Mar 31, 2015
We have audited the attached Balance Sheet of Bhagyashree Leasing &
Finance Limited as at 31st March 2015 and the Statement of Profit &
Loss for the year ended on that date, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters
stated in Section 134(5) of the Companies Act, 2013 ("the Act")
with respect to the preparation of these standalone financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
the accounting principles generally accepted in India, including the
Accounting Standards specified under section 133 of the Act, read with
rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provision of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of the appropriate accounting
policies; making judgements 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 fair 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 there under. We conducted our
audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Act. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement. 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
judgement, 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 accounting policies
used and the reasonableness of the accounting estimates made by the
Company's Directors, as well as evaluating the overall presentation
of the financial statements. 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.
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, of the state of affairs of the Company as
at 31 st March, 2015, and its loss 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 paragraphs 3 and 4 of the Order.
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 appears from our examination of those
books.
c. The Balance Sheet & Statement of Profit and Loss 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 written representations received from the directors
as on 31 st March, 2015 taken on record by the Board of Directors, none
of the directors is disqualified as on March 31,2015, from being
appointed as a director in terms of section 164(2) of the Act.
f. With respect to the other matters to be included in the Auditor's
Report in accordance with Rules 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 does not have pending litigations which will impact the
financial position in its financial statements, except for the note 14
on contingent liability.
ii) The Company did not have any long term contracts including
derivative contracts that require provision under any law or accounting
standards for which there were any material foreseeable losses.
iii) There were no amounts which are required to be transferred to the
Investor Education and Protection Fund by the Company during the year.
ANNEXURE TO AUDITOR'S REPORT Referred to in Paragraph 1 of our Report
of even date
i) In respect of Fixed Assets:
The Company does not hold fixed assets, therefore clause (i) of
paragraph 3 of the order is not applicable to the company.
ii) In respect of its Inventories:
The Company does not hold any inventories, therefore clause (ii) of
paragraph 3 of the order is not applicable to the company.
iii) The Company has not granted any loans, secured or unsecured to
companies, firm or other parties covered in the register maintained
under Section 189 of the Act. Consequently, the requirement of Clause
(iii) (a) and Clause (iii) (b) of paragraph 3 of the Order not
applicable to the Company.
iv) 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 for the
purchase of fixed assets and sale of services. During the course of our
audit, we have not observed any continuing failure to correct major
weakness in internal control systems in respect of same.
v) According to the information and explanations given to us, the
Company has not accepted any deposits from the public. Therefore, the
directives issued by the Reserve Bank of India and the provision of
section 73 to 76 or any other relevant provisions of the Companies Act,
2013 and the rules framed there under. Therefore, the provisions of
Clause (v) of paragraph 3 of the Order are not applicable to the
Company.
vi) To the best of our knowledge and as explained, the Central
Government has not prescribed the maintenance of cost records under sub
section (1) of Section 148 of the Act.
vii) In respect of statutory dues:
(a) According to the records of the Company, undisputed statutory dues
including Income tax and other applicable statutory dues have been
generally regularly deposited with appropriate authorities. According
to the information and explanations given to us, no undisputed amounts
payable in respect of the aforesaid dues were outstanding as at 31 st
March, 2015 for a period of more than six months from the date of
becoming payable.
(b) According to the information and explanations given to us, there
are no dues of Income tax, Sales tax, Wealth tax, Service tax, Custom
duty, Excise duty and Cess which have not been deposited on account of
any dispute.
viii) The Company does have accumulated losses at the end of the
financial year. The Company has incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
ix) The company has not raised loans from Financial Institutions or
Banks or by issue of debentures and hence Clause (ix) of paragraph 3 of
the Order are not applicable to the Company.
x) 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. Therefore,
the provisions of clause (x) of paragraph 3 of the Order are not
applicable to the Company.
xi) In our opinion and according to the information and explanations
given to us, the Company had not taken any term loans during the
financial year. Therefore, the provisions of clause (xi) of paragraph 3
of the Order are not applicable to the Company.
xii) In our opinion 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.
For RSVA & Co
F.R.NO.: 110504W
Chartered Accountants
Sd/-
Nimit Gujarathi
Partner
Membership No.:106810
Place : Pune
Date: 30.05.2015
Mar 31, 2014
We have audited the accompanying financial statements of BHAGYASHREE
LEASING & FINANCE LIMITED (''the Company''), which comprise the Balance
Sheet as at March 31, 2014, the Statement of Profit and Loss for the
year then ended, Cash Flow for the year ended and summary of
significant Accounting Policies and other explanatory information.
2) Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956 ("the Act") read with the General Circular 15/2013
dated 13 September, 2013 of Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013. This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial Statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
3) Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of entity''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.
4) Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) In the case of the Statement of Profit and Loss, of the Loss for
the year ended on that date; and
(c) In case of Cash Flow Statement, of the cash flows for the year
ended on that date.
5) Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 (as
amended) (''the Order'') issued by the Central Government of India in
terms of sub-section (4A) of Section 227 of the Companies Act, 1956
(''the Act'') we enclose in the Annexure, a statement on the matters
specified in paragraph 4 and 5 of the said Order.
2. As required by Section 227(3) of the Act, we report that,
i) 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;
ii) 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;
iii) The Balance Sheet, Statement of Profit & Loss dealt with by this
report are in agreement with the books of accounts;
iv) In our opinion, the Balance Sheet and statement of Profit & Loss
dealt with by this report complies with the Accounting Standards
referred to in sub section (3C) of section 211 of the Companies Act,
1956 read with the General Circular 15/2013 dated 13 September, 2013 of
Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act, 2013. and;
v) On the basis of written representation received from the directors,
as on 31st March 2014 and taken on record by the Board of Directors,
none of the directors are disqualified as on 31st March, 2014 from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956;
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR AUDIT REPORT OF EVEN DATE TO
THE MEMBERS OF BHAGYASHREE LEASING & FINANCE LIMITED FOR THE YEAR ENDED
31ST MARCH, 2014.
1. (a) The Company does not have any fixed assets therefore sub clause
1 (b) and (c) of paragraph 4 of Companies (Auditor''s Report) Order,
2003 (as amended) are not applicable.
2. (a) The Company maintains the Inventory i.e. Shares in Demat Form.
So we are unable to verify the same physically.
3. (a) As informed to us Company has not granted or taken 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) Since there are no such loans, the comments regarding terms and
conditions for repayment of the principle amount and interest thereon
and overdue amount are not required.
4. In our opinion and according to the explanations given to us, there
is adequate internal control procedure commensurate with the size of
the company and the nature of its business with regard to the purchases
of inventory, fixed assets and with regard to the sale of goods. During
the course of our audit, we have not observed any major weaknesses in
internal controls.
5. According to the information and explanations given to us, the
company has not entered into any transactions during the year with
parties entered in the register maintained in pursuance of section 301
of the Companies Act.
6. The company has not accepted any deposits from the public within
the meaning of section 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposit) Rules, 1975.
7. In our opinion, the company has an internal control system
commensurate with the size of the company & nature of its business.
8. The maintenance of cost records under section 209 (i) (d) of the
Companies Act, 1956 is not applicable to the company.
9. In respect of statutory dues.
a. According to the records of the company undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees state Insurance, Income tax, Sales tax, Wealth tax, Customs
duty, Excise duty, Cess and other material statutory dues have been
generally regularly deposited with the appropriate authorities.
b. According to the information and explanations given to us no
undisputed amounts payable in respect dues were outstanding for the
period of more than six months from the date of becoming payable.
c. According to the information and explanation given to us there are
no dues of Sales tax, Income tax, Customs duty, Wealth tax, Excise duty
and Cess which have not been deposited on account of any dispute.
10. The accumulated losses of the Company at the end of the financial
year do not exceed more than 50% of the Net Worth as on 31st March,
2014. The Company has incurred the cash losses during the current year
and in immediately preceding financial year.
11. Based on our audit procedures and according to explanation given
to us, we are of the opinion that the company has not taken loans from
the bank as at the Balance Sheet Date. The company has no debenture
holder.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the companion
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 (Auditors Report) Order 2003 are not applicable to the
company.
14. The company deals in shares, securities, debentures and other
investments. As informed and explained to us, records of transactions
and contracts relating to dealings have been properly made. Shares,
Securities, debentures and other securities have been held by the
Company in its own name except to the extent of the exemption, if any,
granted under section 49 of the Act.
15. The company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. According to the information and explanation given to us the
company has not taken term loans during the year and hence the related
reporting requirements are not applicable.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long term
investment. No long-term funds have been used to finance short-term
assets except permanent working capital.
18. During the year the company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under Section 301 of the Companies Act, 1956.
19. The company has not issued any debentures during the year, nor did
it have any outstanding debentures at the beginning of the year.
20. The company has not raised any money by way of public issue during
the year.
21. In our opinion 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 that causes financial statements to be materially
misstated.
For RSVA & Co
Chartered Accountants
FRN: 110504W
Sd/-
Nimit Gujarathi
Partner
M. No.: 106810
Place: Pune
Date: 30.05.2014
Mar 31, 2013
We have audited the attached Balance Sheet of BHAGYASHREE LEASING &
FINANCE LIMITED. as at 31st March, 2013 and also the annexed Profit
and Loss Account of the company for the year ended on that date and
report that, 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 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 of material misstatements. An audit
includes examine, on a 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 managements, as well as evaluating the overall financial
statements presentation. We believe that our audit provides a
reasonable basis for our opinion.
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 Companies Act, 1956 and in terms of the information
and explanations given to us and on the basis of such checks as we
considered appropriate, we enclose in the annexure a statement on the
matters specified in the paragraphs 4 and 5 of the said Order.
Further our comments in the annexure referred to in Para 3 above, we
report as follows:-
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 the
books.
c) The balance Sheet and Profit and Loss Account are in agreement with
the books of accounts.
d) In our opinion, the balance Sheet and Profit and Loss Account
complies with the Accounting Standards referred to Sub-Section (3C) of
Section 211 of the Companies Act, 1956.
e) In our opinion and to the best of our information and according to
the explanations given to us the said Accounts together with the notes
thereon give the information required by the companies Act, 1956, in
the manner so required give a true and fair view:-
i) In the case of the Balance Sheet of the state of affairs of the
company as at 31st March, 2013.
ii) In the case of the Profit and Loss Account, Loss of the year ended
on that date.
f) On the basis of the written representations received from the
Directors and taken on record by the company, we report that none of
the directors is disqualified, as on the Balance Sheet date from being
appointed, as a director in terms of section 274 (1) (g) of the
companies Act, 1956.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR AUDIT REPORT OF EVEN DATE TO
THE MEMBERS OF BHAGYASHREE LEASING & FINANCE LIMITED FOR THE YEAR ENDED
31 ST MARCH, 2013.
i (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets and no material discrepancies have been found on such
verification.
(b) The Fixed Assets has been physically verified by the management
during the year. In our opinion, the frequency of verification of the
fixed assets is reasonable having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
verification. These assets have been completely written off during this
year.
(c) No substantial part of the fixed assets have been disposed off
during the year.
(ii) (a) The Company maintains the Inventory i.e. Shares in Demat Form.
So we are unable to verify the same physically.
(iii) (a) As informed, the Company has 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 Companies
Act, 1956.
(b) Since there are no such loans, the comments regarding terms and
conditions, repayment of the principle amount and interest thereon and
overdue amount not required.
(iv) In our opinion and according to the information and explanation
given to us, during the course of audit, there are adequate internal
control systems commensurate with size of the Company and the nature of
its business, for the purchase of inventory, fixed assets and for the
sale of goods. Further, on the basis of our examination of books and
practices in India, we have neither come across nor have been informed
of any instance of major weaknesses in the aforesaid internal control
procedure.
(v) (a) According to the information and explanations given to us, we
are of the opinion that no transactions were required to be entered
into the register maintained under section 301 of the Act.
(b) In our opinion and according to the information and explanations
given to us that no transactions were made aggregating during the year
to Rupees five lakhs or more in respect of each party in pursuance of
such contracts or arrangements entered in the register maintained under
section 301 of the Act.
(vi) The Company has not accepted any deposits from public within the
meaning of section 58A ¦ and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposit) Rules, j 1975. i
(vii) In our opinion, the Company has an adequate system of internal
audit which is commensurate with the size and nature of its business.
(viii) We are informed that, the maintenance of cost records has not
been prescribed by the Central Government under Section 209 (1) (d) of
the Companies Act, 1956.
(ix) (a) The Company is regular in depositing the undisputed statutory
dues including Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and
other Statutory dues with the appropriate authorities as applicable. No
amount was outstanding more than six months as on the date of Balance
Sheet from the date they become payable. (b) There were no disputed
Income Tax, Wealth Tax and Service Tax dues which were not deposited as
on March 31, 2013.
(x) The accumulated losses of the Company at the end of the financial
year do not exceed more than 50% of the Net Worth as on 31st March,
2013. The Company has incurred the cash losses during the current year
and in immediately preceding financial year.
(xi) According to the records of the Company examined by us and the
information and explanations given to us, the Company has not taken
loans from bank as at the Balance Sheet date.
(xii) According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
(xiii) The Company does not fall within the category of Chit
Fund/Nidhi/Mutual Benefit fund/ Society and hence the related reporting
requirements are not applicable.
(xiv) The Company deals in shares, securities, debentures and other
investments. As informed and explained to us, proper records have been
maintained of the transactions and contracts relating to dealings have
been made therein. Shares, Securities, debentures and other securities
have been held by the Company in its own name except to the extent of
the exemption, if any, granted under section 49 of the Act.
(xv) In our opinion, according to the information and explanations
given to us and to the best of our knowledge and belief on an overall
examination, the Company has not given any guarantee for loan taken by
an associate company from bank or financial institutions.
(xvi) According to the information and explanations given to us, The
Company has not obtained any term loans during the year and hence the
related reporting requirements are not applicable.
(xvii) According to the information and explanations given to us,and as
per the books and records examined by us, as on the date of balance
sheet of the Company has not raised funds on short term basis.
(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 Act.
(xix) The company has not issued any debentures during the year.
(xx) The Company has not raised any money by way of public issues
during the year.
(xxi) 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 as per the representation given by the
Company and relied on by us we have neither come across any instance of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of such cases by the management.
Auditors'' Report
As per our report of even date
For RSVA & Co.
Chartered Accountants
FRN 110504W
Sd/-
(Nimit Gujarathi)
Place: Pune Partner
Date: 24.05 2013 Membership No.: 106810
Mar 31, 2012
1. We have audited the attached Balance Sheet of BHAGYASHREE LEASING &
FINANCE LIMITED. as at 31st March, 2012 and also the annexed Profit
and Loss Account of the company for the year ended on that date and
report that, 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 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 of material misstatements. An audit
includes examine, on a 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 managements, as well as evaluating the overall financial
statements presentation. We believe that our audit provides a
reasonable basis for our opinion.
3. As required by the Companies (Auditor's report) Order, 2003 issued
by the Central Government of India in terms of Sub- Section (4A) of
Section 227 of the Companies Act, 1956 and in terms of the information
and explanations given to us and on the basis of such checks as we
considered appropriate, we enclose in the annexure a statement on the
matters specified in the paragraphs 4 and 5 of the said Order.
4. Further our comments in the annexure referred to in Para 3 above,
we report as follows:-
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 the
books.
c) The balance Sheet and Profit and Loss Account are in agreement with
the books of accounts.
d) In our opinion, the balance Sheet and Profit and Loss Account
complies with the Accounting Standards referred to Sub-Section (3C) of
Section 211 of the Companies Act, 1956.
e) In our opinion and to the best of our information and according to
the explanations given to us the said Accounts together with the notes
thereon give the information required by the companies Act,1956, in the
manner so required give a true and fair view:-
i) In the case of the Balance Sheet of the state of affairs of the
company as at 31st March, 2012.
ii) In the case of the Profit and Loss Account, Loss of the year ended
on that date.
f) On the basis of the written representations received from the
Directors and taken on record
by the company, we report that none of the directors is disqualified,
as on the Balance Sheet date from being appointed, as a director in
terms of section 274 (1) (g) of the companies Act, 1956.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR AUDIT REPORT OF EVEN DATE TO
THE MEMBERS OF BHAGYASHREE LEASING & FINANCE LIMITED FOR THE YEAR ENDED
31ST MARCH, 2012.
i (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets and no material discrepancies have been found on such
verification.
(b) The Fixed Assets has been physically verified by the management
during the year. In our opinion, the frequency of verification of the
fixed assets is reasonable having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
verification. These assets have been completely written off during this
year.
(c) No substantial part of the fixed assets have been disposed off
during the year.
(ii) (a) The Company maintains the Inventory i.e. Shares in Demat Form.
So we are unable to verify the same physically.
(iii) (a) As informed, the Company has 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 Companies
Act, 1956.
(b) Since there are no such loans, the comments regarding terms and
conditions, repayment of the principle amount and interest thereon and
overdue amount not required.
(iv) In our opinion and according to the information and explanation
given to us, during the course of audit, there are adequate internal
control systems commensurate with size of the Company and the nature of
its business, for the purchase of inventory, fixed assets and for the
sale of goods. Further, on the basis of our examination of books and
practices in India, we have neither come across nor have been informed
of any instance of major weaknesses in the aforesaid internal control
procedure.
(v) (a) According to the information and explanations given to'us, we
are of the opinion that no transactions were required to be entered
into the register maintained under section 301 of the Act.
(b) In our opinion and according to the information and explanations
given to us that no transactions were made aggregating during the year
to Rupees five lakhs or more in respect of each party in pursuance of
such contracts or arrangements entered in the register maintained under
section 301 of the Act.
(vi) The Company has not accepted any deposits from public within the
meaning of section 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposit) Rules, 1975.
(vii) In our opinion, the Company has an adequate system of internal
audit which is commensurate with the size and nature of its business.
(viii) We are informed that, the maintenance of cost records has not
been prescribed by the Central Government under Section 209 (1) (d) of
the Companies Act, 1956.
(ix) (a) The Company is regular in depositing the undisputed statutory
dues including Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and
other Statutory dues with the appropriate authorities as applicable. No
amount was outstanding more than six months as on the date of Balance
Sheet from the date they become payable.
(b) There were no disputed Income Tax, Wealth Tax and Service Tax dues
which were not deposited as on March 31, 2012.
(x) The accumulated losses of the Company at the end of the financial
year do not exceed more than 50% of the Net Worth as on 31st March,
2012. The Company has incurred the cash losses during the current year
and in immediately preceding financial year.
(xi) According to the records of the Company examined by us and the
information and explanations given to us, the Company has not taken
loans from bank as at the Balance Sheet date.
(xii) According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of snares, debentures and other securities.
(xiii) The Company does not fall within the category of Chit
Fund/Nidhi/Mutual Benefit fund/ Society and hence the related reporting
requirements are not applicable.
(xiv) The Company deals in shares, securities, debentures and other
investments. As informed and explained to us, proper records have been
maintained of the transactions and contracts relating to dealings have
been made therein. Shares, Securities, debentures and other securities
have been held by the Company in its own name except to the extent of
the exemption, if any, granted under section 49 of the Act.
(xv) In our opinion, according to the information and explanations
given to us and to the best of our knowledge and belief on an overall
examination, the Company has not given any guarantee for loan taken by
an associate company from bank or financial institutions.
(xvi) According to the information and explanations given to us, The
Company has not obtained any term loans during the year and hence the
related reporting requirements are not applicable.
(xvii) According to the information and explanations given to us.and as
per the books and records examined by us, as on the date of balance
sheet of the Company has not raised funds on short term basis.
(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 Act.
(xix) The company has not issued any debentures during the year.
(xx) The Company has not raised any money by way of public issues
during the year.
(xxi) 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 as per the representation given by the
Company and relied on by us we have neither come across any instance of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of such cases by the management.
Auditors' Report
As per our report of even date
For RSVA & Co.
Chartered Accountants
FRN 110504 W
Sd/-
(Nimit Gujarathi)
Place: Pune Partner
Date : 31/07/2012 Membership No.-. A06810
Mar 31, 2010
1. We have audited the attached Balance Sheet of BHAGYASHREE LEASING &
FINANCE LIMITED, as at 31st March, 2010 an also the annexed Profit and
Loss Account of the company for the year ended on that date and report
that, these financial statements are the responsibility of the
companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our Audit in accordance with the auditing standards
generally accepted in India. These standards require that we plan
andperformtheaudittoobtainreasonableassuranceaboutwhether t h e
financial statements are free of material misstatements. An audit
includes examine, on a 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 managements, as well as evaluating the overall financial
statements presentation. We believe that our audit provides a
reasonable basis for ouropinion.
3. As required by the Companies (Auditors report) Order, 2003 issued
by the Central Government of India in terms of Sub- Section (4A) of
Section 227 of the Companies Act, 1956 and in terms of the information
and explanations given to us and on the basis of such checks as we
considered appropriate, we enclose in the annexure a statement on the
matters specified in the paragraphs 4 and 5 of the said Order.
4. Further our comments in the annexure referred to in Para 3 above,
we report asfollows:-
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 the
books.
c) The balance Sheet and Profit and Loss Account are in agreement with
the books of accounts.
d) In our opinion, the balance Sheet and Profit and Loss Account
complies with the Accounting Standards referred to Sub-Section (3C) of
Section 211 of the companies Act, 1956.
e) In our opinion and to the best of our information and according to
the explanations given to us the said Accounts together with the notes
thereon give the information required by the companies Act,1956, in the
manner so required give a true and fair view:-
I) In the case of the Balance Sheet of the state of affairs of the
company as at 31 st March, 2010.
ii) In the case of the Profit and Loss Account, Loss of the year ended
on that date.
f) On the basis of the written representations received from the
Directors and taken on record by the company, we report that none of
the directors is disqualified, as on the Balance Sheet date from being
appointed , from being appointed as a director in terms of section 274
(1) (g) of the companiesAct,1956.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR AUDIT REPORT OF EVEN DATE TO
THE MEMBERS OF BHAGYASHREE LEASING & FINANCE LIMITED FOR THE YEAR ENDED
31ST MARCH, 2010.
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets and no material discrepancies have been found on such
verification.
(b) The Fixed Assets has been physically verified by the management
during the year. In our opinion, the frequency of verification of the
fixed assets is reasonable having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
verification,
(c) No substantial part of the fixed assets have been disposed off
during the year.
(ii) (a) The Company maintains the Inventory i.e. Shares in Demat Form.
So we are unable to verify the same physically.
(iii) (a) As informed, the Company has 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 Companies
Act, 1956.
(b) Since there are no such loans, the comments regarding terms and
conditions, repayment of the principle amount and interest thereon and
overdue amount not required.
(iv) In our opinion and according to the information and explanation
given to us, during the course of audit, there are adequate internal
control systems commensurate with size of the Company and the nature of
its business, for the purchase of inventory, fixed assets and for the
sale of goods. Further, on the basis of our examination of books and
practices in India, we have neither come across nor have been informed
of ant instance o major weaknesses in the aforesaid internal control
procedure.
(v) (a)According to the information and explanations given to us, we
are of the opinion that no transactions were required to be entered
into the register maintained under section 301 of the Act.
(b) In our opinion and according to the information and explanations
given to us that no transactions were made aggregating during the year
to Rupees five lakhs or more in respect of each party in pursuance of
such contracts or arrangements entered in the register maintained under
section 301 of the Act.
(vi) The Company has not accepted any deposits from public within the
meaning of section 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposit) Rules, 1975.
(vii) In our opinion, the Company has an adequate system of internal
audit which is commensurate with the size and nature of its business.
(viii) We are informed that, the maintenance of cost records has not
been prescribed by the Central Government under Section 209 (1) (d) of
the CompaniesAct, 1956.
(ix) (a) The Company is regular in depositing the undisputed statutory
dues including Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and
other Statutory dues with the appropriate authorities as applicable. No
amount was outstanding more than six months as on the date of Balance
Sheet from the date they become payable.
(b) There were no disputed Income Tax, Wealth Tax and Service Tax dues
which we re not deposited as on March 31,2010.
(x) The accumulated losses of the Company at the end of the financial
year do not exceed more than 50% of the Net Worth as on 31st March,
2010. The Company has incurred the cash losses during the current year
and in immediately preceding financial year.
(xi) According to the records of the Company examined by us and the
information and explanations given to us, the Company has not taken
loans from bank as at the Balance Sheet date.
(xii) According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities. (xiii)
The Company does not fall within the category of Chit Fund / Nidhi /
Mutual Benefit fund/Society and hence the related reporting
requirements are not applicable.
(xiv)The Company deals in shares, securities, debentures and other
investments. As informed and explained to us, proper records have been
maintained of the transactions and contracts relating to dealings have
been made therein. Shares, Securities, debentures and other securities
have been held by the Company in its own name except to the extent of
the exemption, if any, granted under section 49 of the Act.
(xv) In our opinion, according to the information and explanations
given to us and to the best of our knowledge and belief on an overall
examination, the Company has not given any guarantee for loan taken by
an associate company from bank or financial institutions.
(xvi) According to the information and explanations given to us, The
Company has not obtained any term loans during the year and hence the
related re porting requirements are not applicable.
(xvii) According to the information and explanations given to us, and
as per the books and records examined by us, as on the date of balance
the Company has not raised funds on short term basis.
(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 Act. (xix) The company has not issued any debentures during the
year. (xx) The Company has not raised any money by way of public
issues during the year.
(xxi) 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 as per the representation given by the
Company and relied on by us we have neither come across any instance of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of such cases by the management.
For RSVA& Co.
(FRN-110504W)
Sd/-
(Nimit Gujarathi)
Place: Pune
Partner
Date:31/08/10