Home  »  Company  »  Capri Global Capital  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of Capri Global Capital Ltd.

Mar 31, 2016

We have audited the accompanying standalone financial statements of
CAPRI GLOBAL CAPITAL LIMITED ("the Company"), comprising of the Balance
Sheet as at March 31, 2016, the Statement of Profit and Loss, the Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory.

Management''s Responsibility for the Standalone Financial Statements

The Company''s Board of Directors is responsible for the preparation of
these standalone financial statements in terms of requirements of the
Companies Act, 2013 (hereinafter referred to as "the Act") 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 of 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 standalone
financial statements based on our audit.

We have taken into account the provisions of the Act and the Rules made
there under including the accounting and auditing standards and matters
which are required to be included in the audit report.

We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act and other authoritative
pronouncements issued byte Institute of Chartered Accountants of India.
Those Standards and pronouncements require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable
assurance about whether the standalone financial statements are free
from material misstatement.

An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the standalone financial statements.
The procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the standalone
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 standalone financial
statements that give a true and fair view in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of the accounting policies used
and the reasonableness of the accounting estimates made by 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 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, 2016;

b) In the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date; and

c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2016 ("the
Order") issued by the Central Government of India in terms of
Sub-section (11) of Section 143 of the Companies Act, 2013 and on the
basis of such checks of the books and records of the Company as we
considered appropriate and according to the information and
explanations given to us, we give in the Annexure-A 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, 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 standalone financial statement 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 March 31, 2016, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2016, from
being appointed as a director in terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls over
financial reporting of the Company and the operating effectiveness of
such controls, refer to our separate Report in Annexure - B.

g) With respect to the other matters to be included in the Auditor''s
Report in accordance with the 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, we report
that:

i) The Company does not have any pending litigations which would impact
its financial position.

ii) The Company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses.

iii) There were no amounts which were required to be transferred to the
Investors Education and Protection Fund by the Company.


The Annexure referred to in paragraph 1 under the ''Report on Other
Legal and Regulatory Requirements'' our report to the members of CAPRI
GLOBAL CAPITAL LIMITED, (''the Company'') for the year ended on March 31,
2016. We report that:-

i. In respect of its fixed assets:

(a) The Company is maintaining 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 which is, in our opinion, reasonable having regard to the
size of the Company and the nature of its assets. In accordance with
this programme, certain fixed assets have been physically verified by
the management during the year and no material discrepancies have been
noticed on such verification.

(c) As per the information and explanation given to us by the
management, the Company does not own any immovable property.
Accordingly, the provisions of Clause 3(i)(c) of the Order are not
applicable to the Company.

ii. In respect of its inventories:

The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable. There were no material discrepancies noticed on physical
verification of inventories as compared to the book records.

iii. The Company has not granted any loans, secured or unsecured to
Companies, firms, Limited Liability Partnerships or other parties
covered in the register maintained under section 189 of the Act and
hence provisions of Clause 3(iii) of the aforesaid Order are not
applicable to the Company.

iv. The Company has not granted any loans or made any investments, or
provided any guarantee or security to the parties covered under Section
185 and 186 and hence provisions of Clause 3(iv) of the aforesaid Order
are not applicable to the Company.

v. In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from the public
within the meaning of Sections 73, 74, 75 and 76 of the Act and the
Rules framed there under to the extent notified.

vi. In our opinion and according to the information and explanations
given to us maintenance of cost records under sub-section (1) of the
Section 148 of the Companies Act, 2013 has not been prescribed by the
government.

vii. (a) According to the records of the Company, the Company is
generally regular in depositing with appropriate authorities undisputed
statutory dues including provident fund, employees'' state insurance,
income- tax, sales tax, wealth tax, duty of customs, duty of excise,
value added tax or cess and other statutory dues applicable to it. No
undisputed amounts payable in respect of provident fund, employees''
state insurance, income-tax, sales tax, wealth tax, duty of customs,
duty of excise, value added tax or cess and other statutory dues were
outstanding, as at 31-03- 2016, for a period of more than six months
from the date they became payable.

(b) According to the records of the Company and information and
explanations given to us no dues of income tax, sales tax, wealth tax,
service tax, duty of customs, duty of excise, value added tax or cess
that have not been deposited on account of any disputes.

viii. Based on our audit procedures and according to the information
and explanations given to us by the management, we are of the opinion
that the Company has not defaulted in repayment of dues to financial
institutions and bank.

ix. The Company has not raised any money by way of initial public
offer, further public offer (including debt instruments) and term loans
and hence provisions of Clause 3(ix) of the aforesaid Order are not
applicable to the Company.

x. 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 material fraud
by the Company or on the Company by its officers or employees, noticed
or reported during the year, nor have we been informed of any such case
by the management.

xi. The Company has paid/provided managerial remuneration in accordance
with the requisite approvals mandated by the provision of the Section
197 read with Schedule V of the Act.

xii. The Company is not a Nidhi Company and the Nidhi Rules, 2014 are
not applicable to the Company and hence provisions of Clause 3(xii) of
the aforesaid Order are not applicable to the Company.

xiii. The Company has entered into the transaction with the related
parties in compliance with the provisions of the Section 177 and 188 of
the Act. The details of such related party transactions have been
disclosed in the standalone financial statements as required under
Accounting Standard (AS)18, Related Party Disclosures specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014.

xiv. The Company has not made any preferential allotment or private
placement of shares or fully or partly convertible debentures during
the year under review and hence provisions of Clause 3(xiv) of the
aforesaid Order are not applicable to the Company.

xv. The Company has not entered into any non-cash transactions with its
directors or the persons connected with him and hence provisions of
Clause 3(xv) of the aforesaid Order are not applicable to the Company.

xvi. The Company has obtained registration as required under Section
45-1A of the Reserve Bank of India Act, 1934.


For and on behalf of

KARNAVAT & CO.

Chartered Accountants

Firm Regn No. 104863W

(Shashikant Gupta)

Camp: Gangtok Partner

Dated: April 23, 2016 Membership No. 45629


Mar 31, 2015

We have audited the accompanying financial statements of CAPRI GLOBAL CAPITAL LIMITED (formerly known as Money Matters Financial Services Limited) ("the Company"), which comprise the Balance Sheet as at March 31, 2015, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

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 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.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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 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 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 31,2015;

b) In the case of the Statement of Profit and Loss, of the Profit for the year ended on that date; and

c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

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 Companies Act, 2013, 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, 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 statement 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 March 31, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015, from being appointed as a director in terms of Section 164 (2) of the Act.

f) With respect to the other matters to be included in the Auditor''s Report in accordance with the 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, we report that:

i) The Company does not have any pending litigations which would impact its financial position.

ii) The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.

iii) There were no amounts which were required to be transferred to the Investors Education and Protection Fund by the Company.

ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT

The Annexure referred to in paragraph 1 under the ''Report on Other Legal and Regulatory Requirements'' our report to the members of CAPRI GLOBAL CAPITAL LIMITED, (''the Company'') for the year ended on March 31,2015. We report that:-

i. In respect of its fixed assets

(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 which is, in our opinion, reasonable having regard to the size of the Company and the nature of its assets. In accordance with this programme, certain fixed assets have been physically verified by the management during the year and no material discrepancies have been noticed on such verification.

ii. In respect of its inventories

(a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. There were no material discrepancies noticed on physical verification of inventories as compared to the book records.

iii. The Company has not granted any loans, secured or unsecured to Companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013 and hence provisions of paragraph 3(iii) of the aforesaid Order are not applicable to the Company.

iv. In our opinion and according to the information and explanations given to us, there is adequate internal control system commensurate with the size of the

Company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal controls system. There is no sale of services.

v. In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public to which provisions of Sections 73 to Section 76 or any other relevant provisions of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014 are applicable. No Order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal.

vi. In our opinion and according to the information and explanations given to us maintenance of cost records under sub-section (1) of the Section 148 of the Companies Act, 2013 has not been prescribed by the government.

vii. (a) According to the records of the Company, the

Company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales tax, wealth tax, duty of customs, duty of excise, value added tax or cess and other statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employees'' state insurance, income- tax, sales tax, wealth tax, duty of customs, duty of excise, value added tax or cess and other statutory dues were outstanding, as at 31-03-2015, for a period of more than six months from the date they became payable.

(c) According to the records of the Company and information and explanations given to us no dues of income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax or cess that have not been deposited on account of any disputes.

(d) No amount is required to be transferred to Investor''s Education and Protection Fund in accordance with Section 205C(2) of the Companies Act, 1956 (1 of 1956) and Rules made thereunder.

viii. The Company does not have accumulated losses. The Company has not incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year.

ix. Based on our audit procedures and according to the information and explanations given to us by the management, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions and bank.

x. The Company has not given any guarantee for loans taken by others from Bank or financial institution, and accordingly requirement of Paragraph 3(x) of the aforesaid Order are not applicable to the Company.

xi. The Company has not raised term loans during the year.

xii. Based upon the audit procedures performed and information and explanations given to us by the management, no fraud on or by the Company has been noticed or reported during the year.

For and on behalf of KARNAVAT & CO. Chartered Accountants Firm Regn No. 104863W

192, Dr. D. N. Road (Viral Joshi) Mumbai - 400001 Partner Dated: May 09, 2015 Membership No. 137686


Mar 31, 2014

We have audited the accompanying financial statements of CAPRI GLOBAL CAPITAL LIMITED (formerly known as Money Matters Financial Services Limited) ("the Company"), which comprise the Balance Sheet as at March 31, 2014 and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that gives a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act 2013 and in accordance with the accounting practices generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

b) In the case of the Statement of Profit and Loss, of the Profit for the year ended on that date; and

c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

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 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 and Cash Flow Statement dealt with by this report are in agreement with the books of account;

d) In our opinion the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in Sub-section (3C) of Section 211 of the Companies Act, 1956;

e) On the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 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.

As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act 1956, and on the basis of such checks as we considered appropriate, we further report that:- (i) In respect of its fixed assets:

(a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As explained to us, the Company has a system of verifying all its major fixed assets over a period of three years which is, in our opinion, reasonable having regard to the size of the Company and the nature of its assets. In accordance with this programme, certain fixed assets have been physically verified by the management during the year. The discrepancies noticed on such verification were not material and have been properly dealt with in the books of accounts.

(c) During the year, the Company has not disposed off any substantial /major part of fixed assets so as to affect the going concern status of the Company.

(ii) In respect of its inventories:

(a) As per the information and explanation given to us by the management, the inventories of the Company mainly consists of Shares & Securities maintained in electronic (dematerialization) mode and hence no physical verification of inventories of the Company is required. In our opinion, sub-clause (ii)(a) and (ii)(b) of Paragraph 4 of the Order are not applicable to the Company.

(b) On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. No discrepancies have been noticed on verification between the stocks as per dematerialization mode and the book records.

(iii) (a) The Company has granted interest free unsecured loan and advances in the nature of loan to four wholly owned subsidiary parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved together with balance due at the end of the year was Rs. 21.05 Lacs and the year end balance was Rs. Nil.

(b) In our opinion and according to the information and explanations given to us the other terms and conditions of the loans given by the Company are not prima facie prejudicial to the interest of the Company.

(c) The principal amounts are repayable on demand and there is no repayment schedule.

(d) In respect of the said loans, the same are repayable on demand and therefore the question of overdue amounts does not arise.

(e-g) The Company has not taken loans, secured or unsecured from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956 and hence provisions of paragraph 4(iii)(e) to 4(iii)(g) of the aforesaid Order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for sale of services. During the course of our audit, we have not observed any major weakness in such internal controls.

(v) Based on the audit procedures applied by us, and to the best of our knowledge and belief and according to the information and explanations given to us by the management, we are of the opinion that during the year no contracts or arrangements referred to in Section 301 of the Companies Act, 1956, have been entered into by the Company. Accordingly requirement of clause (v)(a) & (v)(b) of Paragraph 4 of the Order are not applicable to the Company.

(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public to which provisions of Sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 are applicable.

(vii) In our opinion, the internal audit functions carried out during the year by a firm of independent Chartered Accountants appointed by the Management has been commensurate with the size of the Company and nature of its business.

(viii) As per the information and explanations given to us by the management, maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 has not been prescribed by the Company Law Board and hence in our opinion the requirement of clause (viii) of Paragraph 4 of the Order is not applicable to the Company.

(ix) (a) According to the information and explanations given to us by the management and according to the records of the Company, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees'' state insurance, income-tax, service tax, wealth tax, and other applicable statutory dues.

(b) According to the information and explanations given to us, no undisputed arrears of above statutory dues were outstanding, as at 31st March 2014, for a period of more than six months from the date they became payable.

(x) The Company does not have accumulated losses at the end of the financial year and the Company has not incurred any cash losses during the current financial year as well as in the immediately preceding financial year.

(xi) According to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions and banks.

(xii) Based on our examination of documents and records and according to the explanations given to us by the management we are of the opinion that the Company has maintained adequate documents and records in cases where it has granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) As per the information and explanations given to us by the management, the Company is not a Chit Fund or a Nidhi Company. Hence in our opinion, the provisions of any special statute as specified under Clause (xiii) of Paragraph 4 of the Order are not applicable to the Company.

(xiv) As per the information and explanations given to us by the management and based on our examination of the records and evaluation of the related internal controls, we are of the opinion that proper records have been maintained of the transactions and contracts in respect of dealing or trading in shares, securities, debentures and other investments and timely entries have been made therein. We also report that the Company has held all the shares, securities, and other investments in its own name except to the extent of exemption under section 49 of the Companies Act, 1956.

(xv) The Company has not given any guarantee for loans taken by others from Bank or financial institution and accordingly requirement of Paragraph 4(xv) of the aforesaid Order are not applicable to the Company.

(xvi) In our opinion and according to the information and explanations given to us by the management, the Company has not availed of any term loan during the year.

(xvii) According to the cash flow statement on the Balance Sheet date and according to the information and explanations given to us and on an overall examination of the Balance sheet of the Company, we are of the opinion that no funds raised on short term basis have, prima-facie, been used for long term investments. No long-term funds have been used to finance short-term assets except permanent working capital.

(xviii) The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under section 301 of The Companies Act, 1956 and therefore, in our opinion clause (xviii) of Paragraph 4 of the Order is not applicable.

(xix) During the period covered by our audit report, the Company has not issued debentures and therefore clause (xix) of Paragraph 4 of the Order is not applicable.

(xx) During the period covered by our audit report, the Company has not raised money by way of public issues except by way of Employee Stock Option Plans and conversion of warrants into equity shares as per terms and conditions of warrants issued in the earlier year.

(xxi) Based upon the audit procedures performed and as per information and explanations given to us by the management, we report that no fraud on or by the Company has been noticed or reported during the year.

For and on behalf of

KARNAVAT & CO.

Chartered Accountants

Firm Regn No. 104863W

192, Dr. D. N. Road (Viral Joshi)

Mumbai - 400001 Partner

Dated: 9th May, 2014 Membership No. 137686


Mar 31, 2012

1. We have audited the attached Balance Sheet of MONEY MATTERS FINANCIAL SERVICES LIMITED as at 31st March, 2012, the Statement of Profit and Loss and also Cash Flows 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 standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by 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.

3. As required by the Companies (Auditor's Report) Order, 2003 as amended by the Companies (Auditor's Report Amendment) Order, 2004 issued by the 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 paragraphs 4 and 5 of the aforesaid Order.

4. Further to our comments in the Annexure referred to in Paragraph 3 above, 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 purposes of our audit;

ii) 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;

iii) 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;

iv) In our opinion, the Balance Sheet and the Statement of Profit and Loss dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 21 1 of the Companies Act, 1956;

v) On the basis of written representations received from the directors, as on 31 st March, 201 2 and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31st March, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

vi) In our opinion and to the best of our information and according to the explanations given to us, the aforesaid accounts read together with Significant Accounting Policies and other Notes on accounts give the information required by the Companies Act, 1 956, 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 31st March 2012; and

(b) in the case of the Statement of Profit and Loss, of the Profit for the year ended on that date;

(c) in case of the Cash Flow Statement, of the Cash flows for the year ended on that date.

Annexure to the Auditors Report

Referred to in Paragraph 3 of our report of even date

(i) (a) The Company has maintained proper records

showing full particulars including quantitative details and situation of fixed assets.

(b) As explained to us, the Company has a system of verifying all its major fixed assets over a period of three years which is, in our opinion, reasonable having regard to the size of the Company and the nature of its assets. In accordance with this programme, certain fixed assets have been physically verified by the management during the year. The discrepancies noticed on such verification were not material and have been properly dealt with in the books of accounts.

(c) During the year, the Company has not disposed off any substantial /major part of fixed assets so as to affect the going concern status of the Company.

(ii) (a) As per the information and explanation given to us by the management, the inventories of the Company mainly consists of Shares & Securities maintained in electronic (dematerialization) mode and hence no physical verification of inventories of the Company is required. In our opinion, sub- clause (ii)(a) and (ii)(b) of Paragraph 4 of the Order are not applicable to the Company.

(b) On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. No discrepancies have been noticed on verification between the stocks as per dematerialization mode and the book records.

(iii) (a) The Company has granted interest free unsecured loan and advances in the nature of loan to five wholly owned subsidiary parties covered in the register maintained under section 301 of the Companies Act, 1 956. The maximum amount involved together with balance due at the end of the previous year was Rs 9064.51 lacs and the year end balance was Rs 1829.54 lacs.

(b) In our opinion and according to the information and explanations given to us the other terms and conditions of the loans given by the Company are not prima facie prejudicial to the interest of the Company.

(c) The principal amounts are repayable on demand and there is no repayment schedule.

(d) In respect of the said loans, the same are repayable on demand and therefore the question of overdue amounts does not arise.

(e) The Company has not taken loans, secured or unsecured from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1 956 and hence provisions of paragraph 4(iii)(f) to 4(iii)(g) of the aforesaid Order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for sale of services. During the course of our audit, we have not observed any major weakness in such internal controls.

(v) Based on the audit procedures applied by us, and to the best of our knowledge and belief and according to the information and explanations given to us by the management, we are of the opinion that during the year no contracts or arrangements referred to in Section 301 of the Companies Act, 1956, have been entered into by the Company. Accordingly requirement of clause (v)(a) & (v)(b) of Paragraph 4 of the Order are not applicable to the Company.

(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public to which provisions of Sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 are applicable.

(vii) In our opinion, the internal audit functions carried out during the year by a firm of independent Chartered Accountants appointed by the Management has been commensurate with the size of the Company and nature of its business.

(viii) As per the information and explanations given to us by the management, maintenance of cost records under Section 209(1 )(d) of the Companies Act, 1956 has not been prescribed by the Company Law Board and hence in our opinion the requirement of clause (viii) of Paragraph 4 of the Order is not applicable to the Company.

(ix) (a) According to the information and explanations given to us by the management and according to the records of the Company, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees' state insurance, income-tax, service tax, wealth tax, and other applicable statutory dues.

(b) According to the information and explanations given to us, no undisputed arrears of above statutory dues were outstanding, as at 31st March 2012, for a period of more than six months from the date they became payable.

(x) The Company does not have accumulated losses at the end of the financial year and the Company has not incurred any cash losses during the current financial year and in the immediately preceding financial year.

(xi) According to the information and explanations given to us, the Company has not defaulted in repayment of its dues to banks.

(xii) Based on our examination of documents and records and according to the explanations given to us by the management we are of the opinion that the Company has maintained adequate documents and records in cases where it has granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) As per the information and explanations given to us by the management, the Company is not a Chit Fund or a Nidhi Company. Hence in our opinion, the provisions of any special statute as specified under Clause (xiii) of Paragraph 4 of the Order are not applicable to the Company.

(xiv) As per the information and explanations given to us by the management and based on our examination of the records and evaluation of the related internal controls, we are of the opinion that proper records have been maintained of the transactions and contracts in respect of dealing or trading in shares, securities, debentures and other investments and timely entries have been made therein. We also report that the Company has held all the shares, securities, and other investments in its own name except to the extent of exemption under section 49 of the Companies Act, 1956.

(xv) The Company has not given any guarantee for loans taken by others from Bank or financial institution, and accordingly requirement of Paragraph 4(xv) of the aforesaid Order are not applicable to the Company.

(xvi) In our opinion and according to the information and explanations given to us by the management, the Company has not availed of any term loan during the year.

(xvii) According to the Cash Flow Statement and the Balance Sheet, and according to the information and explanations given to us and on an overall examination of the Balance sheet of the Company, we are of the opinion that no funds raised on short term basis have, prima-facie, been used for long term investments. No long-term funds have been used to finance short-term assets except permanent working capital.

(xviii) The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under section 301 of The Companies Act, 1 956 and therefore, in our opinion clause (xviii) of Paragraph 4 of the Order is not applicable.

(xix) During the period covered by our audit report, the Company has not issued debentures and therefore clause (xix) of Paragraph 4 of the Order is not applicable.

(xx) During the period covered by our audit report, the Company has not raised money by way of public issues except by conversion of warrants into equity shares as per terms and conditions of warrants issued in the earlier year.

(xxi) Based upon the audit procedures performed and as per information and explanations given to us by the management, we report that no fraud on or by the Company has been noticed or reported during the year.

For and on behalf of

KARNAVAT & CO.

Chartered Accountants

Firm Regn. No 104863W

(Shashikant Gupta)

Partner

Membership No. 045629

Place : Srinagar

Dated : 19th May 2012.


Mar 31, 2009

1. We have audited the attached Balance Sheet of MONEY MATTERS FINANCIAL SERVICES LIMITED, as at March 31, 2009, and also the profit and loss account and the Cash Flow Statement for the year ended on that date annexed there to. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We have conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of subsection (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 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, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to sub-section 3(C) of section 211 of the Companies Act,1956;

v) On the basis of written representations received from the Directors, and taken on record by the Board of Directors, we report that none of the Directors was disqualified as on March 31, 2009 from being appointed as a Director in terms of clause (g) of sub section (1) of section 274 of the Companies Act 1956;

vi) In our opinion and to the best of our information and according to the explanations given to us the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2009;

b) In the case of Profit & Loss Account, of the Profit for the year ended on that date

c) In the case of Cash Flow Statement, of the Cash Flows for the year ended on that date.

Anncxure to the Auditors Report

(Referred to in paragraph 3 of our report of even date)

1. The nature of the Companys business/activities during the year has been such that, the clauses (ii), (viii) and (xiii) of paragraph 4 of the Order are not applicable to the Company for the year.

2. a) The Company has maintained proper records showing

full particulars including quantitative details and situation of fixed assets.

b) As explained to us, the Company has a system of verifying all its major fixed assets over a period of three years. The Fixed Assets so scheduled for verification during this year have been physically verified by the management. The discrepancies noticed on such verification were not material and have been properly dealt with in the books of accounts.

c) During the year the Company has not disposed of substantial/major part of fixed assets.

3. a) In our opinion and according to the information and explanations provided to us, during the year, Company has granted unsecured loans to 5 (five) parties covered under section 301 of the Companies Act, 1956. At the year-end the outstanding balances of such unsecured loans granted aggregated to Rs. 29,68,000 (1 Party) and the maximum amount involved during the year was Rs. 61,84,60,017.

b) In our opinion, the rate of interest and other terms and conditions of such loans granted by the Company, are not prima facie prejudicial to the interest of the Company.

c) The receipts of principal amount and interest hage during the year been regular as per stipulations.

d) In our opinion and according to the information and explanations given to us, there are no overdue outstandings.

e) According to the information and explanations give to us, the Company has taken unsecured loans from 2 parties covered in the register maintained under

Section 301 of the Companies Act, 1956. At the year- end, the outstanding balances of such unsecured loans taken aggregated to Rs. NIL and the maximum amount involved during the year was Rs. 38,37,00,000 (2 Parties).

f) In our opinion the rate of interest and other terms and conditions of such loans, taken by the Company, are not prima facie prejudicial to the interest of the Company.

g) The payment of principal amount and interest in case of the aforesaid loans are as per stipulations.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system.

5. Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that, sub-clause (a) & (b) of clause (v) of the Companies (Auditors Report) Order, 2003 is not applicable since no contracts or arrangements referred to in section 301 of the Companies Act, 1956 have been entered into by the Company during the year.

6. The Company has not accepted any deposit from the Public within the meaning of section 58A and 58AA of the Companies Act, 1956.

7. In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

8. According to the information and explanations given to us, the Company is generally depositing with appropriate authorities undisputed statutory dues including provident fund, Investors education and protection fund, employees state insurance, income tax, wealth tax, service tax, and other statutory dues applicable to it. According to the information and explanations given to us, no undisputed arrears of statutory dues were outstanding as at March 31, 2009 for a period of more than six months from the date they became payable.

9- The Company does not have accumulated losses as at the end of the financial year and the Company has not incurred cash losses during the current and the immediately preceding financial year.

10. In our opinion, and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to Banks.

11. In our opinion, the Company has maintained adequate records where it has granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

12. In respect of dealing/ trading in securities and other investments, in our opinion and according to the information and explanations given to us, proper records have been maintained of the transactions and contracts and timely entries have been made therein. The securities have been held by the Company, in its own name.

13- According to the information and explanations given to us, the Company has not given any guarantee for loans taken, by its holding company, fellow subsidiaries, associates and others, from Bank or financial institutions.

14. The Company has not availed of any term loans during the year.

15. According to the information and explanations given to us and on an overall examination of the balance sheet and cash flows of the Company, we report that funds raised on short-term basis have not been used for long-term investment. No long-term funds have been used to finance short-term assets except permanent working capital.

16. The Company has not made preferential allotment of shares to parties covered in the register maintained under section 301 of the Companies Act, 1956.

17. The Company has not issued any debentures during the year.

18. The Company has raised an amount of Rs. 18,00,04,000 by way of Rights Issue of Equity Shares in the ratio of 2 shares for every 1 share held. Further the allottee of rights shares has been allotted 1 Detachable Warrant for every share allotted. The management has disclosed the end use of money raised by the Rights Issue and the same has been verified.

19. Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For Agarwal Gupta Nokari & Rustagi Associates

Chartered Accountants

B. C. Khaitan

Place: Mumbai Partner

Dated: June 29, 2009 Membership No. 17387



 
Subscribe now to get personal finance updates in your inbox!