Mar 31, 2015
We have audited the accompanying standalone financial statements of
Shreenath Industrial Investment Company Limited ('the Company'), which
comprise the balance sheet as at 31 March 2015, the statement of profit
and loss and the cash flow statement for the year then ended, and a
summary of significant accounting policies and other explanatory
information.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation of these standalone financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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 31 March 2015 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 (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of sub-
section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
(a) we have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) in our opinion proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books;
(c) the balance sheet, the statement of profit and loss and the cash
flow statement dealt with by this Report are in agreement with the
books of account;
(d) in our opinion, the aforesaid standalone 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) The going concern matter described in sub-paragraph (b) under the
Emphasis of Matters paragraph above, in our opinion, may have an
adverse effect on the functioning of the Company.
(f) on the basis of the 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; and
(g) 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".
(h) with respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. the Company has disclosed the impact of pending litigations on its
financial position in its financial statements, if any;
ii. the Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long-term contracts including derivative contracts, if any; and
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO THE AUDITORS REPORT
Issued by the Central Government under sub section 11 of section 143 of
the Companies Act, 2013, (18 of 2013)
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the standalone financial statements for the
year ended 31 March 2015, we report that:
(I) a) The company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets;
b) The Company does not hold any fixed assets for the period under
review and the year immediately preceding the year under review.
(II) The Company is a Non-Banking Financial Finance Company.
Accordingly, it does not hold any physical inventories. Thus,
paragraph 3(ii) of the Order is not applicable.
(III) The Company has not granted loans to any body corporate covered
in the register maintained under section 189 of the Companies Act, 2013
('the Act'). Thus, paragraph 3(iii) of the Order is not applicable.
(IV) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of fixed assets and sale of services. The activities of the
Company do not involve purchase of inventory and the sale of goods. We
have not observed any major weakness in the internal control system
during the course of the audit.
(V) The Company has not accepted any deposits from the public.
(VI) The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act, for any of the services
rendered by the Company.
(VII) (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, amounts
deducted/ accrued in the books of account in respect of undisputed
statutory dues including provident fund, income tax, sales tax, wealth
tax, service tax, duty of customs, value added tax, cess and other
material statutory dues have been regularly deposited during the year
by the Company with the appropriate authorities. As explained to us,
the Company did not have any dues on account of employees' state
insurance and duty of excise.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
sales tax, wealth tax, service tax, duty of customs, value added tax,
cess and other material statutory dues were in arrears as at 31 March
2015 for a period of more than six months from the date they became
payable.
Name of the statue Nature of the dues Amount(in. Rs..)
Income Tax Income Tax 50,750/-
Income Tax Income Tax 1,33,333/-
Name of the statue Period to which Amount relates
Income Tax F.Y. 2012-13
Income Tax F.Y. 2013-14
(c) According to the information and explanations given to us, there
are no material dues of wealth tax, duty of customs and cess which have
not been deposited with the appropriate authorities on account of any
dispute. However, according to information and explanations given to
us, the following dues of income tax, sales tax, service tax and value
added tax have not been deposited by the Company on account of
disputes:
Name of the Nature of dues Amount Period which the
statue (in. Rs.) amount relates
Income Tax Income Tax 221,280/- A.Y. 2008-09
Demand
Income Tax Income Tax 30,770/- A.Y. 2009-10
Demand
Name of the Forum where disputes pending
statue
Income Tax Assessing Officer of Income Tax
under 143(1) on 18/07/2009
Income Tax Assessing Officer of Income Tax
under 1431a on 09/11/2010
* net of amounts paid under protest.
# a stay order has been received against the amount disputed and not
deposited.
** The Company is in the process of filing an appeal before the CESTAT,
Bangalore.
c) According to the information and explanations given to us the
amounts which were required to be transferred to the investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules there under has been
transferred to such fund within time.
(VIII) The Company does not have any accumulated losses at the end of
the financial year and has not incurred cash losses in the financial
year and in the immediately preceding financial year.
(IX) The Company did not have any outstanding dues to financial
institutions, banks or debenture holders during the year.
(X) In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
(XI) The Company did not have any term loans outstanding during the
year.
(XII) According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For Motilal & Associates
Chartered Accountants
Registration No. 106584W
Motilal Jain
Membership No. 036811
Place : Mumbai
Date : 29/05/2015
Mar 31, 2014
We have audited the accompanying financial statements of SHREENATH
INDUATRIAL INVESTMENT CO. LTD which comprise the Balance Sheet as at
31st March, 2014 and the Statement of Profit and Loss for the year
ended, Cash Flow Statement for the Year ended and a summary of the
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
1. 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") read
with the general circular15/2013 dated 15th September 2013 of the
Ministry Of Corporate Affairs in respect of Section 133 of Companies
Act, 2013. 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
2. 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.
3. 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.
4. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
5. 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 Loss of the
Company for the year ended 31st March, 2014, and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended 31st March, 2014
Report on Other Legal and Regulatory Requirements
6. 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.
7. 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 and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account.
(d) In our opinion, the Balance Sheet and Statement of Profit and Loss,
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, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
ANNEXURE TO THE AUDITOR''S REPORT
(Referred to in paragraph 3 of our Report of even date on the accounts
of SHREENATH INDUSTRIAL INVESTMENT CO. LTD. or the year ended on 31st
March, 2014)
1 (a) As informed, the Company does not have any Fixed Assets and such,
clause 4(i) of the Companies (Auditor''s Report) Order, 2003 (as
amended) are not applicable.
2 (a) As informed, the Company does not have any inventory and such,
clause 4(ii)(a) to 4 (ii)(C) of the Companies (Auditor''s Report)
Order, 2003 (as amended) are not applicable.
3 (a) The company has not granted any loans, unsecured or secured to
companies, firms or other parties covered in the register maintained
under section 185 of the Act.
(b) In respect of the advances given by the Company, these are
repayable on demand and therefore the question of overdue amount does
not arise.
(c) The Company has taken unsecured loans from Six Parties during the
year. The maximum amount outstanding anytime during the year was '' 40
Lacs and the balance at the year-end was Rs.40 Lacs.
(d) In our opinion and according to the information and explanations
given to us the rate of interest wherever applicable and other terms
and conditions are not prima facie prejudicial to the interest of the
company.
4 In our, opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business. During the
course of our audit, no major weakness has been noticed in the internal
control in respect of these areas.
5 (a) According to the information and explanations given to us,
transactions that need to be entered into the register maintained in
pursuance of Section 185 of the Companies Act, 2013 have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contract or
arrangement entered in the register maintained under section 185 of the
Companies Act, 2013 and exceeding the value of Rupees Five Lacs or more
in respect of any party during the year have been made at price which
are reasonable having regard to prevailing market price at the relevant
time.
6 According to information and explanations given to us, the Company
has not accepted any deposits from the public. Therefore, the
provisions of the Clause (vi) of paragraph 4 of the order are not
applicable.
7 In our opinion the company has adequate internal audit system
commensurate with its size and nature of its business.
8 The company is not required to maintain cost records as per
provisions of section 128 of the Companies Act, 2013.
9 (a) As per information and explanations given to us, provisions of
Provident Fund Act, Investor Education and Protection Fund Act and
Employee''s State Insurance are not applicable to the Company. The
company is regular in depositing with appropriate authorities
undisputed statutory dues including income tax, wealth tax, and other
material statutory dues applicable to it.
(b) According to the information and explanations given to us, there is
no dispute in the matter of sales tax, income tax, wealth tax; customs
duty, excise duty and cess exist as at 31st March 2014.
(c ) According to the information and explanation given to us, there
are no dues of income tax, sales tax, service tax, customs duty and
excise duty which have not been deposited on account of any dispute.
10 The Company does not have accumulated losses at the end of the
financial year covered by the audit and in the immediately preceding
financial year.
11 According to the information and explanations given to us and based
on the documents and records produced to us, the company did not have
any borrowing from a financial institution or bank or debenture holders
and hence clause 4(xi) of the companies (Auditor''s Report) Order,
2003 (as amended) is not applicable.
12 According to the information and explanations given to us and based
on the documents and records produced to us, the company has not
granted loans and advances on the basis of security by way of pledge of
shares debentures and other securities. Therefore, the provisions of
clause 4(xii) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
13 In our opinion, the company is no a chit fund or a nidhi / mutual
benefit fund society. Therefore, the provisions of clause 4(xii) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
14 The Company has maintained proper records of the transaction and
contracts in respect of dealing or trading in shares, securities,
debentures, and other investment and timely entries have been made
therein .All Shares, securities, debentures and other investment have
been held by the Company in its name.
15 The company has not given guarantee for the loans taken by others
from banks or financial institution; hence clause (xv) of Para 4 of the
Order is not is not applicable.
16 According to the information and explanation given to us and overall
examination of the Balance Sheet of the Company ,we are of the opinion
that there are no funds raised on short term basis that have been
applied for long term investment.
17 According to the information and explanations given to us , the
company has not made preferential allotment during the previous year to
parties covered in the register maintained under section 185 of the
Act. In our opinion, the price at which shares have been issued is not
prejudicial to the interest of the company.
18 The Company did not have any outstanding debentures during the year.
19 The company has not raised any money by way of public issue during
the year.
20 Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For L K M & Co.
Chartered Accountants
F. R. No. 126823W
(L. K. Malpani)
Place: - Mumbai Proprietor
Date : - 22.07.2014 M. No. 106989
Mar 31, 2013
We have audited the accompanying financial statements of Shreenath
Industrial Investment Company Limited , which comprise the Balance
Sheet as at 31st March, 2013 and the Statement of Profit and Loss for
the year ended, and a summary of the significant accounting policies
and other explanatory information.
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.
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.
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
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, 1956and based on the
information and explanation given to us, we give in the Annexure a
statement on the matters specified in paragraphs 3 of the said 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 and Statement of Profit and Loss, dealt with by
this Report are in agreement with the books of account.
(d) In our opinion, the Balance Sheet and Statement of Profit and Loss,
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 31stMarch, 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 AUDITOR''S REPORT REFERRED TO IN PARAGRAPH 3 OF OUR
REPORT OF EVEN DATE
1. a) There is no fixed assets in the Company. Accordingly the clauses
I (b) and I (c) of paragraph 3 of the Companies
(Auditors'' Report) Order, 2003 are not applicable to the company for
the year.
2. a) (i) In our opinion and according to the information and
explanations given to us, the company has not taken any loans, secured
or unsecured from companies, firms or other parties covered in the
register maintained under Section 301 of the Act. Accordingly the
clauses 2 (a) (ii) to (iv) of paragraph 3 of the Companies (Auditors''
Report) Order, 2003 are not applicable to the company for the year
b) (i) The company has not granted loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 30 I of the Act. Accordingly the clauses 2 (b) (ii) to
(iv) of paragraph 3 of the Companies (Auditors'' Report) Order, 2003
are not applicable to the company for the year.
3. 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 fixed assets and sale of goods and
services. During the course of our audit, no major weakness has been
noticed in the above controls and therefore the reporting of the same
does not arise.
4. a) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
the particulars of contracts or arrangements referred to in Section 30
I of the Act that need to be entered in the register maintained under
that section have been so entered.
b) In our opinion, according to the information and explanations given
to us, there is no such transactions made in pursuance of such
contracts or arrangements entered in the register maintained under
Section 30 I of the Act and exceeding the value of rupees five lakhs in
respect of any party during the year, prima facie, have been made at
prices which are reasonable having regard to the nature of the service
and the prevailing market prices at the relevant time,
5. In our opinion and according to the information and explanations
given to us, the company has complied with the directives issued by
Reserve Bank of India and the provisions of Section 58A, Section 58AA
or any other relevant provisions of the Act, and the rules framed there
under with regard to deposits accepted from the public.
6. In our opinion the company has adequate internal audit system
commensurate with its size and nature of its business.
7. The Central Government has not prescribed the maintenance of cost
records under Section 209( I)(d) of the Act.
8. a) According to the records of the company and the information and
explanations given to us, undisputed statutory dues including provident
fund, employee state insurance, income tax, wealth tax, service tax,
sales tax, value added tax, customs duty and excise duty were regularly
deposited during the year with the appropriate authorities.
b) According to the information and explanations given to us, there are
no undisputed amounts payable in respect of income tax, wealth tax,
service tax, sales tax, excise duty and cess which are outstanding as
at 31st March, 2013 for a period of more than six months from the date
they became payable.
9. According to the records of the company and the information and
explanations given to us, there are no dues of wealth tax, customs
duty, excise duty and cess which have not been deposited on account of
dispute.
10. The company does not have any accumulated losses at the end of the
financial year and Company has also not incurred cash losses during the
current and immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to financial
institutions, banks or debenture holders.
12. According to the information and explanations given to us, the
company has not granted loans or advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The provisions of any special statue applicable to chit fund /
nidhi / mutual benefit societies are not applicable to the company.
14. based on our examination of records and the information and
explanation given to us, the company does not deal/ trade in shares,
securities , debentures and other Investment.
15. In our opinion and according to the information and explanations
given to us, the company has not given guarantees for loans taken by
others from banks and financial institutions.
16. To the best of our knowledge and belief and according to the
information and explanations given to us, company has not availed any
term loans. Accordingly clauses 16 of paragraph 3 of the Companies
(Auditors'' Report) Order, 2003 are not applicable to the company for
the year.
17. In our opinion and according to the information and explanations
given to us, on an overall examination of the balance sheet of the
company, funds raised on short term basis, prima facie, have not been
used during the year for long term investment.
18. According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 30 I of
the Companies Act, 1956.
19. According to the information and explanations given to us, the
company has not issued unsecured debenture during the period covered by
our audit report.
20. The company has not raised money by public issues during the year.
21. To the best of our knowledge and according to the information and
explanations given to us, during the year no fraud on or by the company
was noticed or reported during the course of our audit.
22. In our opinion and according to the information and explanations
given to us, the nature of the company''s business / activities during
the year have been such that clauses ii, xiii and xviii of paragraph 3
of the Companies (Auditors'' Report) Order. 2003 are applicable to the
company for the year.
For PAWAN MANDOWARA & CO.,
CHARTERED ACCOUNTANTS,
(CA PAWAN MANDOWARA)
Place : - Indore Partner
Date : - 21.06.2013 M. No. 409201
Mar 31, 2012
We have audited the attached Balance Sheet of SHREENATH INDUSTRIAL
INVESTMENT COMPANY LIMITED, as at 31st March 2012 and also the
Statement of Profit and Loss 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. These 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 the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
As required by the Companies (Auditor''s Report) Order 2003 issued by
the Central Government of India in terms of 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 in the Annexure referred to above, we report
that:
1. 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;
2. 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;
3. The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this report are in agreement with the
books of account;
4. In our opinion, the Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956;
5. On the basis of the written representations received from the
directors and taken on record by the Board of Directors, we report that
none of the directors is disqualified as on 31st March, 2012, from
being appointed as a director in terms of clause (g) of sub section (1)
of Section 274 of the Companies Act, 1956.
6. The Company has been granted Certificate of Registration bearing no.
01.00097 dated 11th March, 1998 by the ANNUAL REPORT 2011-2012
Reserve Bank of India under section 45 IA of the Reserve Bank of India
Act, 1934. The Board of Directors has passed a resolution during the
year for non-acceptance of any public deposits and accordingly it has
not accepted any public deposits during the year.
7. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the notes
thereon, give the information required by the Companies Act, 1956 in
the manner so required and give a true and fair view in conformity with
accounting principles generally accepted in India:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
(iii) in the case of Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Mumbai: 18th May, 2012
For J G VERMA & CO.,
CHARTERED ACCOUNTANTS,
(Registration no. 111381W)
Sd/-
J. G. VERMA
PARTNER
Membership No. 5005
ANNEXURE REFERRED TO IN OUR REPORT OF EVEN DATE SHREENATH INDUSTRIAL
INVESTMENT COMPANY LIMITED (31.03.2012)
(i) The Company does not own any fixed assets, accordingly clauses
4(i)(a), 4(i)(b) and 4(i)(c) of the Order are not applicable.
(ii) The Company did not have any inventory during the year or at the
end of the year, accordingly clauses 4(ii)(a), 4(ii)(b) and 4(ii)(c) of
the Order are not applicable.
(iii) (a) The Company has not granted any unsecured loans to parties
covered in the register maintained under section 301 of the Companies
Act, 1956.
(b) The Company has not taken interest free unsecured loans from
parties covered in the register maintained under section 301 of the
Companies Act, 1956.
(iv) The Company has not purchased any stores items, raw materials,
plant and machinery or sold any goods during the year under report and
accordingly, the clause 4(iv) of the Order is not applicable to the
Company.
(v) Based on audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that there were no transactions during the year that needed to
be entered into the register maintained under section 301 of the
Companies Act, 1956. Accordingly clause (v)(b) of paragraph 4 of the
Order regarding reasonableness of prices of such transactions is not
applicable.
(vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the meaning of section 58A and 58AA of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975. Hence the
clause (vi) of the Order is not applicable to the Company.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed maintenance of cost
records under section 209(1)(d) of the Companies Act, 1956.
(ix) (a) In the absence of any activities during the year, the Company
was not liable to deposit any statutory dues with the authorities. As
per the records of the Company, there were no arrears of outstanding
statutory dues for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there
are no dues of sales tax, income tax, customs duty, wealth tax, service
tax, excise duty or cess which have not been deposited on account of
any dispute.
(x) The Company does not have any accumulated losses at the end of the
financial year and has not incurred any cash losses either during the
financial year under report or immediately preceding financial year.
(xi) The Company has neither taken any loans from a financial
institution and a bank nor issued debentures. Accordingly, clause (xi)
of paragraph 4 of the Order is not applicable.
(xii) The Company has not granted 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 or a nidhi / mutual benefit fund
/ society. Therefore, the clause (xiii) of paragraph 4 of the Order is
not applicable to the Company.
(xiv) The Company has not made any transactions during the year of
dealing or trading of shares, securities, debentures and other
investments. Accordingly, the clause (xiv) of paragraph 4 of the Order
is not applicable to the Company for the above year.
(xv) As informed to us, the Company has not given guarantees for loans
taken by others from banks or financial institutions.
(xvi) The Company has not taken any term loan during the year.
Therefore clause (xvi) of paragraph 4 of the Order is not applicable.
(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) 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) The Company has not issued debentures and hence the clause (xix)
of paragraph 4 of the Order is not applicable.
(xx) During the year under audit, the Company has not raised money by
public issue.
(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.
Mumbai: 18th May, 2012
For J G VERMA & CO.,
CHARTERED ACCOUNTANTS,
(Registration no. 111381W)
Sd/-
J. G. VERMA
PARTNER
Membership No. 5005
Mar 31, 2011
We have audited the attached Balance Sheet of SHREENATH INDUSTRIAL
INVESTMENT COMPANY LIMITED, as at 31st March 2011 and also the Profit
and 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. These 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 the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
As required by the Companies (Auditor''s Report) Order 2003 issued by
the Central Government of India in terms of 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 in the Annexure referred to above, we report
that:
1. 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;
2. 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;
3. The Balance Sheet, the Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
4. In our opinion, the Balance Sheet, the Profit and Loss Account and
the Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956;
5. On the basis of the written representations received from the
directors and taken on record by the Board of Directors, we report that
none of the directors 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.
6. The Company has been granted Certificate of Registration bearing no.
01.00097 dated 11th March, 1998 by the Reserve Bank of India under
section 45 IA of the Reserve Bank of India Act, 1934. The Board of
Directors has passed a resolution during the year for non-acceptance of
any public deposits and accordingly it has not accepted any public
deposits during the year.
7. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the notes
thereon, give the information required by the Companies Act, 1956 in
the manner so required and give a true and fair view in conformity with
accounting principles generally accepted in India:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2011;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
(iii) in the case of Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE REFERRED TO IN OUR REPORT OF EVEN DATE SHREENATH INDUSTRIAL
INVESTMENT COMPANY LIMITED
(i) The Company does not own any fixed assets, accordingly clauses
4(i)(a), 4(i)(b) and 4(i)(c) of the Order are not applicable.
(ii) The Company did not have any inventory during the year or at the
end of the year, accordingly clauses 4(ii)(a), 4(ii)(b) and 4(ii)(c) of
the Order are not applicable.
(iii) (a) The Company has not granted any loans secured or unsecured to
parties covered in the register maintained under section 301 of the
Companies Act, 1956, accordingly clauses 4(iii)(b) to (d) of the Order
are not applicable.
(b) The Company has not taken interest free unsecured loans from
parties covered in the register maintained under section 301 of the
Companies Act, 1956.
(iv) The Company has not purchased any stores items, raw materials,
plant and machinery or sold any goods during the year under report and
accordingly, the clause 4(iv) of the Order is not applicable to the
Company.
(v) Based on audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that there were no transactions during the year that needed to
be entered into the register maintained under section 301 of the
Companies Act, 1956. Accordingly clause (v)(b) of paragraph 4 of the
Order regarding reasonableness of prices of such transactions is not
applicable.
(vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the meaning of section 58A and 58AA of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975. Hence the
clause (vi) of the Order is not applicable to the Company.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed maintenance of cost
records under section 209(1)(d) of the Companies Act, 1956.
(ix) (a) In the absence of any activities during the year, the Company
was not liable to deposit any statutory dues with the authorities. As
per the records of the Company, there were no arrears of outstanding
statutory dues for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there
are no dues of sales tax, income tax, customs duty, wealth tax, service
tax, excise duty or cess which have not been deposited on account of
any dispute.
(x) The Company does not have any accumulated losses at the end of the
financial year and has not incurred any cash losses either during the
financial year under report or immediately preceding financial year.
(xi) The Company has neither taken any loans from a financial
institution and a bank nor issued debentures. Accordingly, clause (xi)
of paragraph 4 of the Order is not applicable.
(xii) The Company has not granted 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 or a nidhi / mutual benefit fund
/ society. Therefore, the clause (xiii) of paragraph 4 of the Order is
not applicable to the Company.
(xiv) The Company has not made any transactions during the year of
dealing or trading of shares, securities, debentures and other
investments. Accordingly, the clause (xiv) of paragraph 4 of the Order
is not applicable to the Company for the above year.
(xv) As informed to us, the Company has not given guarantees for loans
taken by others from banks or financial institutions.
(xvi) The Company has not taken any term loan during the year.
Therefore clause (xvi) of paragraph 4 of the Order is not applicable.
(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) 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) The Company has not issued debentures and hence the clause (xix)
of paragraph 4 of the Order is not applicable.
(xx) During the year under audit, the Company has not raised money by
public issue.
(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 J G VERMA & CO.,
CHARTERED ACCOUNTANTS,
(Registration no. 111381W)
Sd/-
J. G. VERMA
PARTNER
Membership No. 5005
Mumbai: 19th May, 2011
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