Mar 31, 2018
Report on the Financial Statements
We have audited the accompanying financial statements of M/s. Greencrest Financial Services Limited, which comprise the Balance Sheet as at 31st March, 2018, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements
The Companyâs Board of Directors is responsible for the matters in section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorsâ Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit.
We have taken into account the provisions of the Act and the Rules made thereunder including the accounting standards and matters which are required to be included in the audit report.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards and pronouncements require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditorsâ 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 Companyâs preparation of the 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 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 March 31, 2018 and its profit and its cash flows 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 âAâ, 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 appears from our examination of those books.
c) The Balance Sheet, 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, 2018, taken on record by the Board of Directors, none of the directors is disqualified as on 31 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 Annexure âBâ.
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 knowledge and belief and according to the information and explanations given to us, we report that
i. The Company does not have any pending litigations as at March 31, 2018 which would impact its financial position in its financial statements.
ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses during the year ended March 31, 2018.
iii. There were no amounts which required to be transferred by the Company to the Investor Education and Protection F und during the year ended March 31, 2018.
iv. The Company has provided requisite disclosures in its financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8 November, 2016 to 30 December, 2016 and these are in accordance with the books of accounts maintained by the Company. Refer Note 2.21 to the financial statements.
Annexure âAâ to the Independent Auditorsâ Report
Referred to in paragraph 9 of the Independent Auditorsâ Report of even date to the members of M/s. Greencrest Financial Services Limited on the standalone financial statements for the year ended March 31, 2018 -
i. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars, including quantitative details and situation of the fixed assets.
b) As explained to us, fixed assets have been physically verified by the management during the year in accordance with the phased programme of verification adopted by the management which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification.
ii. In respect of its inventory:
a) As explained to us, the inventory of shares is physically verified at the end of the year by the Management.
b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventories followed by the Management were reasonable and adequate in relation to the size of the Company and the nature of its business.
c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification of stocks as compared to book records.
iii. The Company has not granted any loan to any parties covered in the register maintained under section 189 of the Companies Act, 2013. Hence clauses (b) & (c) are not applicable.
iv. The Company has not granted loans or made investment or given any guarantee or security as covered in the provisions of section 185 and 186 of the Companies Act, 2013 therefore, Clause (IV) of the order is not applicable to the company.
v. The Company has not accepted any deposits from the public within the meaning of Sections 73, 74, 75 and 76 of the Act and the Rules framed there under to the extent notified.
vi. As informed to us, the Central Government has not prescribed maintenance of cost records under sub-section (1) of Section 148 of the Act, in respect of the activities carried on by the Company.
vii. In respect of statutory dues:
a) According to the records of the company and information and explanations given to us, the Company has generally been regular in depositing undisputed statutory dues, including Income-tax, Tax deducted at sources, Tax collected at source, Professional Tax, Service Tax and other material statutory dues applicable to it, with the appropriate authorities.
b) According to the information and explanations given to us, no disputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2018 for a period of more than six month from the date of becoming payable.
c) According to the information and explanations given to us, the dues outstanding of income tax, sales-tax, service tax, duty of customs, duty of excise or value added tax, which have not been deposited on account of any dispute, are as follows:
Name of the |
Nature of |
Disputed |
Financial Year for |
Forum where |
Statue |
Dues |
Amount |
which it relates |
dispute is pending |
Income Tax Act, 1961 |
Income Tax |
2,22,250/- |
2012-13 |
Income Tax |
AppellateTribunal |
d) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of Income Tax, TDS, Service Tax and Cess which have not been deposited on account of any dispute.
viii. The Company has not taken loan from any financial institution or bank therefore, Clause (VIII) of the order is not applicable to the company.
ix. According to the information and explanations given to us, the Company has not raised any money by way of initial public offer or further public offer, hence not commented upon.
x. Based on the Audit procedures performed for the purpose of reporting the true and fair view of financial statements and according to the information and explanations provided to us, we report that no material fraud by the Company or on the Company by the officers and employees of the Company has been noticed or reported during the year.
xi. According to the information and explanations given to us, the managerial remuneration has been paid and provided in accordance with the requisite approvals mandated by the provisions of Section 197, read with Schedule V of the Act.
xii. In our opinion, the Company is not a nidhi company. Therefore the provisions of Clause 3 (xii) of the order are not applicable to the Company and hence not commented upon.
xiii. According to the information and explanations given to us, transactions with related parties are in compliances with section 177 and 188 of the Act where applicable and details have been disclosed in the notes to the financial statements, as required by the applicable accounting standards.
xiv. According to the information and explanations given to us, and on overall examination of Balance Sheet, the Company has not made any Preferential Allotment or private placement of Shares or fully or partly convertible debentures during the year and hence, reporting requirements under clause 3(xiv) are not applicable to the Company, and not commented upon.
xv. According to the information and explanations given to us, the Company has not entered into any non-cash transactions with Directors or persons connected with him.
xvi. The Company is already registered under section 45-IA of the Reserve Bank of India Act, 1934.
Annexure âBâ to the Independent Auditorsâ Report
Referred to in paragraph 10(f) of the Independent Auditorsâ Report of even date to the members of M/ s. Greencrest Financial Services Limited on the standalone financial statements for the year ended March 31, 2018
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Act
1. We have audited the internal financial controls over financial reporting of M/s. Greencrest Financial Services Limited (âthe Companyâ) as of March 31, 2018 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
2. 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 (ICAI). 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 Act.
Auditorsâ Responsibility
3. 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 deemed to be prescribed under section 143(10) of the Act 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 ICAI. 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.
4. 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 judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
5. 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
6. 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 -
a) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
b) 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 authorisations of management and directors of the company; and
c) provide reasonable assurance regarding prevention or timely detection of unauthorised 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
7. 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
8. 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 March 31, 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 B. S. Kedia & Co.
Chartered Accountants
ICAI Registration No. 317159E
Place: Kolkata
Date: May 29, 2018 Vikash Kedia
Partner
M. No. 066852
Mar 31, 2017
Report on the Financial Statements
1. We have audited the accompanying financial statements of M/s. Greencrest Financial Services Limited, which comprise the Balance Sheet as at 31st March, 2017, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements
2. The Companyâs Board of Directors is responsible for the matters in section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorsâ Responsibility
3. Our responsibility is to express an opinion on these standalone financial statements based on our audit.
4. We have taken into account the provisions of the Act and the Rules made thereunder including the accounting standards and matters which are required to be included in the audit report.
5. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards and pronouncements 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.
6. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditorsâ 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 Companyâs preparation of the 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 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 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 March 31, 2017 and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
9. 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 âAâ, statement on the matters Specified in paragraphs 3 and 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 purposes of our audit.
b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books.
c) The Balance Sheet, 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, 2017, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2017, 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 Annexure âBâ.
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 knowledge and belief and according to the information and explanations given to us, we report that :
i. The Company does not have any pending litigations as at March 31, 2017 which would impact its financial position in its financial statements.
ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses during the year ended March 31, 2017.
iii. There were no amounts which required to be transferred by the Company to the Investor Education and Protection F und during the year ended March 31, 2017.
iv. The Company has provided requisite disclosures in its financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8 November, 2016 to 30 December, 2016 and these are in accordance with the books of accounts maintained by the Company. Refer Note 2.21 to the financial statements.
Referred to in paragraph 9 of the Independent Auditorsâ Report of even date to the members of M/s. Greencrest Financial Services Limited on the standalone financial statements for the year ended March 31, 2017 -
i. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars, including quantitative details and situation of the fixed assets.
b) As explained to us, fixed assets have been physically verified by the management during the year in accordance with the phased programme of verification adopted by the management which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification.
ii. In respect of its inventory:
a) As explained to us, the inventory of shares is physically verified at the end of the year by the Management.
b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventories followed by the Management were reasonable and adequate in relation to the size of the Company and the nature of its business.
c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification of stocks as compared to book records.
iii. The Company has not granted any loan to any parties covered in the register maintained under section 189 of the Companies Act, 2013. Hence clauses (b) & (c) are not applicable.
iv. The Company has not granted loans or made investment or given any guarantee or security as covered in the provisions of section 185 and 186 of the Companies Act, 2013 therefore, Clause (IV) of the order is not applicable to the company.
v. The Company has not accepted any deposits from the public within the meaning of Sections 73, 74, 75 and 76 of the Act and the Rules framed there under to the extent notified.
vi. As informed to us, the Central Government has not prescribed maintenance of cost records under sub-section (1) of Section 148 of the Act, in respect of the activities carried on by the Company.
vii. In respect of statutory dues:
a) According to the records of the company and information and explanations given to us, the Company has generally been regular in depositing undisputed statutory dues, including Income-tax, Tax deducted at sources, T ax collected at source, Professional T ax, Service T ax and other material statutory dues applicable to it, with the appropriate authorities.
b) According to the information and explanations given to us, no disputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2017 for a period of more than six month from the date of becoming payable.
c) According to the information and explanations given to us, the dues outstanding of income tax, sales-tax, service tax, duty of customs, duty of excise or value added tax, which have not been deposited on account of any dispute, are as follows:
Name of the Statue |
Nature of Dues |
Disputed Amount |
Financial year for which it relates |
Forum where dispute is pending |
Income Tax Act, 1961 |
Income Tax |
2,21,250/-AppellateTribunal |
2013-14 |
Income Tax |
d) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of Income Tax, TDS, Service Tax and Cess which have not been deposited on account of any dispute.
viii. The Company has not taken loan from any financial institution or bank therefore, Clause (VIII) of the order is not applicable to the company.
ix. According to the information and explanations given to us, the Company has not raised any money by way of initial public offer or further public offer, hence not commented upon.
x. Based on the Audit procedures performed for the purpose of reporting the true and fair view of financial statements and according to the information and explanations provided to us, we report that no material fraud by the Company or on the Company by the officers and employees of the Company has been noticed or reported during the year.
xi. According to the information and explanations given to us, the managerial remuneration has been paid and provided in accordance with the requisite approvals mandated by the provisions of Section 197, read with Schedule V of the Act.
xii. In our opinion, the Company is not a nidhi company. Therefore the provisions of Clause 3(xii) of the order are not applicable to the Company and hence not commented upon.
xiii. According to the information and explanations given to us, transactions with related parties are in compliances with section 177 and 188 of the Act where applicable and details have been disclosed in the notes to the financial statements, as required by the applicable accounting standards.
xiv. According to the information and explanations given to us, and on overall examination of Balance Sheet, the Company has not made any Preferential Allotment or private placement of Shares or fully or partly convertible debentures during the year and hence, reporting requirements under clause 3 (xiv) are not applicable to the Company, and not commented upon.
xv. According to the information and explanations given to us, the Company has not entered into any non-cash transactions with Directors or persons connected with him.
xvi. The Company is already registered under section 45-IA of the Reserve Bank of India Act, 1934.
For B. S. Kedia & Co.
Chartered Accountants
ICAI Registration No. 317159E
Place: Kolkata
Date: May 29, 2017 Vikash Kedia
Partner
M. No. 066852
Mar 31, 2016
1. We have audited the accompanying financial statements of M/s.
Greencrest Financial Services Limited, which comprise the Balance Sheet
as at 31st March, 2016, the Statement of Profit and Loss and the Cash
Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
2. The Company''s Board of Directors is responsible 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 the financial position, financial performance and cash flows of
the Company in accordance with the accounting principles generally
accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation
and maintenance of internal financial control, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditors'' Responsibility
3. Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
4. We have taken into account the provisions of the Act and the Rules
made thereunder including the accounting standards and matters which
are required to be included in the audit report.
5. We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act and other applicable
authoritative pronouncements issued by the Institute of Chartered
Accountants of India. Those Standards and pronouncements 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.
6. An audit involves performing procedures to obtain audit evidence
about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditors'' judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company''s preparation of the financial statements that give a
true and fair view, in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company''s Directors, as well as
evaluating the overall presentation of the financial statements.
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 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 March 31, 2016 and its profit and its cash flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
9. As required by the Companies (Auditor''s Report) Order, 2016 ("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.
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
purposes of our audit.
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) The Balance Sheet, 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, 2016, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2016, 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 Annexure A.
g) 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 knowledge and
according the explanations given to us, none of the clauses are
applicable to the Company.
ANNEXURE "A" TO THE INDEPENDENT AUDITORS'' REPORT
Referred to in paragraph 10(f) of the Independent Auditors'' Report of
even date to the members of M/s. Greencrest Financial Services Limited
on the standalone financial statements for the year ended March 31,
2016
Report on the Internal Financial Controls under Clause (i) of
Sub-section 3 of Section 143 of the Act
1. We have audited the internal financial controls over financial
reporting of M/s. Greencrest Financial Services Limited ("the Company")
as of March 31, 2016 in conjunction with our audit of the standalone
financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
2. The Company''s 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
(ICAI). 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 company''s 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
Act.
Auditors'' Responsibility
3. Our responsibility is to express an opinion on the Company''s
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
"Guidance Note") and the Standards on Auditing deemed to be prescribed
under section 143(10) of the Act 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 ICAI. 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.
4. 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 auditor''s judgement, including the assessment of the
risks of material misstatement of the financial statements, whether due
to fraud or error.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the
Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
6. A company''s 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 company''s internal financial control over
financial reporting includes those policies and procedures that -
a) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the
assets of the company;
b) 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
authorisations of management and directors of the company; and
c) provide reasonable assurance regarding prevention or timely
detection of unauthorised acquisition, use, or disposition of the
company''s assets that could have a material effect on the financial
statements.
Inherent Limitations of Internal Financial Controls over Financial
Reporting
7. 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
8. 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 March 31, 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 Audit of Internal Financial Controls Over Financial
Reporting issued by the Institute of Chartered Accountants of India.
ANNEXURE "B" TO THE INDEPENDENT AUDITORS'' REPORT
Referred to in paragraph 9 of the Independent Auditors'' Report of even
date to the members of M/s. Greencrest Financial Services Limited on
the standalone financial statements for the year ended March 31, 2016 -
i. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the fixed assets.
b) As explained to us, fixed assets have been physically verified by
the management during the year in accordance with the phased programme
of verification adopted by the management which, in our opinion,
provides for physical verification of all the fixed assets at
reasonable intervals. According to the information and explanations
given to us, no material discrepancies were noticed on such
verification.
ii. In respect of its inventory:
a) As explained to us, the inventory of shares is physically verified
at the end of the year by the Management.
b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification of stocks as compared to book records.
iii. The Company has not granted any loan to any parties covered in the
register maintained under section 189 of the Companies Act, 2013. Hence
clauses (b) & (c) are not applicable.
iv. The Company has not granted loans or made investment or given any
guarantee or security as covered in the provisions of section 185 and
186 of the Companies Act, 2013 therefore, Clause (IV) of the order is
not applicable to the company.
v. The Company has not accepted any deposits from the public within the
meaning of Sections 73, 74, 75 and 76 of the Act and the Rules framed
there under to the extent notified.
vi. As informed to us, the Central Government has not prescribed
maintenance of cost records under sub-section (1) of Section 148 of the
Act, in respect of the activities carried on by the Company.
vii. In respect of statutory dues:
a) According to the records of the company and information and
explanations given to us, the Company has generally been regular in
depositing undisputed statutory dues, including Income-tax, Tax
deducted at sources, Tax collected at source, Professional Tax, Service
Tax and other material statutory dues applicable to it, with the
appropriate authorities.
b) According to the information and explanations given to us, no
disputed amounts payable in respect of the aforesaid dues were
outstanding as at March 31, 2016 for a period of more than six month
from the date of becoming payable.
c) According to the information and explanations given to us, the dues
outstanding of income tax, sales-tax, service tax, duty of customs,
duty of excise or value added tax, which have not been deposited on
account of any dispute, are as follows:
Name of the Nature of Disputed Financial Year for Forum where
dispute
Statue Dues Amount which it relates is pending
Income Tax
Act, Income Tax
Appellate
Income Tax 2,22,250/- 2013-14
1961 Tribunal
d) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of Income Tax,
TDS, Service Tax and Cess which have not been deposited on account of
any dispute.
viii. The Company has not taken loan from any financial institution or
bank therefore, Clause (VIII) of the order is not applicable to the
company.
ix. According to the information and explanations given to us, the
Company has not raised any money by way of initial public offer or
further public offer, hence not commented upon.
x. Based on the Audit procedures performed for the purpose of reporting
the true and fair view of financial statements and according to the
information and explanations provided to us, we report that no material
fraud by the Company or on the Company by the officers and employees of
the Company has been noticed or reported during the year.
xi. According to the information and explanations given to us, the
managerial remuneration has been paid and provided in accordance with
the requisite approvals mandated by the provisions of Section 197, read
with Schedule V of the Act.
xii. In our opinion, the Company is not a nidhi company. Therefore the
provisions of Clause 3(xii) of the order are not applicable to the
Company and hence not commented upon.
xiii. According to the information and explanations given to us,
transactions with related parties are in compliances with section 177
and 188 of the Act where applicable and details have been disclosed in
the notes to the financial statements, as required by the applicable
accounting standards.
xiv. According to the information and explanations given to us, and on
overall examination of Balance Sheet, the Company has not made any
Preferential Allotment or private placement of Shares or fully or
partly convertible debentures during the year and hence, reporting
requirements under clause 3(xiv) are not applicable to the Company, and
not commented upon.
xv. According to the information and explanations given to us, the
Company has not entered into any non-cash transactions with Directors
or persons connected with him.
xvi. The Company is already registered under section 45-IA of the
Reserve Bank of India Act, 1934.
For B. S. Kedia & Co.
Chartered Accountants
ICAI Registration No. 317159E
Place: Kolkata
Date: May 30, 2016
Vikash Kedia
Partner
M. No. 066852
Mar 31, 2015
Report On The Financial Statements
We have audited the accompanying financial statements of M/s. GREENCREST
FINANCIAL SERVICES LIMITED, which comprise the Balance Sheet as at 31st
March, 2015, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management's Responsibility For The Financial Statements
The Company's Board of Directors is responsible for the matters in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to
the preparation of these financial statements that give a true and fair
view of the financial position, financial performance and cash flows of
the Company in accordance with the accounting principles generally
accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation
and maintenance of internal financial control, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditors' 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 there under.
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 the ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Company's
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements 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, 2015;
b) In the case of the Statement of Profit and Loss, of the profit of the
Company for the year ended on that date, and
c) In the case of the Cash Flow Statement, of the cash flows of the
Company 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 appears from our examination of those
books.
c) the Balance Sheet, 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) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies Act, 2013 (Audit and
Auditors) Rules, 2014, in our opinion and to the best of our knowledge
and belief and according to the information and 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
derivatives contracts for which there were any material foreseeable
losses;
iii. The Company was not required to transfer any fund into the
Investors Education and Protection Fund during the year.
Annexure To The Independent Auditors' Report
Referred To In Paragraph 1 Under 'Report On Other Legal And Regulatory
Requirements' Of Our Report Of Even Date To The Members Of Greencrest
Financial Services Limited On The Accounts Of The Company For The Year
Ended 31st March, 2015.
On the basis of such checks as we considered appropriate and according
to the information and Explanations given to us during the course of
our audit, we report that:
i. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the fixed assets.
b) As explained to us, fixed assets have been physically verified by the
management during the year in accordance with the phased programme of
verification adopted by the management which, in our opinion, provides
for physical verification of all the fixed assets at reasonable
intervals. According to the information and explanations given to us,
no material discrepancies were noticed on such verification.
ii. In Respect Of Its Inventory:
a) As explained to us, the inventory of shares is physically verified at
the end of the year by the Management.
b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification of stocks as compared to book records.
iii. In respect of loans, secured or unsecured, granted to the parties
covered in register maintained under section 189 of the Companies Act
2013:
a) According to the information and explanations given to us, the
Company has not granted any loans to companies, firms or other parties
covered in the Register maintained under Section 189 of the Companies
Act, 2013; and therefore paragraph 3(iii) of the Order is not
applicable.
iv. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of inventory, fixed assets and for the sale of
goods (and/services). During the course of our Audit, we have not
observed any continuing failure to correct major weaknesses in internal
control.
v. The company has not received any public deposits during the year.
vi. As informed to us, the Central Government has not prescribed
maintenance of cost records under sub-section (1) of Section 148 of the
Act, in respect of the activities carried on by the Company.
vii. In respect of statutory dues:
a) According to the records of the company and information and
explanations given to us, the Company has generally been regular in
depositing undisputed statutory dues, including Income-tax, Tax
deducted at sources, Tax collected at source, Professional Tax, Service
Tax and other material statutory dues applicable to it, with the
appropriate authorities.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at March 31, 2015 for a period of more than six month
from the date of becoming payable.
c) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of Income Tax,
TDS, Service Tax and Cess which have not been deposited on account of
any dispute.
viii. The company does not have the accumulated losses at the end of
financial year. The company has not incurred any Cash losses during the
financial covered by our Audit and the immediately preceding financial
year.
ix. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to
financial institutions, banks and debenture holders.
x. In our opinion, and according to the information and the explanation
given to us, the company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
xi. The company has not obtained any term loan during the year, so
this para of order is not applicable.
xii. To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported during the year.
For B. s. kedia & co.
Chartered Accountants
ICAI Registration No. 317159E
Place: Kolkata
Date: May 28, 2015 vikash kedia
Partner
M. No. 066852
Mar 31, 2014
We have audited the accompanying financial statements of M/s.
Greencrest Financial Services Limited, which comprise the Balance Sheet
as at 31st March, 2014, the Statement of Profit and Loss and the Cash
Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements 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, 2014;
b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date, and
c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the 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, 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, the Statement of Profit and
Loss, and the Cash Flow Statement comply with Accounting Standards
notified under the Act read with the General Circular 15/2013 dated
13th September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
(e) On the basis of the written representations received from the
directors as on March 31,2014, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31,2014,
from being appointed as a director in terms of Section 274(1)(g) of the
Act.
Annexure to the Auditors'' Report
Referred to in paragraph 1 our report of even date on the accounts for
the year ended 31st March 2014 of Greencrest Financial Services
Limited, Kolkata
(i) The company has no fixed assets, so item (i) of paragraph 4 of the
order is not applicable to the Company.
(ii) The Current Investment / Stock-in-trade has been physically
verified by the management at reasonable intervals during the year. The
procedure of physical verification of stock of shares followed by the
management is reasonable and adequate in relation to the size of the
company and nature of business. The Company is maintaining proper
records of inventory. No discrepancies were noticed on physical
verification of stock of shares as compared to book records.
(iii) According to information and explanations given to us, the
company has not taken or granted any secured or unsecured loans from/to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(iv) 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 nature of its business with regard to the
purchase of inventory and fixed assets and for the sale. During the
course of our audit, we have not observed any continuing failure to
correct major weakness in internal controls.
(v) (a) According to information and explanations given to us, we are
of the opinion that the transactions that need to be entered into the
register maintained under section 301 of the Companies Act, 1956 have
been so entered.
(b) According to information and explanations given to us, no
transactions have been made in pursuance of contracts or arrangements
entered in the register maintained under Section 301 of the Companies
Act, 1956 and exceeding the value of rupees five lakhs in respect of
each party.
(vi) In our opinion, and according to information and explanations
given to us, the Company has not accepted any deposits from the public.
Under section 58A and 58AA of the Companies Act, 1956, and the
Companies (Acceptance of Deposits) Rules, 1975, during the year.
(vii) In our opinion, the Company''s internal audit system is
commensurate with the size and the nature of its business.
(viii) The Company is not required to maintain any cost records under
section 209(1)(d) of the Companies Act, 1956.
(ix) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including Income-tax, Wealth Tax,
sale-tax, custom duty and any other statutory due applicable to it;
(b) According to information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
sale-tax, custom duty and excise duty etc. were outstanding as at 31st
March 2014, for a period of more than six months from the date they
became payable;
(c) According to the records of the company, there are no dues of
income tax, wealth tax, sale- tax, custom duty and excise duty, which
have been deposited on account of any dispute.
(x) The accumulated losses of the company are not more than fifty per
cent of its net worth. The company has incurred cash losses during the
financial year covered by our audit and the immediately preceding
financial year also.
(xi) In our opinion and according to information and explanations given
to us, the company not defaulted in repayment of dues to financial
institution, bank or debenture holders.
(xii) The company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) The company is not a Chit Fund, Nidhi or Mutual Benefit Society.
Hence requirement of item (xiii) of paragraph 4 of the order is not
applicable to the Company.
(xiv) The company is dealing or trading in shares, securities,
debenture and other investments. Based on our examination of documents
and records, we are of the opinion that proper records have been
maintained by the company and timely entries have been made therein.
The shares, securities and other investments have been held by the
company in its own name.
(xv) As informed to us, the company has not given any guarantee for
loans taken by others from bank or financial institutions.
(xvi) As per information and explanations given to us, the company has
not taken any fresh term loan during the year.
(xvii) According to information and explanations given to us and on an
overall examination of the balance sheet of the company, we report that
no funds raised on short term basis have been used for long-term
investment. Similarly, no funds raised on long term basis have been
used for short-term investment.
(xviii) According to information and explanations given to us, the
company has not made any preferential allotment of shares to parties
covered in the register maintained under section 301 of the Companies
Act, 1956.
(xix) The company has not issued any debenture. Hence requirement of
item (xix) of paragraph 4 of the order is not applicable to the
Company.
(xx) The company has not raised any money through public issue. Hence
requirement of item (xx) of paragraph 4 of the order is not applicable
to the Company.
(xxi) According to the information and explanations provided to us, a
fraud on or by the company has not been noticed or reported during the
year.
For B. S. Kedia & Co.
Chartered Accountants
ICAI Registration No. 317159E
Vikash Kedia
Place: Kolkata Partner
Date: May 29, 2014 M. No. 066852
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of M/s. Marigold
Glass Industries Limited, 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 the significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 ("the Act"). This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by the Management, as well as evaluating the overall
presentation of the financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013;
b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date, and
c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the 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, 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,
and the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2013 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2013
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
ANNEXURE TO THE AUDITORS'' REPORT
Referred to in paragraph 3 our report of even date on the accounts for
the year ended 31st March 2013 of Marigold Glass Industries Limited,
Kolkata
(i) The company has no fixed assets, so item (i) of paragraph 4 of the
order is not applicable to the Company.
(ii) The Current Investment / Stock-in-trade has been physically
verified by the management at reasonable intervals during the year. The
procedure of physical verification of stock of shares followed by the
management is reasonable and adequate in relation to the size of the
company and nature of business. The Company is maintaining proper
records of inventory. No discrepancies were noticed on physical
verification of stock of shares as compared to book records.
(iii) According to information and explanations given to us, the
company has not taken or granted any secured or unsecured loans from/to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(iv) 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 nature of its business with regard to the
purchase of inventory and fixed assets and for the sale. During the
course of our audit, we have not observed any continuing failure to
correct major weakness in internal controls.
(v) (a) According to information and explanations given to us, we are
of the opinion that the transactions that need to be entered into the
register maintained under section 301 of the Companies Act, 1956 have
been so entered.
(b) According to information and explanations given to us, no
transactions have been made in pursuance of contracts or arrangements
entered in the register maintained under Section 301 of the Companies
Act, 1956 and exceeding the value of rupees five lakhs in respect of
each party.
(vi) In our opinion, and according to information and explanations
given to us, the Company has not accepted any deposits from the public.
Under section 58A and 58AA of the Companies Act, 1956, and the
Companies (Acceptance of Deposits) Rules, 1975, during the year.
(vii) In our opinion, the Company''s internal audit system is
commensurate with the size and the nature of its business.
(viii) Maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Companies Act, 1956.
(ix) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including Income-tax, Wealth Tax,
sale-tax, custom duty and any other statutory due applicable to it;
(b) According to information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
sale-tax, custom duty and excise duty etc. were outstanding as at
31.3.2013, for a period of more than six months from the date they
became payable;
(c) According to the records of the company, there are no dues of
income tax, wealth tax, sale-tax, custom duty and excise duty, which
have been deposited on account of any dispute.
(x) The accumulated losses of the company are not more than fifty per
cent of its net worth. The company has incurred cash losses during the
financial year covered by our audit and the immediately preceding
financial year also.
(xi) In our opinion and according to information and explanations given
to us, the company not defaulted in repayment of dues to financial
institution, bank or debenture holders.
(xii) The company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) The company is not a Chit Fund, Nidhi or Mutual Benefit Society.
Hence requirement of item (xiii) of paragraph 4 of the order is not
applicable to the Company.
(xiv) The company is dealing or trading in shares, securities,
debenture and other investments. Based on our examination of documents
and records, we are of the opinion that proper records have been
maintained by the company and timely entries have been made therein.
The shares, securities and other investments have been held by the
company in its own name.
(xv) As informed to us, the company has not given any guarantee for
loans taken by others from bank or financial institutions.
(xvi) As per information and explanations given to us, the company has
not taken any fresh term loan during the year.
(xvii) According to information and explanations given to us and on an
overall examination of the balance sheet of the company, we report that
no funds raised on short term basis have been used for long-term
investment. Similarly, no funds raised on long term basis have been
used for short-term investment.
(xviii) According to information and explanations given to us, the
company has not made any preferential allotment of shares to parties
covered in the register maintained under section 301 of the Companies
Act, 1956.
(xix) The company has not issued any debenture. Hence requirement of
item (xix) of paragraph 4 of the order is not applicable to the
Company.
(xx) The company has not raised any money through public issue. Hence
requirement of item (xx) of paragraph 4 of the order is not applicable
to the Company.
(xxi) According to the information and explanations provided to us, a
fraud on or by the company has not been noticed or reported during the
year.
For B. S. Kedia & Co.
Chartered Accountants
ICAI Registration No. 317159E
Place : Kolkata Vikash Kedia
Date : 30th May 2013 Partner
M. No. 066852
Mar 31, 2012
1. We have audited the attached Balance Sheet of MARIGOLD GLASS
INDUSTRIES LIMITED, KOLKATA, as at 31st March, 2012 and also Profit &
Loss Account and the cash flow statement for the year ended on that
date annexed thereto. These financial statements are the responsibility
of the company's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standard require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis-statement. 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 management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors' Report) Order, 2003, 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 & 5 of the said Order.
4. Further to our comments in the annexure referred to above, we
report that :
i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
ii) In our opinion, proper books of Accounts as required by the law
have been kept by the Company so far as appears from our examination of
those books.
iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
referred to in this report are in agreement with the books of accounts.
iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report; comply with the accounting
standard referred to in Section 211 (3C) of the Companies Act, 1956.
v) On the basis of written representations from the directors of the
company, taken on record by the Board of Directors, we report that none
of the directors is disqualified as on March 31, 2012 from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
vi) In our opinion and to the best of our information and according to
the explanations given to us, said accounts read with notes give the
information required by the
Companies Act, 1956 in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a. In the case of Balance Sheet of the State of Affairs of the Company
as at 31st March, 2012 and
b. In the case of Profit & Loss Account, of the Loss for the year
ended on that date.
c. In the case of cash flow statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORSÃ REPORT
Referred to in paragraph 3 our report of even date on the accounts for
the year ended 31st March, 2012 of MARIGOLD GLASS INDUSTRIES LIMITED,
KOLKATA.
(i) The company has no fixed assets, so item (i) of paragraph 4 of the
order is not applicable to the Company.
(ii) The company has no inventories, so item (ii) of paragraph 4 of the
order is not applicable to the Company.
(iii) According to information and explanations given to us, the
company has not taken or granted any secured or unsecured loans from/to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(iv) 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 nature of its business with regard to the
purchase of inventory and fixed assets and for the sale. During the
course of our audit, we have not observed any continuing failure to
correct major weakness in internal controls.
(v) (a) According to information and explanations given to us, we are
of the opinion that
the transactions that need to be entered into the register maintained
under section 301 of the Companies Act, 1956 have been so entered.
(b) According to information and explanations given to us, no
transactions have been made in pursuance of contracts or arrangements
entered in the register maintained under Section 301 of the Companies
Act, 1956 and exceeding the value of rupees five lakhs in respect of
each party.
(vi) In our opinion, and according to information and explanations
given to us, the Company has not accepted any deposits from the public.
Under section 58A and 58AA of the Companies Act, 1956, and the
Companies (Acceptance of Deposits) Rules, 1975, during the year.
(vii) In our opinion, the Company's internal audit system is
commensurate with the size and the nature of its business.
(viii) Maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Companies Act, 1956.
(ix) (a) The company is regular in depositing with appropriate
authorities undisputed statutory
dues including Income-tax, Wealth Tax, sale-tax, custom duty and any
other statutory due applicable to it;
(b) According to information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
sale-tax, custom duty and excise duty etc. were outstanding as at
31.3.2012, for a period of more than six months from the date they
became payable;
(c) According to the records of the company, there are no dues of
income tax, wealth
tax, sale-tax, custom duty and excise duty, which have been deposited
on account of any dispute.
(x) The accumulated losses of the company are not more than fifty per
cent of its net worth. The company has incurred cash losses during the
financial year covered by our audit and the immediately preceding
financial year also.
(xi) In our opinion and according to information and explanations given
to us, the company not defaulted in repayment of dues to financial
institution, bank or debenture holders.
(xii) The company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) The company is not a Chit Fund, Nidhi or Mutual Benefit Society.
Hence requirement of item (xiii) of paragraph 4 of the order is not
applicable to the Company.
(xiv) The company is dealing or trading in shares, securities,
debenture and other investments. Based on our examination of documents
and records, we are of the opinion that proper records have been
maintained by the company and timely entries have been made therein.
The shares, securities and other investments have been held by the
company in its own name.
(xv) As informed to us, the company has not given any guarantee for
loans taken by others from bank or financial institutions.
(xvi) As per information and explanations given to us, the company has
not taken any fresh term loan during the year.
(xvii) According to information and explanations given to us and on an
overall examination of the balance sheet of the company, we report that
no funds raised on short term basis have been used for long-term
investment. Similarly, no funds raised on long term basis have been
used for short-term investment.
(xviii) According to information and explanations given to us, the
company has not made any preferential allotment of shares to parties
covered in the register maintained under section 301 of the Companies
Act, 1956.
(xix) The company has not issued any debenture. Hence requirement of
item (xix) of paragraph 4 of the order is not applicable to the
Company.
(xx) The company has not raised any money through public issue. Hence
requirement of item (xx) of paragraph 4 of the order is not applicable
to the Company.
(xxi) According to the information and explanations provided to us, a
fraud on or by the company has not been noticed or reported during the
year.
For B. S. Kedia & Co.
Chartered Accountants
Place : Kolkata Vikash Kedia
Date : 30th June 2012 Partner
M. No. 066852
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/S MARIGOLD GLASS
INDUSTRIES LIMITED as at 31st March 2010 and the Profit & Loss Account
for the year ended on that date annexed thereto. These financial
statements are the responsibility of the Companys Management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. 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 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 Company (Auditors Report) Order, 2003 issued by the
Central Government of India in terms of sub-section 4A of section 227
of the Companies Act, 1956, we enclose in the Annexure a statement on
the matters specified in paragraph 4 and 5 of the said Order:
Further to our comments on the Annexure referred to in the paragraph .1
above, we report that:
i) We have obtained all the information and explanations, which is to
the best of our knowledge and belief were necessary for the purpose of
our audit:
ii) 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
those books:
iii) The Balance Sheet and the Profit & Loss Account dealt with this
report are in the agreement with the books of account;
iv) In our Opinion, the Balance Sheet and Profit & Loss dealt with by
this report comply with the applicable Accounting Standards referred to
in sub-section (3C) of section 211 of the Companies Act, 1956:
v) On the basis of written representation received from the directors
as on 31st March 2010 and taken on record by the Board of Directors, we
report that none of directors of the company is disqualified as on 31st
March 2010 from being appointed as a director in terms of clause (g) of
sub section (1) of section 274 of the Companies Act,1956;
vi) 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 give
a true and fair view in conformity with the accounting principles
generally accepted in India;
a) In the case of Balance Sheet, of the state of affairs of the company
as at 31st March,2010;
b) In the case of Profit and Loss Account, of the Loss for the year
ended on that date.
c) In the case of Cash Flow Statement, of the Cash Flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
In terms of the information and explanations given to us and the Books
and Records examined by us in the normal course of Audit and to the
best of our knowledge and belief, we state as under:
a) The Company does not have any fixed assets, so this clause is not
applicable to this company. However there is Capital Work in Progress
amounting to Rs. 26,32,368/-.
b) The Stock of Inventory (Stock in Trade) has been physically verified
during the year by the Management at reasonable intervals. In our
opinion the procedure of Physical Verification of Inventory followed by
the Management are reasonable and adequate in relation to the size of
the Company and the nature of its business. The Company is maintaining
proper records of inventory. No discrepancy was noticed on Physical
Verification of Stock as compared to Book records.
c) The Company has neither taken nor granted any loan, secured or
unsecured, or advance in nature of loan from / to parties covered in
the register maintained under section 301 of the Companies Act, 1956.
Hence, the question of reporting other information does not arise.
d) In our opinion, there is adequate internal control system
commensurate with the size of the Company and the nature of its
business, for the purchase of Inventory and Fixed Assets and for the
sale of goods /services.
e) As per records examined and information provided to us, there was no
such contract or arrangement as referred to in section 301 of the Act
that need to be entered in the register maintained under that section.
f) The Company has not accepted any deposit from Public.
g) In our opinion, the Company has an Internal Audit System
commensurate with its size and the nature of its business.
h) Maintenance of cost records by the class of this Company is not
required U/s 209(1) (d) of the Act.
i) The Company is regular in depositing undisputed Statutory dues
including Provident Fund, Investors Education and Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, CESS and any other statutory dues with
the Appropriate Authority, as far as applicable.
j) The Company has incurred cash loss during the financial year but not
in the immediately preceding financial year. However, accumulated
losses at the end of the Financial Year are less than 50% of its net
worth.
k) The Company had no dues to any Financial Institution or Bank
Debenture Holders.
l) The Company has not granted any loan or advance on the basis of
security by way of pledge of shares, debentures or other securities.
m) The Company is not Chit Fund. Nidhi or Mutual Benefit Fund/ Society.
n) In respect of shares, securities, debentures and other investments,
the Company has maintained proper records of the transactions and
contracts and timely entries have been made therein. Those shares,
securities, debentures and other investments are held in the name of
the Company as far as applicable.
o) The Company has not given any guarantee for loans taken by others
from Bank or Financial Institutions.
p) The Company has not obtained any term loan during the year.
q) According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the company, we report that
no funds raised on short-term basis have been used for long term
Investment by the Company during the year.
r) The Company has not made any allotment of shares during the year. .
s) The Company has not issued any debenture.
t) No Public issue was made by the Company during the year.
u) During the checks carried out by us, no fraud on or by the Company
was noticed or reported during the year under report.
For Rajesh Kumar Gokul
Chandra & Associates
Chartered Accountants
Place: Kolkata
Dated: 27.05.2010 (Rajesh Kumar Agarwal)
Partner
Membership No: 058769
FRN:323891E
Mar 31, 2009
1. We have audited the attached Balance Sheet of M/S MARIGOLD GLASS
INDUSTRIES LIMITED as at 31st March 2009 and the Profit & Loss Account
for the year ended on that date annexedthereto. These financial
statements are the responsibility of the Companys Management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and.
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. 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 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 Compnny (Auditors Report) Order, 2003 issued by the
Central Government of India in terms of sub-section 4A of section 227
of the Companies Act, 1956, we enclose in the Annexure a statement on
the matters specified in paragraph 4 and 5 of the said Order:
Further to our comments on the Annexure referred to in the paragraph 3
above, we report that:
i) We have obtained all the information and explanations, which is to
the best of our knowledge and belief were necessary for the purpose of
our audit:
ii) 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
those books:
iii) The Balance Sheet and the Profit & Loss Account dealt with this
report are in the agreement with the books of account;
iv) In our opinion, the Balance Sheet and Profit & Loss dealt with by
this report comply with the applicable Accounting Standards referred to
in sub-section (3C) of section 211 of the Companies Act, 1956:
v) On the basis of written representation received from the directors
as on 31st March 2009 and taken on record by the Board of Directors, we
report that none of directors of the company is disqualified as on 31st
March 2009 from being appointed as a director in terms of clause, (g)
of sub section (I) of section 274 of the Companies Act, 1956;
vi) 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 give
a true and fair view in conformity with the accounting principles
generally accepted in India;
a) In the case of Balance Sheet, of the state of affairs of the company
as at 31st March 2009;
b) In the case of Profit and Loss Account, of the Profit for the year
ended on that date.
c) In the case of Cash Flow Statement, of the Cash Flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
In terms of the information and explanations given to us and the Books
and Records examined by us in the normal course of Audit and to the
best of our knowledge and belief, we state as under:
a) The Company does not have any fixed assets, so this clause is not
applicable to this company. However there is Capital Work in Progress
amounting to Rs. 26,32,368/-.
b) The Stock of Inventory (Stock in Trade) has been physically verified
during the year by the Management at reasonable intervals. In our
opinion the procedure of Physical Verification of Inventory followed by
the Management are reasonable and adequate In relation to the size of
the Company and the nature of its business. The Company is maintaining
proper records of inventory. No discrepancy was noticed on Physical
Verification of Stock as compared to Book records.
c) The Company has neither taken nor granted any loan, secured or
unsecured, or advance in nature of loan from /to parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Hence, the question of reporting other information does not arise.
d) In our opinion, there is adequate internal control system
commensurate with the size of the Company and the nature of its
business, for the purchase of Inventory and Fixed Assets and for the
sale of goods /services.
e) As per records examined and information provided to us, there was no
such contract or arrangement as referred to in section 301 of the Act
that need to be entered in the register maintained under that section.
f) The Company has not accepted any deposit from Public
g) In our opinion, the Company has an Internal Audit System
commensurate with its size and the nature of its business.
h) Maintenance of cost records by the class of this Company is not
required U/s 209(1) (d) of the Act.
i) The Company is regular in depositing undisputed Statutory dues
including Provident Fund, Investors Education and Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, CESS and any other statutory dues with
the Appropriate Authority, as far as applicable.
j) The Company has not incurred cash loss during the financial year or
in the immediately preceding financial year. However, accumulated
losses at the end of the Financial Year are less than 50% of its net
worth.
k) The Company had no dues to any Financial Institution or Bank
Debenture Holders.
l) The Company has not granted any loan or advance on the basis of
security by way of pledge of shares, debentures or other securities.
m) The Company is not Chit Fund. Nidhi or Mutual Benefit Fund/ Society.
n) in respect of shares, securities, debentures and other investments,
the Company has maintained proper records of the transactions and
contracts and timely entries have been made therein. Those shares,
securities, debentures and other investments are held in the name of
the Company as far as applicable.
o) The Company has not given any guarantee for loans taken by others
from Bank or Financial Institutions.
p) The Company has not obtained any term loan during the year.
q) According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the company, we report that
no funds raised on short-term baste have been used for long term
lnvestment by the Company during the year.
r) The Company has not made any allotment of shares during the year.
s) The Company has not issued any debenture. .
t) No Public issue was made by the Company during the year.
u) During the checks carried out by us, no fraud on or by the Company
was noticed or reported during the year under report.
For Rajesh Kumar Gokal Chandra & Associates
Chartered Accountants
Place: Kolkata
Dated: 28.05.2009 (Rajesh Kumar Agarwal)
Proprietor
Membership No: 058769
PAN : ADAPA3265G
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