Mar 31, 2014
We have audited the accompanying financial statements of EASY FINCORP
LIMITED, which comprise the Balance Sheet as at 31st March , 2014, 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 Financial Statements
The Company''s 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.
Auditors'' 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 the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the 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 the 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 31st March, 2014;
(b) in the case of the Statement of Profit and Loss, of the Profit of
the Company for the year ended on that date, and
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
3. In our opinion, the Balance Sheet, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Act.
4. On the basis of the written representations received from the
directors as on 31st March, 2014 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.
(Referred to in paragraph 1 of the Independent Auditors'' Report of even
date to the
Shareholders of EASY FINCORP LIMITED) on the accounts for the year
ended on March 31,2014)
(i) The company does not have any fixed assets and therefore, the
provisions of clause (i) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the company.
(ii) The company does not have any inventories and therefore, the
provisions of clause (ii) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the company.
(iii) (a) The company has not granted unsecured loans to any parties
covered in the register maintained under section 301 of the Act and
therefore sub- clause (a) to (d) of clause (iii) of the order is not
applicable to the company.
(b) The company has not taken unsecured loans from any parties covered
in the register maintained under section 301 of the Act any and
therefore sub-clause (e) to (g) of clause (iii) of the order is not
applicable to the company.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods.
(v) There were no transactions that need to be entered in the register
maintained in pursuance of Section 301 of the Companies Act, 1956 and
therefore clause (v) of the order is not applicable to the company.
(vi) The company has not accepted deposits from the public as envisaged
in the provisions of sections 58A and 58AA of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975.
(vii) The company has an in-house internal audit system, commensurate
with the size and nature of its business.
(viii) As per the information and explanation provided to us, the
maintenance of Cost records has not been prescribed by the Central
Government under section 209 (1) (d) of the Companies Act, 1956.
(ix) (a) As per the records produced before us, the company was regular
in depositing with appropriate authorities undisputed statutory dues
including provident fund, employees'' state insurance, income tax, sales
tax, customs duty, excise duty, cess and other material statutory dues
applicable to it.
(b) On the basis of the books and records and according to the
information and explanations given to us, there were no disputed
amounts payable in respect of income tax, sales tax, cess etc. that
needed to be deposited with the appropriate authorities
(x) The company has accumulated losses at the end of the financial year
in excess of fifty percentage of its net-worth. The company has
incurred cash profit during the financial year covered by our audit and
in the immediate preceding financial year.
(xi) The company has not taken any loans from banks, financial
institutions or on debentures. Therefore, the provisions of clause 4
(xi) of the Companies (Auditor''s Report) Order, 2003 are not applicable
to the company.
(xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Therefore, the provisions of clause 4 (xii) of the Companies (Auditor''s
Report) Order, 2003 are not applicable to the company.
(xiii) In our opinion, the company is not a chit fund or a nidhi/
mutual benefit fund/ society. Therefore, the provisions of clause 4
(xiii) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
(xiv) The company is not trading in shares, securities, debentures and
other investments. Therefore, the provisions of clause 4 (xiv) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
(xv) As per the information furnished to us, the company has not given
guarantees for loans taken by others from banks and financial
institutions. Accordingly, the provisions of clause 4(XV) of the
companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
(xvi) The company has not taken any term loan during the year.
Accordingly, the provisions of clause 4 (xvi) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
(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 the no funds raised on short-term basis have been used for
long-term investment. No long-term funds have been used to finance
short-term assets except permanent working capital.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered under section 301 of the Act.
Accordingly clause 4 (xviii) of the Companies (Auditor''s Report) Order,
2003 is not applicable to the company.
(xix) The company has not issued debentures against the security.
Therefore, the provisions of clause 4 (xix) of the Companies (Auditor''s
Report) Order, 2003 are not applicable to the company.
(xx) The company has not raised any additional capital during the year
under review. Accordingly, the provisions of clause 4(xx) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
FOR U. B. SURA & CO.,
CHARTERED ACCOUNTANTS
FR NO: 110620W
Sd/-
PLACE: MUMBAI U.B.SURA
DATED: 28.05.2014 PROPRIETOR
MEMBERSHIP NO: 32026
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of EASY FINCORP
LIMITED, which comprise the Balance Sheet as at 31st March , 2013, 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 Financial Statements
The Company''s 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.
Auditors'' 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 the
ethical requirements and pian and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of materia! misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the interna! 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 the 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 31st March, 2013;
(b) in the case of the Statement of Profit and Loss, of the Profit of
the Company for the year ended on that date, and
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
3. In our opinion, the Balance Sheet, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in sub- section (3C) of section 211 of the Act.
4. On the basis of the written representations received from the
directors as on 31st March, 2013 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2013
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in paragraph 1 of the Independent Auditors'' Report of even
date to the Shareholders of EASY FINCORP LIMITED) on the accounts for
the year ended on March 31, 2013)
(i) The company does not have any fixed assets and therefore, the
provisions of clause (i) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the company.
(ii) The company does not have any inventories and therefore, the
provisions of clause (ii) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the company.
(iii) (a) The company has not granted unsecured loans to any parties
covered in the register maintained under section 301 of the Act and
therefore sub- clause (a) to (d) of clause (iii) of the order is not
applicable to the company.
(b) The company has not taken unsecured loans from any parties covered
in the register maintained under section 301 of the Act any and
therefore sub-clause (e) to (g) of clause (iii) of the order is not
applicable to the company.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate interna! control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods.
(v) There were no transactions that need to be entered in the register
maintained in pursuance of Section 301 of the Companies Act, 1956 and
therefore clause (v) of the order is not applicable to the company.
(vi) The company has not accepted deposits from the public as envisaged
in the provisions of sections 58A and 58AA of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975.
(vii) The company has an in-house internal audit system, commensurate
with the size and nature of its business.
(viii) As per the information and explanation provided to us, the
maintenance of Cost records has nor been prescribed by the Central
Government under section 209 (1) (d) of the Companies Act, 1956.
(ix) (a) As per the records produced before us, the company was regular
in depositing with appropriate authorities undisputed statutory dues
including provident fund, employees'' state insurance, income tax, sales
tax, customs duty, excise duty, cess and other material statutory dues
applicable to it.
(b) On the basis of the books and records and according to the
information and explanations given to us, there were no disputed
amounts payable in respect of income tax, sales tax, cess etc. that
needed to be deposited with the appropriate authorities
(x) The company has accumulated losses at the end of the financial year
in excess of fifty percentage of its net-worth. The company has
incurred cash profit during the financial year covered by our audit and
in the immediate preceding financial year.
(xi) The company has not taken any loans from banks, financial
institutions or on debentures. Therefore, the provisions of clause 4
(xi) of the Companies (Auditor''s Report) Order, 2003 are not applicable
to the company.
(xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Therefore, the provisions of clause 4 (xii) of the Companies (Auditor''s
Report) Order, 2003 are not applicable to the company.
(xiii) In our opinion, the company is not a chit fund or a nidhi/
mutual benefit fund/ society. Therefore, the provisions of clause 4
(xiii) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
(xiv) The company is not trading in shares, securities, debentures and
other investments. Therefore, the provisions of clause 4 (xiv) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
(xv) As per the information furnished to us, the company has not given
guarantees for loans taken by others from banks and financial
institutions. Accordingly, the provisions of clause 4(XV) of the
companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
(xvi) The company has not taken any term loan during the year.
Accordingly, the provisions of clause 4 (xvi) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
(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 the no funds raised on short-term basis have been used for
long-term investment. No long- term funds have been used to finance
short-term assets except permanent working capital.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered under section 301 of the Act.
Accordingly clause 4 (xviii) of the Companies (Auditor''s Report) Order,
2003 is not applicable to the company.
(xix) The company has not issued debentures against the security.
Therefore, the provisions of clause 4 (xix) of the Companies (Auditor''s
Report) Order, 2003 are not applicable to the company.
(xx) The company has not raised any additional capital during the year
under review. Accordingly, the provisions of clause 4(xx) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
FOR U. B. SURA & CO.,
CHARTERED ACCOUNTANTS
FRNO: 110620W
PLACE: MUMBAI U.B.SURA
DATED: 30.05.2013 PROPRIETOR
MEMBERSHIP NO: 32026
Mar 31, 2012
1. We have audited the attached Balance Sheet of EASY FINCORP LIMITED
as at March 31, 2012, the Statement of Profit and Loss and also the
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 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 (Auditors' Report) Order, 2003
issued by the Central Government of India and as amended by
notification dated 25th November 2004, in terms of Section 227 (4A) of
the Companies Act, 1956 we set out 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 above we report
that:
i. 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;
ii. In our opinion, proper books of accounts, as required by law, have
been kept by the Company, so far as appears from our examination of
such books.
iii. The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow are in agreement with the books of accounts as submitted to us;
iv. In our opinion, and to the best of our information the Balance
Sheet and Statement of Profit & Loss comply with the accounting
standards referred to in section 211(3C) of the Companies Act, 1956.
v. Based on the written representations made by the Directors, of the
company, none of the Directors are disqualified as on March 31, 2012
from being appointed as a Director under section 274 (1) (g) of the
Companies Act, 1956.
vi. In our opinion, and to the best of our information and according
to the explanations submitted to us, the said accounts and read
together with the notes thereon gives information required by the
Companies Act, 1956 in the manner so required and give a true and fair
view:-
a. In the case of Balance Sheet, of the state of affairs of the
Company as at March 31,2012 and
b. In the case of the Statement of Profit and Loss of the Profit of
the Company 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.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph 3 of the Auditors' Report of even date to the
Shareholders of EASY FINCORP LIMITED) on the accounts for the year
ended on March 31, 2012)
(i) The company does not have any fixed assets and therefore, the
provisions of clause (i) of the Companies (Auditor's Report) Order,
2003 are not applicable to the company.
(ii) The company does not have any inventories and therefore, the
provisions of clause (ii) of the Companies (Auditor's Report) Order,
2003 are not applicable to the company.
(iii) (a) The company has not granted unsecured loans to any parties
covered in the register maintained under section 301 of the Act and
therefore sub-clause
(a) to (d) of clause (iii) of the order is not applicable to the
company.
(b) The company has not taken unsecured loans from any parties covered
in the register maintained under section 301 of the Act any and
therefore sub- clause (e) to (g) of clause (iii) of the order is not
applicable to the company.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods.
(v) There were no transactions that need to be entered in the register
maintained in pursuance of Section 301 of the Companies Act, 1956 and
therefore clause (v) of the order is not applicable to the company.
(vi) The company has not accepted deposits from the public as envisaged
in the provisions of sections 58A and 58AA of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975.
(vii) The company has an in-house internal audit system, commensurate
with the size and nature of its business.
(viii) As per the information and explanation provided to us, the
maintenance of Cost records has not been prescribed by the Central
Government under section 209 (1) (d) of the Companies Act, 1956.
(ix) (a) As per the records produced before us, the company was regular
in depositing with appropriate authorities undisputed statutory dues
including provident fund, employees' state insurance, income tax,
sales tax, customs duty, excise duty, cess and other material statutory
dues applicable to it.
(b) On the basis of the books and records and according to the
information and explanations given to us, there were no disputed
amounts payable in respect of income tax, sales tax, cess etc. that
needed to be deposited with the appropriate authorities
(x) The company has accumulated losses at the end of the financial year
in excess of fifty percentage of its net-worth. The company has
incurred cash profit during the financial year covered by our audit and
in the immediate preceding financial year.
(xi) The company has not taken any loans from banks, financial
institutions or on debentures. Therefore, the provisions" of clause 4
(xi) of the Companies (Auditor's Report) Order, 2003 are not
applicable to the company.
(xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Therefore, the provisions of clause 4 (xii) of the Companies
(Auditor's Report) Order, 2003 are not applicable to the company.
(xiii) In our opinion, the company is not a chit fund or a nidhi/
mutual benefit fund/ society. Therefore, the provisions of clause 4
(xiii) of the Companies (Auditor's Report) Order, 2003 are not
applicable to the company.
(xiv) The company is not trading in shares, securities, debentures and
other investments. Therefore, the provisions of clause 4 (xiv) of the
Companies (Auditor's Report) Order, 2003 are not applicable to the
company.
(xv) As per the information furnished, to us the company has not given
guarantees for loans taken by others from banks and financial
institutions. Accordingly, the provisions of clause 4(XV) of the
companies (Auditor's Report) Order, 2003 are not applicable to the
company.
(xvi) The company has not taken any term loan during the year.
Accordingly, the provisions of clause 4 (xvi) of the Companies
(Auditor's Report) Order, 2003 are not applicable to the company.
(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 the no funds raised on short-term basis have been used for
long-term investment. No long- term funds have been used to finance
short-term assets except permanent working capital.
(xviii)The company has not made any preferential allotment of shares to
parties and companies covered under section 301 of the Act. Accordingly
clause 4 (xviii) of the Companies (Auditor's Report) Order, 2003 is
not applicable to the company.
(xix) The company has not issued debentures against the security.
Therefore, the provisions of clause 4 (xix) of the Companies
(Auditor's Report) Order, 2003 are not applicable to the company.
(xx) The company has not raised any additional capital during the year
under review. Accordingly, the provisions of clause 4(xx) of the
Companies (Auditor's Report) Order, 2003 are not applicable to the
company.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
FOR U. B. SURA & CO
CHARTERED ACCOUNTANTS
FIRM REG NO 110620 W
Sd/-
PLACE: MUMBAI U.B.SURA
DATED: 30th May, 2012 PROPRIETOR
MEMBERSHIP NO: 32026
Mar 31, 2011
1. We have audited the attached Balance Sheet of EASY FINCORP LIMITED
as at March 31, 2011, the Profit and Loss Account and also the 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 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 (Auditors' Report) Order, 2003
issued by the Central Government of India and as amended by
notification dated 25th November 2004. in terms of Section 227 (4A) of
the Companies Act, 1956 we set out 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 above we report
that:
i. 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;
ii. In our opinion, proper books of accounts, as required by law, have
been kept by the Company, so far as appears from our examination of
such books.
iii. The Balance Sheet, the Profit and Loss Account and the Cash Flow
are in agreement with the books of accounts as submitted to us;
iv. In our opinion, and to the best of our information the Balance
Sheet and Profit & Loss Account comply with the accounting standards
referred to in section 211(3C) of the Companies Act. 1956.
v. Based on the written representations made by the Directors, of the
company, none of the Directors are disqualified as on March 31, 2011
from being appointed as a Director under section 274 (1) (g) of the
Companies Act, 1956.
vi. In our opinion, and to the best of our information and according
to the explanations submitted to us, the said accounts and read
together with the notes thereon gives information required by the
Companies Act, 1956 in the manner so required and give a true and fair
view:-
a. In the case of Balance Sheet, of the state of affairs of the
Company as at March 31, 2011 and
b. In the case of the Profit and Loss Account of the Profit of the
Company 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.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph 3 of the Auditors' Report of even date to the
Shareholders of EASY FINCORP LIMITED) on the accounts for the year
ended on March 31,2011)
(i) The company does not have any fixed assets and therefore, the
provisions of clause (i) of the Companies (Auditor's Report) Order,
2003 are not applicable to the company.
(ii) The company does not have any inventories and therefore, the
provisions of clause (ii) of the Companies (Auditor's Report) Order,
2003 are not applicable to the company.
(iii) (a) The company has not granted unsecured loans to any parties
covered in the register maintained under section 301 of the Act and
therefore sub-clause (a) to (d) of clause (iii) of the order is not
applicable to the company.
(b) The company has not taken unsecured loans from any parties covered
in the register maintained under section 301 of the Act any and
therefore sub- clause (e) to (g) of clause (iii) of the order is not
applicable to the company.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures so as to
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods.
(v) In respect of the transactions that need to be entered in the
register maintained in pursuance of Section 301 of the Companies Act,
1956:
(a) To the best of our knowledge and belief and according to the
information and explanations given to us, transactions that needed to
be entered into the register have been so entered.
(b) According to the information and explanations provided to us, where
each of such transactions (excluding loans reported under paragraph
(iii) above) in excess of the value of Rs.5.001acs in respect of any
such party, the transaction have generally been made at the prices
which are reasonable having regard to the prevailing market price.
(vi) The company has not accepted deposits from the public as envisaged
in the provisions of sections 58A and 58AA of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975.
(vii) The company has an in-house internal audit system, commensurate
with the size and nature of its business.
(viii) As per the information and explanation provided to us, the
maintenance of Cost records has not been prescribed by the Central
Government under section 209 (1) (d) of the Companies Act. 1956.
(ix) (a) As per the records produced before us, the company was regular
in depositing with appropriate authorities undisputed statutory dues
including provident fund, employees' state insurance, income tax,
sales tax, customs duty, excise duty, cess and other material statutory
dues applicable to it.
(b) On the basis of the books and records and according to the
information and explanations given to us, there were no disputed
amounts payable in respect of income tax, sales tax, cess etc. that
needed to be deposited with the appropriate authorities
(x) The company has accumulated losses at the end of the financial year
in excess of fifty percentage of its net-worth. The company has
incurred cash profit during the financial year covered by our audit and
in the immediate preceding financial year.
(xi) The company has not taken any loans from banks, financial
institutions or on debentures. Therefore, the provisions of clause 4
(xi) of the Companies (Auditor's Report) Order, 2003 are not
applicable to the company.
(xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Therefore, the provisions of clause 4 (xii) of the Companies
(Auditor's Report) Order, 2003 are not applicable to the company.
(xiii) In our opinion, the company is not a chit fund or a nidhi/
mutual benefit fund/ society. Therefore, the provisions of clause 4
(xiii) of the Companies ( Auditor's Report) Order, 2003 are not
applicable to the company.
(xiv) The company is not trading in shares, securities, debentures and
other investments. Therefore, the provisions of clause 4 (xiv) of the
Companies (Auditor's Report) Order, 2003 are not applicable to the
company.
(xv) As per the information furnished to us, the company has not given
guarantees for loans taken by others from banks and financial
institutions. Accordingly, the provisions of clause 4(XV) of the
companies (Auditor's Report) Order, 2003 are not applicable to the
company.
(xvi) The company has not taken any term loan during the year.
Accordingly, the provisions of clause 4 (xvi) of the Companies
(Auditor's Report) Order, 2003 are not applicable to the company.
(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 the no funds raised on short-ierm basis have been used for
long-term investment. No long- term funds have been used to finance
short-term assets except permanent working capital.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered under section 301 of the Act.
Accordingly clause 4 (xviii) of the Companies (Auditor's Report)
Order, 2003 is not applicable to the company.
(xix) The company has not issued debentures against the security.
Therefore, the provisions of clause 4 (xix) of the Companies
(Auditor's Report) Order. 2003 are not applicable to the company.
(xx) The company has not raised any additional capital during the year
under review. Accordingly, the provisions of clause 4(xx) of the
Companies (Auditor's Report) Order, 2003 are not applicable to the
company.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
FOR U. B. SURA & CO
CHARTERED ACCOUNTANTS
FIRM REG NO 110620 W
PLACE: MUMBAI U.B.SURA
DATED: 29th August, 2011 PROPRIETOR
MEMBERSHIP NO: 32026
Mar 31, 2010
1. We have audited the attached Balance Sheet of EASY FINCORP LIMITED
as at March 31, 2010, the Profit and Loss Account and also the Cash Flow
Statement of the company for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India and as amended by notification dated
25th November 2004, in terms of Section 227 (4A) of the Companies Act,
1956 we set out 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 above we report
that:
i. 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;
ii. In our opinion, proper books of accounts, as required by law, have
been kept by the Company, so far as appears from our examination of
such books.
iii. The Balance Sheet, the Profit and Loss Account and the Cash Flow
are in agreement with the books of accounts as submitted to us;
iv. In our opinion, and to the best of our information the Balance
Sheet and Profit & Loss Account comply with the accounting standards
referred to in section 211(3C) of the Companies Act, 1956.
v. Based on the written representations made by the Directors, of the
company, none of the Directors are disqualified as on March 31, 2010
from being appointed as a Director under section 274 (1) (g) of the
Companies Act, 1956.
vi. In our opinion, and to the best of our information and according to
the explanations submitted to us, the said accounts and read together
with the notes thereon gives information required by the Companies Act,
1956 in the manner so required and give a true and fair view:-
a. In the case of Balance Sheet, of the state of affairs of the
Company as at March 31, 2010 and
b. In the case of the Profit and Loss Account of the Profit of the
Company 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.
ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 3 of the
Auditors Report of even date to the Shareholders of EASY FINCORP
LIMITED (FORMERLY WEIZMANN FINCORP LIMITED)
on the accounts for the year ended on March 31, 2010)
(i) The company does not have any fixed assets and therefore, the
provisions of clause (i) of the Companies (Auditors Report) Order,
2003 are not applicable to the company.
(ii) The company does not have any inventories and therefore, the
provisions of clause (ii) of the Companies (Auditors Report) Order,
2003 are not applicable to the company.
(iii) (a) The company has not granted unsecured loans to any parties
covered in the register maintained under section 301 of the Act and
therefore sub-clause (a) to (d) of clause (iii) of the order is not
applicable to the company.
(b) The company has not taken unsecured loans from any parties covered
in the register maintained under section 301 of the Act any and
therefore sub- clause (e) to (g) of clause (iii) of the order is not
applicable to the company.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures so as to
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods.
(v) In respect of the transactions that need to be entered in the
register maintained in pursuance of Section 301 of the Companies Act,
1956:
(a) To the best of our knowledge and belief and according to the
information and explanations given to us, transactions that needed to
be entered into the register have been so entered.
(b) According to the information and explanations provided to us, where
each of such transactions (excluding loans reported under paragraph
(iii) above) in excess of the value of Rs.5.001acs in respect of any
such party, the transaction have generally been made at the prices
which are reasonable having regard to the prevailing market price.
(vi) The company has not accepted deposits from the public as envisaged
in the provisions of sections 58A and 58AA of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975.
(vii) The company has an in-house internal audit system, commensurate
with the size and nature of its business.
(viii) As per the information and explanation provided to us, the
maintenance of Cost records has not been prescribed by the Central
Government under section 209 (1) (d) of the Companies Act, 1956.
(ix) (a) As per the records produced before us, the company was regular
in depositing with appropriate authorities undisputed statutory dues
including provident fund, employees state insurance, income tax, sales
tax, customs duty, excise duty, cess and other material statutory dues
applicable to it.
(b) On the basis of the books and records and according to the
information and explanations given to us, there were no disputed
amounts payable in respect of income tax, sales tax, cess etc. that
needed to be deposited with the appropriate authorities
(x) The company has accumulated losses at the end of the financial year
in excess of fifty percentage of its net-worth. The company has
incurred cash profit during the financial year covered by our audit and
in the immediate preceding financial year.
(xi) The company has not taken any loans from banks, financial
institutions or on debentures. Therefore, the provisions of clause 4
(xi) of the Companies (Auditors Report) Order, 2003 are not applicable
to the company.
(xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Therefore, the provisions of clause 4 (xii) of the Companies (Auditors
Report) Order, 2003 are not applicable to the company.
(xiii) In our opinion, the company is not a chit fund or a nidhi/
mutual benefit fund/ society. Therefore, the provisions of clause 4
(xiii) of the Companies (Auditors Report) Order, 2003 are not
applicable to the company.
(xiv) The company is not trading in shares, securities, debentures and
other investments. Therefore, the provisions of clause 4 (xiv) of the
Companies (Auditors Report) Order, 2003 are not applicable to the
company.
(xv) As per the information furnished to us, the company has not given
guarantees for loans taken by others from banks and financial
institutions. Accordingly, the provisions of clause 4(XV) of the
companies (Auditors Report) Order, 2003 are not applicable to the
company.
(xvi) The company has not taken any term loan during the year.
Accordingly, the provisions of clause 4 (xvi) of the Companies
(Auditors Report) Order, 2003 are not applicable to the company.
(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 the no funds raised on short-term basis have been used for
long-term investment. No long- term funds have been used to finance
short-term assets except permanent working capital.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered under section 301 of the Act.
Accordingly clause 4 (xviii) of the Companies (Auditors Report) Order,
2003 is not applicable to the company.
(xix) The company has not issued debentures against the security.
Therefore, the provisions of clause 4 (xix) of the Companies (Auditors
Report) Order, 2003 are not applicable to the company.
(xx) The company has not raised any additional capital during the year
under review. Accordingly, the provisions of clause 4(xx) of the
Companies (Auditors Report) Order, 2003 are not applicable to the
company.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
FOR U.B.SURA&CO
CHARTERED ACCOUNTANTS
FIRM REG NO 110620 W
PLACE: MUMBAI U.B.SURA
DATED: 26th July, 2010 PROPRIETOR
MEMBERSHIP NO: 32026