Mar 31, 2018
Report on the Financial Statements
We have audited the accompanying financial statements of GENERIC ENGINEERING CONSTRUCTION AND PROJECTS LIMITED {formerly known as WELPLACE PORTFOLIO AND FINANCIAL CONSULTANCY SERVICES LIMITED}, which comprise the Balance Sheet as at 31st March 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash flow statement, and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information (hereinafter referred to as âfinancial statementâ).
Managementâs Responsibility for the Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation and presentation 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 Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act. 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.
Auditorâs Responsibility
Our responsibility is to express an opinion on these Ind AS 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 of the Ind AS financial statement 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 Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Ind AS financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the Ind AS 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 Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS 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, of the state of affairs of the Company as at 31st March 2018 and its profit (including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) 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, a statement on the matters specified in the paragraph 3 and 4 of the 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 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, the Cash flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;
(d) in our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act.
(e) on the basis of the written representations received from the Directors as on 31st March 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2018 from being appointed as a director in terms of Section 164 (2) of the Act;
(f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in âAnnexure Bâ; and
(g) with respect to the other matters to be included in the Auditorâs 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 any pending litigations which would impact its financial position.
(ii) the Company did not have any long term contracts including long term contracts for which they were any material foreseeable losses.
(iii) There were no amount which required to be transferred to the Investor Education and Protection Fund by the Company.
The Annexure referred to in Independent Auditorsâ Report to the members of GENERIC ENGINEERING CONSTRUCTION AND PROJECTS LIMITED {formerly known as WELPLACE PORTFOLIO AND FINANCIAL CONSULTANCY SERVICES LIMITED}, (âthe Companyâ) on the financial statements for the year ended 31st March 2018, we report that:
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such physical verification.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company does not hold any immovable property. Accordingly, clause 1 (c) of the order in not applicable.
(ii) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the inventories have been physically verified during the year by the management at reasonable intervals and as explained to us no material discrepancies were noticed on physical verification.
(iii) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not granted any loans, secured or unsecured to companies, firms, limited liability partnerships or other parties covered in the register maintained under Section 189 of the Act, 2013.
(iv) According to the information and explanations given to us, the Company has not made any loans which require compliance with the provisions of section 185. However, the Company has complied with the provisions of s.186 of the Act, with respect to loans and investments made.
(v) The Company has not accepted any deposits from the public.
(vi) The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act, for any of the services rendered by the Company.
(vii) (a) According to the information and explanation given to us, wealth tax, duty of customs, duty of excise, are not applicable to the company. The Company is regular in depositing undisputed statutory dues including Provident Fund, Employee State Insurance, Sale tax, income tax, value added tax, Goods and Service Tax, employees state insurance Profession tax and other statutory dues with the appropriate authorities during the year.
According to the information and explanation given to us, no undisputed amounts payable were in arrears, as at 31st March, 2018 for the period of more than six months from the date they became payable.
(b) According to the information and explanation given to us, there were no dues of income tax or sales-tax or duty of customs or duty of excise or value added tax which have not been deposited with the appropriate authorities on account of any dispute.
(viii) According to the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowings to any financial institution or banks as at the Balance Sheet date. The company has not borrowed any loans from government and not issued any debentures.
(ix) The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, paragraph 3 (ix) of the Order is not applicable.
(x) According to the information and explanations given to us, no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
(xi) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
(xii) In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.
(xiv) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required under Indian accounting standard (Ind AS) 24, Related Party disclosures specified u/s 133 of the Act, read with Rule 7 of the Company (Accounts) Rules, 2014.
(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has made private placement of shares during the year and has complied with the requirement of s.42 of Companies Act, 2013. The amount raised have been utilized for the purposes for which it was intended to be raised.
(xvi) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.
(xvii) The Company is not required to be registered under section 45 -IA of the Reserve Bank of India Act 1934.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of GENERIC ENGINEERING CONSTRUCTION AND PROJECTS LIMITED {formerly known as WELPLACE PORTFOLIO AND FINANCIAL CONSULTANCY SERVICES LIMITED}, (âthe Companyâ) as of 31st March 2018 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (âICAIâ). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial
Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companyâs assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For SDA & Associates
Chartered Accountants
Firm Registration No. 120759W
SD/-
Shrawan Kumar Roy
Partner
Membership No. 113842
Place: - Mumbai
Dated: 19th May, 2018
Mar 31, 2016
TO
THE MEMBERS,
WELPLACE PORTFOLIO & FINANCIAL CONSULTANCY SERVICES LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of WELPLACE PORTFOLIO & FINANCIAL CONSULTANCY SERVICES LIMITED (the Company)â, which comprise the Balance Sheet as at March 31st 2016, Statement of Profit and Loss of the Cash Flow Statement for the year ended and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements
The Companyâs Board of Directors is responsible for the matt ejection 134(5) of the Companies Act, 203 (the Act) with respect to the prepare and presentations these financial statements that give a true and fair view of the financial position of financial performance and cash flow 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 responsibilities includes maintenance of adequate counting 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 gratuities selection and application of appropriate accounting policies; making judgment 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 r recovered event to the preparation an presentation of the financial statements that give a true and fair view and are free from mater: al misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these financial statements based auditor
We have taken into account the provisions of the Act, the accounting and auditing standards earned which are required to be included in the audit report under the provisions Act and the Rules made there under:
We conducted our audit accordance with the Standards on Auditing specified under section 143(D) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit obtain reasonable assurance about whether the financial statements and from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclose the financial statements. The precedes elected depend on the auditors judgment, including the assessment of the risk of material misstatement of the financial statements, whether due to fraud or error. In seeking the risk assessments, the auditor considers internal financial control relevant to the Companyâs profit of the financial statements that give true final view in order to design the procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies use and the reasonableness of the accounting estimates made by Companyâs Directors, as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide board of audit opinion on the financial statements.
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 an aggregative fair view in conformity with the accounting principles really accepted in India, of the state of affairs of the Company as at 31 March 206 and its profit and its cash flows for the year ended on that date.
Report on Other Legal & Regulatory Requirements
1 As required by the Companies (Auditors Report) Orc2016 (the Order)â issued by the Central
Government of India in terms of -section (I) of section 143 of the Act, we give in the Annexure A, a statement on the matters specified in the paragraph 3 and 4 of the 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 our audit.
b) in our opinion proper books of account as required by law have been 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 wither this Report are in agreement with the books of account;
d) in our opinion, the essential financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules , 2014;
e) on the basis of the written representations received from the directors as on 31 March 2016 taken record by the Board of Directors, none of the directors is disqualified as on 31 March 2016 from the appointed as a director in terms of Section 164 (2) of the Act;
f) with respect to the adequacy of the internal financial controls over financing report of the Company and the operating effectiveness of such controls, refer to our separate report in âAnnexure B and
g) with respect to the other matters to be included in the Auditors Report in accordance with Rule11 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:
Annexure - A to the Auditorsâ Report
The Annexure referred to in Independent Auditors, Report to the members of the Company the financial statements for the year ended 31 March 2016, we report t hat:
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets
(b) As explained to us, fixed assets has been physically verified by the management at reasonable intervals. No material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us, the company does hold any immovable property. Accordingly clause (c) of the order in not applicable.
(ii) (a) As explained to us, inventory has been physically verified during the year by the management reasonable intervals.
(b) In our opinion and on the basis of our examination of records, no discrepancies were notice physical verification of stock by the management at compare to the books records.
(iii) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, firms, limited liability participants other parties covered in the register maintained under Section 189 of the Act, 2013. Thus paragraph 3(iii) of the order is no applicable.
(iv) In our opinion and according to the information and explanations given to us, the Company has not made any loans and investments which require compliance of section 185 and 186 of the Act.
(v) The Company has not accepted any deposits from the public.
(vi) The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act, for any, (the services rendered by the Company.
(vii) (a) According to the information and explanation given to us provident fund, employees state insurance, sales: tax, wealth tax, service tax, duty of customs & duty of excise, value added tax cess are not applicable t (the company. The Company is regular in depositing undisputed statutory dues including income tax and other statutory dues with the appropriate authorities during the year except professional tax. There were no arrears as at 31st March, 2016 for a provided than six months from the date they became payable.
(b) According to the information and explanation given to us, there are no dues of provident fund, employees state insurance, sales tax, wealth tax, service tax, income tax, duty of customs & duty excise, value added tax outstanding on account of any dispute.
(viii) The Company does not have any loans or borrowings from any financial institution, banks, government or debenture holders during the year. Accordingly, paragraph 3(viii) of this is under applicable.
(ix) The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, paragraph 3 (ix) of the Order is not applicable.
(x) According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
(xi) According to the information and explanations give to us and based on our nation of the records of the Company, the Company has not paid/provided for managerial remuneration. Hence requisite approvals mandated by the provisions of section 197 read with Schedule Y to the Act are not required .
(xi) In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.
(xii) According to the information and explanations given to us and based on our examination of the records of the Company, it does not have any transactions with the related parties which require compliance with section 77 and 188 of the Act. Thus paragraph 3(xiii) of the order not applicable.
(xiv) According to the information and explanations give to us and based on our opinion of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
(xv) According to the information and explanations given to us and based on examination of the records of the Company, the Company has not entered into internal transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.
(xvi) The Company is not required to be registered under section 45 -IA of the Reserve Bank of India Act 1934.
Annexure - B to the Auditorsâ Report
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of WELPLACE PORTFOLIO & FINANCIAL CONSULTANCY SERVICES LIMITED (the Company)â as of 31 March 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls on based the internal control over financial reporting criteria established by the Company considering in this components of internal control stated in Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). The essential presentation include the design, implementation and maintenance of adequate internal financial control that were operating effectively for ensuring the orderly and efficient conduct of its business, including other companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors statutory records and completeness of the accounting records, and the timely preparation of reliable financial information, are require under the Companies Act, 2013 .
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls and financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the Guidance Note)â and the Standards on Auditing, bys ICAI and deemed to be prescribe under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financials Control both issued by the Institute of Chartered Accountants of India. ''The Boards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance and whether adequate internal financial controls over financial reporting was established and maintains which controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the financial controls system over financial reporting and their operating effectiveness. Our internal audit financial controls over financial reporting included obtaining an understanding of internal financial controls financial reporting, assessing the risk that a material weakness exists, and testing and evaluating and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial Statements, whether due to fraud or error.
We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide has been on assurance regarding the reliability of financial reporting and the preparation of financial Maintains internal purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintain records that, in reasonable detail, accurately and fairly reflect the transaction dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permeation of financial statements in accordance with generally accepted accounting principles, and that reports expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely conduct unauthorized acquisition, use, or disposition to the company''s assets that could have a material effect on the financial statement s.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting in the possibility of collusion or improper management override of controls, material misstatements entered or fraud may occur and not be detected. Also, projections of any evaluation of the internal facilities cover financial reporting textures periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance hw policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating statements at 31 March 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Auditor Internal Financial Controls Over Financial Reporting issued by the Institute of Charted Accounts of India.
For Koshal & Associates
Chartered Accountants
Firms registration number: 121233W
SD/-
Koshal Maheshwari
Proprietor
M ember ship number: 043746
Place: Mumbai
Dated: 30.05.2016
Mar 31, 2015
1. We have audited the accompanying financial statements of WELPLACE
PORTFOLIO & FINANCIAL CONSULTANCY SERVICES LIMITED ("the Company"),
which comprise the Balance Sheet as at March 31, 2015, Statement of
Profit and Loss, 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
2. The Company's Board of Directors is re sponsible for the matters 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 t he financial position, financial performance and cash flows
of the Company in accordance with the a ccounting 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 pro vision 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 prude nt; 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
3. Our responsibility is to express an opinion on these financial
statements based on our audit.
4. 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 there under.
5. 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 mate rial misstatement.
6. 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 financial control relevant
to the Company's preparation of the financial statements that give true
and fair view in order to design audit procedures that are appropriate
in the circumstances. An audit aIso includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by Company's Directors, as well as
evaluating the overall presentation of the financial statements.
7. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the
financial statements.
Opinion
8. In our opinion and to the best of our lnformation and according to
the explanations given to us, the aforesaid financial statement s give
the information require d by the Act, in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
b) in the case of Statement of Profit and Loss, of the Profit for the
year ended on that date and;
c) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Report on Other Legal & Regulatory Requirements
9. As required by the Companies (Auditor's Report ) Order 2015 (Âthe
Order') issued by the Central Govt of India in terms of Sub-Section 11
of Section 143 of the Companies Act,2015, We give in the Annexure a
statement on the matters specified in the paragraphs 3 & 4 of the
Order, to the extent applicable.
10. 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
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 the 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,
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules 2014;
e) On the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 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 any pending litigation which would impact
in financial statement s.
II. The Company did not have any long term contacts including
derivative contacts for which there were any material foreseeable
losses .
III. There were no amounts which required to be transferred to the
Investor Education and Protection Fund by the Company.
ANNEXURE TO AUDITORS REPORT FOR THE YEAR ENDED ON 31.3.2015
(Referred to in paragraph 9 of our report of even date)
( i ) ( a ) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
( b ) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals. No material discrepancies were
noticed on such verification.
( ii ) ( a ) As explained to us, inventory has been physically verified
during the year by the management at reasonable intervals.
( b ) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventory
followed by the management is reasonable and adequate in relation to
the size of the company and nature of its business.
( c ) In our opinion and on the basis of our examination of records,
the company is generally maintaining proper records of its inventory.
No discrepancies were notices on physical verification of stock by the
management at compare to the books records.
( iii ) ( a ) According to the information and explanation given to us,
the Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Act.
( b ) In view of our comments in (a) above no further comments are
warranted on receipt of principal amount and rate on interest of such
loans.
( c ) In view of our comments in (a) above no further comments are
warranted on recovery of principal amounts and interest thereof.
( iv ) In our opinion, there is generally adequate internal control
system commensurate with the size of the Company and nature of its
business, for the purchase of inventory & fixed assets and for the sale
of goods and services. There is no continuing failure to correct the
major weaknesses in internal control system.
( v ) In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from public and
therefore, directives issued by Reserve Bank of India , the provisions
of Section 73 to 76 or any other relevant provision of the Companies
Act, and Rules made thereunder are not applicable to the Company.
( vi) The Central Government has not prescribed the maintenance of cost
records by the Company under Section 148 (1) of the Companies Act.
( vii ) ( a ) According to the information and explanation given to us,
provident fund, employees state insurance, sales-tax, wealth tax,
service tax, duty of customs & duty of excise, value added tax, cess are
not applicable to the company. The Company is regular in depositing
undisputed statutory dues including income tax and other statutory dues
with the appropriate authorities during the year except professional
tax. There were no arrears 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, there
are no dues of provident fund, employees state insurance, sales-tax,
wealth tax, service tax, income tax, duty of customs & duty of excise,
value added tax outstanding on account of any dispute.
(c) No amount are required to be transferred to investor education and
protection fund in accordance with the relevance provisions of the
Companies Act,1956 and rules made there under.
(viii ) According to the records of the Company and information and
explanation given to us, the company is having accumulated losses at the
end of the financial year. The company has not incurred any cash loss
during the previous year and immediately preceding financial year.
( ix ) According to the records of the Company and information and
explanation given to us, the company has not taken any loan from banks,
financial institution nor has issued any debentures during the financial
year.
( x ) According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions
( xi) The company has not taken any term loan during the year.
( xii ) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For KOSHAL & ASSOCIATES.
CHARTERED ACCOUNTANTS
SD/-
KOSHAL MAHESHWARI
(Proprietor)
M. NO.: 043746
Date: 30.05.2015 FRN: 121233W
Place: Mumbai
Mar 31, 2014
We have audited the attached Balance Sheet of WELPLACE PORTFOLIO AND
FINANCIAL CONSULTANCY SERVICES LIMITED as 31st March, 2014 the Profit
and Loss Accounts and Cash Flow Statements of the Company for the year
ended on that date annexed thereto. These Financial Statements are the
Responsibility of the Company's management. Our Responsibility is to
express an opinion on these financial statements based on our Audit.
We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statements
presentation. We believe that our audit provides a reasonable basis for
our opinion. We report that;
1. As required by Companies (Auditors' Report) Order, 2003 as amended by
the Companies (Auditor's Report) (amendment) Order, 2004, issued by
Central Government of India in terms of section 227 (4a) of Companies
Act, 1956, we enclose in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the said order to the extent to which
it is applicable to the Company.
2. Further to our comments in the annexure referred to in paragraph (3)
above, we state 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 it appears from our examination of such
books of accounts.
c. The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account.
d. In our opinion, the Balance Sheet and Statement of Profit & Loss
comply the accounting standards referred to in sub-section (3C) of
Section 211 of the Companies Act,1956, as applicable
e. As per the information and explanation given to us, none of the
Directors of the Company as on 31.03.2014 is disqualified from being
appointed as a Director under clause (g) of sub -section (1) of Section
274 of the Companies Act, 1956.
f. In our opinion and according to the information & explanations made
available to us, the said Balance Sheet and Profit & Loss Account
subject to
Note no. 8 regarding valuation of shares and debentures held as
investment and stock in trade
Note no. 9 regarding confirmation and reconciliation of balances
Of Schedule 13 read together with the notes thereon, give the
information required by the Companies Act, 1956, in the manner so
required and give a true and fair view;
i. Insofar as it relates to the Balance Sheet, of the state of affairs
of the Company as at 31st March, 2014 and
ii. Insofar as it relates to the Profit & Loss Account, of the PROFIT of
the Company for the year ended on that date.
ANNEXURE TO INDEPENDENT AUDITORS REPORT
Referred in Paragraph 1 under the heading of "Report on Other Legal and
Regulatory Requirements" of our report of even date
(i) (a) The Company has no fixed assets.
(b) In view of our comments in (a) above clause (b) is not applicable.
(c) In view of our comments in (a) above clause (c) is not applicable.
(ii) (a) The security held as stock in trade has been physically
verified during the year by the Management.
(b) The procedures explained to us, which are followed by the management
for physical verification of inventories, were found reasonable and
adequate in relation to the size of the Company and the nature of its
business;
(c) On the basis of our examination of the inventory records of the
Company, we are of the opinion that the Company is maintaining proper
records of its inventory and no discrepancies were noticed on physical
verification of inventory as compared to book records.
(iii) (a) According to the information and explanation given to us, the
Company has not granted any loans, secured or unsecured, to companies,
firms or other parties listed in the register maintained under Section
301 of the Act.
(b) In view of our comments in (a) above, no further comments are
warranted on rate on interest and the terms and conditions of such
loans.
(c) In view of our comments in (a) above, no further comments are
warranted on repayment of principal amounts and interest thereof.
(d) In view of our comments in (a) above, no further comments are
warranted on overdue loans of more than Rs.1,00,000/-
(e) According to the information and explanation given to us, the
Company has taken loan from one Company covered in the register
maintained under Section 301 of the Act of Rs.25,00,000/-. The year end
balance of loan taken from such party is Rs.25,00,000/-.
(f) In view of our comments in (e) above, no further comments are
warranted on rate on interest and the terms and conditions of such
loans.
(g) In view of our comments in (e) above, no further comments are
warranted on repayment of principal amounts and interest thereof.
(iv) In our opinion , there is generally adequate internal control
procedures commensurate with size of the Company and its nature of
business for purchase of inventory and fixed assets and for the
sale of goods and services. During the course of our Audit, no major
weakness has been noticed in the internal controls.
(v) (a) According to the information and explanation given to us there
are no particulars of contracts or arrangement referred to in section
301 of the Companies Act, 1956 that need to be entered into the register
required to be maintained as provided under section.
(b) In the view of our comments in (a) above, no comments are warranted
on reasonableness of prevailing market price.
(vi) In our opinion and according to information & explanations given to
us, the Company has not accepted deposits from public during the year
under review.
(vii) The Company does not have an internal audit system.
(viii) The Central Government has not prescribed the maintenance of cost
records by the Company under section 209 (1) (d) of the Companies Act,
1956.
(ix) (a) According to information and explanations given to us,
Provident Fund Act, Employees State Insurance Act, Sales Tax, Wealth
Tax, Custom and Central Excise Act, are not applicable to the Company.
The Company is regular in depositing statutory dues including Income
Tax, Service Tax and other statutory dues with the appropriate
authorities during the year. There was no arrears as at 31st March, 2014
for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, no dues
of Provident Fund Act, Employees State Insurance Act, Sales Tax, Wealth
Tax, Custom and Central Excise Act, Income Tax outstanding on account of
any dispute.
(x) The accumulated losses at the end of the financial year are not more
than fifty percent of its net worth and it has not incurred cash losses
during the year.
(xi) According to the records of the Company and information and
explanations given to us, The Company has not taken any loans from
banks, financial institution and also has not issued any debentures
during the financial year.
(xii) According to the information and explanations given to us, the
Company has not given any loan or advances on the basis of securities by
way of pledging of shares and other securities.
(xiii) The provisions of any Special Statute applicable to Chit Fund,
Nidhi or Mutual benefit Fund / Societies are not applicable to the
Company.
(xiv) According to the information and explanations given to us, the
Company has maintained proper records of the investment in shares. The
Shares have been held by the Company in its own name.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from banks
and financial institutions.
(xvi) According to the information and explanations given to us, the
Company has not taken any term loan.
(xvii) According to the information and explanations given to us, no
funds raised on short term basis have been used for long term purpose.
(xviii) The Company has not made any preferential allotment during the
year.
(xix) The Company has not issued any Debentures.
(xx) The Company has not raised any money by way of public issue.
(xxi) To the best of our knowledge and belief and according to the
explanation given to us, no fraud on or by the Company has been noticed
or reported during the year.
For KOSHAL & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN:121233W
SD/-
KOSHAL MAHESHWARI
(Proprietor)
Date: 30.05.2014 M. NO.: 043746
Place: Mumbai
Mar 31, 2013
1. We have audited the accompanying ?nancial statements of WELPLACE
PORTFOLIO AND FINANCIAL CONSULTANCY SERVICES LIMITED (Âthe
CompanyÂ), which comprise the Balance Sheet as at 31st March, 2013,
the Statement of Profit and Loss and the Cash Flow Statement for the
year then ended and a summary of signi?cant accounting policies and
other explanatory information.
MANAGEMENTÂS RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
2. The CompanyÂs Management is responsible for the preparation of
these ?nancial statements that give a true and fair view of the
?nancial position and ?nancial performance of the Company in
accordance with Accounting Standard referred to in sub-section (3C)
section 211 of the Companies Act, 1956. (ÂThe ActÂ) This
responsibility includes the design, implementation and maintenance of
internal control relevant to the reparation and presentation of the
?nancial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
AUDITORÂS RESPONSIBILITY
3. Our responsibility is to express an opinion on these ?nancial
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 ?nancial statements are free from material
misstatement.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the ?nancial statements. The
procedures selected depend on the auditorÂs judgment, including the
assessment of the risks of material misstatement of the ?nancial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
CompanyÂs preparation and fair presentation of th6 ?nancial
statements in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expression an opinion on
the effectiveness of the CompanyÂs 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 ?nancial
statements.
5. We believe that the audit evidence we have obtained is suf?cient
and appropriate to provide a basis for our audit opinion.
BASIS FOR QUALIFIED OPINION
6. Long term investments as stated at cost. Provision for diminution in
the value of long term investment is made only if such a decline is
other than temporary. In the absence of ?nancial statement of the
companies as speci?ed in Note No.7, we are not able to determine
whether any adjustments might be necessary in Non-current Investment and
Reserve & Surplus.
7. Unquoted shares held as stock in trade are stated at cost instead of
lower of cost and net realizable value. In the absence of ?nancial
statement of the unquoted companies, we are not able to determine
whether any adjustment might be necessary in current assets and reserve
& surplus.
OPINION
8. In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid ?nancial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India.
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013
b) in the case of the Pro?t and Loss Account, of the loss of the
Company for the year ended on that date.
c) in case of Cash Flow Statement, of the cash ?ows of the Company for
the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
9. As required by the Companies (AuditorÂs Report) Order, 2003 (Âthe
OrderÂ) issued by the Central Government of India in terms of section
227(3) of the Act, we give in the Annexure a statement on the matters
speci?ed in paragraphs 4 and 5 of the Order.
10. 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 it appears from our examination of those
books.
c. The Balance Sheet and Statement of Pro?t and Loss and cash ?ow
statement dealt with by this Report are in agreement with the books of
account.
d. in our opinion, the Balance Sheet and Statement of Pro?t and Loss
and cash ?ow statement comply with the Accounting Standards referred
to in sub section (3C) of section 211of the Act.
e. On the basis of written representations received from the directors
as on 31st March,2013, and taken on record by the Board of Directors,
none of the directors is disquali?ed as on 31st March, 2013 from being
appointed as a director in terms of section 274 (1)(g) of the Act.
ANNEXURE TO INDEPENDENT AUDITORS REPORT
Referred in Paragraph 1 under the heading of "Report on Other Legal and
Regulatory Requirements" of our report of even date
(i) (a) The Company has no fixed assets.
(b) In view of our comments in (a) above clause (b) is not applicable.
(c) In view of our comments in (a) above clause (c) is not applicable.
(ii) (a) The security held as stock in trade has been physically
verified during the year by the Management.
(b) The procedures explained to us, which are followed by the management
for physical verification of inventories, were found reasonable and
adequate in relation to the size of the Company and the nature of its
business;
(c) On the basis of our examination of the inventory records of the
Company, we are of the opinion that the Company is maintaining proper
records of its inventory and no discrepancies were noticed on physical
verification of inventory as compared to book records.
(iii) (a) According to the information and explanation given to us, the
Company has not granted any loans, secured or unsecured, to companies,
firms or other parties listed in the register maintained under Section
301 of the Act.
(b) According to the information and explanations given to us and on the
basis of our examination of the books of account, the Company has not
taken loans during the year from companies, ?rms or other parties
listed in the register maintained under section 301 of the Companies
Act, 1956. However the loan of Rs.25,38,786/- is payable to two
companies as year end balance which was taken in earlier year.
(f) & (g) No terms and conditions as regards to repayment of loan and
interest is stipulated.
(iv) In our opinion , there is generally adequate internal control
procedures commensurate with size of the Company and its nature of
business for purchase of inventory and fixed assets and for the
sale of goods and services. During the course of our Audit, no major
weakness has been noticed in the internal controls.
(v) (a) According to the information and explanation given to us there
are no particulars of contracts or arrangement referred to in section
301 of the Companies Act, 1956 that need to be entered into the register
required to be maintained as provided under section.
(b) In the view of our comments in (a) above, no comments are warranted
on reasonableness of prevailing market price.
(vi) In our opinion and according to information & explanations given to
us, the Company has not accepted deposits from public during the year
under review.
(vii) The Company does not have an internal audit system.
(viii) The Central Government has not prescribed the maintenance of cost
records by the Company under section 209 (1) (d) of the Companies Act,
1956.
(ix) (a) According to information and explanations given to us,
Provident Fund Act, Employees State Insurance Act, Sales Tax, Wealth
Tax, Custom and Central Excise Act, are not applicable to the Company.
The Company is regular in depositing statutory dues including Income
Tax, Service Tax and other statutory dues with the appropriate
authorities during the year. There was no arrears as at 31st March, 2012
for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, no dues
of Provident Fund Act, Employees State Insurance Act, Sales Tax, Wealth
Tax, Custom and Central Excise Act, Income Tax outstanding on account of
any dispute.
(x) The accumulated losses at the end of the financial year are not more
than fifty percent of its net worth and it has not incurred cash losses
during the year.
(xi) According to the records of the Company and information and
explanations given to us, The Company has not taken any loans from
banks, financial institution and also has not issued any debentures
during the financial year.
(xii) According to the information and explanations given to us, the
Company has not given any loan or advances on the basis of securities by
way of pledging of shares and other securities.
(xiii) The provisions of any Special Statute applicable to Chit Fund,
Nidhi or Mutual benefit Fund / Societies are not applicable to the
Company.
(xiv) According to the information and explanations given to us, the
Company has maintained proper records of the investment in shares. The
Shares have been held by the Company in its own name.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from banks
and financial institutions.
(xvi) According to the information and explanations given to us, the
Company has not taken any term loan.
(xvii) According to the information and explanations given to us, no
funds raised on short term basis have been used for long term purpose.
(xviii) The Company has not made any preferential allotment during the
year.
(xix) The Company has not issued any Debentures.
(xx) The Company has not raised any money by way of public issue.
(xxi) To the best of our knowledge and belief and according to the
explanation given to us, no fraud on or by the Company has been noticed
or reported during the year.
For KOSHAL & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN:121233W
SD/-
KOSHAL MAHESHWARI
(Proprietor)
Date: 30.05.2012 M. NO.: 043746
Place: Mumbai
Mar 31, 2012
We have audited the attached Balance Sheet of WELPLACE PORTFOLIO AND
FINANCIAL CONSULTANCY SERVICES LIMITED as 31st March, 2012 the Profit
and Loss Accounts and Cash Flow Statements of the Company for the year
ended on that date annexed thereto. These Financial Statements are the
Responsibility of the Company's management. Our Responsibility is to
express an opinion on these financial statements based on our Audit.
We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statements
presentation. We believe that our audit provides a reasonable basis for
our opinion. We report that;
1. As required by Companies (Auditors' Report) Order, 2003 as amended by
the Companies (Auditor's Report) (amendment) Order, 2004, issued by
Central Government of India in terms of section 227 (4a) of Companies
Act, 1956, we enclose in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the said order to the extent to which
it is applicable to the Company.
2. Further to our comments in the annexure referred to in paragraph (3)
above, we state 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 it appears from our examination of such
books of accounts.
c. The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account.
d. In our opinion, the Balance Sheet and Statement of Profit & Loss
comply the accounting standards referred to in sub-section (3C) of
Section 211 of the Companies Act,1956, as applicable
e. As per the information and explanation given to us, none of the
Directors of the Company as on 31.03.2014 is disqualified from being
appointed as a Director under clause (g) of sub -section (1) of Section
274 of the Companies Act, 1956.
f. In our opinion and according to the information & explanations made
available to us, the said Balance Sheet and Profit & Loss Account
subject to
Note no. 8 regarding valuation of shares and debentures held as
investment and stock in trade
Note no. 9 regarding confirmation and reconciliation of balances
Of Schedule 13 read together with the notes thereon, give the
information required by the Companies Act, 1956, in the manner so
required and give a true and fair view;
i. Insofar as it relates to the Balance Sheet, of the state of affairs
of the Company as at 31st March, 2012 and
ii. Insofar as it relates to the Profit & Loss Account, of the PROFIT of
the Company for the year ended on that date.
ANNEXURE TO INDEPENDENT AUDITORS REPORT
Referred in Paragraph 1 under the heading of "Report on Other Legal and
Regulatory Requirements" of our report of even date
(i) (a) The Company has no fixed assets.
(b) In view of our comments in (a) above clause (b) is not applicable.
(c) In view of our comments in (a) above clause (c) is not applicable.
(ii) (a) The security held as stock in trade has been physically
verified during the year by the Management.
(b) The procedures explained to us, which are followed by the management
for physical verification of inventories, were found reasonable and
adequate in relation to the size of the Company and the nature of its
business;
(c) On the basis of our examination of the inventory records of the
Company, we are of the opinion that the Company is maintaining proper
records of its inventory and no discrepancies were noticed on physical
verification of inventory as compared to book records.
(iii) (a) According to the information and explanation given to us, the
Company has not granted any loans, secured or unsecured, to companies,
firms or other parties listed in the register maintained under Section
301 of the Act.
(b) In view of our comments in (a) above, no further comments are
warranted on rate on interest and the terms and conditions of such
loans.
(c) In view of our comments in (a) above, no further comments are
warranted on repayment of principal amounts and interest thereof.
(d) In view of our comments in (a) above, no further comments are
warranted on overdue loans of more than Rs.1,00,000/-
(e) According to the information and explanation given to us, the
Company has taken loan from one Company covered in the register
maintained under Section 301 of the Act of Rs.25,00,000/-. The year end
balance of loan taken from such party is Rs.25,00,000/-.
(f) In view of our comments in (e) above, no further comments are
warranted on rate on interest and the terms and conditions of such
loans.
(g) In view of our comments in (e) above, no further comments are
warranted on repayment of principal amounts and interest thereof.
(iv) In our opinion , there is generally adequate internal control
procedures commensurate with size of the Company and its nature of
business for purchase of inventory and fixed assets and for the
sale of goods and services. During the course of our Audit, no major
weakness has been noticed in the internal controls.
(v) (a) According to the information and explanation given to us there
are no particulars of contracts or arrangement referred to in section
301 of the Companies Act, 1956 that need to be entered into the register
required to be maintained as provided under section.
(b) In the view of our comments in (a) above, no comments are warranted
on reasonableness of prevailing market price.
(vi) In our opinion and according to information & explanations given to
us, the Company has not accepted deposits from public during the year
under review.
(vii) The Company does not have an internal audit system.
(viii) The Central Government has not prescribed the maintenance of cost
records by the Company under section 209 (1) (d) of the Companies Act,
1956.
(ix) (a) According to information and explanations given to us,
Provident Fund Act, Employees State Insurance Act, Sales Tax, Wealth
Tax, Custom and Central Excise Act, are not applicable to the Company.
The Company is regular in depositing statutory dues including Income
Tax, Service Tax and other statutory dues with the appropriate
authorities during the year. There was no arrears as at 31st March, 2014
for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, no dues
of Provident Fund Act, Employees State Insurance Act, Sales Tax, Wealth
Tax, Custom and Central Excise Act, Income Tax outstanding on account of
any dispute.
(x) The accumulated losses at the end of the financial year are not more
than fifty percent of its net worth and it has not incurred cash losses
during the year.
(xi) According to the records of the Company and information and
explanations given to us, The Company has not taken any loans from
banks, financial institution and also has not issued any debentures
during the financial year.
(xii) According to the information and explanations given to us, the
Company has not given any loan or advances on the basis of securities by
way of pledging of shares and other securities.
(xiii) The provisions of any Special Statute applicable to Chit Fund,
Nidhi or Mutual benefit Fund / Societies are not applicable to the
Company.
(xiv) According to the information and explanations given to us, the
Company has maintained proper records of the investment in shares. The
Shares have been held by the Company in its own name.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from banks
and financial institutions.
(xvi) According to the information and explanations given to us, the
Company has not taken any term loan.
(xvii) According to the information and explanations given to us, no
funds raised on short term basis have been used for long term purpose.
(xviii) The Company has not made any preferential allotment during the
year.
(xix) The Company has not issued any Debentures.
(xx) The Company has not raised any money by way of public issue.
(xxi) To the best of our knowledge and belief and according to the
explanation given to us, no fraud on or by the Company has been noticed
or reported during the year.
For KOSHAL & ASSOCIATES
CHARTERED ACCOUNTANTS
SD/-
KOSHAL MAHESHWARI
(Proprietor)
Date: 2nd August, 2012 M. NO.: 043746
Place: Mumbai
Mar 31, 2011
We have audited the attached Balance Sheet of WELPLACE PORTFOLIO AND
FINANCIAL CONSULTANCY SERVICES LIMITED as 31st March, 2011 the Profit
and Loss Accounts and Cash Flow Statements of the Company for the year
ended on that date annexed thereto. These Financial Statements are the
Responsibility of the Company's management. Our Responsibility is to
express an opinion on these financial statements based on our Audit.
We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statements
presentation. We believe that our audit provides a reasonable basis for
our opinion. We report that;
1. As required by Companies (Auditors' Report) Order, 2003 as amended by
the Companies (Auditor's Report) (amendment) Order, 2004, issued by
Central Government of India in terms of section 227 (4a) of Companies
Act, 1956, we enclose in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the said order to the extent to which
it is applicable to the Company.
2. Further to our comments in the annexure referred to in paragraph (3)
above, we state 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 it appears from our examination of such
books of accounts.
c. The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account.
d. In our opinion, the Balance Sheet and Statement of Profit & Loss
comply the accounting standards referred to in sub-section (3C) of
Section 211 of the Companies Act,1956, as applicable
e. As per the information and explanation given to us, none of the
Directors of the Company as on 31.03.2014 is disqualified from being
appointed as a Director under clause (g) of sub -section (1) of Section
274 of the Companies Act, 1956.
f. In our opinion and according to the information & explanations made
available to us, the said Balance Sheet and Profit & Loss Account
subject to
Note no. 8 regarding valuation of shares and debentures held as
investment and stock in trade
Note no. 9 regarding confirmation and reconciliation of balances
Of Schedule 13 read together with the notes thereon, give the
information required by the Companies Act, 1956, in the manner so
required and give a true and fair view;
i. Insofar as it relates to the Balance Sheet, of the state of affairs
of the Company as at 31st March, 2012 and
ii. Insofar as it relates to the Profit & Loss Account, of the PROFIT of
the Company for the year ended on that date.
ANNEXURE TO INDEPENDENT AUDITORS REPORT
Referred in Paragraph 1 under the heading of "Report on Other Legal and
Regulatory Requirements" of our report of even date
(i) (a) The Company has no fixed assets.
(b) In view of our comments in (a) above clause (b) is not applicable.
(c) In view of our comments in (a) above clause (c) is not applicable.
(ii) (a) The security held as stock in trade has been physically
verified during the year by the Management.
(b) The procedures explained to us, which are followed by the management
for physical verification of inventories, were found reasonable and
adequate in relation to the size of the Company and the nature of its
business;
(c) On the basis of our examination of the inventory records of the
Company, we are of the opinion that the Company is maintaining proper
records of its inventory and no discrepancies were noticed on physical
verification of inventory as compared to book records.
(iii) (a) According to the information and explanation given to us, the
Company has not granted any loans, secured or unsecured, to companies,
firms or other parties listed in the register maintained under Section
301 of the Act.
(b) In view of our comments in (a) above, no further comments are
warranted on rate on interest and the terms and conditions of such
loans.
(c) In view of our comments in (a) above, no further comments are
warranted on repayment of principal amounts and interest thereof.
(d) In view of our comments in (a) above, no further comments are
warranted on overdue loans of more than Rs.1,00,000/-
(e) According to the information and explanation given to us, the
Company has taken loan from one Company covered in the register
maintained under Section 301 of the Act of Rs.25,00,000/-. The year end
balance of loan taken from such party is Rs.25,00,000/-.
(f) In view of our comments in (e) above, no further comments are
warranted on rate on interest and the terms and conditions of such
loans.
(g) In view of our comments in (e) above, no further comments are
warranted on repayment of principal amounts and interest thereof.
(iv) In our opinion , there is generally adequate internal control
procedures commensurate with size of the Company and its nature of
business for purchase of inventory and fixed assets and for the
sale of goods and services. During the course of our Audit, no major
weakness has been noticed in the internal controls.
(v) (a) According to the information and explanation given to us there
are no particulars of contracts or arrangement referred to in section
301 of the Companies Act, 1956 that need to be entered into the register
required to be maintained as provided under section.
(b) In the view of our comments in (a) above, no comments are warranted
on reasonableness of prevailing market price.
(vi) In our opinion and according to information & explanations given to
us, the Company has not accepted deposits from public during the year
under review.
(vii) The Company does not have an internal audit system.
(viii) The Central Government has not prescribed the maintenance of cost
records by the Company under section 209 (1) (d) of the Companies Act,
1956.
(ix) (a) According to information and explanations given to us,
Provident Fund Act, Employees State Insurance Act, Sales Tax, Wealth
Tax, Custom and Central Excise Act, are not applicable to the Company.
The Company is regular in depositing statutory dues including Income
Tax, Service Tax and other statutory dues with the appropriate
authorities during the year. There was no arrears as at 31st March, 2014
for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, no dues
of Provident Fund Act, Employees State Insurance Act, Sales Tax, Wealth
Tax, Custom and Central Excise Act, Income Tax outstanding on account of
any dispute.
(x) The accumulated losses at the end of the financial year are not more
than fifty percent of its net worth and it has not incurred cash losses
during the year.
(xi) According to the records of the Company and information and
explanations given to us, The Company has not taken any loans from
banks, financial institution and also has not issued any debentures
during the financial year.
(xii) According to the information and explanations given to us, the
Company has not given any loan or advances on the basis of securities by
way of pledging of shares and other securities.
(xiii) The provisions of any Special Statute applicable to Chit Fund,
Nidhi or Mutual benefit Fund / Societies are not applicable to the
Company.
(xiv) According to the information and explanations given to us, the
Company has maintained proper records of the investment in shares. The
Shares have been held by the Company in its own name.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from banks
and financial institutions.
(xvi) According to the information and explanations given to us, the
Company has not taken any term loan.
(xvii) According to the information and explanations given to us, no
funds raised on short term basis have been used for long term purpose.
(xviii) The Company has not made any preferential allotment during the
year.
(xix) The Company has not issued any Debentures.
(xx) The Company has not raised any money by way of public issue.
(xxi) To the best of our knowledge and belief and according to the
explanation given to us, no fraud on or by the Company has been noticed
or reported during the year.
For KOSHAL & ASSOCIATES
CHARTERED ACCOUNTANTS
SD/-
KOSHAL MAHESHWARI
(Proprietor)
Date: 2nd August, 2012 M. NO.: 043746
Place: Mumbai