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Auditor Report of Ekam Leasing & Finance Company Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of M/s Ekam Leasing & Finance Co. Ltd. ("the Company"), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance 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 said Order to the extent applicable, on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us.

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.

Annexure referred to in para (3) of the Auditor''s Report on the accounts of EKAM LEASING AND FINANCE CO. LTD. for the year ended 31st March, 2014.

In our opinion, based on the information and explanations furnished to us and such checks as we considered appropriate in the normal course of our audit, and to the best of our knowledge and belief, we further report that:

1 (a) The company has maintained proper records showing full particulars, including quantative details and situation of fixed assets.

(b) Fixed assets of the company have been physically verified by management as reasonable intervals during the year and no material discrepancies have been noticed on such verification.

(c) No substantial part of fixed assets has been disposed off during the year.

2 (a) The physical verification of shares inventory has been conducted by the management at reasonable intervals during the year. In our opinion the frequency of such verification is reasonable.

(b) Procedure of physical verification of inventories followed by the management are in our opinion, reasonable and adequate

(c) On the basis of our examination of inventory records, we are of the opinion that the company has maintained proper record of inventory. As far as we can ascertain and according to the information and explanations given to us, the discrepancies noticed on physical verification of inventory as compared to book stocks were not material and the same have been properly dealt with in the books of account.

3. The company has neither granted loans nor taken any loans, secured or unsecured to/from companies, firm, or other parties listed in the registers maintained under Section 301 of the Companies Act, 1956.

4. In our opinion and according to the confirmation and explanation given to us there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods. During the course of our audit no major weakness has been noticed in the internal control.

5. According to information and explanation given to us and based on verification of records, in our opinion, there are no transactions exceeding in value rupees five lacks in respect of any party that need to be entered in the register under Section 301 of the Companies Act, 1956.

6. The company has not accepted deposits from the public within the meaning of Section 58A and Section 58AA of the Companies Act, 1956.

7. The company has an internal audit system commensurate with the size of the company and the nature of its business.

8. The Company is not a Sick Industrial Company within the meaning of Clause (0) of Sub- Section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1988.

9. (a) The company has been regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Sales tax, wealth Tax, Custom Duty, Excise Duty, cess and other statutory dues and generally regular in depositing Income tax with the appropriate authorities.

(b) According to the records of the company there are no dues of Sales tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other statutory dues.

10. The Company has accumulated losses of Rs. 65,18,853/- at the end of the reporting Financial Year.

11. The company has not defaulted in repayment of dues to financial institution or bank.

12. 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 nidhi / mutual benefit fund / societies and does not deal or trade in shares, securities, debentures and other investments. Therefore clause (xiii) and (xiv) of paragraph 4 of the Order is not applicable.

14. According to information and explanations provided to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

15. No term loans have been raised during the year.

16. On the basis of an overall examination of financial statements of the Company, there are no funds raised on short-term basis which have been used for long-term investment and vice-versa.

17 During the year the company has not made any preferential allotments of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

18 The company has not issued any debentures during the year.

19 The company has not raised any money by public issue during the year.

20 On the basis of our examination of books of account and according to the information and explanations provided to us by the management, no fraud on or by the company has been noticed or reported during the year.

For G. L. GUPTA & ASSOCIATES Chartered Accountants

G. L. GUPTA Proprietor Place : New Delhi M.No. 91637 Dated : 20th May, 2014 F.R.No.-0i2483N


Mar 31, 2010

1) We have audited the attached Balance sheet of EKAM LEASING AND FINANCE CO. LTD, as at 31st March, 2010 and also the Profit and Loss Account 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, as amended by the Companies (Auditors Report) Order 2004 (together the "Order") issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us during the course of the audit, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order:

4.) Further to our comments in the annexure referred to in paragraph (3) above, We state 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 account as required by law have been kept by the company so far as it appears from our examination of such books.

iii) The Balance sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts as submitted to us.

vi) In our opinion, the Profit and Loss Account and Balance Sheet comply with accounting standards referred to Section 211 (3C) of the Companies Act, 1956, in so far as they apply to the company.

v) On the basis of information and explanations given to us and representations received from the Directors of the Company, we report that no Director is disqualified from being appointed as Director of the Company under clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

vi) In our opinion and to the best of our information and according to the explanations given to us, the statements of accounts read together with the notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view:

a) In the case of the Balance Sheet, of the State of Affairs of the Company as at 31st March 2010.

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

5 ) With regard to Non-Banking Financial Companies Auditors Report (Reserve Bank) Directions 1998.

i) The company is holding Certificate of Registration issued by Reserve Bank of India to act as Non Banking Financial Institution and that the company is entitled to continue to hold such certificate in terms of asset / income pattern as on March 31, 2010.

ii) The Board of Directors has passed a resolution for non acceptance of any Public deposit as confirmed by the management.

iii) The Company has not accepted any public deposits during the year ended 31st March, 2010.

iv) , The Company has complied with the prudential norms as amended, relating to income recognition, accounting standards, assets classification and provision for bad and doubtful debts as applicable to it.

ANNEXURE TO THE AUDITORS REPORT

Annexure referred to in para (3) of the Auditors Report on the accounts of EKAM LEASING AND FINANCE CO. LTD. for the year ended 31st March, 2010.

In our opinion, based on the information and explanations furnished to us and such checks as we considered appropriate in the normal course of our audit, and to the best of our knowledge and belief, we further report that:

1 (a) The company has maintained proper records showing full particulars, including quantative details and situation of fixed assets.

(b) Fixed assets of the company have been physically verified by management as reasonable intervals during the year and no material discrepancies have been noticed on such verification.

(c) No fixed assets has been dispose off during the year.

2 (a) The physical verification of shares inventory has been conducted by the management at reasonable intervals during the year. In our opinion the frequency of such verification is reasonable.

(b) Procedure of physical verification of inventories followed by the management are in our opinion, reasonable and adequate

(c) On the basis of our examination of inventory records, we are of the opinion that the company has maintained proper record of inventory. As far as we can ascertain and according to the information and explanations given to us, the discrepancies noticed on physical verification of inventory as compared to book stocks were not material and the same have been properly dealt with in the books of account.

3 The company has neither granted loans nor taken any loans, secured or unsecured to/from companies, firm, or other parties listed in the registers maintained under Section 301 of the . Companies Act, 1956.

4 In our opinion and according to the confirmation and explanation given to us there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods. During the course of our audit no major weakness has been noticed in the internal control.

5 According to information and explanation given to us and based on verification of records, in our opinion, there are no transactions exceeding in value rupees five lacks in respect of any party that need to be entered in the register under Section 301 of the Companies Act, 1956.

6. The company has not accepted deposits from the public within the meaning of Section 58A and Section 58AA of the Companies Act, 1956.

7. The company has an internal audit system commensurate with the size of the company and the nature of its business.

8 The Company is not a Sick Industrial Company within the meaning of Clause (0) of Sub- Section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1988.

9 (a) The company has been regular in depositing undisputed statutory ues including Provident Fund, Employees State Insurance, Sales tax, wealth Tax, Custom Duty, Excise Duty, cess and other statutory dues and generally regular in depositing Income tax with the appropriate authorities.

b) According to the records of the company there are no dues of Sales tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other statutory dues.

10.) The Company has accumulated losses of Rs. 1,15,03,156/- at the end of the reporting Financial Year.

11 The company has not defaulted in repayment of dues to financial institution or bank.

12. 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 nidhi / mutual benefit fund / societies and does not deal or trade in shares, securities, debentures and other investments. Therefore clause (xiii) and (xiv) of paragraph 4 of the Order is not applicable.

14. According to information and explanations provided to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

15. No term loans have been raised during the year.

16 On the basis of an overall examination of financial statements of the Company, there are no funds raised on short-term basis which have been used for long-term investment and vice- versa.

17 During the year the company has not made any preferential allotments of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

18 The company has not issued any debentures during the year.

19 The company has not raised any money by public issues during the year.

20 On the basis of our examination of books of account and according to the information and explanations provided to us by the management, no fraud on or by the company has been noticed or reported during the year.



for G L GUPTA & ASSOCIATES

CHARTERED ACCOUNTANTS

G. L. GUPTA

PROPRIETOR

M.No.91637

PLACE : NEW DELHI Firm Reg. No. 012483N

DATED : 01.09.2010











 
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