Mar 31, 2015
We have audited the attached Balance Sheet of F Mec INTERNATIONAL
FINANCIAL SERVICES LIMITED as at 31st March, 2015, and the Statement of
Profit & Loss and cash flow statement of the Company 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
accounting principles generally accepted in India, including the
Accounting standards notified under the section 133 of the Companies
Act, 2013, read with Rule 7 Companies( Accounts) Rules,2014. 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 risks 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 but not for the
purpose of expressing an opinion on the effectiveness of the entity's
internal control. 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 the affairs of
the company as at 31st March, 2015;
b. in the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date; and
c. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015, issued
by the Central Government of India in terms of sub-section (11) of
section 143 of the Companies Act, we enclose in the Annexure, a
statement on the matters specified in paragraph 4 and 5 of the said
order.
2. As required by Section 143(3) of the Act, We report that:-
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b. In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
c. The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in section 133 of the Companies Act, 2013, read
with Rule 7 Companies( Accounts) Rules,2014;
e. On the basis of written representations received from the directors
as on 31st March, 2014 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2014 from being appointed as a director in terms of terms of section
164(2) of the Act;
f. With respect to the adequacy of the Internal financial controls
over financial reporting of a company and the operating effectiveness
of such control
g. With respect to the other matters to be included in Auditor's
report in accordance with Rule 11 of the Companies (Audit &
Auditors)Rules, 2014, in our opinion and best to our information and
according to the explanations given to us:
(i) The company does not have any pending litigations which would
impact its financial position.
(ii) The company did not have any long term contracts including
derivative contracts, for which there were any material foreseeable
losses.
(iii) There were no amounts which were required to be transferred to
the Investor Education and Protection fund by the Company.
(As mentioned in Para 3 to Auditor's Report to the members of M/s F Mec
INTERNATIONAL FINANCIAL SERVICES LIMITED for the year ended 31st March,
2015)
1. The Company has neither acquired nor having any fixed assets for
the year ended 31.03.2015
2. (i) the company has a inventory of shares only.
(ii) the procedures of physical verification of inventory followed by
the management reasonable and adequate in relation to the size of the
company and the nature of its business
(iii) the company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book records.
3. The company has not granted any loans, secured or unsecured to/from
companies, firms or other parties covered in the register maintained
under section 189 of the Act.
4. In our opinion and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and fixed assets and also for the sale of goods
and services. During the course of our audit, we have not observed any
major weakness in internal control system.
5. The Company has not accepted any deposits from the public covered
under Section 73 to 76 of the Companies Act, 2013.
6. As informed to us, the Central Government has not prescribed
maintenance of cost records under sub- section (1) of Section 148 of
the Act
7. (a) According to the information and explanations given to us and
based on the records of the company examined by us, the company is
regular in depositing the undisputed statutory dues, including Provident
Fund, , Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty and other material statutory dues,
as applicable, with the appropriate authorities in India ;
(b) According to the information and explanations given to us and based
on the records of the company examined by us, there are no dues of
Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise
Duty which have not been deposited on account of any disputes
(c) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of reporting delay in transferring such
sums does not arise
8. According to the records of the company examined by us and as per
the information and explanations given to us, the company has not
availed of any loans from any financial institution or banks and has
not issued debentures.
9. In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loan taken by
others from a bank or financial institution during the year
10. In our opinion, and according to the information and explanations
given to us, the company has not raised any term loans during the year
11. During the course of our examination of the books and records of
the company, carried in accordance with the auditing standards
generally accepted in India, we have neither come across any instance
of fraud on or by the Company noticed or reported during the course of
our audit nor have we been informed of any such instance by the
Management.
For RAJESH RANJIT & Co
Chartered Accountants
FRNO.- 021745N
RAJESH KUMAR
Place : Delhi Partner
Dated : 28.05.2015 M No. - 506726
Mar 31, 2014
We have audited the attached Balance Sheet of F Mec INTERNATIONAL
FINANCIAL SERVICES LIMITED as at 31st March, 2014, and the Statement of
Profit 86 Loss and cash flow statement of the Company 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 accounting
principles generally accepted in India, including the Accounting
standards notified under the companies Act, 1956 read with General
circular 15/2013 dated 13 September 2013, issued by the Ministry of
Corporate Affairs, in respect of section 133 of the Companies Act,
2013. 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 risks 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 but not for the
purpose of expressing an opinion on the effectiveness of the entity's
internal control. 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 companies Act, 1956 ("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 the affairs of the
company as at 31st March, 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, issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure, a
statement on the matters specified in paragraph 4 and 5 of the said
order.
2. As required by Section 227(3) of the Act, We report that:-
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b. In our opinion, proper books of account as required by law have been
kept by the company so far as appears from our examination of those
books;
c. The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (30) of section 21 1 of the
Companies Act, 1956;
e. On the basis of written representations received from the directors
as on 31st March, 2014 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2014 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
f. In our opinion, and to the best of our information and according to
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 far view in conformity with the accounting principles
generally accepted in India;
(Referred to in paragraph 3 of our report of even date)
Annexure reffered to in our report of even date
i) (a) The Company has maintained proper records showing full
particulars,including quantitative details and situation of fixed
assets.
(b) Fixed assets have been physically verified by the management during
the year and no material discrepencies were identified on such
verification.
(c) There was no substantial disposal of fixed assets during the year
(ii) (a) The Company is a Non-Banking Financial Company ('NBFC') engaged
in the business of providing loans and advances and does not have
inventory. Therefore, the provisions of clause 4(ii) of the order are
not applicable to the Company.
iii) (a) According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
301 of the Act. Accordingly, the provisions of clause 4(iii)(a) to (d)
of the Order are not applicable to the Company and hence not commented
upon.
(b) According to Information and explanations given to us, the Company
has taken Rs. 0.34 Lacs from its subsidiary company. There are no other
parties covered in the registered maintained under section 301 of the
Act. Accordingly, the provisions of clause 4(iii) (e) to (g) of the
order are not applicable to the Company and hence not commented upon.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business, for the
purchase of fixed assets and for rendering of services. The activities
of the company do not involve purchase of inventory and sale of goods.
During the course of our audit, no major weakness has been noticed in
the internal control system in respect of these areas. During the
course of our audit , we have not observed any continuing failure to
correct major weakness in internal control system in respect of these
areas.
(V) According to the information & explanations provided by the
management, we are of the opinion that there are no contracts or
arrangements that need to be entered in the register maintained under
section 301 of the act. Accordingly, the provisions of clause 4(v)(b)
of the order is not applicable to company and hence not commented upon.
(vi) The Company has not accepted any deposits from the public.
(vii) In our opinion, the company has an internal audit system
commensurate with the size of the Company and nature of its business
(viii) The provisions of clause 4(viii) of the Order are not applicable
to the company in the year under audit and hence not reported upon.
(Xi)(a) Undisputed statutory dues including employee's state insurance,
cess and other material statutory dues have generally been regularly
deposited with the appropriate authorities.
As informed, provisions of investor education and protection fund,
sales tax, wealth tax, custom duty and excise duty are currently not
applicable to the company.
(b) According to the information and explanation given to us, no
undisputed amounts payment in respect of provident fund, employees
state insurance, income tax, service tax, cess and other undisputed
statutory dues (except listing fees of Rs. 2,39,873/-) were
outstanding, at the year end, for a period of more than six months from
the date they became payable(except listing fees of Rs. 2,39,873/-).
As informed, provisions of investor education and protection fund,
sales tax, wealth tax, custom duty and excise duty are currently not
applicable to the Company.
(c) According to the information and explanations given to us, there
are no dues of income tax, service tax and cess which have not been
deposited on account of any dispute
As informed, provisions of investor education and protection fund,
sales tax, wealth tax, custom duty and excise duty are currently not
applicable to the company.
(X) The company has no accumulated losses at the end of the financial
year and it has no incurred cash loss in the current and immediately
preceding financial year.
(Xi) Best on our audit procedures and as per the information and
explanations given by the management has not defaulted in repayment of
dues to financial institutions and banks,
Xii) According to the information and explanations given to us and
based on the examination of documents and record produced to us, the
company has maintained adequate records where the company has granted
loans and advances on the basis of security by way of pledge of shares,
debentures and other securities.
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
order are not applicable to the company.
Xiv) In respect of dealing/ trading in shares, securities, debentures
and other investment, in our opinion and according to the information
and explanations given to us, proper records have been maintained of
the transactions and contracts and timely entries have been made
therein. The shares, securities, debentures and other investment have
been held by the company, in its own name.
Xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
Xvi) The company did not have any term loans outstanding during the
year.
Xvii) According to the information and explanation given to us and on
an overall examination of balance sheet of company, we report that no
funds raised on short-term basis have been used for long-term
investment.
Xviii) The company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Act.
Xix) The company did not have any outstanding debentures during the
year.
XX) The company has not raised money through public issue during the
year.
XXI) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the company has been noticed or reported during
the year.
For RAJESH RAN JIT & Co
Chartered Accountants
FRNO.-02174SN
RAJESH KUMAR
Partner
Place : Delhi M No.- 506726
Mar 31, 2013
1. We have audited the attached Balance Sheet of FMec INTERNATIONAL
FINANCIAL SERVICES LIMITED as at 31st March, 2013, and also the Profit
& Loss Account and 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 management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003, issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure, a
statement on the matters specified in paragraph 4 and 5 of the said
order.
4. Further to our comments I the Annexure referred to in the paragraph
3 above, we report that:-
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b. In our opinion, proper books of account as required by law have been
kept by the company so far as appears. from our examination of those
books;
c. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d. In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956;
e. On the basis of written representations received from the directors
as on 31st March, 2013 and taken on record by the Board of Directors,
we report that 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 Companies Act, 1956;
f. In our opinion, and to the best of our information and according to
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 far view in conformity with the accounting principles
generally accepted in India;
i. in the case of the Balance Sheet, of the state of the affairs of the
company as at 31st March, 2013:
ii. in the case of the Profit and Loss Account of the Loss for the year
ended on that date; and
iii. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
(Referred to in paragraph 3 of our report of even date)
i) The company has no fixed assets therefore the requirement of
reporting on physical verification or maintenance of fixed assets
record does not arise.
ii) . To the best of our knowledge and as per the information and
explanations given to us, the company has not purchased/sold goods
during the year nor there is any opening stock, the requirement of
reporting on physical verification of stock or maintenance of inventory
records in our opinion does not arise.
iii) . As per information & explanation given to us, the company has
taken interest free unsecured loan of Rs. 0.34 lacs from its subsidiary
company. There are no party covered in the register maintained U/s 301
of the Companies Act 1956 to which the company has granted advance.
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 for the
purchase of inventory, fixed assets and for the sale of goods. During
the course of Audit, no major weakness has been noticed in the internal
controls.
v) . a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered in to
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time where
such market price are available.
Vi) To the best of our knowledge, the company has not accepted any
deposits covered under section 58A and 58AA or any other relevant
provisions of the Companies Act, 1956 and the companies (acceptance of
deposits) Rules, 1975. To the best of our knowledge and according to
the information and explanations given to us, no order has been passed
by the Company Law Board or National Company Law Tribunal or Reserve
Bank of India or any Court or any other Tribunal.
Vii) To the best of our knowledge and explanations given to us, the
Company has an internal audit system commensurate with its size and the
nature of its business.
Viii) According to the information & explanations provided by the
management, the company is not engaged in production, processing,
manufacturing or mining activities. Hence, the provisions of section
209(I)(d) do not apply to the company. Hence, in our opinion, no
comment on maintenance of cost records under Section 209 (I) (d) is
required.
IX) To the best of our knowledge and according to the information and
explanations given to us, the Company is regular in depositing
undisputed statutory dues including Provident Fund, Investors Education
and Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other
statutory dues (except listing fees of Rs.2,32,373/-), where
applicable, with the appropriate authorities. There were no arrears of
outstanding statutory dues as at the last day of financial year for a
period of more than six months from the date they become payable except
listing fees of Rs 2,32,373/-.
To the best of our knowledge and according to information and
explanation given to us there were no disputed dues of sales tax,
income tax, custom duty, wealth tax, service tax, excise duty and cess.
X) The company was incorporated on 7th February 1996. Since the company
is registered for more than five years and is not having any
accumulated losses more then 50%, we are of the opinion that no comment
is required under clause (x) of para 4 of order regarding the erosion
of 50% or more of net worth and cash losses in the current and
immediately preceding financial years.
Xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
Xii) On the basis of verification of accounts and records maintained by
the Company and to the best of our knowledge & belief, the Company has
not granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
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' Reports) Order, 2003 are not
applicable to the company.
XiV) To the best of our knowledge and according to information given to
us, the Company is maintaining proper records for the transactions and
contracts of dealing or trading in shares, debentures and other
investments. The company is making timely entries in the records.
XV) To the best of our knowledge and according to the information and
explanation given to us, the Company has not given any guarantee for
loans taken by others from Banks/ Financial Institutions.
Xvi) To the best of our knowledge and according to the information and
explanations given to us, the company has not taken any term loan
during the year.
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.
Xviii) According to the information & explanation given to us, the
Company has not made any preferential allotment of shares during the
year to parties and companies covered in the Register maintained under
section 301 of the Companies Act, 1956.
XiX) In our opinion and according to the information & explanations
given to us the the Company has not issued any secured debentures
during the period covered by our report. Accordingly, the provisions of
clause (xix) of the Companies (Auditor's Report) order, 2003 are not
applicable to the company.
XX) According to the information & explanations given to us, the
Company has not raised any money by Public Issue during the year.
XXi) Based upon the audit procedure performed and information and
explanation given by the management we report that no fraud on or by
the Company has been noticed or reported during the year.
For FARM & SMRN
Chartered Accountants
FRNO:- 507094C
RISHI KUMAR
Partner
Place : New Delhi.
Dated: 02.09.2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of FMec INTERNATIONAL
FINANCIAL SERVICES LIMITED as at 31st March, 2013, and also the Profit
& Loss Account and 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 management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003, issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure, a
statement on the matters specified in paragraph 4 and 5 of the said
order.
4. Further to our comments I the Annexure referred to in the paragraph
3 above, we report that:-
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b. In our opinion, proper books of account as required by law have been
kept by the company so far as appears. from our examination of those
books;
c. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d. In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956;
e. On the basis of written representations received from the directors
as on 31st March, 2013 and taken on record by the Board of Directors,
we report that 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 Companies Act, 1956;
f. In our opinion, and to the best of our information and according to
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 far view in conformity with the accounting principles
generally accepted in India;
i. in the case of the Balance Sheet, of the state of the affairs of the
company as at 31st March, 2013:
ii. in the case of the Profit and Loss Account of the Loss for the year
ended on that date; and
iii. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
(Referred to in paragraph 3 of our report of even date)
i) The company has no fixed assets therefore the requirement of
reporting on physical verification or maintenance of fixed assets
record does not arise.
ii) . To the best of our knowledge and as per the information and
explanations given to us, the company has not purchased/sold goods
during the year nor there is any opening stock, the requirement of
reporting on physical verification of stock or maintenance of inventory
records in our opinion does not arise.
iii) . As per information & explanation given to us, the company has
taken interest free unsecured loan of Rs. 0.34 lacs from its subsidiary
company. There are no party covered in the register maintained U/s 301
of the Companies Act 1956 to which the company has granted advance.
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 for the
purchase of inventory, fixed assets and for the sale of goods. During
the course of Audit, no major weakness has been noticed in the internal
controls.
v) . a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered in to
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time where
such market price are available.
Vi) To the best of our knowledge, the company has not accepted any
deposits covered under section 58A and 58AA or any other relevant
provisions of the Companies Act, 1956 and the companies (acceptance of
deposits) Rules, 1975. To the best of our knowledge and according to
the information and explanations given to us, no order has been passed
by the Company Law Board or National Company Law Tribunal or Reserve
Bank of India or any Court or any other Tribunal.
Vii) To the best of our knowledge and explanations given to us, the
Company has an internal audit system commensurate with its size and the
nature of its business.
Viii) According to the information & explanations provided by the
management, the company is not engaged in production, processing,
manufacturing or mining activities. Hence, the provisions of section
209(I)(d) do not apply to the company. Hence, in our opinion, no
comment on maintenance of cost records under Section 209 (I) (d) is
required.
IX) To the best of our knowledge and according to the information and
explanations given to us, the Company is regular in depositing
undisputed statutory dues including Provident Fund, Investors Education
and Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other
statutory dues (except listing fees of Rs.2,32,373/-), where
applicable, with the appropriate authorities. There were no arrears of
outstanding statutory dues as at the last day of financial year for a
period of more than six months from the date they become payable except
listing fees of Rs 2,32,373/-.
To the best of our knowledge and according to information and
explanation given to us there were no disputed dues of sales tax,
income tax, custom duty, wealth tax, service tax, excise duty and cess.
X) The company was incorporated on 7th February 1996. Since the company
is registered for more than five years and is not having any
accumulated losses more then 50%, we are of the opinion that no comment
is required under clause (x) of para 4 of order regarding the erosion
of 50% or more of net worth and cash losses in the current and
immediately preceding financial years.
Xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
Xii) On the basis of verification of accounts and records maintained by
the Company and to the best of our knowledge & belief, the Company has
not granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
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' Reports) Order, 2003 are not
applicable to the company.
XiV) To the best of our knowledge and according to information given to
us, the Company is maintaining proper records for the transactions and
contracts of dealing or trading in shares, debentures and other
investments. The company is making timely entries in the records.
XV) To the best of our knowledge and according to the information and
explanation given to us, the Company has not given any guarantee for
loans taken by others from Banks/ Financial Institutions.
Xvi) To the best of our knowledge and according to the information and
explanations given to us, the company has not taken any term loan
during the year.
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.
Xviii) According to the information & explanation given to us, the
Company has not made any preferential allotment of shares during the
year to parties and companies covered in the Register maintained under
section 301 of the Companies Act, 1956.
XiX) In our opinion and according to the information & explanations
given to us the the Company has not issued any secured debentures
during the period covered by our report. Accordingly, the provisions of
clause (xix) of the Companies (Auditor's Report) order, 2003 are not
applicable to the company.
XX) According to the information & explanations given to us, the
Company has not raised any money by Public Issue during the year.
XXi) Based upon the audit procedure performed and information and
explanation given by the management we report that no fraud on or by
the Company has been noticed or reported during the year.
For FARM & SMRN
Chartered Accountants
FRNO:- 507094C
Sd/-
RISHI KUMAR
Partner
Place : New Delhi.
Dated: 03.09.2012