Mar 31, 2015
We have audited the attached Financial Statements of FIRST FINANCIAL
SERVICES LIMITED ("the Company") which comprise the Balance Sheet as at
31st March, 2015, the Statement of Profit & Loss and the Cash Flow
Statement for the year ended on that date and a summary of Significant
Accounting Policies and other explanatory information.
MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company's Board of Directors is responsible for the matters stated
in section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation 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 principles generally
accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation
and maintenance of internal financial control, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
AUDITOR'S RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are in the audit report under
the required to be included provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. 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 but not for the
purpose of expressing an opinion on the effectiveness of the company'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 on financial
statements.
BASIS OF QUALIFICATION
Contravention of Accounting Standard 15 on Accounting for retirement
benefit of employees.
As stated in Point No. 11 of Note No.1 of Significant Accounting
Policies followed by the company, the Company is not making any
provision for the Gratuity and leave encashment as the same is
accounted for on payment basis. This is in Contravention of Accounting
Standard 15 on Accounting for retirement benefits of employees.
Contravention of Accounting Standard 26 on Intangible Assets.
As stated in Point No.23 of Note to Accounts followed by the company,
the Company is not showing expenses incurred in previous years on
account of further issue of shares as revenue expenditure and the same
is shown as Preliminary expenses are to be amortised over a period of 5
years. This is in Contravention of Accounting Standard 26 on Intangible
Assets.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required, and give a
true and fair view Subject to the Basis for Qualified Opinion Paragraph,
in conformity with the accounting principles generally accepted in
India:
(i) In the case of Balance Sheet; of the State of affairs of the
company as at 31st March, 2015; (ii) In the case of the Statement of
Profit and Loss; of the LOSS for the year ended on that date; (iii) In
the case of Cash Flow Statement, of the Cash Flows for the year ended
on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the companies (Auditors Report) Order, 2015 issued
by the Central Government of India in terms of section 143 (11) of the
Act, we give in Annexure B a statement on matters specified in paragraph
3 and 4 of the said order.
2. As required by section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of the audit;
b. In our opinion, proper books of accounts 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 Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts;
d. In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the mandatory Accounting Standards
referred to in section 133 of the Companies Act, 2013, read with Rule 7
of the Companies (Accounts) Rules, 2014 except AS 15 regarding no
provision created for retirement benefits and AS 26 regarding
preliminary expenses recognized as intangible assets and not written
off entirely. Had the preliminary expenses been shown as revenue
expenditure then loss would have been increased by Rs.2,35,749/-
e. On the basis of the written representation received from the
Directors as on 31.03.2015 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31.03.2015, from being appointed as a Director in terms of Sub-section
(2) of section 164 of the Act.
ANNEXURE TO THE AUDITORS' REPORT
Referred to in paragraph 3 of our report of even date on the accounts
for the year ended 31st March, 2015 of FIRST FINANCIAL SERVICES
LIMITED.
On the basis of such checks as we considered appropriate and in terms
of information and explanations provided to us we state that:
1) a) The Company has maintained proper records showing full
particulars including quantitative details and situation of
assets.
b) All the assets have been physically verified by the management during
the year. In our opinion, the frequency of verification is reasonable;
no material discrepancies were noticed on such verification.
2) a) The company does not hold any inventory except the shares which
have been verified by the management periodically.
Hence this clause is not applicable to the company.
3) The company has not granted during the year any loans, secured or
unsecured, to companies, firms or other parties covered in the register
maintained under Section 189 of the Act and accordingly, paragraphs 3
(a) & (b) of the Order are not applicable.
4) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to purchase of shares, mutual funds, and fixed assets and for sale of
shares etc. During the course of audit, no major weakness has been
noticed in the internal control system.
5) In our opinion and according to the information and explanations
provided by the company, the Company has not accepted any deposits and
therefore the provisions of Section 73 to Section 76 of the Companies
Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014 are
not applicable.
6) The Central Government has not prescribed maintenance of cost
records by the company under sub-section (1) of section 148 of the
Companies Act, 2013.
7) a) According to the information and explanations provided by the
company, the company has been generally regular in depositing
undisputed statutory dues including Provident Fund, Employees' State
Insurance, Income Tax, Wealth Tax, Service Tax, Duties of Customs,
Duties of Excise, Value Added Tax, Cess and any other statutory dues
with the appropriate authorities applicable to it and no undisputed
amount payable in respect of Provident Fund, Employees' State
Insurance, Income Tax, Wealth Tax, Service Tax, Duties of Customs,
Duties of Excise, Value Added Tax, Cess were in arrears , as at 31st
March, 2015 for a period of more than six months from the date they
became payable.
b) In our opinion and according to the information and explanations
provided by the company, there are no dues outstanding in respect of
Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty, Value Added Tax and Cess which have not been deposited on account
of any dispute.
c) In our opinion and according to the information and explanations
given to us, the company is not required to transfer any amount to
investor education and protection fund in accordance with relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made
there under.
8) The company does not have any accumulated losses at the end of
financial year and the company has incurred cash loss of INR 2,77,037
during the financial year covered by our Audit.
9) Based on our Audit procedures and according to the information and
explanations provided by the company, the company has not defaulted in
repayment of any dues to financial institutions or banks or debenture
holders.
10) In our opinion and according to the information and explanations
given to us, the company has not given any guarantees for loans taken
by others from banks or other financial institutions.
11) Based on our Audit procedures and explanations given to us and on
the basis of our examination, The Company has not raised any term
loans.
12) Based on our Audit procedures performed and the information and
explanations provided by the company, no fraud on or by the company has
been noticed or reported during the course of our audit.
For S A R A & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM REGN NO.: 120927W
Sd/-
Govind Gopal Sharma
Place : Mumbai (PARTNER)
Date : 29 May 2015 M. No. 132454
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of First
Financial Services Ltd (''the Company'') which comprise the Balance
Sheet as at 31 March, 2013, the Statement of Profit and Loss and the
Cash Flow Statement for the year then ended and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of Section 211
of the Companies Act, 1956 (''the Act''). This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in
the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by Management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 March, 2013;
(ii) in the case of the Statement of Profit and Loss, of the profit 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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
(''the Order''), as amended, issued by the Central Government of
India in terms of sub-section (4A) of section 227 of the Act, we give
in the Annexure a statement on the matters specified in paragraphs 4
and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our exami- nation 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 Stand- ards referred
to in sub-section (3C) of Section 211 of the Companies Act, 1956; and
e. on the basis of written representations received from the directors
as on 31 March, 2013, and taken on record by the Board of Directors,
none of the Directors are disqualified as on 31 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.
Annexure referred to in paragraph 3 of Auditors'' Report to the
Members of FIRST FINANCIAL SERVICES LTD on the accounts for the year
ended 31st March 2013.
In terms of the information and explanations given to us and the books
and records examined by us in the normal course of audit and to the
best of our knowledge and belief, we state as under:
1) The Company does not have any fixed assets as it was disposed in
earlier year. Hence this clause is not applicable to the company.
2) a) The Company does not hold any inventories except shares and hence
the clause is not applicable.
3) a) The company has not granted a loan, to companies, firms or other
parities covered in the Register maintained under section 301 of the
Companies Act, 1956.
b) As informed to us, the Company has not taken loan from member''s
covered in the register maintained under section 301 of the Companies
Act, 1956, and other terms and conditions of loans taken by the company
are not prima facie prejudicial to the interest of the company.
4) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business, for
purchase of Inventory, Fixed Assets and for the sale of goods. In our
opinion, there is no continuing failure to correct major weakness in
internal control systems.
5) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
there were no transactions that need to be entered into the register
maintained under Section 301 of the Companies Act, 1956. Hence this
clause is not applicable.
6) The Company has not accepted any deposits within the provisions of
Sections 58A and 58AA of the Companies Act, 1956 and the Companies
(Acceptance of Deposit) Rules, 1975.
7) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8) As explained to us, the Central Government has not prescribed
maintenance of Cost Record for any of the products manu- factured by
the Company under section 209 (1) (d) of the Companies Act, 1956.
9) a) The company has been regular in depositing undisputed statutory
dues including Service Tax, Income tax, Employees State Insurance,
Provident Fund, with the appropriate authorities.
b) According to the information and explanation given to us, no
undisputed amounts payable in respect of Service Tax, Income tax,
Employees State Insurance, Provident Fund, and other undisputed
statutory dues were outstanding, at the year end, for a period of more
than six months from the date they become payable.
10) The company does not have accumulated losses at the end of the
financial year and it has not incurred cash losses in the current and
immediately preceding financial year under report.
11) According to the information and explanation given to us, the
company has not defaulted in repayment of dues to a financial
institution or bank or debenture holder.
12) As explained to us, the company has not granted loans and advances
on the basis of security by way of pledge of shares, debentures and
other securities.
13) In our opinion, the company is not a chit fund, nidhi or mutual
benefit fund/society.
14) The Company has been dealing in shares, securities, debenture and
other investments for which proper records has been maintained by the
Company of the transaction and contracts and timely entries have been
made therein. As informed to us shares, securities and debentures are
generally held by the Company in its own name.
15) According to the information and explanation given to us, the
company has not given guarantee for loans taken by others from bank or
financial institutions.
16) In our opinion, term loans are applied for the purpose of which
they were obtained.
17) According to the information and explanation given to us, and based
on financial statement of the Company, we report that no funds raised
on Short-term basis have been used for long-term investment.
18) The Company has made preferential allotment of 22,50,000 Shares
during the year to the parties which are not covered u/s 301 of the
act.
19) The company has not issued debentures during the year.
20) The company has not raised any money through a public Issue during
the year.
21) Based upon the audit procedure performed for the purpose of
reporting the true and fair view of the financial Statement and as per
the information and explanation given by the management, we report that
no fraud on or by the company has been noticed or reported during the
course of our audit.
For and on behalf of
DHARMARAJ & CO.,
Chartered Accountants,
Firm Regn No.013630s
sd/-
P.Dharmaraj
Date: 28-May-2013 Proprietor.
Place: Chennai Membership No. 224216
Mar 31, 2012
1. We have audited the attached Balance Sheet of FIRST FINANCIAL
SERVICES LTD as at 31st March 2012 and the Profit and Loss Account 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 (a) examining, on a test basis, evidence supporting the
amounts and disclosures in the , financial statements (b) assessing the
accounting principles used in the preparation of financial statements
(c) assessing significant estimates made by management in the
preparation of financial statements and (d) evaluating the overall
financial statement preparation. We believe that our audit provides a
reasonable basis for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 and
Companies (Auditor's Report) amendment order, 2004, issued by the
Central Government of India in terms of section 227(4A) of the
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
Further to our comments in the Annexure referred to 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 purpose of,
audit.
b) In our opinion, the Company has kept proper books of accounts as
required by law so far, as appears from our examination of those books.
c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet and Profit & Loss Account, 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, 2012, and take on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2012 from being appointed as directors in terms of Clause (g) of
Sub-section (1) of Section 274 of the Companies Act, 1956;
f) In our opinion, and to the best of our information and according to
the explanations given to us, the said Balance Sheet and Profit and
Loss Account 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 in conformity with the accounting principles
generally accepted in India:
i) In the case of Balance sheet, of the state of affairs of the Company
as at 31st March, 2012
ii) In the case of Profit and loss Account, of the profit for the year
ended 31s1 March 2012
iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Annexure referred to in paragraph 3 of Auditors' Report to the Members
of FIRST FINANCIAL SERVICES LTD on the accounts for the year ended 31st
March 2012.
In terms of the information and explanations given to us and the books
and records examined by us in the normal course of audit and to the
best of our knowledge and belief, we state as under:
1) The Company does not have any fixed assets as it was disposed in
earlier year. Hence this clause is not applicable to the company.
2) a) The Company does not hold any inventories except shares and hence
the clause is not applicable.
3) a) The company has not granted a loan, to companies, firms or other
parities covered in the Register maintained under section 301 of the
Companies Act, 1956.
b) As informed to us, the Company has not taken loan from member's
covered in the register maintained under section 301 of the Companies
Act, 1956, and other terms and conditions of loans taken by the company
are not prima facie prejudicial to the interest of the company.
4) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business, for
purchase of Inventory, Fixed Assets and for the sale of goods. In our
opinion, there is no continuing failure to correct major weakness in
internal control systems.
5) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
there were no transactions that need to be entered into the register
maintained under Section 301 of the Companies Act, 1956. Hence this
clause is not applicable.
6) The Company has not accepted any deposits within the provisions of
Sections 58A and 58AA of the Companies Act, 1956 and the Companies
(Acceptance of Deposit) Rules, 1975. ,
7) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8) As explained to us, the Central Government has not prescribed
maintenance of Cost Record for any of the products manufactured by the
Company under section 209 (1) (d) of the Companies Act, 1956.
9) a) The company has been regular in depositing undisputed statutory
dues including Service Tax, Income tax, Employees State Insurance,
Provident Fund, with the appropriate authorities.
b) According to the information and explanation given to us, no
undisputed amounts payable in respect of Service Tax, Income tax,
Employees State Insurance, Provident Fund, and other undisputed
statutory dues were outstanding, at the year end, for a period of more
than six months from the date they become payable.
10) The company does not have accumulated losses at the end of the
financial year and it has not incurred cash losses in the current and
immediately preceding financial year under report.
11) According to the information and explanation given to us, the
company has not defaulted in repayment of dues to a financial
institution or bank or debenture holder.
12) As explained to us, the company has not granted loans and advances
on the basis of security by way of pledge of shares, debentures and
other securities.
13) In our opinion, the company is not a chit fund, nidhi or mutual
benefit fund/society.
14) The Company has been dealing in shares, securities, debenture and
other investments for which proper records has been maintained by the
Company of the transaction and contracts and timely entries have been
made therein. As informed to us shares, securities and debentures are
generally held by the Company in its own name.
15) According to the information and explanation given to us, the
company has not given guarantee for loans taken by others from bank or
financial institutions.
16) In our opinion, term loans are applied for the purpose of which
they were obtained.
17) According to the information and explanation given to us, and based
on financial statement of the Company, we report that no funds raised
on Short-term basis have been used for long-term investment.
18) The company has not made preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Act.
19) The company has not issued debentures during the year.
20) The company has not raised any money through a public Issue during
the year.
21) Based upon the audit procedure performed for the purpose of
reporting the true and fair view of the financial Statement and as per
the information and explanation given by the management, we report that
no fraud on or by the company has been noticed or reported during the
course of our audit.
For and on behalf of
DHARMARAJ & CO.,
Chartered Accountants,
Firm Regn No.013630s
Sd/-
P. Dharmaraj
Date: 29 May, 2012 Proprietor
Place: Chennai Membership No. 224216
Mar 31, 2010
1. We have audited the attached Balance Sheet of FIRST FINANCIAL
SERVICES LTD as at 31st March 2010 and the related Profit & Loss
Account and Cash Flow Statement for the seven month period 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 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 (Auditors Report) Order, 2003("the
Order") issued by the Central Government of India in terms of Section
227(4A) of the Companies Act, 1956, we annex 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 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 purpose of our
audit;
b) 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 the
books;
c) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of account;
d) In our opinion, the Balance Sheet and Profit & Loss Account dealt
with by this report comply with the accounting standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956 to the
extent they are applicable to the company;
e) On the basis of the written representations received from the
Directors of the company as on 31st March 2010, and taken on record by
the Board of Directors of the company, we report that none of the
directors is disqualified as on 31st March 2010 from being appointed as
a director in terms of clause (g) of sub-section (1) of Section 274 of
the Companies Act, 1956
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required the said
accounts give a true and fair view in conformity with the accounting
principles generally accepted in India;
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2010 and
(ii) in the case of Profit and Loss Account, of the Loss of the Company
for the seven month period ended on that date.
Annexure Referred to in Paragraph 3 our Report of even date to the
members of FIRST FINANCIAL SERVICES LTD
1. (a)The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b)) The company has a phased program of physical verification of fixed
assets , which in our opinion is reasonable, having regard to the size
of the Company and the nature of fixed assets. We have been informed
that no material discrepancies were noticed on such verifications as
compared to book records.
All of the fixed assets has been disposed off during the year and,
therefore, affects the going concern assumption.
2. (a) The Company does not hold any inventories and hence the clause
is not applicable.
3. (a) In our opinion and according to the information and
explanations given to us, the company had taken interest free unsecured
loans from promoters covered in the register maintained under Section
301 of the Companies Act, 1956.
(b) (i) As informed, the company has not granted loans to companies,
firms or other parties listed in the register maintained under Section
301 of the Companies Act, 1956.
(ii) The rate of interest and other terms and conditions of the loan
are, prima facie, not applicable since no outstanding loans as
mentioned under Section 301 of the Companies Act, 1956
(iii) The payment of interest and the repayment of principal does not
apply.
(iv) There is no amount overdue on the loans.
4. In our opinion and according to the information and explanations
given to us, there are no purchase of inventories and fixed assets and
sale of goods and service.
5. (a) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
there were no transactions that need to be entered into the register
maintained under Section 301 of the Companies Act, 1956. Hence clause
(b) is not applicable.
6. According to the information and explanations given to us, the
company registration as NBFC has been cancelled, the company has been
directed by RESERVE BANK OF INDIA to coordinate with COMPANY LAW BOARD
for fulfilling the requirements and directives of RBI and provisions of
section 58A and 58AA and rules framed there under with regard to
deposit accepted from public.
7. The company ceased to operate on account of cancellation of NBFC
registration by RESERVE BANK OF INDIA, hence no internal audit has been
performed.
8. The Central Government has not prescribed the Company under Section
209(1 )(d) of the Companies Act, 1956.
9. (a) According to the information and explanation provided to us,
the Company is generally regular in depositing undisputed statutory
dues including provident fund, investor education and protection fund,
employees state insurance, income tax, sales tax, wealth tax, customs
duty, excise duty, cess and other applicable statutory dues, with the
appropriate authority. No undisputed amounts payable were in arrears,
as at March 31, 2010 for a period of more than six months from the date
they became payable.
(b) In our opinion and according to the information and explanation
given to us, there are no dues in respect of income tax, wealth tax,
sales tax, customs duty, excise duty and cess that have not been
deposited on account of any dispute.
10. (b) In our opinion and according to the information and
explanation given to us, no undisputed amounts payable in respect,
income tax, sales tax, wealth tax, customs duty, excise duty, cess were
in arrears, as at March 31, 2010 for a period of more than six months
from the date they became payable.
11. In our opinion, the accumulated losses of the company are more
than fifty percent of its Capital and reserve as at the end of the
financial year. The company has incurred cash losses in the current
financial year covered by the audit.
12. According to the information and explanations provided to us, the
Company has not defaulted in repayment of dues to financial
institutions, banks or debenture holders.
13. According to the information and explanations provided to us, the
Company has not granted advances on the basis of security by way of
pledge of shares, debentures and other securities.
14. 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.
15. In our opinion, the Company is not dealing or trading in shares,
securities, debentures and other investments. Therefore, the provisions
of clause 4 (xiv) of the Order are not applicable to the Company.
16. According to the information and explanations provided to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
17. In our opinion and according to the information and explanations
provided to us the Company has not raised any term loans during the
year.
18. In our opinion and according to the information and explanations
given to us, and on an overall examination of the Balance Sheet of the
Company, we report that no funds raised on short term basis have been
utilized for long term investment and vice versa.
19. According to the information and explanations provided to us, the
Company has not made any preferential allotment of shares to any
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956.
20. The company has not issued any secured debentures during the
period covered by our report. Accordingly, the provisions of clause
(xix) of the Order are not applicable to the Company.
21. The Company has not raised any money through public issue during
the period covered by our report.
22. According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported.
Date: 04-06-2010 For Shabbir & Associates
Place: Chennai Chartered Accountants
Proprietor
Shabbir Kakosiwala N
Membership No: 217421
Firm Regn No:011549S
Aug 31, 2009
1. We have audited the attached Balance Sheet of M/s. First Financial
Services Limited, Chennai (the Company) as at 31st August 2009, the
Profit and Loss Account and the Cash Flow Statement 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 the auditing standards
generally accepted in India. Those Standared require that we plan and
perform the audit to obtain reasonable assurance 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 (Auditors Report) order, 2003, as
amended by the Companies (Auditors Report) (Amendment) Order, 2004
(together the order") issued by the Central Government in terms of
sub-section (4A) of section 227 of the Companies Act 1956 (the Act), we
give in the Annexure 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 above, we
report that:
i) 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.
ii) 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.
iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
iv) In our opinion, the Balance Sheet, Profit and 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, to the extent applicable.
v) On the basis of written representations received from the Directors
as on 31ar August 2009 and taken on record by the Board of Directors,
we report that none we report that none of the directors is
disqualified as on 31st August 2009 from being appointed as a Act,
1956, and sub-section (1) of section 274 of the Companies
vi) In our opinion and the best of our information and according to the
explanation given to us, the said accounts give the information squired
by the Companies Act 1956, in the manner so required and give a true
and fair view in conformity with the accounting principles generally
accepted in India.
a) August 2009 of the Balance Sheet, of the state of affairs of the
b) In the case of the Profit and Loss Account, of the profit for the
year ended on that date,andc
c) In the case of the Cash Flow Statement, of the Cash flow for the
year ended on that date.
Annexure to the Auditors Report
(Referred to in Paragraph (3) of our Report of Even Date)
1 (a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The Company has a phased program of physical verification of fixed
assets, which in our opinion, is reasonable having regard to the size
of the company and nature of fixed assets. In accordance with the
program, the fixed assets have been physically verified by the
management during the year. The discrepancies noticed on such
verification were not material and have been properly dealt with in the
books of account.
(C) No Fixed assets were disposed off during the year
2. a) In our opinion and according to the information and explanations
given to us, the company has taken interest free unsecured loans from
promoters covered in the register maintained under section 301 of the
Act as follows: a. N JAYANTHI RS 16,13,000 B. P NATARAJAN RS 7,55,450
b) (i) The company has not granted unsecured loans to companies covered
in the register maintained under section 301 of the Act.
(ii) The rate of interest and other terms and conditions of the loan
are, prima facie, not applicable since no outstanding loans as
mentioned under section 301 of the Companies Act, 1956.
(iii) The payment of interest and the repayment of principal do not
apply.
(iv) There is no amount overdue on the loans.
3. In our opinion and according to the information and explanations
given to us, there are no purchase of fixed assets and sale of goods
and service.
4. To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
the particulars of the above contract stated in 2(a) has been entered
referred to in section 301 of the Act.
5. According to the information and explanations given to us, the
company registration as NBFC has been cancelled, the company has been
directed by RESERVE BANK OF INDIA to coordinate with COMPANY LAW BOARD
for the fulfilling the requirements and directives of RBI and
provisions of section 58A and 58 AA and the rules framed there under
with regard to deposit accepted from public.
6. The company ceased to operate on account of cancellation of NBFC
registration by RESERVE BANK OF INDIA, hence no internal audit has been
performed.
7. The Central Government has not prescribed the maintenance of cost
records under section 209(1) (d)of the Act.
8. (a) According to the records of the company and the information and
explanations given to us, since the company has not done any business
during the year under audit , payment of undisputed statutory dues
including provident fund, employees state, insurance, income tax,
wealth tax, service tax, sales tax, customs duty and excise duty is not
applicable.
(b) According to the information and explanations given to us, there
are no undisputed amounts payable in respect of income tax, wealth tax,
service tax, sales tax, excise duty and cess which are outstanding as
at 31st August 2009 for a period of more than six months from the date
they became payable.
The Central government has not notified the rules pertaining to the
quantum and means of payment of Cess payable under section 441A of the
Act and therefore, no remittance has been made.
9. According to the records of the company and the information and
explanations given to us, there are no dues of wealth tax, customs
duty, excise duty and cess which have not been deposited on account of
dispute.
10. The company has accumulated losses at the end of the financial year
and has incurred cash losses during the current and immediately
preceding financial year. The accumulated losses are more than 50% of
the Capital and Reserves of the Company.
11. Based on the information and explanations given by the management,
we are of the opinion that the company has arrived a settlement with
various Banks towards their dues and the balance as on dated on Rs.
18.58 lacs.
12. According to the information and explanations given to us, the
company has not granted loans or advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The company is not a chit fund/nidhi/mutual/benefit fund or
society.
14. Based on our examination of records and the information and
explanations given to us the company does not deal/trade in shares,
securities, debentures and other investments.
15. In our opinion and according to the information and explanation
given to us, the company has not given guarantees for loans taken by
others from banks and financial institutions.
16. To the best of our knowledge and belief and according to the
information and explanations given to us, the company has not availed
any term loans.
17. Based on the information given to us, since the company ceased
operations neither short term/long term funds has been raised
18. According to the information and explanations given to us, the
company did not issues any debentures of any kind.
19. The company has not raised money by public issues during the year.
20. To the best of our knowledge and according to the information and
explanations given to us, during the year no fraud by the company and
no material fraud on the company was noticed or reported during the
course of our audit.
21. In our opinion and according to the information and explanations
given to us, the nature of the companys business/activities during the
year have been such that clauses ii. xiii and xviii of paragraph 4 of
the Companies (Auditors Report) Order, 2002 are not applicable to the
company for the year.
For V.A.S.MANI & CO
Chartered Accountants
Place: Chennai V.A S. mami
Date: 29th January 2010 Proprietor
Membership No. 19395
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