Mar 31, 2015
We have audited the accompanying financial statements of IKAB
SECURITIES & INVESTMENT LIMITED, which comprise the Balance Sheet as at
March 31, 2015, the Statement of Profit & Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 with respect to the
preparation 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 of 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.
AUDITORS' 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. 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 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, 2015;
(b) In the case of the Statement of Profit and Loss, of the loss of the
Company 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, 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) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st 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 (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.
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 to the financial
statements; 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 REFERRED TO IN PARAGRAPH A' OF AUDITOR'S REPORT OF EVEN DATE TO
THE MEMBERS OF 'IKAB SECURITIES & INVESTMENT LIMITED' ON THE ACCOUNTS
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:
1. In respect of its Fixed Assets
(a) The company is maintaining proper records to show full particulars,
including quantitative details and situation of fixed assets.
(b) According to information and Explanation given to us, the fixed
assets of the Company are physically verified by the management
according to a phased program designed to cover all items over a period
of time, which in our opinion, is reasonable having regards to the size
of the Company and the nature of its assets. Pursuant to the program,
fixed assets have been physically verified by the Management during the
year and no material discrepancies between the book records and the
physical inventories have been noticed.
2. In respect of its Inventories
(a) As informed to us, the inventories held in Dematerialized form,
have been verified by the management with supportive evidence during
the year. In our Opinion the frequency of verification is reasonable.
In our Opinion, the procedures for physical verification of inventory
followed by management are reasonable and adequate in relation to the
size of company and the nature of its business. On the basis of our
examination the records of inventory, we are of the opinion that
company is maintaining proper records of inventory. We are informed
that no discrepancies were noticed on physical verification.
(b) The company has inventories of Shares, and Inventories are valued
at Market cost or Book value whichever is lower.
3. In respect of its Loans given:
The company has not granted any loans, secured or unsecured to/from
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013. As the Company has not
granted any loans, secured or unsecured, to parties listed in the
Registers maintained under Section 189 of the Companies Act, 2013,
consequently, clause 3(iii) (a) & (b) of the order are not applicable.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of fixed assets and for the sale of services. Further, on the
basis of our examination of the books and records of the Company and
according to the information and explanations given to us, no major
weakness has not been noticed or reported.
5. In our opinion, and according to the information and explanations
given to us, the Company has not accepted any public deposits and hence
directives issued by the Reserve Bank of India and the provisions of
Sections 73 to 76 or any other relevant provisions of the Companies
Act, 2013 and the rules framed there under are not applicable. As per
the information and explanations given to us, no order has been passed
by Company Law Board or National Company Law Tribunal or Reserve Bank
of India or any Court or any other Tribunal in this respect.
6. We have broadly reviewed the books of account maintained by the
company pursuant to subsection (1) of section 148 of the Companies Act,
2013 and are of the opinion that prima facie, the prescribed accounts
and records have been made and maintained. We have, however not
undertaken a detailed examination of the records with a view to
determine whether they are accurate or complete.
7(a) According to the information and explanation given to us and the
records of the Company examined by us, in our opinion, the Company is
generally regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees State
Insurance, Income Tax, VAT, Wealth Tax, Excise Duty, Service Tax, Cess
and any other material statutory dues as applicable with the
appropriate authorities.
(b) According to the information and explanations given to us and based
on the records of the company examined by us, there are no disputed
dues payable by company as on 31st March 2015 of Income Tax, Wealth
Tax, Service Tax, Sales Tax, Customs Duty and Excise Duty.
(c) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of reporting delay in transferring such
sums does not arise.
8. According to the records of the Company examined by us and the
information and explanation given to us, the Company has not defaulted
in repayment of dues to any financial institution or bank or debenture
holders as at the Balance Sheet Date.
9. According to Information and Explanation given to us, The Company
has not given any guarantee for loans taken by others from banks or
financial institutions.
10. The Company has not taken any term loans.
11. During the course of our examination of the books of accounts
carried out in accordance with the generally accepted auditing
standards in India and according to the information and explanations
given to us, we have not come across any instants of fraud, either
noticed or reported during the year, on or by the Company.
For M/s. Aalok Mehta & Co.
Chartered Accountants
CA. Aalok Mehta
[Proprietor]
Membership No. 114930
Firm Reg. No. 126756W
Place: Mumbai
Date: May 29, 2015
Mar 31, 2012
We have audited the attached Balance Sheet of Ikab Securities &
Investment Limited as on 31st March 2012 and also the Statement of
Profit and Loss Account and 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.
A) We have 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.
B) As required by the Companies (Auditor's Report) Amendment Order,
2004 issued by the Central Government of India in terms of Section 227
(4A) of the Companies Act, 1956, we enclose in the Annexure hereto a
statement of the matters specified in the paragraphs 4 and 5 of the
said Order.
C) Further to our comments in the paragraph (B) above, we report that:
1. We have obtained all the information and explanation, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
2. 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 the
books of accounts.
3. The Balance Sheet and the Statement of Profit and Loss Account and
Cash Flow Statement dealt with by this Report are in agreement with the
books of account.
4. In our opinion, the Balance Sheet and the Statement of Profit and
Loss Account dealt with by this Report have been prepared in compliance
with the accounting standards referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956 to the extent applicable.
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 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.
6. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts subject to and read
together with the Notes thereon gives the information required by the
Companies Act, 1956 in the manner so required and give a true and fair
view:
(i) In case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012 and,
(ii) In case of the Statement of Profit and Loss Account, of the profit
/ loss for the year ended on that date.
(iii)In case of the Cash Flow Statement for the year ended 31st March
2012.
Annexure to Auditor's Report (Referred to in Paragraph B of our
report on even date of Ikab Securities & Investment Limited for the
year ended 31/03/2012) 1) In respect of Fixed Assets .
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets on the
basis of available information.
b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals, which in our opinion is
reasonable, having regard to the size of the Company and nature of its
assets. We are informed that no material discrepancies were noticed by
the management on such verification.
c) The Company has not disposed of any substantial part of fixed assets
during the year. The disposal of the fixed assets by the company during
the year has not affected the going concern assumption.
2) In respect of its Inventory
a) As explained to us, and according to the information and
explanations given to us, physical verification of inventory has been
conducted at reasonable intervals during the year by the management.
b) In our opinion the procedures 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.
c) The Company has maintained proper records of inventory and no
material discrepancies were noticed on physical verification as
compared to the book records.
3) In respect of Loans Given / Taken
The Company neither granted nor taken any loans, secured or unsecured
to/from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
4) In respect of Internal Control Procedure
In our opinion and according to the information and explanation 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, sale of inventory and fixed assets. During the course of
our audit, we have not observed any major weakness in internal
controls.
5) In respect of transactions covered u/s 301 of the Companies Act,
1956.
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that needed to be entered into the register needed to be
maintained u/s 301 of the Companies Act have been so entered.
b) In our opinion and according to the information and explanations
given to us, there are transactions in pursuance of contracts or
arrangements entered in the register maintained u/s 301 of the
Companies Act aggregating during the year to Rs. 5,00,000/- [Rs. Five
lakhs only] or more in respect of parties. Each of these transactions
has been made at prices- which are reasonable having regard to the
prevailing market prices at the relevant time.
6) The Company has not accepted any deposits from Public.
7) The Company has No formal system of Internal Audit in operation.
However the internal control system of the Company is commensurate with
its size and nature of its business.
8) The Central Government has not prescribed maintenance of cost
records under clause (d) of sub- section (1) of section 209 of the
Companies Act, 1956 in respect of the Company.
9) In respect of Statutory Dues:
a) According to the records of the Company, the Company has been
regular in depositing undisputed statutory dues including Provident
Fund, Investor Education and Protection Fund, Income tax, Service Tax ,
Wealth Tax , etc and any other statutory'dues with the appropriate
authorities According to the information and explanations given to us,
no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31-3-2012 for a period of more than six months from
the date they became payable.
b) The Company does not have any disputed statutory dues that have not
been deposited on account of matters pending before appropriate
authorities.
10) The Company has not incurred cash losses in this financial year.
Moreover there are no accumulated losses at the end of the financial
year.
11) Monitoring of Loans taken from Banks/Financial Institutions etc.
a) Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that, the Company has
not defaulted in repayment of dues to any bank.
b) The Company has taken short term loan from Bank against half of the
Fixed Deposit given to the bank and utilized for the purpose of margin
money required by the Stock Exchanges.
c) The funds raised on short-term basis have not been used for
long-term investment and vice versa.
d) The Company has not issued any debentures.
12) According to the information and explanation given to us, the
Company has not given any guarantee for loans (except for Bank
Guarantees) taken by others from banks or other financial institutions.
13) The Company has maintained proper records of the transactions and
contracts in respect of shares, securities, debentures and other
securities and timely entries have been made therein; All shares,
debentures and other securities have been held by the Company in its
own name except to the extent of the exemption, if any, granted under
section 49 of the Companies Act, 1956.
14) In our opinion and according to the information and explanations
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
15) In our opinion, the Company is not a chit fund or a Nidhi /or
mutual benefit fund / society. Therefore, clause 4(xiii) of the
Companies (Auditors Report) Amendment Order 2004 is not applicable to
the Company.
16) The Company has not made any preferential allotment of shares
during the year.
17) The Company has not raised any money by way of Public Issue during
the year.
18) In our opinion and according to the information and explanations
given to us no fraud on or by the Company has been noticed or reported
during the year that causes the financial statements to be materially
misstated.
19) On the basis of written representation received from the directors
and 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 Companies Act, 1956.
For BHUPENDRA SHAH & ASSOCIATES
Chartered Accountants
(FRN: 101454 W)
Sd/-
(Bhupendra Shah)
Proprietor
(Membership No. 33640)
Place: Mumbai .
Date : September 3, 2012
Mar 31, 2011
We have audited the attached Balance Sheet of Ikab Securities &
Investment Limited as on 31st March 2011 and also the Profit and Loss
Account and 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.
A) We have 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.
B) As required by the Companies (Auditor's Report) Amendment Order,
2004 issued by the Central Government of India in terms of Section 227
(4A) of the Companies Act, 1956, we enclose in the Annexure hereto a
statement of the matters specified in the paragraphs 4 and 5 of the
said Order.
C) Further to our comments in the paragraph (B) above, we report that:
1. We have obtained all the information and explanation, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
2. 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 the
books of accounts.
3. The Balance Sheet and the Profit and Loss Account and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
4. In our opinion, the Balance Sheet and the Profit and Loss Account
dealt with by this Report have been prepared in compliance with the
accounting standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956 to the extent applicable.
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 March 31, 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. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts subject to and read
together with the Notes thereon gives the information required by the
Companies Act, 1956 in the manner so required and give a true and fair
view:
(i) In case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011 and,
(ii) In case of the Profit and Loss Account, of the profit / loss for
the year ended on that date.
(iii)In case of the Cash Flow Statement for the year ended 31st March
2011.
Annexure to Auditor's Report (Referred to in Paragraph B of our report
on even date of Ikab Securities & Investment Limited for the year ended 31/03/2011)
1) In respect of Fixed Assets
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets on the
basis of available information.
b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals, which in our opinion is
reasonable, having regard to the size of the Company and nature of its
assets. We are informed that no material discrepancies were noticed by
the management on such verification.
c) The Company has not disposed of any substantial part of fixed assets
during the year. The disposal of the fixed assets by the company during
the year has not affected the going concern assumption.
2) In respect of its Inventory
a) As explained to us, and according to the information and
explanations given to us, physical verification of inventory has been
conducted at reasonable intervals during the year by the management.
b) In our opinion the procedures 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.
c) The Company has maintained proper records of inventory and no
material discrepancies were noticed on physical verification as
compared to the book records.
3) In respect of Loans Given / Taken
The Company neither granted nor taken any loans, secured or unsecured
to/from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
4) In respect of Internal Control Procedure
In our opinion and according to the information and explanation 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, sale of inventory and fixed assets. During the course of
our audit, we have not observed any major weakness in internal
controls.
5) In respect of transactions covered u/s 301 of the Companies Act,
1956.
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that needed to be entered into the register needed to be
maintained u/s 301 of the Companies Act have been so entered.
b) In our opinion and according to the information and explanations
given to us, there are transactions in pursuance of contracts or
arrangements entered in the register maintained u/s 301 of the
Companies Act aggregating during the year to Rs. 5,00,000/- [Rs. Five
lakhs only] or more in respect of parties. Each of these transactions
has been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
6) The Company has not accepted any deposits from Public.
7) The Company has No formal system of Internal Audit in operation.
However the internal control system of the Company is commensurate with
its size and nature of its business.
8) The Central Government has not prescribed maintenance of cost
records under clause (d) of sub- section (1) of section 209 of the
Companies Act, 1956 in respect of the Company.
9) In respect of Statutory Dues:
a) According to the records of the Company, the Company has been
regular in depositing undisputed statutory dues including Provident
Fund, Investor Education and Protection Fund, Income tax, Service Tax ,
Wealth Tax , etc and any other statutory dues with the appropriate
authorities According to the information and explanations given to us,
no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31-3-2011 for a period of more than six months from
the date they became payable.
b) The Company does not have any disputed statutory dues that have not
been deposited on account of matters pending before appropriate
authorities.
10) The Company has not incurred cash losses in this financial year.
Moreover there are no accumulated losses at the end of the financial
year.
11) Monitoring of Loans taken from Banks/Financial Institutions etc.
a) Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that, the Company has
not defaulted in repayment of dues to any bank.
b) The Company has taken short term loan from Bank against half of the
Fixed Deposit given to the bank and utilized for the purpose of margin
money required by the Stock Exchanges.
c) The funds raised on short-term basis have not been used for
long-term investment and vice versa.
d) The Company has not issued any debentures.
12) According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from
banks or other financial institutions.
13) The Company has maintained proper records of the transactions and
contracts in respect of shares, securities, debentures and other
securities and timely entries have been made therein; All shares,
debentures and other securities have been held by the Company in its
own name except to the extent of the exemption, if any, granted under
section 49 of the Companies Act, 1956.
14) In our opinion and according to the information and explanations
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
15) In our opinion, the Company is not a chit fund or a Nidhi /or
mutual benefit fund / society. Therefore, clause 4(xiii) of the
Companies (Auditors Report) Amendment Order 2004 is not applicable to
the Company.
16) The Company has not made any preferential allotment of shares
during the year.
17) The Company has not raised any money by way of Public Issue during
the year.
18) In our opinion and according to the information and explanations
given to us no fraud on or by the Company has been noticed or reported
during the year that causes the financial statements to be materially
misstated.
19) On the basis of written representation received from the directors
and taken on record by the Board of Directors, we report that none of
the Directors is disqualified as on March 31, 2011 from being appointed
as a director in terms of clause (g) of sub-section (1) of section 274
of Companies Act, 1956.
For BHUPENDRA SHAH & ASSOCIATES Place: Mumbai
Chartered Accountants Date: September 5,2011
(Firm Registration No: 101454 W)
Sd/-
(Bhupendra Shah)
Proprietor
Membership No. 33640
Mar 31, 2010
We have audited the attached Balance Sheet of Ikab Securities &
Investment Limited as cm 31st March 2010 and also the Profit and Loss
Account and Cash Flow Statement 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.
A) We have 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.
B) As required by the Companies (Auditors Report) Amendment Order,
2004 issued by the Central Government of India in terms of Section 227
(4 A) of the Companies Act, 1956, we enclose in the Annexure hereto a
statement of the matters specified in the paragraphs 4 and 5 of the
said Order.
C) Further to our comments in the paragraph (B) 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 purpose of our
audit.
2. 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 the
books of accounts.
3. The Balance Sheet and the Profit and Loss Account and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
4. In our opinion, the Balance Sheet and the Profit and Loss Account
dealt with by this Report have been prepared in compliance with the
accounting standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956 to the extent applicable.
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 March 31, 2010 from being
appointed as a Director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
6. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts subject to and read
together with the Notes thereon gives the information required by the
Companies Act, 1956 in the manner so required and give a true and fair
view:
(i) In case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010 and,
(ii) In case of the Profit and Loss Account, of the profit / loss for
the year ended on that date.
(iii)In case of the Cash Flow Statement for the year ended 31st March
2010.
Annexure to Auditor s Keport (Referred to in Paragraph B of our report
on even date of Ikab Securities & Investment Limited for the year ended
31/03/2010)
1) In respect of Fixed Assets
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets on the
basis of available information.
b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals, which in our opinion is
reasonable, having regard to the size of the Company and nature of its
assets. We are informed that no material discrepancies were noticed by
the management on such verification.
c) The Company has not disposed of any substantial part of fixed assets
during the year. The disposal of the fixed assets by the company during
the year has not affected the going concern assumption.
2) In respect of its Inventory
a) As explained to us, and according to the information and
explanations given to us, physical verification of inventory has been
conducted at reasonable intervals during the year by the management.
b) In our opinion the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
die size of the Company and the nature of its business.
c) The Company has maintained proper records of inventory and no
material discrepancies were noticed on physical verification as
compared to die book records
3) In respect of Loans Given / Taken
The Company neither granted nor taken any loans, secured or unsecured
to/from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
4) In respect of Internal Control Procedure
In our opinion and according to the information and explanation 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, sale of inventory and fixed assets. During the course of
our audit, we have not observed any major weakness in internal controls
5) In respect of transactions covered u/s 301 of the Companies Act,
1956.
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that needed to be entered into the register needed to be
maintained u/s 301 of the Companies Act have been so entered.
b) In our opinion and according to the information and explanations
given to us, mere are transactions in pursuance of contracts or
arrangements entered in the register maintained u/s 301 of the
Companies Act aggregating during the year to Rs. 5,00,000/- fits. Five
lakhs only) or more in respect of parties. Each of these transactions
has been made at prices which are reasonable having regard to die
prevailing market prices at die relevant time.
6) The Company has not accepted any deposits from Public.
7) The Company has no formal system of Internal Audit in operation.
However the internal control system of the Company is commensurate with
its size and nature of its business.
X) The Central Government has not prescribed maintenance of cost
records under clause (d) of sub- section (1) of section 209 of the
Companies Act. 1956 in respect of the Company.
9) In respect of Statutory Dues:
a) According to the records of the Company, the Company has been
regular in depositing undisputed statutory dues including Provident
Fund, Investor Education and Protection Fund, Income tax, Service Tax
and any other statutory dues with the appropriate authorities According
to the information and explanations given to us, no undisputed amounts
payable in respect of the aforesaid dues were outstanding as at
31-3-2010 for a period of more than six months from the date they
became payable.
b) The Company does not have any disputed statutory dues that have not
been deposited on account of matters pending before appropriate
authorities.
10) The Company has incurred cash losses in this financial year.
However there are no accumulated losses at the end of the financial
year.
11) Monitoring of Loans taken from Banks / Financial Institutions etc.
a) Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that, the Company has
not defaulted in repayment of dues to any bank.
b) The Company has not taken any term loan.
c) The funds raised on short-term basis have not been used for
long-term investment and vice versa.
d) The Company has not issued any debentures.
12) According to the information and explanation given to us, the
Company has not given any guarantee for loans (except for Bank
Guarantees) taken by others from banks or other financial institutions.
13) The Company has maintained proper records of the transactions and
contracts in respect of shares, securities, debentures and other
securities and timely entries have been made therein; All shares,
debentures and other securities have been held by the Company in its
own name except to the extent of the exemption, if any, granted under
section 49 of the Companies Act, 1956.
14) In our opinion and according to the information and explanations
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
15) In our opinion, the Company is not a chit fund or a Nidhi / or
mutual benefit fund / society. Therefore, clause 4(xiii) of the
Companies (Auditors Report) Amendment Order 2004 is not applicable to
the Company.
16) The Company has not made any preferential allotment of shares
during the year.
17) The Company has not raised any money by way of Public Issue during
the year.
18) In our opinion and according to the information and explanations
given to us no fraud on or by the Company has been noticed or reported
during the year that causes the financial statements to be materially
misstated.
19) On the basis of written representation received from the directors
and taken on record by the Board of Directors, we report that none of
the Directors is disqualified as on March 31, 2010 from being appointed
as a director in terms of clause (g) of sub-section (1) of section 274
of Companies Act, 1956.
For BHUPENDRA SHAH & ASSOCIATES
Chartered Accountants
(Firm Registration No: 101454 W)
Sd/-
(Bhupendra Shah)
Proprietor
Membership No. 33640
Place: Mumbai
Date: August 24,2010