Mar 31, 2015
We have audited the accompanying financial statements of Gajanan
Securities Services Limited ("the company"), which comprise the
Balance Sheet as at 31 March 2015, the statement of profit and loss,
the Cash Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management''s responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone financial statements that give
a true and fair view of the financial position, financial performance
and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014. This responsibility also
includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding the assets of the Company
and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy
and completeness of the accounting records, relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditor''s responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included
in the audit report under the 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 the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company''s preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of
expressing an opinion on whether the Company has in place an adequate
internal financial controls system over financial reporting and the
operating effectiveness of such controls. An audit also includes
evaluating the appropriateness of the accounting policies used and the
reasonableness of the accounting estimates made by the Company''s
Directors, 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 the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements subject to Note No.
1(c) regarding valuation of inventories at cost amounting to higher
valuation by ''42,025/- and overstating the profit by such amount, 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 31 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 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
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 our audit.
b. In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
c. The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account and the returns received from the branches not
visited by us.
d. In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7of the Companies (Accounts) Rules, 2014.
e. On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March,
2015 from being appointed as a director in terms of Section 164(2) of
the Act.
f. With respect to the other matters to be included in the Auditor''s
Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us:
i. The Company does not have 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 has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure referred to in paragraph 1 of our Report of even date to the
Members of GAJAN SECURITIES SERVICES LIMITED on the accounts of the
company for the year ended 31st March, 2015
Re: Gajanan Securities Services Limited (the company)
1. (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets have been physically verified by the management
during the year. No material discrepancies were noticed on such
verification.
2. (a) The management has conducted physical verification of inventory
at reasonable intervals during the year.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business.
(c) In our opinion and according to the information given to us, the
Company is maintaining proper records of inventory. As per the
management during verification, there were no material discrepancies
noticed between physical stock and the book records.
3. In our opinion and according to the information given to us, the
company has not granted any loan to companies, firms or other parties
covered in the register maintained under section 189 of the Companies
Act, 2013.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory and fixed assets and for
sale of goods and services. During the course of our audit, we have
not observed any continuing failure or major weakness in internal
controls.
5. In our opinion and according to the information and explanation
given to us, the company has not accepted any public deposits as per
the provisions of Section 73 to 76 of the Act and Rules framed there
under.
6. The provisions of section 148(1) of the Companies Act, 2013
relating to maintenance of cost records are not applicable to the
company.
7. (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees'' State Insurance, Income Tax, Sales
tax, Wealth tax, Service Tax, Custom Duty, Excise Duty, Value Added
Tax, Cess and other statutory dues as applicable have been regularly
deposited by the Company during the year with the appropriate
authorities. There is no arrear statutory dues outstanding as at 31st
March, 2015 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues in respect of
Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty, Value Added Tax and Cess as at 31st March, 2015, which have not
been deposited on account of any dispute.
(c) The company has not paid any dividend and therefore there is no
requirement to transfer any amount to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made there under.
8. The accumulated losses of the company are not more than fifty
percent of its net worth. The Company has not incurred cash losses
during the financial year immediately preceding financial year.
9. The company has no dues to financial institutions, banks or
debenture holders, hence para related to repayment of dues does not
apply.
10. In our opinion and according to the information and explanation
given to us, the Company has not given any guarantees for loans taken
by others from bank or financial institutions.
11. In our opinion and according to the information and explanation
given to us, the Company has not availed term loans, hence para
related to term loans does not apply to the company.
12. To the best of our knowledge and belief and according to the
information and explanation given to us, no fraud on or by company has
been noticed or reported during the course of our audit.
For P.K.C & Co.
Firm registration number: 322332E
Chartered Accountants
Sd/-
(CA P K Choudhary)
Proprietor
Membership no.: 055177
Place: Kolkata
Date: 30th May 2015
Mar 31, 2014
We have audited the accompanying financial statements of Gajanan
Securities Services Limited (the company), which comprise the balance
sheet as at 31 March 2014, and the statement of profit and loss for the
year then ended, and a summary of significant accounting policies and
other explanatory information and cash flow statement.
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 principles generally accepted in India, including
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, 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements subject to Note No.
1(c) regarding valuation of inventories at cost amounting to higher
valuation by Rs. 41,516/- and overstating the profit by such amount, 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 31 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 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion proper books of account as required by law have been
kept by the company so far as appears from our examination of those
books.
c. The balance sheet, statement of profit and loss and cash flow
statement dealt with by this report are in agreement with the books of
account.
d. In our opinion, the balance sheet, statement of profit and loss, and
cash flow statement comply with the accounting standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956.
e. On the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 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.
Annexure referred to in paragraph 1 under the heading "Report on other
legal and regulatory requirements" of our report of even date Re:
Gajanan Securities Services Limited (the company)
1. (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets have been physically verified by the management
during the year. No material discrepancies were noticed on such
verification.
(c) There was no disposal of a substantial part of fixed assets during
the year.
2. (a) The management has conducted physical verification of inventory
at reasonable intervals during the year.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business.
(c) In our opinion and according to the information given to us, the
Company is maintaining proper records of inventory. As per the
management during verification, there were no material discrepancies
noticed between physical stock and the book records during normal
course of business, minor discrepancies observed were duly adjusted in
books of accounts.
3. In our opinion and according to the information given to us, the
company has not taken/given any loan from/to companies, firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase and sales. During the course of our
audit, we have not observed any continuing failure or major weakness in
internal controls.
5. In our opinion and according to the information and explanations
given to us there were no transactions that need to be entered in the
register maintained under section 301 of the Companies Act, 1956.
6. In our opinion and according to the information and explanation
given to us, the company has not accepted any public deposits as per
the provisions of Section 58A and 58AA of the Companies (Acceptance of
Deposits) Rules, 1976 with regard to the deposits accepted from the
public.
7. In our opinion, the internal audit functions carried out during the
year by the Internal Audit department appointed by the management have
been commensurate with the size of the Company and the nature of its
business.
8. The provisions of section 209(1)(d) of the Companies Act, 1956 are
not applicable to the company.
9. (a) According to the information and explanation given to us, the
Company is generally regular in depositing with appropriate authorities
the statutory dues including Provident Fund, Investor education and
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs
Duty, Excise duty, Service Tax, Cess and other Statutory dues
applicable to it.
(b) According to the information and explanation given to us, no
undisputed amounts payable in respect of Income Tax, Wealth Tax, Custom
Duty, Excise Duty, Service Tax and Cess were in arrears, as at 31st
March 2014 for a period of more than six months from the date they
become payable
10. The accumulated losses of the company are not more than fifty
percent of its net worth. The Company has incurred cash losses during
the financial year immediately preceding financial year.
11. In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayment of dues to
financial institutions, banks or debenture holders.
12. According to the information and explanations given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities. Therefore,
the provisions of clause 4(xiii) of the Companies (Auditors'' Report)
Order, 2003 are not applicable to the company.
13. In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund / society. Therefore the provisions of clause 4(xiii) of
the Companies (Auditors'' Repost) Order, 2003 are not applicable to the
Company.
14. In respect of dealing or trading in shares, securities, debentures
and other investments, proper records have been maintained of the
transaction and contracts and timely entries have been made therein.
Shares, securities, debentures and other investments are held in the
company''s name to the extent of the exemption granted under section 49
of the Act.
15. In our opinion, the Company has not given any guarantees for loans
taken by others from bank or financial institutions.
16. In our opinion, the Company has not availed term loans.
17. According to the information and explanation given to us and on an
overall examination of the balance sheet of the Company, we report that
no funds raised on short-term basis have been used for long-term
assets. No long-term funds have been used to finance short- term
assets.
18. According to information and explanation given to us, during the
period covered by our audit report, the company has not made
preferential allotment of shares to parties and companies covered in
the register as maintained under section 301 of the companies Act,
1956.
19. According to the information and explanation given to us the
company has not issued any debentures.
20. During the period covered by our audit report the company has not
raised funds by way of public issues.
21. To the best of our knowledge and belief and according to the
information and explanation given to us, no fraud on or by company has
been noticed or reported during the course of our audit.
For P.K.C & Co.
Firm registration number: 322332E
Chartered Accountants
Sd/-
P K Choudhary
(CA P K Choudhary)
Proprietor
Membership no.: 055177
Place : Kolkata
Date : 30th April 2014
Mar 31, 2013
We have audited the accompanying financial statements of Gajanan
Securities Services Limited (the company), which comprise the balance
sheet as at 31 March 2013, and the statement of profit and loss for the
year then ended, and a summary of significant accounting policies and
other explanatory information and cash flow statement.
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 principles generally accepted in India, including
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, 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements subject to Note No.
1(c) regarding valuation of inventories at cost amounting to higher
valuation by Rs. 132,688/- and overstating the profit by such amount,
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 31 March 2013,
b. In the case of the statement of profit and loss, of the loss for
the year ended on that date, and
c. In the case of the cash flow statement, of the cash flows for the
year ended on that date.
Report on other legal and regulatory requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion proper books of account as required by law have been
kept by the company so far as appears from our examination of those
books.
c. The balance sheet, statement of profit and loss and cash flow
statement dealt with by this report are in agreement with the books of
account.
d. In our opinion, the balance sheet, statement of profit and loss,
and cash flow statement comply with the accounting standards referred
to in sub-section (3C) of section 211 of the Companies Act, 1956.
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 is 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 1 under the heading "Report on other
legal and regulatory requirements" of our report of even date
Re: Gajanan Securities Sevices Limited (the company)
1. (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets have been physically verified by the management
during the year. No material discrepancies were noticed on such
verification.
(c) There was no disposal of a substantial part of fixed assets during
the year.
2. (a) The management has conducted physical verification of inventory
at reasonable intervals during the year.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business.
(c) In our opinion and according to the information given to us, the
Company is maintaining proper records of inventory. As per the
management during verification, there were no material discrepancies
noticed between physical stock and the book records during normal
course of business, minor discrepancies observed were duly adjusted in
books of accounts.
3. In our opinion and according to the information given to us, the
company has not taken/given any loan from/to companies, firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase and sales. During the course of our
audit, we have not observed any continuing failure or major weakness in
internal controls.
5. In our opinion and according to the information and explanations
given to us there were no transactions that need to be entered in the
register maintained under section 301 of the Companies Act, 1956.
6. In our opinion and according to the information and explanation
given to us, the company has not accepted any public deposits as per
the provisions of Section 58A and 58AA of the Companies (Acceptance of
Deposits) Rules, 1976 with regard to the deposits accepted from the
public.
7. In our opinion, the internal audit functions carried out during the
year by the Internal Audit department appointed by the management have
been commensurate with the size of the Company and the nature of its
business.
8. The provisions of section 209(1)(d) of the Companies Act, 1956 are
not applicable to the company.
9. (a) According to the information and explanation given to us, the
Company is generally regular in depositing with appropriate authorities
the statutory dues including Provident Fund, Investor education and
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs
Duty, Excise duty, Service Tax, Cess and other Statutory dues
applicable to it.
(b) According to the information and explanation given to us, no
undisputed amounts payable in respect of Income Tax, Wealth Tax, Custom
Duty, Excise Duty, Service Tax and Cess were in arrears, as at 31st
March 2013 for a period of more than six months from the date they
become payable
10. The accumulated losses of the company ore not more than fifty
percent of its net worth. The Company has incurred cash losses during
the financial year covered by our audit and the financial year
immediately preceding such financial year also;
11. In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayment of dues to
financial institutions, banks or debenture holders.
12. According to the information and explanations given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities. Therefore,
the provisions of clause 4(xiii) of the Companies (Auditors'' Report)
Order, 2003 are not applicable to the company.
13. In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund / society. Therefore the provisions of clause 4(xiii) of
the Companies (Auditors'' Repost) Order, 2003 are not applicable to the
Company.
14. In respect of dealing or trading in shares, securities, debentures
and other investments, proper records have been maintained of the
transaction and contracts and timely entries have been made therein.
Shares, securities, debentures and other investments are held in the
company''s name to the extent of the exemption granted under section 49
of the Act.
15. In our opinion, the Company has not given any guarantees for loans
taken by others from bank or financial institutions.
16. In our opinion, the Company has not availed term loans.
17. According to the information and explanation given to us and on an
overall examination of the balance sheet of the Company, we report that
no funds raised on short-term basis have been used for long-term
assets. No long-term funds have been used to finance short-term assets.
18. According to information and explanation given to us, during the
period covered by our audit report, the company has not made
preferential allotment of shares to parties and companies covered in
the register as maintained under section 301 of the companies Act,
1956.
19. According to the information and explanation given to us the
company has not issued any debentures.
20. During the period covered by our audit report the company has not
raised funds by way of public issues.
21. To the best of our knowledge and belief and according to the
information and explanation given to us, no fraud on or by company has
been noticed or reported during the course of our audit.
For P.K.C & Co.
Firm registration number: 322332E
Chartered Accountants
(CA P K Choudhary)
Proprietor
Membership no.: 055177
Place: Kolkata
Date: 28th May 2013
Mar 31, 2012
We have audited the accompanying financial statements of Gajanan
Securities Services Limited (the company), which comprise the balance
sheet as at 31 March 2012, and the statement of profit and loss 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 principles generally accepted in India, including
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, 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements subject to Note No.
1(c) regarding valuation of inventories at cost amounting to higher
valuation by Rs. 206,894/- and overstating the profit by such amount,
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 31 March 2012,
b. In the case of the statement of profit and loss, of the loss for
the year ended on that date, and
c. In the case of the cash flow statement, of the cash flows for the
year ended on that date.
Report on other legal and regulatory requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion proper books of account as required by law have been
kept by the company so far as appears from our examination of those
books.
c. The balance sheet, statement of profit and loss and cash flow
statement dealt with by this report are in agreement with the books of
account.
d. In our opinion, the balance sheet, statement of profit and loss,
and cash flow statement comply with the accounting standards referred
to in sub-section (3C) of section 211 of the Companies Act, 1956.
e. On the basis of written representations received from the directors
as on 31 March 2012, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2012, 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 1 under the heading "Report on other
legal and regulatory requirements" of our report of even date
Re: Gajanan Securities Sevices Limited (the company)
1. (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets have been physically verified by the management
during the year. No material discrepancies were noticed on such
verification.
(c) There was no disposal of a substantial part of fixed assets during
the year.
2. (a) The management has conducted physical verification of inventory
at reasonable intervals during the year.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business.
(c) In our opinion and according to the information given to us, the
Company is maintaining proper records of inventory. As per the
management during verification, there were no material discrepancies
noticed between physical stock and the book records during normal
course of business, minor discrepancies observed were duly adjusted in
books of accounts.
3. In our opinion and according to the information given to us, the
company has not taken/given any loan from/to companies, firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase and sales. During the course of our
audit, we have not observed any continuing failure or major weakness in
internal controls.
5. In our opinion and according to the information and explanations
given to us there were no transactions that need to be entered in the
register maintained under section 301 of the Companies Act, 1956.
6. In our opinion and according to the information and explanation
given to us, the company has not accepted any public deposits as per
the provisions of Section 58A and 58AA of the Companies (Acceptance of
Deposits) Rules, 1976 with regard to the deposits accepted from the
public.
7. In our opinion, the internal audit functions carried out during the
year by the Internal Audit department appointed by the management have
been commensurate with the size of the Company and the nature of its
business.
8. The provisions of section 209(1)(d) of the Companies Act, 1956 are
not applicable to the company.
9. (a) According to the information and explanation given to us, the
Company is generally regular in depositing with appropriate authorities
the statutory dues including Provident Fund, Investor education and
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs
Duty, Excise duty, Service Tax, Cess and other Statutory dues
applicable to it.
(b) According to the information and explanation given to us, no
undisputed amounts payable in respect of Income Tax, Wealth Tax, Custom
Duty, Excise Duty, Service Tax and Cess were in arrears, as at 31st
March 2012 for a period of more than six months from the date they
become payable
10. The accumulated losses of the company ore not more than fifty
percent of its net worth. The Company has incurred cash losses during
the financial year covered by our audit and the financial year
immediately preceding such financial year also;
11. In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayment of dues to
financial institutions, banks or debenture holders.
12. According to the information and explanations given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities. Therefore,
the provisions of clause 4(xiii) of the Companies (Auditors'' Report)
Order, 2003 are not applicable to the company.
13. In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund / society. Therefore the provisions of clause 4(xiii) of
the Companies (Auditors'' Repost) Order, 2003 are not applicable to the
Company.
14. In respect of dealing or trading in shares, securities, debentures
and other investments, proper records have been maintained of the
transaction and contracts and timely entries have been made trerein.
Shares, securities, debentures and other investments are held in the
company''s name to the extent of the exemption granted under section 49
of the Act.
15. In our opinion, the Company has not given any guarantees for loans
taken by others from bank or financial institutions.
16. In our opinion, the Company has not availed term loans.
17. According to the information and explanation given to us and on an
overall examination of the balance sheet of the Company, we report that
no funds raised on short-term basis have been used for long-term
assets. No long-term funds have been used to finance short-term assets.
18. According to information and explanation given to us, during the
period covered by our audit report, the company has not made
preferential allotment of shares to parties and companies covered in
the register as maintained under section 301 of the companies Act,
1956.
19. According to the information and explanation given to us the
company has not issued any debentures.
20. During the period covered by our audit report the company has not
raised funds by way of public issues.
21. To the best of our knowledge and belief and according to the
information and explanation given to us, no fraud on or by company has
been noticed or reported during the course of our audit.
For P.K.C & Co.
Firm registration number: 322332E
Chartered Accountants
(CA P K Chuodhary)
Proprietor
Membership no.: 055177
Place: Kolkata
Date: 30th May 2012
Mar 31, 2011
We have audited the attached Balance sheet of M/s Gajanan Securities
Services Ltd. As at 31.03.2011, also 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
company''s Management. Our responsibility is expressing an opinion on
these financial statements based on our audit.
We have conducted our audit in accordance with auditing standards
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 misstatements. An audit also includes
examining on a test basis, evidence supporting the amounts and
disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statements presentation. We believe that our audit provides a
reasonable basis for our opinion. In accordance with the provisions of
section 227 of the Companies Act, 1956 we report as under: -
1. We have obtained all the information and explanation, which to the
best of our knowledge and belief were necessary
2. In our opinion the company has kept proper books of accounts as
requires by law so far as appears from our examination of those books
of Accounts.
3. The Company''s Balance Sheet, Profit & Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts as examined by us.
4. In our opinion, Balance Sheet, Profit and Loss Account and Cash
Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956 except AS-2
for the valuation of inventories as referred to note no. 1 of notes on
Accounts of Schedule- N.
5. As per the representation made by the company and all its
Directors, no directors is disqualified from being appointed as
Director u/s 274(1) (g) of the Companies Act, 1956.
6. In our opinion and to the best of our information and according to
the explanation given to us the said accounts read together with
Company''s Accounting Policies and notes thereon, subject to Note No.l
of Notes on Account (Sch: N) regarding valuation of inventory at cost
amounting to higher valuation of inventory by Rs. 256726.62 and
overstating the profit by such amount, give the information required by
the Companies Act, 1956 in the manner so required in the manner so
required and give a true and fair view in conformity with the
accounting principles generally excepted in India:
a. In case of the Balance Sheet of the State of Affairs of the company
as at 3 lsl March 2011.
b. In case of the Profit & Loss Account of the Loss of the Company for
the year ended on that date.
c. In case the Cash flow Statement, of the Cash Flows for the year
ended on that date.
As required by the Companies (Auditor''s Report) Order, 2003 ("The
Order") issued by the Central Government of India in terms of Section
227 (4 A) of the Companies Act, 1956, on the matters specified in
paragraphs 4 and 5 of the said order and the basis of such checks as we
considered appropriate and as per the information and explanations to
us. We further report to the extent it is applicable to the company:
1. The Company has maintained proper records showing full particular
including quantitative details and situation of Fixed Assets. The
management at the year - end has physically verified Fixed Assets and
no discrepancies were No fixed assets were disposed off during the year
under review.
2. The stock of traded goods (shares) has been physically verified by
the Management at reasonable intervals. In our opinion, the procedures
of physical verification followed by the management are reasonable and
adequate in relation to the size of the company and nature of its
business. The company is maintaining proper records of inventory of
traded goods (shares). No discrepancies were noticed on such physical
verification.
3. The company has not granted / taken any loans, secured or unsecured
to and from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
4. In our opinion, there is an adequate internal control procedure
commensurate with the size of the company and nature of its business''
with regard to purchase of traded goods, (shares and securities) and
Fixed Assets and sale of Traded Goods (shares and securities) and
services. During the course of our audit, we have not observed any
continuing failure to correct major weakness in internal control.
5. In our opinion and according to the information and explanations
given it us, there are no transactions that need to be entered into a
register maintained under section 301 of the Companies Act, 1956.
6. The company has not accepted any deposit from the public.
7. In our opinion, the Company has an internal audit system
commensurate with the size of the company and nature of its business.
8. Para relating to maintenance of the cost records does not apply to
the company.
9. (a) In our opinion and according to the information and explanation
given to us, undisputed statutory dues, i.e. income Tax have been
regularly deposited in time during the year with the appropriate
authorities and there are no undisputed statutory dues payable for a
period of more than six months from the date they became payable as at
31.03.2011 reporting in respect of statutory dues relating to Provident
Fund, Investors Fund, Education and Protection Fund, Employees State
Insurance, Sales Tax, Wealth Tax, Service Tax, Custom duty, Excise Duty
and Cess are not applicable to the company for the year under review.
10. In our opinion, the accumulated losses of the company are not more
than fifty percent of its net worth. The company has incurred cash loss
during the year, as well as in the immediately preceding previous year.
11. The company has no dues to a financial institution or bank or
debenture holders.
12. According to the information and explanation given to us, the
company has not granted any loans and advances based on security by way
of pledge of shares, debentures and other securities.
13. The company is not a chit fund/ mutual benefit fund/ society;
hence, Para relating to compliance of the provision relating thereto
does not apply to the company.
14. In respect of dealing or trading in shares, securities debentures
and other investments, proper records have been maintained of the
transaction and contracts and timely entries have been made therein.
Shares, securities, debentures and other investments are held in the
company''s name to the extent of the exemption granted under section 49
of the act.
15. The company has not given any guarantee for loans taken by others
bank or financial institution.
16. No term loan is availed by the company hence Para relating to
application of the same does not apply to the company.
17. On the basis of an overall examination of the Balance Sheet of the
company, no funds raised on short-term basis have been used for long
-term investment.
18. 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.
19. No debentures were issued by the company and hence Para relating
to creation of security or change thereon does not apply to the company
20. The company has not raised any money through a public issue during
the year
21. Based upon the audit procedures performed and on the basis of
information and explanations given to us, we report that no fraud on or
by the company has been noticed or reported during the course of our
audit.
For P.K.C & Co.
Firm registration number: 322332E
Chartered Accountants
(CA P K Chuodhary)
Proprietor
Membership no.: 055177
Place: Kolkata
Date: 30th May 2011
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