Mar 31, 2014
We have audited the accompanying financial statement of HARMONY CAPITAL
SERVICES LIMITED ("the company"), which comprise the Balance Sheet as
at 31st MARCH 2014 and the statement of Profit & Loss Account and the
cash flow statement of the Company for the year then ended and a
summary of significant accounting policies and other explanatory
information.
Management''s Responsibility for the Financial Statement.
Management is responsible for the preparations 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 of the financial statements that gives a true and
fair view and are free from material misstatement, whether due to fraud
or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement.
An audit involves performing procedures to obtain audit evidence
amounts and disclosures in the financial statements. The procedures
selected depend on the Auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair
presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India.
(a) in the case of the balance Sheet, of the state of affairs of the
Company as at March 31, 2014.
(b) in the case of the statement of profit and loss, of the loss for
the year ended on that date, and
(c) in the case of the cash flow statement, of the cash flows for the
year ended on that date.
Report on other Legal and regulatory Requirements.
1. As required by the Companies (Auditor''s Report) Order, 2003(''the
Order") issued by the Central Government of India in terms of
sub-section(4A) of Section 227 of the Act, we give in the annexure, a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
2. As required by section 227(3) of the Act, we repot that:
a) We have obtained all the information and explanations except
mentioned in the notes to accounts which to the best of our knowledge
and belief were necessary for the purpose of our audit;
b) In our opinion, proper books of accounts as required by Law have
been kept by the Company, so far as appears from our examinations of
the Books;
c) The Balance-sheet and Profit & Loss Account and cash flow statement
dealt with by this report are in agreement with the books of accounts
of the Company;
d) In our opinion the Balance Sheet and Statement of Profit & Loss
Account and cash flow statement comply with the requirement of the
Accounting standards referred to in Sub Section (3C) of Section 211 of
the Companies Act, 1956
e) On the basis of written representations received from the directors,
as on 31st March, 2014, and taken on record by the Board of Directors,
we report that none of the directors of the Company is disqualified as
on 31st March, 2014 from being appointed as a director in terms of
clause (g) of sub-section (1) of section 274 of the Companies Act,
1956;
ANNEXURE TO THE AUDITOR''S REPORT Re: HARMONY CAPITAL SERVICES LIMITED.
Referred to in the Paragraph 1 of our report of even date,
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
Assets.
(b) All the assets have been physically verified by the management
during the year. There is a regular programme of verification which, in
our opinion, is reasonable having regard to the size of the Company and
the nature of its assets. No material discrepancies were noticed on
such verification.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The Company is maintaining proper records of inventory.
(iii) (a) The Company has not taken loan from other Companies covered
in the register maintained under section 301 of the Companies Act, 1956.
The maximum amount involved during the year was Rs. Nil and the year-end
balance of loans taken from such parties was Rs. NIL. There are no
firms covered in the register maintained under section 301 of the
Companies Act, 1956 to which the Company has granted loans. The maximum
amount involved during the year was Rs. nil and the year end balance of
loans granted to such parties Rs. nil
(b) The clause relating to the rate of interest and other terms and
conditions on which loans have been taken from/granted to companies,
firms or other parties listed in the register maintained under section
301 of the Companies Act, 1956 is not applicable.
(c) Since the company has not taken / granted loans therefore this
clause is not applicable.
(d) Since the company has not taken / granted loans therefore this
clause 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 with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
(v) (a) According to the 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) In our opinion and according to the information and explanations
given to us, there are NIL transactions during the year made in
pursuance of contracts or arrangements entered in the register
maintained under section 301 of the Companies Act, 1956.
(vi) The Company has not accepted deposits from directors and public.
(vii) In our opinion, the Company has adequate internal audit system
commensurate with the size and nature of its business.
(viii) The Rules made by the Central Government for the maintenance of
cost records under section 209 (1) (d) of the Companies Act, 1956 are
not applicable to the Company.
(ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education protection fund, employees'' state insurance, income
tax, sales tax, wealth tax, custom duty, excise duty, cess and other
material statutory dues applicable to it
(b) According to the information and explanation given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears, as at 31st
March 2014 a period of more than six months from the date they became
payable.
(c) According to the information and explanations given to us, there
are NO dues Of Sale Tax and Income Tax, customs duty, wealth tax,
excise duty and cess.
(x) The Accumulated losses of the company are more than fifty percent
of its net worth at the end of the financial year. The Company has
incurred cash loss during the year. In the immediately preceding
financial year also, the company had not incurred cash loss.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks or institute in the current year.
(xii) As Explained to us the Company has not granted loans and advances
on the basis of security by way of pledge of shares, debentures and
other securities.
(xiii) In our opinion, the Company is not a chit fund or a nidhi/
mutual benefit fund/ society. Therefore, the provisions of clause
4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the Company.
(xiv) According to the information and explanations given to us, the
company has maintained proper records of transactions and contracts
showing full particulars of investments including quantitative details.
The company has made entries timely.
(xv) As explained to us the Company has not given any guarantee for
loan taken by others from Banks or Financial Institution.
(xvi) As explained to us the Company has not taken any Term Loan.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for long
term investment.
(xviii) According to the information and explanations given to us, the
Company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
(xix) Company has not raised funds by loans.
(xx) The Company has not raised funds by public issue during the year
under audit.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
FOR B. M. Gattani & Co.
CHARTERED ACCOUNTANTS
Sd/- PLACE : MUMBAI
DATE : 22.04.2014
Balmukund N. Gattani
(PROPRIETOR)
M. No. 047066
F. R. No. 113536W
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statement of HARMONY CAPITAL
SERVICES LIMITED ("the company"), which comprise the Balance Sheet as
at 31ST MARCH 2013 and the statement of Profit & Loss Account and the
cash flow statement of the Company for the year then ended and a
summary of significant accounting policies and other explanatory
information.
Management''s Responsibility for the Financial Statement.
Management is responsible for the preparations 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 of the financial statements that gives a true and
fair view and are free from material misstatement, whether due to fraud
or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement.
An audit involves performing procedures to obtain audit evidence
amounts and disclosures in the financial statements. The procedures
selected depend on the Auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India.
(a). in the case of the balance Sheet, of the state of affairs of the
Company as at March 31, 2013.
(b). in the case of the statement of profit and loss, of the profit
for the year ended on that date, and
(c). in the case of the cash flow statement, of the cash flows for the
year ended on that date.
Report on other Legal and regulatory Requirements.
1. As required by the Companies (Auditor''s Report) Order, 2003(''the
Order") issued by the Central Government of India in terms of
subÂsection(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 said
Order.
2. As required by section 227(3) of the Act, we repot that:
a) We have obtained all the information and explanations except
mentioned in the notes to accounts which to the best of our knowledge
and belief were necessary for the purpose of our audit;
b) In our opinion, proper books of accounts as required by Law have
been kept by the Company, so far as appears from our examinations of
the Books;
c) The Balance-sheet and Profit & Loss Account and cash flow statement
dealt with by this report are in agreement with the books of accounts
of the Company;
d) In our opinion the Balance Sheet and Statement of Profit & Loss
Account and cash flow statement comply with the requirement of the
Accounting standards referred to in Sub Section (3C) of Section 211 of
the Companies Act, 1956
e) On the basis of written representations received from the directors,
as on 31st March, 2013, and taken on record by the Board of Directors,
we report that none of the directors of the Company 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 Companies Act,
1956;
ANNEXURE TO THE AUDITOR''S REPORT Re: HARMONY CAPITAL SERVICES LIMITED.
Referred to in the Paragraph 1 of our report of even date,
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
Assets.
(b) All the assets have been physically verified by the management
during the year. There is a regular programme of verification which, in
our opinion, is reasonable having regard to the size of the Company and
the nature of its assets. No material discrepancies were noticed on
such verification.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The Company is maintaining proper records of inventory.
(iii) (a) The Company has not taken loan from other Companies covered
in the register maintained under section 301 of the Companies Act,
1956. The maximum amount involved during the year was Rs. Nil and the
year-end balance of loans taken from such parties was Rs. NIL. There
are no firms covered in the register maintained under section 301 of
the Companies Act, 1956 to which the Company has granted loans. The
maximum amount involved during the year was Rs. nil and the year end
balance of loans granted to such parties Rs. nil
(b) The clause relating to the rate of interest and other terms and
conditions on which loans have been taken from/granted to companies,
firms or other parties listed in the register maintained under section
301 of the Companies Act, 1956 is not applicable.
(c) Since the company has not taken / granted loans therefore this
clause is not applicable.
(d) Since the company has not taken / granted loans therefore this
clause 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 with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
(v) (a) According to the 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) In our opinion and according to the information and explanations
given to us, there are NIL transactions during the year made in
pursuance of contracts or arrangements entered in the register
maintained under section 301 of the Companies Act, 1956.
(vi) The Company has not accepted deposits from directors and public.
(vii) In our opinion, the Company has adequate internal audit system
commensurate with the size and nature of its business.
(viii) The Rules made by the Central Government for the maintenance of
cost records under section 209 (1) (d) of the Companies Act, 1956 are
not applicable to the Company.
(ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education protection fund, employees'' state insurance, income
tax, sales tax, wealth tax, custom duty, excise duty, cess and other
material statutory dues applicable to it
(b) According to the information and explanation given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears, as at 31st
March 2013 a period of more than six months from the date they became
payable.
(c) According to the information and explanations given to us, there
are NO dues Of Sale Tax and Income Tax, customs duty, wealth tax,
excise duty and cess.
(x) The Accumulated losses of the company are more than fifty percent
of its net worth at the end of the financial year. The Company has not
incurred cash loss during the year. In the immediately preceding
financial year also, the company had not incurred cash loss.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks or institute in the current year.
(xii) As Explained to us the Company has not granted loans and advances
on the basis of security by way of pledge of shares, debentures and
other securities.
(xiii) In our opinion, the Company is not a chit fund or a nidhi/
mutual benefit fund/ society. Therefore, the provisions of clause
4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the Company.
(xiv) According to the information and explanations given to us, the
company has maintained proper records of transactions and contracts
showing full particulars of investments including quantitative details.
The company has made entries timely.
(xv) As explained to us the Company has not given any guarantee for
loan taken by others from Banks or Financial Institution.
(xvi) As explained to us the Company has not taken any Term Loan.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for long
term investment.
(xviii) According to the information and explanations given to us, the
Company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
(xix) Company has not raised funds by loans.
(xx) The Company has not raised funds by public issue during the year
under audit.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
FOR B. M. Gattani & Co.
CHARTERED ACCOUNTANTS
Sd/- PLACE : MUMBAI
DATE : 05.07.2013
Balmukund N. Gattani
(PROPRIETOR)
M. No. 047066
F. R. No. 113536W
Mar 31, 2011
We have audited the attached Balance sheet of HARMONY CAPITAL SERVICES
LIMITED as at 31ST MARCH 2011 and also the Profit & Loss Account and
the cash flow statement of the Company for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit. We conducted our
audit in accordance with auditing standards generally accepted in
India.
Those Standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on 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 Companies (Auditor's Report) Order, 2003 as amended
by the Companies (Auditor's Report) (Amendment) order, 2004 (now herein
after referred to as "the Order") 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 paragraphs 4 and 5 of the said Order.
Further to our comments in the annexure referred to in paragraph 1
above we report that:- a) We have obtained all the information and
explanations except mentioned in the notes to accounts which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of accounts as required by Law have
been kept by the Company, so far as appears from our examinations of
the Books;
c) The Balance-sheet and Profit & Loss Account and cash flow statement
dealt with by this report are in agreement with the books of accounts
of the Company;
d) In our opinion the Balance Sheet and Profit & Loss Account and cash
flow statement comply with the requirement of the Accounting standards
referred to in Sub Section (3C) of Section 211 of the Companies Act,
1956
e) On the basis of written representations received from the directors,
as on 31st March, 2011, and taken on record by the Board of Directors,
we report that none of the directors of the Company is disqualified as
on 31st March, 2011 from being appointed as a director in terms of
clause (g) of sub-section (1) of section 274 of the Companies Act,
1956;
I. The Company doesn't have a whole time Company Secretary as on date
as required under section 383-A of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said Balance-sheet and Profit & Loss
Account and cash flow statement read together with the other notes
thereon give the information required by the Companies Act, 1956 in the
manner so required, and give a true and fair view :
1 In case of the Balance-sheet, of the state of affairs of the Company
as at 31st March 2011; and
2 In case of the Profit & Loss Account of the loss for the year ended
on 31st March 2011
3 In the case of Cash Flow Statement, of the Cash Flows for the year
ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT Re: HARMONY CAPITAL SERVICES LIMITED.
Referred to in the Paragraph 1 of our report of even date,
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
Assets.
(b) All the assets have been physically verified by the management
during the year. There is a regular programmed of verification which,
in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets. No material discrepancies were noticed
on such verification.
(ii) (a) The inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The Company is maintaining proper records of inventory.
(iii) (a) The Company has not taken loan from other Companies covered
in the register maintained under section 301 of the Companies Act,
1956. The maximum amount involved during the year was Rs. Nil and the
year-end balance of loans taken from such parties was Rs. NIL. There
are no firms covered in the register maintained under section 301 of
the Companies Act, 1956 to which the Company has granted loans. The
maximum amount involved during the year was Rs. nil and the year end
balance of loans granted to such parties Rs. nil
(b) The clause relating to the rate of interest and other terms and
conditions on which loans have been taken from/granted to companies,
firms or other parties listed in the register maintained under section
301 of the Companies Act, 1956 is not applicable.
(c) Since the company has not taken / granted loans therefore this
clause is not applicable.
(d) Since the company has not taken / granted loans therefore this
clause 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 with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
(v) (a) According to the 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) In our opinion and according to the
information and explanations given to us, there are NIL transactions
during the year made in pursuance of contracts or arrangements entered
in the register maintained under section 301 of the Companies Act,
1956.
(vi) The Company has not accepted deposits from directors and
public.
(vii) In our opinion, the Company has adequate internal audit
system commensurate with the size and nature of its business.
(viii) The Rules made by the Central Government for the maintenance
of cost records under section 209 (1) (d) of the Companies Act, 1956
are not applicable to the Company.
(ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education protection fund, employees' state insurance,
income tax, sales tax, wealth tax, custom duty, excise duty, cess
and other material statutory dues applicable to it
(b) According to the information and explanation given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears, as at 31st
March 2011 a period of more than six months from the date they became
payable except ROC fees and Stock Exchange Fees.
(c) According to the information and explanations given to us, there
are NO dues Of Sale Tax and Income Tax, customs duty, wealth tax,
excise duty and cess.
(x) The Accumulated losses of the company are more than fifty percent
of its net worth at the end of the financial year. The Company has
incurred cash loss during the year. In the immediately preceding
financial year also, the company had incurred cash loss. (xi) In our
opinion and according to the information and explanations given to us,
the Company has not defaulted in repayment of dues to banks or
institute in the current year.
(xii) As Explained to us the Company has not granted loans and advances
on the basis of security by way of pledge of shares, debentures and
other securities.
(xiii) In our opinion, the Company is not a chit fund or a nidhi/
mutual benefit fund/ society. Therefore, the provisions of clause
4(xiii) of the Companies (Auditor's Report) Order, 2003 are not
applicable to the Company.
(xiv) According to the information and explanations given to us, the
company has maintained proper records of transactions and contracts
showing full particulars of investments including quantitative details.
The company has made entries timely.
(xv) As explained to us the Company has not given any guarantee for
loan taken by others from Banks or Financial Institution.
(xvi) As explained to us the Company has not taken any Term Loan.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for long
term investment.
(xviii) According to the information and explanations given to us, the
Company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
(xix) Company has not raised funds by loans.
(xx) The Company has not raised funds by public issue during the year
under audit.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
FOR B. M. Gattani & Co.
CHARTERED ACCOUNTANTS
PLACE : MUMBAI
Sd/-
DATE : 01-09-2011
Balmukund N. Gattani
(PROPRIETOR)
M. No. 047066
F. R. No. 113536W
Mar 31, 2010
We have audited the attached Balance sheet of HARMONY CAPITAL SERVICES
LIMITED as at 31st MARCH 2010 and also the Profit & Loss Account and
the cash flow statement of the Company 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. We conducted our
audit in accordance with auditing standards generally accepted in
India.
Those Standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on 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 Companies (Auditors Report) Order, 2003 as amended
by the Companies (Auditors Report) (Amendment) order, 2004 (now herein
after referred to as "the Order") 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 paragraphs 4 and 5 of the said Order.
Further to our comments in the annexure referred to in paragraph 1
above we report that:-
a) We have obtained all the information and explanations except
mentioned in the notes to accounts which to the best of our knowledge
and belief were necessary for the purpose of our audit;
b) In our opinion, proper books of accounts as required by Law have
been kept by the Company, so far as appears from our examinations of
the Books;
c) The Balance-sheet and Profit & Loss Account and cash flow statement
dealt with by this report are in agreement with the books of accounts
of the Company;
d) In our opinion the Balance Sheet and Profit & Loss Account and cash
flow statement comply with the requirement of the Accounting standards
referred to in Sub Section (3C) of Section 211 of the Companies Act,
1956
e) On the basis of written representations received from the directors,
as on 31st March, 2010, and taken on record by the Board of Directors,
we report that none of the 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;
I. The Company doesnt have a whole time Company Secretary as on date
as required under section 383-A of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said Balance-sheet and Profit & Loss
Account and cash flow statement read together with the other notes
thereon give the information required by the Companies Act, 1956 in the
manner so required, and give a true and fair view :
1 In case of the Balance-sheet, of the state of affairs of the Company
as at 31st March 2010; and
2 In case of the Profit & Loss Account of the loss for the year ended
on 31st March 2010
3 In the case of Cash Flow Statement, of the Cash Flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Re: HARMONY CAPITAL SERVICES LIMITED.
Referred to in the Paragraph 1 of our report of even date,
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
Assets.
.(b) All the assets have been physically verified by the management during
the year. There is a regular programme of verification which, in our
opinion, is reasonable having regard to the size of the Company and the
nature of its assets. No material discrepancies were noticed on such
verification.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The Company is maintaining proper records of inventory.
(iii) (a) The Company has not taken loan from other Companies covered
in the register maintained under section 301 of the Companies Act,
1956. The maximum amount involved during the year was Rs. Nil and the
year-end balance of loans taken from such parties was Rs. NIL. There
are no firms covered in the register maintained under section 301 of
the Companies Act, 1956 to which the Company has granted loans. The
maximum amount involved during the year was Rs. nil and the year end
balance of loans granted to such parties Rs. nil
(b) The clause relating to the rate of interest and other terms and
conditions on Which loans have been taken from/granted to companies,
firms or other parties listed in the register maintained under section
301 of the Companies Act, 1956 is not applicable.
(c) Since the company has not taken / granted loans therefore this
clause is not applicable.
(d) Since the company has not taken / granted loans therefore this
clause 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 with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
(v) (a) According to the 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) In our opinion and according to the information and explanations
given to us, there are NIL transactions during the year made in
pursuance of contracts or arrangements entered in the register
maintained under section 301 of the Companies Act, 1956.
(vi) The Company has not accepted deposits from directors and public.
(vii) In our opinion, the Company has adequate internal audit system
commensurate with the size and nature of its business.
(viii) The Rules made by the Central Government for the maintenance of
cost records under section 209 (1) (d) of the Companies Act, 1956 are
not applicable to the Company.
(ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education protection fund, employees state insurance, income
tax, sales tax, wealth tax, custom duty, excise duty, cess and other
material statutory dues applicable to it
(b) According to the information and explanation given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears, as at 31st
March 2010 a period of more than six months from the date they became
payable except ROC fees and Stock Exchange Fees.
(c) According to the information and explanations given to us, there
are NO dues Of Sale Tax and Income Tax, customs duty, wealth tax,
excise duty and cess.
(x) The Accumulated losses of the company are more than fifty percent
of its net worth at the end of the financial year. The Company has
incurred cash loss during the year. In the immediately preceding
financial year also, the company had incurred cash loss.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks or institute in the current year.
(xii) As Explained to us the Company has not granted loans and advances
on the basis of security by way of pledge of shares, debentures and
other securities.
(xiii) In our opinion, the Company is not a chit fund or a nidhif
mutual benefit fund/ society. Therefore, the provisions of clause
4(xiii) of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company.
(xiv) According to the information and explanations given to us, the
company has maintained proper records of transactions and contracts
showing full particulars of investments including quantitative details.
The company has made entries timely.
(xv) As explained to us the Company has not given any guarantee for
loan taken by others from Banks or Financial Institution.
(xvi) As explained to us the Company has not taken any Term Loan.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for long
term investment.
(xviii) According to the information and explanations given to us, the
Company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
(xix) Company has not raised funds by loans.
(xx) The Company has not raised funds by public issue during the year
under audit.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
FOR SANJAY R. SONI & ASSOCIATES
CHARTERED ACCOUNTANTS
SANJAY R. SONI
(PROPRIETOR)
PLACE : MUMBAI
DATE : 23-07-2010
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