Mar 31, 2015
We have audited the accompanying financial statements of GFL FINANCIAL
INDIA LTD ("the company"), which comprise the Balance Sheet as at 31
March 2015, the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position and financial performance of the
Company in accordance with the accounting principles generally accepted
in India, including the Accounting Standards specified under Section
133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,
2014. This responsibility also includes the maintenance of adequate
accounting records in accordance with the provision of the Act for
safeguarding of the assets of the Company and for preventing and
detecting the frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation
and maintenance of adequate internal financial control, that were
operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are 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 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, 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 operating effectiveness of
such controls. An audit also 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.
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
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India of the state of affairs of the Company as
at 31st March 2015, and its loss and its cash flow 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 paragraphs 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 and the 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 aforesaid 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 written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014:
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
derivatives contracts for which there were any material foreseeable
losses.
iii. There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Fund.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory
Requirements' section of our report of even date)
1. a) The company has maintained requisite records showing required
particulars including quantitative details and situation of its fixed
assets.
b) According to the information and explanation given to us by the
management of the company, most of the fixed assets of the company have
been physically verified by the management during the year and the
intervals of such verification had also been reasonable.
2. The provisions of Clause 2(a), 2(b) & 2(c) are not applicable since
there is no activity and inventory during the year.
3. 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.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and its nature of business.
During our course of audit, no major weakness was noticed by us in the
existing internal control system in procedure.
5. In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits during the year and
does not have any unclaimed deposits. Therefore, the provisions of the
clause 3 (v) of the Order are not applicable to the Company.
6. The provisions of clause 3 (vi) of the Order are not applicable to
the Company as the Company is not covered by the Companies (Cost
Records and Audit) Rules, 2014.
7. a) According to the books and records as produced and examined by
us in accordance with Generally Accepted Auditing Practices in India
and also based on management representations, undisputed statutory dues
in respect of provident fund, employee state insurance, income tax,
wealth tax, service tax, sales tax, value added tax, excise duty, cess
and other material statutory dues have generally been regularly
deposited by the company during the year with the appropriate
authorities in India.
b) According to information and explanations given to us, no undisputed
amounts payable in respect of income tax, service tax and excise duty
were outstanding as on 31st March, 2015 for a period more than six
months from the date the same became payable.
c) According to the information and explanations given to us the
amounts which were required to be transferred to the investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules there under has been
transferred to such fund within time.
8. The Company does not have accumulated losses at the end of the
financial years but has incurred cash losses during the financial year
covered by our audit but not in the immediately preceding financial
year.
9. As observed by us and as per the information and explanations given
by the management, we are of the opinion that the company has not
defaulted in repayment of dues to its financial institution or bank
during the year under audit.
10. As per the information and explanations given to us, the company
has not given any guarantee for loans taken by others from any bank or
financial institutions. Hence, reporting on terms and conditions of any
such guarantee is irrelevant to our reporting.
11. According to the information and explanations given to us, the
Company did not avail any term loan during the year
12. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the year under audit
and even upto the date of our audit.
For HARSHIT SHAH & ASSOCIATES,
Chartered Accountants
(Firm Registration No. : 135095W)
Sd/-
HARSHISHAH
Proprietor
MEM. NO. 150855
Place: VADODARA
Date: 29/08/2015
Mar 31, 2014
We have audited the attached Balance Sheet of GFL Financials (India)
Ltd., as at 31st March, 2014 and the annexed Profit and Loss Account
and cash flow statement for the year ended on that date. These
financial statements are the responsibility of the Company''s
Management. Our responsibility is to express an opinion on these
financial statements bases on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India, Those standard require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
As required by the Companies (Auditor''s Report) Order 2003 issued by
the central Government of India in terms of section 227 (4A) of the
Companies Act, 1956 we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) In our opinion proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of such
books.
(c) The Balance Sheet and the Profit & Loss Account referred to in this
report are in agreement with the books of account.
(d) In our opinion and to the best of our information the said Balance
Sheet and Profit & Loss Account and cash flow statement comply with the
Accounting standard referred to in section 211(3c) of the companies
act, 1956.
(e) On the basis of written representations received from the
directors, as on 31st, March, 2014 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2014 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and
gives a true and fair view in conformity with the accounting principles
generally accepted in India:-
i. In so far as it relates to the Balance Sheet, of the state of
affairs of the Company as at 31st March, 2014 and
ii. In so far as it relates to the Profit & Loss Account of the profit
/ (loss) of the company for the year ended on that date.
iii. In the case of the cash flow statement, of the cash flow for the
year ended on that date.
Referred in paragraph 3 of our report of even date.
i) The Company has maintained proper records to show full particulars
including quantitative details and situation of fixed assets. We are
informed that, the fixed assets other than the assets let on lease,
have been physically verified by the management at reasonable intervals
during the year and no material discrepancies between the book records
and physical inventory have been noticed on such verification.
ii) Note of fixed assets of the company have been revalued during the
year.
iii) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventory
followed by the management reasonable and adequate in relation to the
size of the company and the nature of its business.
iv) No material discrepancy have been noticed between the physical
stocks, as verified and book records.
v) In our opinion on the basis of our examination of the stock record,
the valuation of stock is fair and proper in Accordance with the
normally accepted accounting principals.
vi) The company has not taken any loans from companies, firms or other
parties listed in registers maintained u/s. 301 of the Co. Act , 1956,
except Fixed deposit. The rate of interest and other terms and
conditions are in our opinion prima-facie non prejudicial to the
interest of the Companies under the same management as defined u/s.
(1B) of section 370 of the said Act.
vii) The company has not granted or taken any loans, secured or
unsecured to /from companies, firms or other parties covered in the
register maintained u/s. 301 of the Act.
viii) The company has not given any loans or advances in the nature of
loans to the companies under the same management as defined under
subsection (1B) of section 370 of the Companies Act 1956.
ix) In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and the nature of its business for purchase of
inventory (Shares & Securities).
x) On the basis of information and explanation given to us, in respect
of transactions entered into for purchase and sale of shares and
securities and services rendered with the parties whose name are
entered in the registered maintained under section 301 of the companies
act, 1956 and aggregating during the year to Rs. 50,000 /- or more, we
are of the opinion that the transactions are made at prices which are
reasonable having regards to prevailing market price.
xi) In our opinion and according to the information and explanation
given to us, with regards to the deposits accepted from public the
company has complied with direction issued by the Reserve Bank of India
and the provisions of section 58A of the Companies Act, 1956.
xii) The company does not have any formal system of internal audit.
However in our opinion an according to information and explanation
given to us, the internal control procedures are adequate, considering
the size and nature of business of the Company.
xiii) The provision of the section 209(1) (d) of the Companies Act,
1956 regarding the maintenance of the cost records are not applicable.
xiv) As informed to us the provision of Provident Fund Act and
employees state Insurance Act are not applicable to the company.
xv) According to the Information and explanation given to us no
undisputed amounts is respect of Income-tax, Wealth Tax, Sales Tax,
Custody Duty and Excise duty were outstanding as at 31st March 2014 for
a period of more than six months from the date day become payable.
xvi) According to the information and explanation given to us and based
on the generally accept audit procedure carried out by us no personal
expenses of employees or directors have been charged to Revenue
Account, Other that those payable under contractual obligations or in
accordance with generally accepted business practice.
xvii) In relation to the service activities of the company there exists
a reasonable internal control system commensurate with the size of the
company and nature of its business.
xviii) In our opinion and on the basis of information and explanation
given to us, the services rendered by the company do not require my
allocation of men hours.
xix) The company has not granted any loans and advances on the basis of
securities by way of pledge of shares, debentures and other securities.
xx) The provision of any special statue applicable to chit funds, nidhi
or mutual benefit society do not apply to the company.
xxi) The company has maintained proper records of transactions in
respect of trading in shares and other securities and timely entries
have been made therein. All shares, debentures and other securities
held by the company in its own name accept to the extent exemption
granted u/s. 49 of the companies act, 1956 or in respect of certain
investments which are either locked for transfer or held with valid
transfer deed.
xxii) In our opinion clause (xii), (xiv) and (xx) or para (a) of the
aforesaid Order are not applicable to the company for the year under
review.
xxiii) The company has not made any preferential allotment on shares to
parties and companies covered in the register maintained u/s. 301 of
the Co. Act.
xxiv) The Company has not raised any money by public issue during the
year.
xxv) During the year the company has not issued any debenture.
xxvi) In respect of company''s trading in equity activity, we are
informed that there are no damaged stocks lying with the company.
xxvii) According to the information and explanation given to us, no
fraud on or by the company has been noticed or reported during the
year.
PLACE : Mumbai For MEHUL & ASSOCIATES
DATE : 01/09/2014 CHARTERED ACCOUNTANTS
SD/-
MEHUL DOSHI
PROPRIETOR
Membership no. : 103311
Mar 31, 2013
We have audited the attached Balance Sheet of GFL Financials (India)
Ltd., as at 31st March, 2013 and the annexed Profit and Loss Account
and cash flow statement for the year ended on that date. These
financial statements are the responsibility of the Company''s
Management. Our responsibility is to express an opinion on these
financial statements bases on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India, Those standard require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
As required by the Companies (Auditor''s Report) Order 2003
issued by the central Government of India in terms of section 227 (4A)
of the Companies Act, 1956 we enclose in the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) In our opinion proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of such
books.
(c) The Balance Sheet and the Profit & Loss Account referred to in this
report are in agreement with the books of account.
(d) In our opinion and to the best of our information the said Balance
Sheet and Profit & Loss Account and cash flow statement comply with the
Accounting standard referred to in section 211(3c) of the companies
act, 1956.
(e) On the basis of written representations received from the
directors, as on 31st, March, 2013 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2013 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and
gives a true and fair view in conformity with the accounting principles
generally accepted in India:- i. In so far as it relates to the
Balance Sheet, of the state of affairs of the Company as at
31st March, 2013 and ii. In so far as it relates to the Profit & Loss
Account of the profit / (loss) of the company for the year ended on
that date. iii. In the case of the cash flow statement, of the cash
flow for the year ended on that date.
Referred in paragraph 3 of our report of even date.
i) The Company has maintained proper records to show full particulars
including quantitative details and situation of fixed assets. We are
informed that, the fixed assets other than the assets let on lease,
have been physically verified by the management at reasonable intervals
during the year and no material discrepancies between the book records
and physical inventory have been noticed on such verification.
ii) Note of fixed assets of the company have been revalued during the
year.
iii) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventory
followed by the management reasonable and adequate in relation to the
size of the company and the nature of its business.
iv) No material discrepancy have been noticed between the physical
stocks, as verified and book records.
v) In our opinion on the basis of our examination of the stock record,
the valuation of stock is fair and proper in Accordance with the
normally accepted accounting principals.
vi) The company has not taken any loans from companies, firms or other
parties listed in registers maintained u/s. 301 of the Co. Act , 1956,
except Fixed deposit. The rate of interest and other terms and
conditions are in our opinion prima-facie non prejudicial to the
interest of the Companies under the same management as defined u/s.
(1B) of section 370 of the said Act.
vii) The company has not granted or taken any loans, secured or
unsecured to /from companies, firms or other parties covered in the
register maintained u/s. 301 of the Act.
viii) The company has not given any loans or advances in the nature of
loans to the companies under the same management as defined under
subsection (1B) of section 370 of the Companies Act 1956.
ix) In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and the nature of its business for purchase of
inventory (Shares & Securities).
x) On the basis of information and explanation given to us, in respect
of transactions entered into for purchase and sale of shares and
securities and services rendered with the parties whose name are
entered in the registered maintained under section 301 of the companies
act, 1956 and aggregating during the year to Rs. 50,000 /- or more, we
are of the opinion that the transactions are made at prices which are
reasonable having regards to prevailing market price.
xi) In our opinion and according to the information and explanation
given to us, with regards to the deposits accepted from public the
company has complied with direction issued by the Reserve Bank of India
and the provisions of section 58A of the Companies Act, 1956.
xii) The company does not have any formal system of internal audit.
However in our opinion an according to information and explanation
given to us, the internal control procedures are adequate, considering
the size and nature of business of the Company.
xiii) The provision of the section 209(1) (d) of the Companies Act,
1956 regarding the maintenance of the cost records are not applicable.
xiv) As informed to us the provision of Provident Fund Act and
employees state Insurance Act are not applicable to the company.
xv) According to the Information and explanation given to us no
undisputed amounts is respect of Income-tax, Wealth Tax, Sales Tax,
Custody Duty and Excise duty were outstanding as at 31st March 2013 for
a period of more than six months from the date day become payable.
xvi) According to the information and explanation given to us and based
on the generally accept audit procedure carried out by us no personal
expenses of employees or directors have been charged to Revenue
Account, Other that those payable under contractual obligations or in
accordance with generally accepted business practice.
xvii) In relation to the service activities of the company there exists
a reasonable internal control system commensurate with the size of the
company and nature of its business.
xviii) In our opinion and on the basis of information and explanation
given to us, the services rendered by the company do not require my
allocation of men hours.
xix) The company has not granted any loans and advances on the basis of
securities by way of pledge of shares, debentures and other securities.
xx) The provision of any special statue applicable to chit funds, nidhi
or mutual benefit society do not apply to the company.
xxi) The company has maintained proper records of transactions in
respect of trading in shares and other securities and timely entries
have been made therein. All shares, debentures and other securities
held by the company in its own name accept to the extent exemption
granted u/s. 49 of the companies act, 1956 or in respect of certain
investments which are either locked for transfer or held with valid
transfer deed.
xxii) In our opinion clause (xii), (xiv) and (xx) or para (a) of the
aforesaid Order are not applicable to the company for the year under
review.
xxiii) The company has not made any preferential allotment on shares to
parties and companies covered in the register maintained u/s. 301 of
the Co. Act.
xxiv) The Company has not raised any money by public issue during the
year.
xxv) During the year the company has not issued any debenture.
xxvi) In respect of company''s trading in equity activity, we are
informed that there are no damaged stocks lying with the company.
xxvii) According to the information and explanation given to us, no
fraud on or by the company has been noticed or reported during the
year.
PLACE : MUMBAI For MEHUL & ASSOCIATES
DATE : 01/08/2013 CHARTERED ACCOUNTANTS
Sd/-
MEHUL DOSHI
PROPRIETOR
Membership no. : 103311
Mar 31, 2012
We have audited the attached Balance Sheet of GFL Financials (India)
Ltd., as at 31stMarch, 2012 and the annexed Profit and Loss Account and
cash flow statement for the year ended on that date. These financial
statements are the responsibility of the Company's Management. Our
responsibility is to express an opinion on these financial statements
bases on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India, Those standard require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
As required by the Companies (Auditor's Report) Order 2003 issued by
the central Government of India in terms of section 227 (4A) of the
Companies Act, 1956 we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) In our opinion proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of such
books.
(c) The Balance Sheet and the Profit & Loss Account referred to in this
report are in agreement with the books of account.
(d) In our opinion and to the best of our information the said Balance
Sheet and Profit & Loss Account and cash flow statement comply with the
Accounting standard referred to in section 211(3c) of the companies
act, 1956.
(e) On the basis of written representations received from the
directors, as on s3March, 2012 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31 st March, 2012 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and
gives a true and fair view in conformity with the accounting principles
generally accepted in India:-
i.In so far as it relates to the Balance Sheet, of the state of affairs
of the Company as at 31 st March, 2012 and
ii.In so far as it relates to the Profit & Loss Account of the profit /
(loss) of the company for the year ended on that date.
iii. In the case of the cash flow statement, of the cash flow for the
year ended on that date.
Referred in paragraph 3 of our report of even date.
i) The Company has maintained proper records to show full particulars
including quantitative details and situation of fixed assets. We are
informed that, the fixed assets other than the assets let on lease,
have been physically verified by the management at reasonable intervals
during the year and no material discrepancies between the book records
and physical inventory have been noticed on such verification.
ii) Note of fixed assets of the company have been revalued during the
year.
iii) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventory
followed by the management reasonable and adequate in relation to the
size of the company and the nature of its business.
iv) No material discrepancy have been noticed between the physical
stocks, as verified and book records.
v) In our opinion on the basis of our examination of the stock record,
the valuation of stock is fair and proper in Accordance with the
normally accepted accounting principals.
vi) The company has not taken any loans from companies, firms or other
parties listed in registers maintained u/s. 301 of the Co. Act , 1956,
except Fixed deposit. The rate of interest and other terms and
conditions are in our opinion prima-facie non prejudicial to the
interest of the Companies under the same management as defined u/s.
(1B) of section 370 of the said Act.
vii) The company has not granted or taken any loans, secured or
unsecured to /from companies, firms or other parties covered in the
register maintained u/s. 301 of the Act.
viii) The company has not given any loans or advances in the nature of
loans to the companies under the same management as defined under
subsection (1B) of section 370 of the Companies Act 1956.
ix) In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and the nature of its business for purchase of
inventory (Shares & Securities).
x) On the basis of information and explanation given to us, in respect
of transactions entered into for purchase and sale of shares and
securities and services rendered with the parties whose name are
entered in the registered maintained under section 301 of the companies
act, 1956 and aggregating during the year to Rs. 50,000 /- or more, we
are of the opinion that the transactions are made at prices which are
reasonable having regards to prevailing market price.
xi) In our opinion and according to the information and explanation
given to us, with regards to the deposits accepted from public the
company has complied with direction issued by the Reserve Bank of India
and the provisions of section 58A of the Companies Act, 1956.
xii) The company does not have any formal system of internal audit.
However in our opinion an according to information and explanation
given to us, the internal control procedures are adequate, considering
i) The provision of the section 209(1) (d) of the Companies Act, 1956
regarding the maintenance of the cost records are not applicable.
ii) As informed to us the provision of Provident Fund Act and employees
state Insurance Act are not applicable to the company.
iii) According to the Information and explanation given to us no
undisputed amounts is respect of Income-tax, Wealth Tax, Sales Tax,
Custody Duty and Excise duty were outstanding as at s3t 1March 2012 for
a period of more than six months from the date day become payable.
iv) According to the information and explanation given to us and based
on the generally accept audit procedure carried out by us no personal
expenses of employees or directors have been charged to Revenue
Account, Other that those payable under contractual obligations or in
accordance with generally accepted business practice.
v) In relation to the service activities of the company there exists a
reasonable internal control system commensurate with the size of the
company and nature of its business. the size and nature of business of
the Company.
vi) In our opinion and on the basis of information and explanation
given to us, the services rendered by the company do not require my
allocation of men hours.
vii) The company has not granted any loans and advances on the basis of
securities by way of pledge of shares, debentures and other securities.
viii) The provision of any special statue applicable to chit funds,
nidhi or mutual benefit society do not apply to the company.
ix) The company has maintained proper records of transactions in
respect of trading in shares and other securities and timely entries
have been made therein. All shares, debentures and other securities
held by the company in its own name accept to the extent exemption
granted u/s. 49 of the companies act, 1956 or in respect of certain
investments which are either locked for transfer or held with valid
transfer deed.
x) In our opinion clause (xii), (xiv) and (xx) or para (a) of the
aforesaid Order are not applicable to the company for the year under
review.
xi) The company has not made any preferential allotment on shares to
parties and companies covered in the register maintained u/s. 301 of
the Co. Act.
xii) The Company has not raised any money by public issue during the
year.
xiii) During the year the company has not issued any debenture.
xiv) In respect of company's trading in equity activity, we are
informed that there are no damaged stocks lying with the company.
xv) According to the information and explanation given to us, no fraud
on or by the company has been noticed or reported during the year.
For MEHUL & ASSOCIATES
PLACE : MUMBAI CHARTERED ACCOUNTANTS
DATE : 31-08-2012 Sd/-
MEHUL DOSHI
PROPRIETOR
Membership no. : 103311
Mar 31, 2010
We have audited the attached Balance Sheet of GFL Financials (India)
Ltd., as at 31st March, 2010 and the annexed Profit and Loss Account
and cash flow statement for the year ended on that date. These
financial statements are the responsibility of the Companys
Management. Our responsibility is to express an opinion on these
financial statements bases on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India, Those standard require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
As required by the Companies (Auditors Report) Order 2003 issued by
the central Government of India in terms of section 227 (4A) of the
Companies Act, 1956 we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) In our opinion proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of such
books.
(c) The Balance Sheet and the Profit & Loss Account referred to in this
report are in agreement with the books of account.
(d) In our opinion and to the best of our information the said Balance
Sheet and Profit & Loss Account and cash flow statement comply with the
Accounting standard referred to in section 21 l(3c) of the companies
act, 1956.
(e) On the basis of written representations received from the
directors, as on 31st, March, 2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2010 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and
gives a true and fair view in conformity with the accounting principles
generally accepted in India:-
i. In so far as it relates to the Balance Sheet, of the state of
affairs of the Company as at 31st March, 2010 and
ii. In so far as it relates to the Profit & Loss Account of the profit
/ (loss) of the company for the year ended on that date.
iii. In the case of the cash flow statement, of the cash flow for the
year ended on that date.
Referred in paragraph 3 of our report of even date.
i) The Company has maintained proper records to show full particulars
including quantitative details and situation of fixed assets. We are
informed that, the fixed assets other than the assets let on lease,
have been physically verified by the management at reasonable intervals
during the year and no material discrepancies between the book records
and physical inventory have been noticed on such verification.
ii) Note of fixed assets of the company have been revalued during the
year.
iii) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventory
followed by the management reasonable and adequate in relation to the
size of the company and the nature of its business.
iv) No material discrepancy have been noticed between the physical
stocks, as verified and book records.
v) In our opinion on the basis of our examination of the stock record,
the valuation of stock is fair and proper in Accordance with the
normally accepted accounting principals.
vi) The company has not taken any loans from companies, firms or other
parties listed in registers maintained u/s. 301 of the Co. Act , 1956,
except Fixed deposit. The rate of interest and other terms and
conditions are in our opinion prima-facie non prejudicial to the
interest of the Companies under the same management as defined u/s.
(IB) of section 370 of the said Act.
vii) The company has not granted or taken any loans, secured or
unsecured to /from companies, firms or other parties covered in the
register maintained u/s. 301 of the Act.
viii) The company has not given any loans or advances in the nature of
loans to the companies under the same management as defined under
subsection (IB) of section 370 of the Companies Act 1956.
ix) In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and the nature of its business for purchase of
inventory (Shares & Securities).
x) On the basis of information and explanation given to us, in respect
of transactions entered into for purchase and sale of shares and
securities and services rendered with the parties whose name are
entered in the registered maintained under section 301 of the companies
act, 1956 and aggregating during the year to Rs. 50,000 /- or more, we
are of the opinion that the transactions are made at prices which are
reasonable having regards to prevailing market price.
xi) In our opinion and according to the information and explanation
given to us, with regards to the deposits accepted from public the
company has complied with direction issued by the Reserve Bank of India
and the provisions of section 58A of the Companies Act, 1956.
xii) The company does not have any formal system of internal audit.
However in our opinion an according to information and explanation
given to us, the internal control procedures are adequate, considering
the size and nature of business of the Company.
xiii) The provision of the section 209(1) (d) of the Companies Act,
1956 regarding the maintenance of the cost records are not applicable.
xiv) As informed to us the provision of Provident Fund Act and
employees state Insurance Act are not applicable to the company.
xv) According to the Information and explanation given to us no
undisputed amounts is
respect of Income-tax, Wealth Tax, Sales Tax, Custody Duty and Excise
duty were outstanding as at 31st March 2010 for a period of more than
six months from the date day become payable.
xvi) According to the information and explanation given to us and based
on the generally accept audit procedure carried out by us no personal,
expenses of employees or directors have been charged to Revenue
Account, Other that those payable under contractual obligations or in
accordance with generally accepted business practice.
xvii) In relation to the service activities of the company there exists
a reasonable internal control system commensurate with the size of the
company and nature of its business.
xviii) In our opinion and on the basis of information and explanation
given to us, the services rendered by the company do not require my
allocation of men hours.
xix) The company has not granted any loans and advances on the basis of
securities by way of pledge of shares, debentures and other securities.
xx) The provision of any special statue applicable to chit funds, nidhi
or mutual benefit society do not apply to the company.
xxi) The company has maintained proper records of transactions in
respect of trading in shares and other securities and timely entries
have been made therein. All shares, debentures and other securities
held by the company in its own name accept to the extent exemption
granted u/s. 49 of the companies act, 1956 or in respect of certain
investments which are either locked for transfer or held with valid
transfer deed.
xxii) In our opinion clause (xii), (xiv) and (xx) or para (a) of the
aforesaid Order are not applicable to the company for the year under
review.
xxiii) The company has not made any preferential allotment on shares to
parties and companies covered in the register maintained u/s. 301 of
the Co. Act.
xxiv) The Company has not raised any money by public issue during the
year.
xxv) During the year the company has not issued any debenture.
xxvi) In respect of companys trading in equity activity, we are
informed that there are no damaged stocks lying with the company.
xxvii) According to the information and explanation given to us, no
fraud on or by the company has been noticed or reported during the
year.
PLACE : MUMBAI For MEHUL & ASSOCIATES
DATE : 01-09-2010 CHARTERED ACCOUNTANTS
Sd/-
MEHUL DOSHI
PROPRIETOR
Membership no. : 103311
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