dated: 29/05/2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of Banas Finance Limited
as at 31st March 2012, the Profit & Loss Account and also the Cash Flow
Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standard
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial Statements are free of material misstatements. An audit
includes examining, on test basis, evidence supporting the amounts and
disclosure in the Financial Statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the Management, as well as evaluating the over all Financial
Statement presentation. We believe that our audit provides reasonable
basis for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003, as
amended, issued by Central Government of India in terms of sub section
(4A) of section 227 of the Companies Act, 1956, we enclose in the
Annexure a statement on the matters specified in paragraph 4 and 5 of
the said order. '
4. Further to our comments in the Annexure referred to above, we state
that
a) We have obtained all the information and explanation which, to the
best of our knowledge and belief, were necessary for the purpose of our
audit.
b) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub section (3C) of section 211 of the
Companies Act, 1956.
e) On the basis of written representation received from the directors,
as on March 31, 2012 and taken on record by the Board of Directors, we
report that none of the Directors is disqualified as on March 31, 2012
from being appointed as a Director in terms of clause (g) of
sub-section
(1) of Section 274 of the Companies Act, 1956. ,
f) In our opinion and to the best of our information and according to
the explanations given to us, subject to note 3 in schedule XII the
said accounts give the information required by the à Companies Act,
1956 in the manner so required and give 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, 2012,
(ii) In the case of the Profit & Loss Account, of the Profit for the
year ended on that date, and
(iii)In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date
(Referred to in paragraph 3 of Auditor's Report of even date on the
financial statements as at and for the year ended 31st March, 2012)
1. In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
(b) As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
(c) In our opinion, the Company has not disposed of any part of fixed
assets during the year and the going concern status of the Company is
not affected.
2.
(a) As informed to jus, the inventories have been verified by the
management with the supportive evidence during the year. In our opinion
the frequency of verification is reasonable.
(b) In our opinion, the procedures for physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business. -
(c) On the basis of our examination the records of inventory, we are of
the opinion that Company is maintaining proper records of inventory. We
are informed that no discrepancies were noticed on physical
verification.
3.
(a) The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956. .
(b] The Company has taken and repayment of Unsecured loans, from
companies as per the Note 7 Schedule XII, covered in the register
maintained under Section 301 of the Companies Act, 1956. - '
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods, In our opinion and according to the information and
explanations given to us, there is no continuing failure to correct
major weaknesses in internal control.
5. According to the information and explanations given to us, we are
of the opinion that the company has not entered into any contracts or
arrangements referred to in section 301 of the Companies Act, 1956.
6. No deposits, within the meaning of Section 58A and 58AA or any
other relevant provisions of the Companies Act, 1956 and rules framed
there under have been accepted by the Company.
7. In our opinion and according to information and explanation given
to us, the company has adequate internal audit system commensurate with
size of the Company and nature of its business.
8. According to the information and explanation given to us the
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Companies Act, 1956 for any of the activities of the company.
9.
(a) The Company is regular in depositing undisputed statutory dues
including Investor Education and Protection Fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty, cess and other material statutory dues applicable to the
company with the appropriate authorities. No undisputed amounts payable
in respect of the aforesaid statutory dues were outstanding as at the
last day of the financial year for a period of more than six months
from the date they became payable.
(b) According to the records of the Company, there are no dues of
Income Tax, Sales Tax, Service Tax, Customs Duty, Wealth Tax, Excise
Duty, cess which have not been deposited on account of any dispute.
10. The Company has accumulated losses as at 31st March, 2012 but does
not exceed fifty percent of its net worth at the end of the financial
year.. The company has not incurred any cash losses during the
financial year covered by our audit as well as during the immediately
preceding financial year.
11. According to the records made available to us and information and
explanations given to us by the management, the company has not taken
any financial assistance from any financial institutions or banks.
Accordingly Clause 4(xi) of Companies (Auditor's Report) Order, 2003
is not applicable.
12. According to the information given to us, the Company has not
granted loans and advances pn 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 provisions of clause 4 (xiii) of
the Companies (Auditor's Report) Order, 2003 are not applicable to the
company.
14. The Company has ,maintained proper records of the transactions and
contracts for dealing or trading in shares, securities, debentures and
other investments and timely entries have been made therein. All
shares, securities, debentures and other investment have been held by
the company, in its own name except to the extent of the exemption
granted under section 49 of the Companies Act, 1956.
15. In our Opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from Banks or Financial Institutions during the year.
16. As per the information and records furnished to us, the Company
has not accepted any term loans. Accordingly Clause 4(xvi) of the
Companies (Auditor's Report) Order, 2003 is not applicable to the
company.
17. According to the information and explanations given to us and on
an overall examination of the cash flow statements and balance sheet of
the company, in our opinion, the funds raised on short- term basis
have, prima facie, not been used for long-term investment.
18. During the financial year, company had not issued any debenture.
Accordingly Clause 4(xviii) of Companies (Auditor's Report) Order, 2003
is not applicable.
19. The Company has not raised any money by way of public issue during
the year. Accordingly Clause 4(xx) of Companies (Auditor's Report)
Order, 2003 is not applicable.
20. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For R. SONI & CO '
(Chartered Accountants)
Sd /-
CA RAJESH SONI '
Partner
M. No. 133240
FRN No. 130349W
Place: Mumbai
Date: 28.08.2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of Banas Finance Limited
as at 31st March 2011, the Profit & Loss Account and also the Cash Flow
Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standard
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial Statements are free of material misstatements. An audit
includes examining, on test basis, evidence supporting the amounts and
disclosure in the Financial Statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the Management, as well as evaluating the over all Financial
Statement presentation. We believe that our audit provides reasonable
basis for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003, as
amended, issued by Central Government of India in terms of sub section
(4A) of section 227 of the Companies Act, 1956, we enclose in the
Annexure a statement on the matters specified in paragraph 4 and 5 of
the said order.
4. Further to our comments in the Annexure referred to above, we state
that
a) We have obtained all the information and explanation which, to the
best of our knowledge and belief, were necessary for the purpose of our
audit.
b) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub section (3C) of section 211 of the
Companies Act, 1956.
e) On the basis of written representation received from the directors,
as on March 31, 2011 and taken on record by the Board of Directors, we
report that none of the Directors is disqualified as on March 31, 2011
from being appointed as a Director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, subject to note 3 in schedule XII the
said accounts give the information required by the Companies Act, 1956
in the manner so required and give 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, 2011,
(ii) In the case of the Profit & Loss Account, of the Profit for the
year ended on that date, and
(iii) In the case of the Cash Flow Statement , of the cash flows for
the year ended on that date
ANNEXURE TO THE AUDITOR'S REPORT ON THE ACCOUNTS FOR THE YEAR ENDED
31ST MARCH, 2011
(Referred in paragraph 3 of Auditor's Report of even date on the
financial statements as at and for the year ended 31st March, 2011)
1. In respect of its fixed assets:
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b. As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c. In our opinion, the Company has not disposed of any part of fixed
assets during the year and the going concern status of the Company is
not affected.
2. (a) As informed to us, the inventories have been verified by the
management with the supportive evidence during the year. In our
opinion the frequency of verification is reasonable.
(b) In our opinion, the procedures for physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) On the basis of our examination the records of inventory, we are of
the opinion that Company is maintaining proper records of inventory. We
are informed that no discrepancies were noticed on physical
verification.
3. (a) The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956.
(b) The Company has taken and repayment of Unsecured loans, from
companies as per the Note 7 Schedule XII, covered in the register
maintained under Section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods. In our opinion and according to the information and
explanations given to us, there is no continuing failure to correct
major weaknesses in internal control.
5. According to the information and explanations given to us, we are
of the opinion that the company has not entered into any contracts or
arrangements referred to in section 301 of the Companies Act, 1956.
6. No deposits, within the meaning of Section 58A and 58AA or any
other relevant provisions of the Companies Act, 1956 and rules framed
there under have been accepted by the Company.
7. In our opinion and according to information and explanation given
to us, the company has adequate internal audit system commensurate with
size of the Company and nature of its business.
8. According to the information and explanation given to us the
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Companies Act, 1956 for any of the activities of the company.
9. (a) The Company is regular in depositing undisputed statutory dues
including Investor Education and Protection Fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty, cess and other material statutory dues applicable to the
company with the appropriate authorities. No undisputed amounts payable
in respect of the aforesaid statutory dues were outstanding as at the
last day of the financial year for a period of more than six months
from the date they became payable.
(b) According to the records of the Company, there are no dues of
Income Tax, Sales Tax, Service Tax, Customs Duty, Wealth Tax, Excise
Duty, cess which have not been deposited on account of any dispute.
10. The Company has accumulated losses as at 31st March, 2011 but does
not exceed fifty percent of its net worth at the end of the financial
year.. The company has not incurred any cash losses during the
financial year covered by our audit as well as during the immediately
preceding financial year.
11. According to the records made available to us and information and
explanations given to us by the management, the company has not taken
any financial assistance from any financial institutions or banks.
Accordingly Clause 4(xi) of Companies (Auditor's Report) Order, 2003 is
not applicable.
12. According to the information given to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion, the company is not a chit fund 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.
14. The Company has maintained proper records of the transactions and
contracts for dealing or trading in shares, securities, debentures and
other investments and timely entries have been made therein. All
shares, securities, debentures and other investment have been held by
the company, in its own name except to the extent of the exemption
granted under section 49 of the Companies Act, 1956.
15. In our Opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from Banks or Financial Institutions during the year.
16. As per the information and records furnished to us, the Company has
not accepted any term loans. Accordingly Clause 4(xvi) of the
Companies (Auditor's Report) Order, 2003 is not applicable to the
company.
17. According to the information and explanations given to us and on an
overall examination of the cash flow statements and balance sheet of
the company, in our opinion, the funds raised on short-term basis have,
prima facie, not been used for long-term investment.
18. During the period the company has made allotment of 99, 00,000
shares at Rs 10/- Each issued at Premium of Rs 10/- Each on
preferential basis. Accordingly Clause 4(xviii) of Companies (Auditor's
Report) Order, 2003 is not applicable.
19. During the financial year, company had not issued any debenture.
Accordingly Clause 4(xviii) of Companies (Auditor's Report) Order, 2003
is not applicable.
20. The Company has not raised any money by way of public issue during
the year. Accordingly Clause 4(xx) of Companies (Auditor's Report)
Order, 2003 is not applicable.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For R. SONI & CO
Chartered Accountants
Sd/-
CA RAJESH SONI
Partner
M.No. 133240
FRN No. 130349W
Place: Mumbai
Date: 30th May, 2011.
Mar 31, 2010
We have audited the attached Balance Sheet of BANAS FINANCE LIMITED as
at 31st March,20l0 and the annexed Profit and Loss Account of the
Company 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 the auditing standards
generally accepted in India. These Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from any material misstatements. 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 the management, as well as evaluating the overall presentation of
the financial statements. We believe that our audit provides a
reasonable basis for our opinion.
We report as under: -
1. As required by the Companies (Auditors Report) Order, 2003, issued
by the Central Government in terms of sub-section (4A) of Section 227
of the Companies Act, 1956, we enclose in the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the said Order, to the
extent applicable to the Company.
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 the
audit.
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of such
books.
c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account
d) In our opinion, the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the Accounting Standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956 except that
the provisions and disclosures for Gratuity and Leave Encashment as
indicated in note no. 1 (f) and as required by Accounting Standard 15
(Revised) - Employee Benefits have not been made.
e) On the bass of writter representations received from Che Directors
of the Company as on 31st March, 2009, and taken on record by the Board
of Directors, we report that none of the Directors are disqualified as
on 31st March, 2009, from being appointed as a Director in terms of
clause (g) of sub-section (1) of Section 274 of the Companies Act,
1956,
f) Subject to non-provision of Gratuity and Leave Encashment liability,
the effect of which on the profit, carried forward profits and amount
of provisions cannot be ascertained, in our opinion and to the best of
our information and according to the explanations given to us, the said
accounts read together with the notes thereon, 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 case of the Profit and Loss Account of the Loss for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph 1 of our report of even date)
With reference to the annexure referred to in paragraph 1 of the report
of the Auditors to the Members of BANAS FINANCE LIMITED on the
financial statements for the year ended 31st March, 2010, we report
that;
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The Fixed Assets have been physically verified by the management
during the year and no discepancies were noticed on such verification.
(c) No substantial parts of fixed assets have been disposed off during
the year.
(ii) Since the Company is engaged the business of Finance, there is no
purchase of inventory during the current year and therefore question of
physical verification and maintaining of inventory records does not
arise and Clause (b) & (c) not applicable.
(iii)[a] According to the information and explanations given to us, the
Company has not granted any loans secured or unsecured to Companies ,
firms or other parties listed in the register mantained under Section
301 of the Companies Act, 1956. Therefore Clause (b), (c) & (d) not
applicable.
[b] According to the information and explanations given to us, the
Company has taken interest free unsecured loans from parties listed in
the register maintained under Section 301 of the Companies Act, 1956,
without any stipulation regarding repayment of principal amount as
under:
No. of Parties Amount (Rs.)
Loans taken Two 8,06,370
(C) In our opinion the terms & conditions on which unsecured loans
taken from the parties listed in the register maintained under Section
301 of the Companies Act, 1956, are prima-facie not prejudicial to the
interest of the Company.
(d)The loans taken are without any stipulation regarding payment of
principal amount.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of fixed assets and for lease of assets.
(v) (a) As per the information & explanations given to us, no
transactions have been undertaken during the year in pursuance of
contracts or arrangements that need to be entered into the register
maintained under section 301 of the Companies Act, 1956;
(b) As per the information and explanations given to us, there are no
transactions of purchase and sale of goods, materials and services made
in pursuance of contracts or arrangements entered in the Register
maintained under Section 301 of the Companies Act, 1956 aggregating
during the year to Rs. 5,00,000 or more in respect of each party:
(vi) No deposits within the meaning of Section 58A of the Companies
Act, 1956 and Rules framed thereunder have been accepted by the
Company.
(vii) In our opinion, the Company has an internal audit system
commensurate with its size and the nature of its business.
(viii) As informed to us, the maintenance of cost records has not been
prescribed by the Central Government under clause (d) of sub-section
(1) of Section 209 of the Companies Act, 1956.
(ix) (a)The Company is regular in depositing with appropriate
authorities undisputed statutory dues in respect of Provident Fund,
Employees State Insurance, Income Tax, Cess and any other material
statutory dues applicable to the Company.
(b) There are no disputes in respect of dues of Income Tax, Sales Tax,
Cess and any other material statutory dues applicable to the Company.
(x) Accumulated losses of the Company have exceeded fifty percent of
its Net Worth at the end of the financial year and it has not incurred
cash loss in the current financial year and there was a cash loss in
the financial year immediately preceding current financial year of
Rs.59,239/-.
(xi) The Company has not taken any loans from any financial
institutions or bank or made borrowings through issue of debentures.
(xii) In our opinion and according to the information and explanations
given to us, the Company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion, the Company is not a chit fund or a nidhi /
mutual benefit fund / society. Therefore, the provisions of clause
4{xiii) of the Companies (Auditors 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 (Auditors Report) Order,
20O3 are not applicable to the Company.
(xv) The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
(xvi} According to the information and explanations given to us, the
Company has not raised any Term Loans during the year.
(xvii) As the Company has not raised any Term Loans during the year and
therefore reporting on its applications/ purposes does not arise.
(xviii) According to the information and explanations given to us, the
Company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under Section 301 of
the Companies Act, 1956.
(xix) According to the information and explanations given to us, no
debentures have been issued by the Company.
(xx) According to the information and explanations given to us, the
Company has not raised any money by public issues during the year.
(xxi) According to the information and explanations given to us and the
records of the Company examined by us, no fraud on or by the Company
has been noticed or reported during the course of our audit.
For R.D.SHENVI & CO.
Chartered Accountants
Sd/-
R.D.Shenvi
Proprietor
(Membership No.358.18}
Place: Mumbai
Date : 10th May, 2010.