Mar 31, 2015
We have audited the accompanying financial statements of DAULAT
SECURITIESLIMITED("the Company"), which comprise the Balance Sheet as
at 31st March, 2015, the Statement of Profit and Loss and for the year
then ended, and a summary of significant accounting policies and other
explanatory information.
MANAGEMENT'S RESPONSIBILTY 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 these Financial statements that give a true and fair
view of the financial position, financial performance and cash flows of
the company in Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance of the Company in accordance with the
Accounting Standards specified under section 133 of the Act, read with
rule 7 of the companies (Accounts) Rules, 2014. The responsibility also
includes the maintenance of adequate accounting records in accordance
with provisions of the act for safeguarding the assets of the companies
and for preventing and detecting fraud and other irregularities;
selection and application of appropriate accounting policies; making
judgements and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate financial internal control,
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 RESPONSIBILTY
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 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 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 aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March,2015;
b) In the case of the Statement of Profit and Loss, of the Profit of
the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. 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
purpose of our audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) The Balance Sheet, the Statement of Profit and Loss 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 31st March,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.
Annexure to the Auditor's Report
The Annexure referred to in our report to the members of the Daulat
Securities Limited for the year ended 31st March 2015. We report that:
1) In Respect of Fixed Asset:
(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 its
fixed assets; and no material discrepancies were noticed on such
verification.
2) In respect of Inventory
(a) The physical verification of inventory has been conducted at
reasonable intervals by the management;
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) In our opinion the company is maintaining proper records of
inventory and no material discrepancies were noticed on physical
verification by the management as compared to book records.
3) In respect of Loans secured & unsecured to parties covered under
register maintained u/s 189 of companies Act 2013.
(a) According to the information & explanation given to us, the company
has not granted any loans to (Companies, firms or other parties)
covered in the register maintained u/s 189 of Companies Act 2013.
(b)The rate of interest and other terms and conditions of unsecured
loans given by the company, the terms and condition of these loans are
prima facie not prejudicial to the interest of the company, the loans
are not overdue as per terms of such loans.
4) Internal Control
In our opinion and according to the information and explanations given
to us there is an adequate internal control procedure commensurate with
the size of the company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale. We have not
observed any continuing failure to correct major weaknesses in internal
control system.
5) Cost Audit
As per information & explanation given by the management, maintenance
of cost records has not been prescribed by the Central Government under
sub-section (1) of Section 148 of the Act.
6) 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/VAT, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, Cess to the extent applicable and
any other statutory dues have generally been regularly deposited with
the appropriate authorities. According to the information and
explanations given to us there were no outstanding statutory dues as on
31st of March, 2015 for a period of more than six months from the date
they became payable.
b) According to the information and explanation given to us there is
amount payable in respect of Income Tax, service tax which is not been
deposited on account of any dispute is as follows:
Sr Nature of Nature of dues Amount Period to
No Statute (Rs) which the
Amount
relates
1 Income Tax Outstanding Demand Rs 61162/- 2004-05
Department raised by CPC on
26/03/2015
2 Income Tax Outstanding demand Rs 38821/- 2006-07
Department raised by AO on
31/12/2009
3 Income Tax Outstanding demand Rs 9822/- 2009-10
Department raised by AO on
28/01/2011
4 Income Tax Outstanding demand Rs 2570/- 2011-12
Department raised by CPC on
04/07/2013
7) Accumulated Losses
The company does not have accumulated loss at the end of the financial
year and has not incurred cash losses in current financial year and in
the financial year immediately preceding financial year also;
8) Loans from Bank or Financial Institutions
The company has not availed any loan from financial institutions or
Banks during current year or in preceding financial year.
9) Guarantees given
According to the explanation and information given to us, the company
has not given any guarantees for Loan taken by others from bank or
Financial institutions.
10) Term Loans
Based on our Audit procedures and on the information given by the
management, we report that the company has not raised money through
term loan during the year.
11) Public Issues : The company has not raised any money by public
issues during the year.
12) Fraud : In our opinion and according to the information and
explanations given to us, no material fraud on or by the Company has
been noticed or reported during the year.
For BAHETY & GOENKA.
Place : Kolkata Chartered Accountants
Date: 25th June,2015 FRN: 31711IE
(R.K Bahety)
Partner
MemberShipNo. 053255
Mar 31, 2014
We have audited the accompanying financial statements of DAULAT
SECURITIES LIMITED,("the Company") which comprise the Balance Sheet as
at 31st March, 2014, 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 RESPONSIBILTY FOR THE FINANCIAL STATEMENTS
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance 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 . The
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 RESPONSIBILTY
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 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 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 our 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 aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March,2014;
b) In the case of the Statement of Profit and Loss, of the profit of
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.
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 227of the Act we give in the annexure a
statement on matters specified in paragraphs 4 and 5 of the Order
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law has 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 dealt with by
this Report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss
comply with the Accounting Standards referred to in sub section (3C) of
section 211 of 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
e) On the basis of written representations received from the directors
as on 31st March,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 Act.
Annexure to the Auditor''s Report
The Annexure referred to in our report to the members of the Daulat
Securities Limited for the year ended 31st March 2014. We report that:
(i) (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 its
fixed assets; and no material discrepancies were noticed on such
verification.
(c) Some Fixed Assets have been been disposed off during the year as
those assets were of not much use. It has not affected the Going
Concern Principle.
(ii) (a) The physical verification of inventory has been conducted at
reasonable intervals by the management;
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
(iii) (a) The Company has not granted unsecured loans to Companies,
firms or other parties, which are covered in the register maintained
under Section 301 of the Companies Act 1956.
(b) The rate of interest and other terms and conditions of loans given
or taken by the company, secured or unsecured, are prima facie not
prejudicial to the interest of the company;
(c) The principal amounts are repayable over a period of time at the
discretion of the Company; while the interest is payable quarterly at
the discretion of the Company.
(d) In respect of said loans there is no overdue amount of more than
one lakh.
(iv) In our opinion and according to the information and explanations
given to us there is an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventory and fixed assets and for the
sale of goods. We have not observed any continuing failure to correct
major weaknesses in internal control system.
(v) (a) In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
referred to in section 301 of the Act have been so entered in the
register required to be maintained under that section;
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the Register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rs.5 lakhs in
respect of each party during the year have been made at prices which
appear reasonable as per information available with the Company.
(vi) According to the information and explanations given to us, the
Company has not accepted any deposits from the public. Therefore, the
provisions of Clause(vi) of paragraph 4 of the Order are not applicable
to the Company.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of account maintained by the
Company pursuant to the rules made by the Central Government for the
maintenance of cost records under Section 209(1)(d) of the Companies
Act 1956.
(ix) (a)According to the information and explanations given to us and
on basis of our examination of records of the company, the company is
regular in depositing undisputed statutory dues including Income-tax,
Service -tax, and any other statutory dues with the appropriate
authorities. There were no arrears as at 31st March 2014, for a period
of more than six months from the date of becoming payable.
(b) There are no disputed statutory dues payable which have not been
deposited.
(x) The company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses in such financial year
and in the financial year immediately preceding such financial year
also;
(xi) Based on our audit procedures and according to the information and
explanations given to us, the company has not defaulted in repayment of
dues to financial institutions or banks.
(xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) In our opinion and according to the information and explanations
given to us, the company is not a Chit Fund/ Nidhi/ Mutual Benefit
Fund/Society.
(xiv) The Company has maintained proper records of transactions in
respect of trading in shares, debentures and other securities and
timely entries has been made therein. The investments are held by the
Company in its own name.
(xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
(xvi) The Company has not taken any term loan during the year.
(xvii) On the basis of information received from the management and
based on our examination of the balance sheet of the company as at 31st
March 2014, we are of the opinion that there are no funds raised on
short-term basis that have been used for long-term investment.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered in the Register maintained under
section 301 of Companies Act 1956.
(xix) The company has not issued debentures during the year.
(xx) The company has not raised any money by public issues during the
year.
(xxi) In our opinion and according to the information and explanations
given to us, no material fraud on or by the Company has been noticed or
reported during the year.
For Bahety & Goenka
Chartered Accountants
Firm Registration Number: 317111E
Place: Kolkata
Date: 27/06/2014 RAJENDRA KUMAR BAHETY
Partner
Membership Number: 053255
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of DAULAT
SECURITIES LIMITED, which comprise the Balance Sheet as at March 31,
2013, 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 give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
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 management, as well as evaluating the overall financial statement
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, we enclose in the
Annexure a statement on the matters specified in Paragraphs 4 & 5 of
the said Order.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
(b) In the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(c) In the case of the Cash Flow 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 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion proper books of account as required by law have been
kept by die 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 is in agreement with the books of
account;
d. In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e. On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure to the Auditor''s Report
The Annexure referred to in our report to the members of the Daulat
Securities Limited for the year ended 31st March 2013, We report that:
(i)(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 its
fixed assets; and no material discrepancies were noticed on such
verification.
(c) No fixed assets have been disposed off during the year. It has not
affected the Going Concern Principle. (ii)(a) The physical
verification of inventory has been conducted at reasonable intervals by
the management;
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
(iii)(a) The Company has not granted unsecured loans to Companies,
firms or other parties, which are covered in the register maintained
under Section 301 of the Companies Act 1956.
(b) The rate of interest and other terms and conditions of loans given
or taken by the company, secured or unsecured, are prima facie not
prejudicial to the interest of the company;
(c) The principal amounts are repayable over a period of time at the
discretion of the Company; while the interest is payable quarterly at
the discretion of the Company.
(d) In respect of said loans there is no overdue amount of more than
one lakh.
(iv) In our opinion and according to the information and explanations
given to us there is an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventory and fixed assets and for the
gale of goods. We have not observed any continuing failure to correct
major weaknesses in internal control system.
(v)(a) In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements referred to
in section 301 of the Act have been so entered in the register required
to be maintained under that section;
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the Register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rs.5 lakhs in
respect of each party during the year have been made at prices which
appear reasonable as per information available with the Company..
(vi) According to the information and explanations given to us, the
Company has not acepted any deposits from the public. Therefore, the
provisions of Clause (vi) of paragraph 4 of the Order are not
applicable to the Company.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of account maintained by the
Company pursuant to the rules made by the Central Government for the
maintenance of cost records under Section 209(1 )(d) of the Companies
Act 1956.
(ix)(a) According to the information and explanations given to us and
on basis of our examination of records of the company, the company is
regular in depositing undisputed statutory dues including Income-tax,
Service -tax, and any other statutory dues with the appropriate
authorities. There was no arrears as at 31st March 2013, for a period
of more than six months from the date of becoming payable.
(b) There are no disputed statutory dues payable which have not been
deposited.
(x) The company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses in such financial year
and in the financial year immediately preceding such financial year
also;
(xi) Based on our audit procedures and according to the information and
explanations given to us, the company has not defaulted in repayment of
dues to financial institutions or banks.
(xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) In our opinion and according to the information and explanations
given to us, the company is not a chit fund/ Nidhi/ mutual benefit
fund/society.
(xiv) The Company has maintained proper records of transactions in
respect of trading in shares, debentures and other securities and
timely entries has been made therein. The investments are held by the
Company in its own name.
(xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
(xvi) The Company has not taken any term loan during the year.
(xvii) On the basis of information received from the management and
based on our examination of the balance sheet of the company as at 31st
March 2013, we are of the opinion that there are no funds raised on
short-term basis that have been used for long-term investment.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered in the Register maintained under
section 301 of Companies Act 1956.
(xix) The company has not issued debentures during the year.
(xx) The company has not raised any money by public issues during the
year.
(xxi) In our opinion and according to the information and explanations
given to us, no material fraud on or by the Company has been noticed or
reported during the year.
For Bahety & Goenka
Chartered Accountants
Firm Registration Number: 31711 IE
RAJENDRA KUMAR BAHETY
Kolkata Partner
Date 30/05/2013 Membership Number: 053255
Mar 31, 2012
1. We have audited the attached Balance Sheet of DAULAT SECURITIES
LIMITED as at March 31, 2012, the statement of Profit & Loss and the
Cash Flow Statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Companies
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 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 (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, we enclose in the Annexure a
statement on the matters specified in Paragraphs 4 & 5 of the said
Order.
4. Further to our comments in the Annexure referred to in Paragraph 3
above, we report that:-
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the 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 & 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 & Loss and
Cash Flow Statement dealt with by this report are in compliance with
the accounting standards referred to in sub-section (3C) of Section 211
of the Companies Act 1956.
e) On the basis of written representation received from the Directors
as on March 31, 2012 and taken on record by the Board of Directors, we
report that none of the Directors is disqualified as on March 31, 2012
from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act,1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Significant Accounting Policies and notes thereon give the information
required by the Companies Act 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
i) In the case of Balance Sheet of the state of affairs of the Company
as at March 31, 2012; ii) In the case of the statement of Profit & Loss
of the Profit for the year ended on that date; and
iii) In the Cash Flow Statement, of the cash flows for the year ended
on that date.
Annexure to the Auditor's Report
The Annexure referred to in our report to the members of the Daulat
Securities Limited for the year ended 31st March 2012. We report that:
(i) (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 its
fixed assets; and no material discrepancies were noticed on such
verification.
(c) Office premises having written down value of Rs 13,41,461 have been
disposed of during the year for Rs 90 Lakhs. The Company has taken
another premise on rent on temporarily basis pending
erection/completion of new office building. It has not affected the
Going Concern Principle.
(ii) (a)The physical verification of inventory has been conducted at
reasonable intervals by the management;
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c)The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
(iii) (a) The Company has granted unsecured loans to Companies, firms
or other parties, which are not covered in the register maintained
under Section 301 of the Companies Act 1956.
(b) The rate of interest and other terms and conditions of unsecured
loans given by the company, are prima facie not prejudicial to the
interest of the company;
(c)The principal amounts are received as per stipulations and the
parties are also regular in payment of interest.
(d) In respect of said loans there is no overdue amount of more than
one lakh or more. But there is overdue amount with respect of interest
which has not fallen due on 31/03/2012.
(iv)In our opinion and according to the information and explanations
given to us there is an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventory and fixed assets and for the
sale of goods. We have not observed any continuing failure to correct
major weaknesses in internal control system.
(v) (a) In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
referred to in section 301 of the Act have been so entered in the
register be maintained under that section;
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the Register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rs.5 lakhs in
respect of each party during the year have been made at prices which
appear reasonable as per information available with the Company.
(vi) According to the information and explanations given to us, the
Company has not accepted any deposits from the public. Therefore, the
provisions of Clause (vi) of paragraph 4 of the Order are not
applicable to the Company.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and nature of its business.
(viii)The rules relating to maintenance of cost records under Section
209(l)(d) of the Companies Act 1956 is not applicable to the Company.
Since it is a brokerage Company.
(ix)(a) According to the information and explanations given to us and
on basis of our examination of records of the company, the company is
regular in depositing undisputed statutory dues including Income-tax,
Service -tax, and any other statutory dues with the appropriate
authorities. There was no arrears as at 31st March 2012, for a period
of more than six months from the date of becoming payable.
(b) There are no disputed statutory dues payable which have not been
deposited.
(x)The company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses in such financial year
and in the financial year immediately preceding such financial year
also;
(xi)Based on our audit procedures and according to the information and
explanations given to us, the company has not defaulted in repayment of
dues to financial institutions or banks.
(xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities,
(xiii) In our opinion and according to the information and explanations
given to us, the company is not a chit fund/Nidhi/mutual benefit
fund/society.
(xiv) The Company has maintained proper records of transactions in
respect of trading in shares, debentures and other securities and
timely entries has been made therein. The investments are held by the
Company in its own name.
(xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
(xvi) The Company has not taken any term loan during the year.
(xvii) On the basis of information received from the management and
based on our examination of the balance sheet of the company as at 31st
March 2012, we are of the opinion that there are no funds raised on
short-term basis that have been used for long-term investment and vice
versa.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered in the Register maintained under
section 301 of Companies Act 1956.
(xix) The company has not issued debentures during the year.
(xx) The company has not raised any money by public issues during the
year.
(xxi) In our opinion and according to the information and explanations
given to us, no material fraud on or by the Company has been noticed or
reported during the year.
For Bahety & Goenka
Chartered Accountants
Firm Registration Number: 317111E
RAJENDRA KUMAR BAHETY
Partner Membership Number: 053255
Kolkata
Date: 30th May 2012
Mar 31, 2010
We have audited the attached Balance Sheet of DAULAT SECURITIES LIMITED
as at March 31,2010, and also the Profit and Loss Account and the Cash
Flow Statement for the year ended on that date. These financial
statements are the responsibility of the Companys management. Our
responsibility is to express an opinion on this financial statements
based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform our
audit to obtain reasonable assurance about whether the financial
statements are free from material misstatements. An audit also includes
examination on a test basis of 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 financial
statements presentation. We believe that our audit provide a reasonable
basis for our opinion.
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, we enclose in the annexure a statement on
the matters specified in paragraphs 4 and 5 of the said order.
We further reports that:
1) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of
audit;
2) 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;
3) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the Books of Account;
4) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the requirements
of the Accounting Standards referred to in subsection (3C) of Section
211 of the Companies Act, 1956;
5) On the basis of the written representations received from the
directors and taken on record by the Board of Directors, we report that
none of the director is disqualified as on March,31,2010 from being
appointed as director in terms of clause (g) of subsection (1) of
Section 274 of the Companies Act, 1956;
6) 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 also
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 31,2010;
b) in the case of the Profit and Loss Account, of the Profit for the
year ended on that date; and
c) in the case of the Cash Row Statement, of the cash flows for the
year ended on that date.
7) To the members of Daulat Securities Limited. (Referred to in 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 assets have been physically verified by the
management, which in our opinion is reasonable, considering the size
and the nature of its business. The frequency of verification is
reasonable and no material discrepancies have been noticed on such
physical verification.
c) During the year, the company has not disposed off any substantial /
Major part of Fixed Assets.
II
a) The inventories have been physically verified by the management
during the year at reasonable intervals.
b) The procedures of physical verification of the inventories followed
by the management are reasonable and adequate in relation to the size
of the Company and nature of its business.
c) The Company has maintained proper records of inventories and
discrepancies noticed on physical verification of inventories as
compared to book records were not material.
Ill
a) The Company had granted unsecured loans to Companies, firms or other
parties, which are not covered in the register maintained under Section
301 of the Companies Act, 1956.
b) The rate of interest and other terms and conditions in respect of
unsecured loans given by the Company, are in our opinion, prima facie
not prejudicial to the interest of the company;
c) In respect of such loans given by the Company, where stipulations
have been made, the parties generally repaid the principal amounts as
stipulated and have been regular in payment of interest, where
applicable.
d) As informed the Company has not taken any loans, secured or
unsecured from Companies, Firms or other parties covered in the
register maintained under section 301 of The Companies Act 1956.
IV) In our opinion and according to the information and explanation
given to us there are adequate internal control procedures commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventories, fixed assets and for the sale of goods.
Further we have neither come across nor have we been informed of any
instance of major weakness in the aforesaid internal control system
V) The transactions made in pursuance of contracts or arrangements,
that need to be entered into the register maintained under Section 301
of the Companies Act, 1956 have been so recorded in the requisite
register;
a) There are transactions of purchase and sale of goods, materials and
services made in pursuance of contracts or arrangements entered in the
register maintained under Section 301 of the Companies Act, 1956
aggregating during the year to Rs.5,00,000/- or more in respect of each
party. These transactions have been done at prevailing Market prices
(refer notes).
VI) The Company has not accepted any deposit from the public.
VII) The Company has an adequate internal audit system commensurate
with its size and nature of its business.
VIII) We have broadly reviewed the books of account maintained by the
company pursuant to the rules made by the central government for the
maintenance of cost records under section 209(1 )(d) of the companies
act.
IX) According to the records of the Company, the Company is regular in
depositing undisputed statutory dues in respect of Income Tax, Service
Tax and other statutory dues with appropriate authorities. According to
the information and explanations given to us, there are no undisputed
amounts payable in respect of such statutory dues, which have remained
outstanding as at March31, 2010 for a period more than six months.
X) The Company has no accumulated losses and has not incurred cash
losses in the current financial year and in the immediately preceding
financial year.
XI) The company has not defaulted in repayment of its dues to banks.
XII) The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures or other securities.
XIII) The provisions of any Special Statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund/Societies are not applicable to the
Company.
XIV) The Company has maintained proper records of transactions in
respect of trading in shares, debentures and other securities and
timely entries have been made therein. The investments are held by the
Company in its own name.
XV) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions.
XVI) The Company has not taken any term loan during the year.
XVII) On the basis of our examination of the Cash Flow Statement, the
funds raised on short term basis have not been used for long term
investments, as they have been financed out of internal accruals. The
Company has not raised long-term funds during the year and hence the
use of such funds for short-term investments does not arise.
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 during the year.
XIX) The company did not have any outstanding debentures during the
year.
XX) The Company has not raised any money by way of public issues during
the year.
XXI) On the basis of our examination 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 BAHETY & GOENKA
Chartered Accountants
Place : Kolkata R.K.BAHETY
Date: 24th June 2010 Partner
Membership No-53255