Mar 31, 2015
We have audited the accompanying standalone financial statements of
Decillion Finance Limited (the Company), which comprise the Balance
Sheet as at March 31, 2015, the Statement of Profit and Loss and the
Cash Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 (the Act) with respect to
the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
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 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 aforesaid financial statements, give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India;
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
(b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date;
(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:
As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government in terms of Section 143 (11)
of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 3 and 4 of the Order.
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 Cash Flow
Statement dealt with by this Report are in agreement with the books of
account
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Companies
Act, 2013.
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and auditors)
Rules, 2015, in our opinion and to the best of our information and
according to the explanations given to us:
i. In our opinion and as per the information and explanation provided
to us, the Company has no impact to be disclosed on pending litigations
on its financial position in its financial statement;
ii. In our opinion and as per the information and explanation provided
to us, the Company has not entered into any long term contracts
including derivative contracts, requiring provision under applicable
laws or accounting standards, for material foreseeable losses.
iii. There has been no delay in transferring amounts required to be
transferred, to the Investor Education and Protection Fund by the
Company.
The Annexure referred to in our report to the members Decillion Finance
Limited on accounts of the company for the year ended on March 31,
2015.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. Based on our scrutiny of the Company's Books of Accounts and other
records and according to the information and ex- plantations received
by us from the Management, we are of the opinion that the question of
commenting on the maintenance of proper records of fixed assets and
physical verification of fixed assets does not arise since the Company
had no fixed assets as on 31.03.2015.
2. In respect of its inventories:
(a) The inventories have been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) In our view and according to the information and explanations given
to us, 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) The Company has maintained proper records of inventories. As per
the information and explanation given to us, no material discrepancies
were noticed on
3. As informed to us the Company has not granted any loans, secured or
unsecured, to companies, firms or other parties listed in the register
maintained under Section 189 of the Companies Act, 2013. Therefore
Clauses 3(iii), (iii)(a) and (iii)(b) of the said Order are not
applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, the Company has an adequate internal control system
commensurate with its size and the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in such internal control
system.
5. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposit from the public.
Therefore, the provisions of Clause (v) of paragraph 3 of the CARO 2015
are not applicable to the Com- pany.
6. The provisions of clause 3(vi) of the Companies (Auditor's Report)
Order, 2015 pertaining to maintenance of cost records are not
applicable to the Company as it is not covered by the Companies (Cost
Records and Audit) Rules, 2014.
7. In respect of statutory dues :
(a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Employees' State Insurance, Income Tax, Sales
Tax, Wealth Tax, Service Tax, duty of Customs, Duty of Excise, Value
Added Tax, Cess and other material statutory dues have been generally
regularly deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at March 31, 2015
for a period of more than six months from the date of becoming payable.
(b) According to the information and explanations given to us, there
are no material dues of income tax or sales tax or wealth tax or
service tax or duty of customs or duty of excise or value added tax or
cess which have not been de- posited with the appropriate authorities
on account of dispute under the provisions of Clause (vii) (b) of
paragraph 3 of the CARO 2015 are not applicable to the Company.
(c) According to the information and explanations given to us, no
amount was required to be transferred to Investor Education &
Protection Fund in accordance with the relevant provisions of the Act.
8. The Company has accumulated losses at the end of the financial
year. The Company has not incurred cash losses during the financial
year covered by the audit and in the immediately preceding financial
year.
9. Based on our audit procedures and 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, banks and
debenture holders.
10. The Company has not given any guarantee for loans taken by others
from banks and financial institutions. According to the information and
explanations given to us, we are of the opinion that the terms and
conditions thereof are not prima facie prejudicial to the interest of
the Company.
11. The Company did not have any term loans outstanding during the
year.
12. In our opinion and according to the information and explanations
given to us, no fraud by the Company and no material fraud on or by the
Company has been noticed or reported during the course of our audit.
For S. K. Rungta & Co.
Chartered Accountants
FRN: 308081E
Sushil Kumar Rungta
Place: Kolkata (Proprietor)
Date : 30/05/2015 Membership No. 13860
Mar 31, 2014
We have audited the accompanying financial statements of Decillion
Finance Limited ('the Company') which comprise the Balance Sheet as at
March 31, 2014, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
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"). 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 purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Decillion Finance Limited on the accounts of the
company for the year ended 31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. Based on our scrutiny of the Company's Books of Accounts and other
records and according to the information and explanations received by
us from the Management, we are of the opinion that the question of
commenting on the maintenance of proper records of fixed assets,
physical verification of fixed assets and any substantial sale thereof
does not arise since the Company had no fixed assets as on 31.03.2014.
2. (a) As explained to us, stock of shares and securities have been
physically verified during the year by the management at reasonable
intervals.
(b) In our opinion and according to the information and explanations
given to us, 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) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of sub clauses
(b), (c) and (d) of the order are not applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories and payment for expenses &
for sale of goods. During the course of our audit, no major instance of
continuing failure to correct any weaknesses in the internal controls
has been noticed.
5. a) Based on the audit procedures applied by us and the information
and explanations provided by the Management, we are of the opinion that
the Company has not entered into any contract or arrangement referred
to in section 301 of the Companies Act, 1956.
b) As per information & explanations given to us and in our opinion,
the transactions entered into by the company with parties covered u/s
301 of the Act does not exceeds Five Lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. According to the information and explanations provided by the
Management, the provisions of section 209(1) (d) of the Companies Act,
1956 do not apply to the Company.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, 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, 2014 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company has accumulated losses at the end of the financial year
which is less than fifty percent of its net worth and however, it has
not incurred cash losses in such financial year covered by our audit
and the immediately preceding Financial Year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not borrowed from Financial Institution, Bank or
Debentures.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor's Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Securities & other Investments. Proper records &
timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loan
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor we have been informed
of such case by the management.
For S. K. Rungta & Co.
Chartered Accountants
FRN.308081E
Place: Kolkata S. K. Rungta
Date: 30.05.2014 Proprietor
Membership No.: 013860
Mar 31, 2013
We have audited the accompanying financial statements of Decillion
Finance Limited ('the Company') which comprise the Balance Sheet as at
March 31, 2013, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
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"). 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, 2013;
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 purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Decillion Finance Limited on the accounts of the
company for the year ended 31st March, 2013.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. Based on our scrutiny of the Company's Books of Accounts and other
records and according to the information and explanations received by
us from the Management, we are of the opinion that the question of
commenting on the maintenance of proper records of fixed assets,
physical verification of fixed assets and any substantial sale thereof
does not arise since the Company had no fixed assets as on 31.03.2013.
2. (a) As explained to us, stock of shares and securities have been
physically verified during the year by the management at reasonable
intervals.
(b) In our opinion and according to the information and explanations
given to us, 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) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of sub clauses
(b), (c) and (d) of the order are not applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories and payment for expenses &
for sale of goods. During the course of our audit, no major instance of
continuing failure to correct any weaknesses in the internal controls
has been noticed.
5. a) Based on the audit procedures applied by us and the information
and explanations provided by the Management, we are of the opinion that
the Company has not entered into any contract or arrangement referred
to in section 301 of the Companies Act, 1956.
b) As per information & explanations given to us and in our opinion,
the transactions entered into by the company with parties covered u/s
301 of the Act does not exceeds Five Lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. According to the information and explanations provided by the
Management, the provisions of section 209(1)(d) of the Companies Act,
1956 do not apply to the Company.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, 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, 2013 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company has accumulated losses at the end of the financial year
which is less than fifty percent of its net worth and however, it has
not incurred cash losses in such financial year covered by our audit
and the immediately preceding Financial Year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not borrowed from Financial Institution, Bank or
Debentures.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor's Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Securities & other Investments. Proper records &
timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loan
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor we have been informed
of such case by the management.
For S. K. Rungta & Co.
Chartered Accountants
FRN:308081E
S. K. Rungta
Place: Kolkata (Proprietor)
Date: 30/05/2013 Membership No. : 013860
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s Decillion Finance
Limited as at 31st March, 2012 and also the Statement of Profit & Loss
and Cash Flow Statement of the Company 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 have 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 presentation of the
financial statements. We believe that our audit provides a reasonable
basis for our opinion.
Further, we report that:
1. We have obtained all the information and explanation which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
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 such
Books.
3. The Balance Sheet and Statement of Profit & Loss referred to in
this Report are in agreement with the Books of Accounts and in our
opinion, are prepared in compliance of the applicable Accounting
Standards referred under Section 211 (3C) of the Companies Act, 1956.
4. Based on representations made by the Directors of the Company and
the information and explanations given to us, none of the Directors of
the Company is, as at 31st March, 2012, disqualified from being
appointed as Director of the Company in terms of Clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956.
5. In our opinion and to the best of the 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 :
i) in so far as it relates to the Balance Sheet, of the State of
Affairs of the Company as at 31st March, 2012; and
ii) in so far as it relates to the Statement Profit & Loss, of the
Profit of the Company for the year ended on that date;
iii) In the case of the Cash Flow Statement, of the Cash Flows for the
year ended on that date.
6. 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 in terms of information and explanations given
to us and also on the basis of such checks as we considered
appropriate, we further state that:
i) Based on our scrutiny of the Company's Books of Accounts and other
records and according to the information and explanations received by
us from the Management, we are of the opinion that the question of
commenting on the maintenance of proper records of fixed assets,
physical verification of fixed assets and any substantial sale thereof
does not arise since the Company had no fixed assets as on 31.03.2012.
ii) In our opinion and according to the information and explanations
given to us, the management has conducted Physical Verification of
Stock of Shares and Securities at reasonable intervals. In our opinion
procedures for physical verification of stocks followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business. The Company has maintained
proper records of Stocks. No material discrepancies have been noticed
on physical verification of stocks as compared to book records.
iii) The Company has neither taken or nor granted any loan secured or
unsecured, from / to Companies, Firms or Parties listed in the Register
maintained u/s 301 of the Companies Act, 1956.
iv) In our opinion and according to the information and explanations
given to us, there are adequate Internal Control system commensurate
with the size of the Company and natures of its business with regard to
Purchase and Sale of Stocks and Securities. During the course of our
audit, no major weakness has been noticed in the internal controls.
v) a) Based on the audit procedures applied by us and the information
and explanations provided by the Management, we are of the opinion that
the Company has not entered into any contract or arrangement referred
to in section 301 of the Companies Act, 1956.
b) According to the information and explanations given to us, no
Purchase and Sale of Shares and Securities valued in excess of Rs.
500000/- have been made in pursuance of contracts or arrangements
entered in the Register maintained under Section 301 of the Companies
Act, 1956 which may be prejudicial to the interest of the Company.
vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposit from the Public
within the meaning of Section 58A, 58AA or any other relevant
provisions of the Companies Act, 1956 and the Rules framed there under.
vii) In our opinion and according to the information and explanations
given to us, the Company has adequate Internal Audit System,
commensurate with the size and nature of its business.
viii) According to the information and explanations provided by the
Management, the provisions of section 209(1)(d) of the Companies Act,
1956 do not apply to the Company.
ix) a) According to the records of the Company, the company is regular
in depositing with the appropriate authorities undisputed statutory
dues including Income Tax, Wealth Tax, Sales Tax, Customs Duty and
Excise Duty and/ or other statutory dues, if any, applicable to it.
b) According to the information and explanations given to us, no
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees' State Insurance, Income Tax, Wealth
Tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, Cess were
outstanding as at March 31, 2012 for a period of more than six months
from the date they became payable. There are no dues of Income Tax,
Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess
which have not been deposited on account of any dispute.
x) The Company has accumulated losses at the end of the financial year
which are less than fifty percent of its net worth and however, it has
not incurred cash losses in such financial year covered by our audit
and the immediately preceding Financial Year.
xi) According to the records of the Company, the Company has not
borrowed from Financial Institutions or Banks or issued debentures till
31.03.2012.
xii) According to the records of the Company, the Company has not
granted any loans and advances on the basis of security by way of
pledge of shares, debentures or other securities.
xiii) In our opinion, the Company is not a chit fund/ nidhi/ mutual
benefit fund/ society. Therefore, the provisions of clause (xiii) of
Paragraph 4 of the Order are not applicable to the Company.
xiv) On the basis of examination of the Company's records, we are of
the opinion that the Company is maintaining adequate records regarding
transactions and contracts regarding its trading activities in shares,
securities, debentures and other investments and timely entries have
been made therein. All shares and securities have been held by the
Company in its own name except few shares held in the name of director
of the Company for obtaining credit facilities from Bank. The Company
has disclosed the same in the schedules forming an integral part of the
financial statements. In our opinion, the terms and conditions thereof
are not prima facie prejudicial to the interest of the Company.
xv) According to the information and explanation given by the
management, the company has not given any guarantee for loans taken by
others from banks /financial institutions.
xvi) According to the records of the Company, the Company has not
obtained any Term Loan.
xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investment by the Company.
xviii) Based on our examination of records and the information provided
to us by the Management, we report that the Company has not made
Preferential Allotment of Shares to parties and Companies covered in
the Register maintained under section 301 of the Companies Act, 1956.
In our opinion, the allotment of securities has been made on such terms
which are prima facie not prejudicial to the interest of the Company.
xix) According to the records of the Company, the Company has not
issued any debentures, hence, no security or charge has been created so
far.
xx) The company has not raised any money by public issues during the
period covered by our Audit Report.
xxi) 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 S. K. Rungta & Co.
Chartered Accountants
FRN.308081E
Sd/-
Place: Kolkata (S. K. Rungta)
Date : 30.06.2012 Proprietor
Membership No.013860
Mar 31, 2011
1. We have audited the attached Balance Sheet of M/s Decillion Finance
Limited as at 31st March, 2011 and also the Profit & Loss Account of
the Company 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 have 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 presentation of the
financial statements. We believe that our audit provides a reasonable
basis for our opinion.
Further, we report that:
1. We have obtained all the information and explanation which to the
best of our knowledge and belief were necessary for the purpose of our
audit
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 such
Books.
3. The Balance Sheet and Profit & Loss Accounts referred to in this
Report are in agreement with the Books of Accounts and in our opinion,
are prepared in compliance of the applicable Accounting Standards
referred under Section 211 ( 3C) of the Companies Act, 1956.
4. Based on representations made by the Directors of the Company and
the information and explanations given to us, none of the Directors of
the Company is, as at 31st March, 2011, disqualified from being
appointed as Director of the Company in terms of Clause (g) of
sub-section (1) of Section 274 of the Companies Act. 1956.
5. In our opinion and to the best of the 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 :
i) in so far as it relates to the Balance Sheet, of the State of
Affairs of the Company as at 31st March, 2011; and
ii) in so far as it relates to the Profit & Loss Account, of the Profit
the Company for the year ended on that date;
iii) In the case of the Cash Flow Statement, of the Cash Flows for the
year ended on that date.
6. 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 in terms of information and explanations
given, to us and also on the basis of such cheeks as we considered
appropriate, we further state that:
i) Based on our scrutiny of the Company's Books of Accounts and other
records and according to the information and explanations received by
us from the Management, we are of the opinion that the question of
commenting on the maintenance of proper records of fixed assets,
physical verification of fixed assets and any substantial sale thereof
does not arise since the Company had no fixed assets as on 31.03.2011.
ii) In our opinion and according to the information and explanations
given to us, the management has conducted Physical Verification of
Stock of Shares and Securities at reasonable intervals. In our opinion
procedures for physical verification of stocks followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business. The Company has maintained
proper records of Stocks. No material discrepancies have been noticed
on physical verification of stocks as compared to book records.
iii) The Company has neither taken or nor granted any loan secured or
unsecured, from / to Companies, Firms or Parties listed in the Register
maintained u/s 301 of the Companies Act, 1956.
iv) In our opinion and according to the information and explanations
given to us, there are adequate Internal Control system commensurate
with the size of the Company and natures of its business with regard to
Purchase and Sale of Stocks and Securities. During the course of our
audit, no major weakness has been noticed in the internal controls.
v) Based on the audit procedures applied by us and the information and
explanations provided by the Management, we are of the opinion that the
Company has not entered into any contract or arrangement referred to in
section 301 of the Companies Act, 1956.
vi) According to the information and explanations given to us, no
Purchase and Sale of Shares and Securities valued in excess of Rs.
500000/- have been made in pursuance of contracts or arrangements
entered in the Register maintained under Section 301 of the Companies
Act, 1956 which may be prejudicial to the interest of the Company.
vii) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposit from the Public
within the meaning of Section 58A, 58AA or any other relevant
provisions of the Companies Act, 1956 and the Rules framed there under.
viii) In our opinion and according to the information and explanations
given to us, the Company did not require Internal Audit System.
ix) According to the information and explanations provided by the
Management, the provisions of section 209(1)(d) of the Companies Act
1956 do not apply to the Company.
x) According to the records of the Company, the company is regular in
depositing with the appropriate authorities undisputed statutory dues
including Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise
Duty and/ or other statutory dues, if any, applicable to it.
xi) According to the information and explanations given to us, no
undisputed statutory' dues including Provident Fund, Investor Education
and Protection Fund, Employees' State Insurance, Income Tax, Wealth
Tax, Sales Tax. Service Tax, Customs Duty, Excise Duty, Cess were
outstanding as at March 31, 2011 for a period of more than six months
from the date they became payable. There are no dues of Income Tax,
Sales Tax, Wealth Tax, Service Tax, Customs Duty. Excise Duty, Cess
which have not been deposited on account of any dispute.
xii) The Company has accumulated losses at the end of the financial
year which are less than fifty percent of its net worth and however, it
has not incurred cash losses in such financial year covered by our
audit and the immediately preceding Financial Year.
xiv) According to the records of the Company, the Company has not
granted any loans and advances on the basis of security by way of
pledge of shares, debentures or other securities.
xv) On the basis of examination of the Company's records, we are of the
opinion that the Company is maintaining adequate records regarding
transactions and contracts regarding its trading activities in shares,
securities, debentures and other investments and timely entries have
been made in this regards, and they have been held by the Company in
its own name.
xvi) According to the information and explanation given by the
management, the company has not given any guarantee for loan taken by
the others from banks /financial institutions.
xvii) According to the records of the Company, the Company has not
obtained any Term Loan.
xviii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investment by the Company.
xix) Based on our examination and the information provided to us by the
Management, we report that the company has not made Preferential
Allotment of Shares to parties and Companies covered in the Register
maintained under section 301 of the Companies Act -1956:
xx) According to the records of the Company, the Company has not issued
any debentures, hence, no security or Charge has been created so far.
xxi) The company has not raised any money by public issues during the
period covered by our Audit Report.
xxii) 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 course of our audit.
7. As required by the Non-Banking Financial Companies Auditors' Report
(Reserve Bank) Directions, 1998 we report as follows:
a) The Company has received Registration Certificate bearing No.
B.05.02770 from the Reserve Bank India u/s 45LA of the RBI Act, 1934.
b) The Board of Directors has passed a resolution for the
non-acceptance of any Public Deposit
c) The Company has not accepted any Public Deposit during the year.
d) The Company has complied with the provisions of the NBFC Prudential
Norms (R.B.I.) Directions, 1998 relating to Income Recognition,
Accounting Standards, Asset Classification, and Provisioning of Bad and
Doubtful Debts as applicable to it.
for S. K. Rungta & Co.
Chartered Accountants
FRN.308081E
(S.K. Rungta)
Proprietor
Membership No.013860
Place: Kolkata
Date : 30.06.2011