Mar 31, 2014
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of INTERFACE
FINANCIAL SERVICES LIMITED (the Company), which comprise the Balance
Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
AUDITORS'' RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the 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, 2014;
(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 of the
Company for the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor''s Report) Order, 2003 (the
Order) issued by the Central Government of India in terms of Section
227(4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books.
c. The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d. In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with Accounting Standards
notified under the Act read with the General Circular 15/2013 dated
13th September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
e. On the basis of the written representations received from the
directors as on March 31, 2014, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2014,
from being appointed as a director in terms of Section 274(1)(g) of the
Act.
Annexure to the Auditors'' Report referred in Paragraph-3 of our report
of Even date
As required by the Companies ( Auditors'' Report ) Order, 2003 issued by
the central Government under section 227(4A) of the Companies Act, 1956
and in terms of the information and explanation given to us and also on
the basis of such checks as we considered appropriate, we further
report that:
1. The company does not have any Fixed Assets. Hence, clause (i) (a),
(b) & (c) are not applicable to the company.
2. (a) The stock of shares and securities has been physically verified
by the management during the current year and also at the end of the
year. In our opinion, the frequency of verification is reasonable.
(b) In our opinion the procedures of physical verification of stock of
shares and securities followed by the management are reasonable and
adequate in relation to the size of the company and the nature of its
business.
(c) On the basis of our examination of record s of shares and
securities, we are of the opinion that the company is maintaining
proper record of the stock of shares and securities. As informed to us.
The discrepancies noticed on verification between physical stock and
book stocks were not materiel and the same have been property dealt
with in the books of account.
3 (a) The company has not granted any unsecured loan to the companies
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956.
(b) The company has not taken unsecured interest free loans from
companies firms and other parties covered in the register maintained
under section 301 of the companies Act, 1956.
4 In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of shares and securities and fixed
assets and sale of shares and securities. During the course of our
audit, no major weaknesses have been observed in internal controls.
5 As per information & according to explanation given to us, the
company has not entered into any transaction that need to be entered
into the register maintained under section 301 of the Act.
6 The Company has not accepted any deposits from the public, therefore
the directives issued by Reserve bank of India, the provisions of
section 58 A and 58 AA of the companies Act, 1956 and the rules framed
there under are not Applicable.
7 In our opinion, the company has an internal audit system,
commensurate with its size and nature of its business.
8 According to information and explanations given to us, the central
Government has not prescribed maintenance of cost records under section
209(1)(d) of the Companies Act, 1956 for any of the activities of the
company.
9 (a) According to the company, during the year, the company has been
generally regular in depositing undisputed statutory dues including
Investor Education and Protection fund, Income tax, Sales tax, Wealth
tax, service tax, cess and any other dues applicable to it with the
appropriate authorities.
(b) According to the information and explanations given to us, no
undisputed Amounts payable by the company in respect of Provident Fund,
Investor Education and protection fund, Employees'' state Insurance,
Income tax, Sales tax, Wealth tax, service tax, cess or any other
applicable to it were Outstanding as on 31st March 2014 for a period of
more than six months From the date they became payable.
(c) According to the information and explanations given to us there no
dues in respect of income tax. Sales tax, wealth tax, service tax, or
cess that have not been deposited with appropriate authority on account
of dispute.
10 The accumulated losses of the company at the end of the financial
year are not less than fifty percent of its net worth. The company has
incurred cash losses of Rs. 194073/- during the financial year under
audit and during the immediately preceding financial year.
11 During the financial year the company did not have any outstanding
debentures or any outstanding loans from financial institution or bank
12 According to the information and explanations given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and securities.
13 The company is not a chit fund, Nidhi or Mutual Benefit fund /
society. Accordingly clause 4(xiii) of the order is not applicable.
14 In our opinion, the company has maintained proper records of the
transactions and contracts relating to dealing or trading in shares,
debentures and other securities and timely entries have been made
therein. All the investments referred to in Schedule-7, are either held
in the name of the company or are in process of transfer in the name of
the company.
15 As informed to us, the company has not given any guarantee for any
loans taken by others from bank or financial institutions. Accordingly
clause 4(xv) of the order is not applicable.
16 The company has not obtained any term loan during the year.
Accordingly clause 4 (xvi) of the order is not applicable.
17 According to information and explanations given to us and on an
overall examination of the Balance Sheet and Cash Flow Statement of the
company, we are of the opinion that no funds raised on short-term basis
have Prima facie been used during the year for long-term investments
and vice-versa.
18 The company has not made any preferential allotment to the parties
and companies covered in the Register maintained under section 301 of
the Companies Act, 1956. Accordingly clause 4(xviii) of the order is
not applicable.
19 There are no debentures issued or outstanding during the year.
Accordingly clause 4(xix) of the order is not applicable.
20 During the year, the company has not raised money by public issue.
Accordingly clause 4(xx) of the order is not applicable.
21 According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the year.
For, Y. D. & Co
CHARTERED ACCOUNTANTS
FRN:018846N
PLACE: LUDHIANA
DATE: 24.05.2014
CA RAKESH PURI
PARTNER
M. No.: 092728
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial which comprise the Interface Financial Services Limited Balance sheet as at MARCH 31,2013 the
statement of then ended and a summary of signification accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of theses financial
statements that give a true and fair view of the financial positions
financial per formation and cash flows of the company in accounting
with the according principal generally accepted in India including
Accounting standards referred to in sub-section 211 of the preparation
and presentation responsibility including that give a true and fair
view and are free material misstatements 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 from
required and plan perform the audit to obtain reasonable assurance about
whether the financial statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements the procedures
selected depend on the auditors judgment including the assessment of
the risks of material misstatements of thru to the companies preparation
and fair presentation of the financial statesmen in order to design
audit procedures that are appropriate in the circumstances An audit
also including evaluating the appropriateness of accounting policies
used and the reasonableness of the accounting estimates made by
management as well 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 our information and according to the
explanation 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 principal.
generally accepted in India;
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2033;
b) in the case of the Profit and Loss Account, 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
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our : : knowledge and belief were necessary for the purpose of
our audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Statement of Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement dealt with by this Report are in agreement with
the books of account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow l- Statement comply with the Accounting Standards referred to
in subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the companies ACT,1956;
f) Since the central Government has issues any notification as to the
rate at which the cess is to be paid under section 441A of the
companies ACt,1956 nor has it issued any Rules under the said section
prescribing the manner in which in such cess is to be past no cess is
due and payable by the company.
(Referred to in paragraph of the Auditors'' Report of even date to the
members of Atom Technologies Limited on the accounts for two period
ended 3Isn March, 2013.}
1) (a) The Company has maintained proper records to show t:ie lull
particulars of agents including -quantitative details and situation of
fixed assets However in our opinion such records are incomplete and
the fixed assets register is under compilation.
(ij) The fixed assets have been physically verification by the
management and no material discrepancies were noticed on such
verification.
(c) In Our opinion, and according to the information and explanations
given to us a substantial part Of fixed asset during the year and going
concern status of the company is not affected.
2) (a) The stock of share and securities have been physically
verification during the year by the management in our opinion the
frequency of verifications reasonable.
(b] In our opinion the procedure physical verification of Inventory
followed by the management is a equate in relation to the size of the
company to the nature of business.
(c) On the basis of our examination of records of shares and securities
we are of the opinion that the Company in maintaining the proper
record; of inventory No discrepancies noticed on Verification between
the physical stocks and book were not material and the same have been
property dealt with in the books of account.
3) (a) The Company has not granted loan to Companies, Films or other
parties care red in the register marital under section 301 to the
Compares Act 1956.
(b) The Company has not taken loan from companies firm or other parties
towered the register maintained under section 301 of the Composes Act.
1956.
4) In our opinion and according to the information and explanations
given to us, there are adequate internal; control priced Lifts
commensurate with the size of the Company and nature of its business.
There is no major weakness have been observed in internal controls.
5) As per information & according to explanation given to us the
company has not entered in to transition that need to be enter in the
register maintained under section 301 of the Act,
6) The company has not accepted any deposits from the public therefore
the directors issued by Reserve bank of India the provisions of section
58 A and 58 AA of the companies Act, 1956 and the rules framed there
under are not APPLICABLE.
7)In our opinion the company has on internal audit system commensurate
with its size and nature of its business.
8) According to the information and explanations given to us the
central Government has not prescribed maintenance of cost records under
section 209/(1) (d) of the companies ACT,1956 for any of the
activities of the company.
9 (a) According to the company during the year the company has been
generally regular in depositing undisputed statutory dues including
investor Education and protection fund income tax sales tax wealth tas
service tax cess and any other dues applicable to it with the
appropriate authorities
(b) According to the information and explanations given to us and
according to the books and records examined by us in our opinion the
company wherever applicable is generally regular in depositing the
undisputed insurance income tax sale tax wealth tax service tax cess or
any date they become payable.
c) According to the information and explanation given to us following
matters have been decided in favor of the company although on account
of dispute.
10) The accumulated losses of the company at the end of the financial
year are not less than fifty percent of its net worth The company has
incurred cash losses airing the financial year under audit and during
the immediately preceding financial year.
11. During the financial year the company did not have any outstanding
debentures or any outstanding loans from financial institution or bank.
12. According to the information and explanations given by the
management the company has not indulged in dealing or trading in shares
securities.
13. The company is not a chit fund Nidhi or Mutual Benefit fund/society
Accordingly clause 4 (xiii) of the order is not applicable.
14. In our opinion the company has maintained proper records of the
transactions and contracts relating to dealing or trading in share
debentures and other securities and timely entries have been made
therein All the investments referred to in schedule are either held in
the name of the company or are in process of transfer in the name of
the company.
15.As information to us, the company has not given any guarantee for
any loans taken by others from bank or financial institution
Accounted clause 4(xv) of the order is not applicable.
16. The company has not obtained any term loan during the year
Accordingly clause 4 (xvi) of the order is not applicable.
17. According to the information and explanations given to us and on an
overall examination of Balance sheet of the company we report that the
no funds raised on short term basis have prima facie been used during
the year during the year for long-term investments and vice-verse.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained funds section
301 of the companies ACt,1956 acceding clause 4 (xiii) of the order is
not applicable.
19. There are no debentures issued and outstanding during the year
According clause 4 (xix) of the order is not applicable.
20. During the year the company has not raised money by public issue
Accordingly clause 4 (xx) of the order is not applicable.
21. According to the information on and explanation given to us no
fraud on or by the company has been noticed or reported during the
year.
PLACE: LUDHIANA For, Y.D.& Co
Date : 30.08.2013 CHARTERED ACCOUNTANTS
FRN: 018846N
CA RAKESH PURI
PARTNER
M.NO.: 092728
Mar 31, 2012
(1) We have audited the attached Balance Sheet of INTERFACE FINANCIAL
SERVICES LIMITED as on 31st March 2012, the relative Profit and Loss
Account and the Cash Flow Statement for the year ended on that date,
all of which have been signed by us under reference to this report.
These financial statements are the responsibility of the Company''s
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
(2) We have conducted our audit in accordance with auditing and
assurance 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 test basis, evidence
supporting the amounts and disclosures in the financial statements. An
Audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
(3) As required by the Companies (Auditors'' Report) Order, 2003 issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956, and on the basis of such checks as we considered
appropriate and according to the information and explanations given to
us, we set out in the annexure a statement on the matters specified in
paragraphs 4 & 5 of the said order.
(4) Further to our comments in the Annexure referred to in paragraph
(3) 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
books.
3. The Balance Sheet, 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, Profit & Loss Account and 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 to the extent application.
5. On the basis of written representation received from the Directors
and taken on records by the Board of Directors, we report that none of
the Directors is disqualified as at 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. In our opinion and to the best of our information and according to
the Explanations given to us the said accounts, Subject to non
provision of doubtful loans and advances of Rs. 840.79 lacs due to
which profit for the year and the reserves have been overstated to
extent of Rs. 840.79 Lacs and read together with other 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 the
accounting principles generally accepted in India:
(a) In case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2012 and;
(b) In case of Profit and Loss Account, of the Profit of the Company
for the year ended on that date.
(c) In case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Annexure to the Auditors'' Report
As required by the Companies ( Auditors'' Report ) Order, 2003 issued by
the central Government under section 227(4A) of the Companies Act, 1956
and in terms of the information and explanation given to us and also on
the basis of such checks as we considered appropriate, we further
report that:
1. (a) The company has maintained records showing particulars
including quantitative details and situation of fixed assets. However,
in our opinion such records are incomplete and the fixed assets
register is under compilation.
(b) Fixed assets have been, physically verified by the management at
the end of the year and the same, in our opinion, is reasonable. No
material discrepancies were noticed on such verification.
(c) In our opinion, the company has not disposed off substantial part
of fixed assets during the year and going concern status of the company
is not affected.
2. (a) The stock of shares and securities has been physically verified
by the management during the current year and also at the end of the
year. In our opinion, the frequency of verification is reasonable.
(b) In our opinion the procedures of physical verification of stock of
shares and securities followed by the management are reasonable and
adequate in relation to the size of the company and the nature of its
business.
(c) On the basis of our examination of record s of shares and
securities, we are of the opinion that the company is maintaining
proper record of the stock of shares and securities. As informed to us.
The discrepancies noticed on verification between physical stock and
book stocks were not materiel and the same have been property dealt
with in the books of account.
3 (a) The company has not granted any unsecured loan to the companies
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956.
(b) The company has not taken unsecured interest free loans from
companies firms and other parties covered in the register maintained
under section 301 of the companies Act, 1956.
4 In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of shares and securities and fixed
assets and sale of shares and securities. During the course of our
audit, no major weaknesses have been observed in internal controls.
5 As per information & according to explanation given to us, the
company has not entered into any transaction that need to be entered
into the register maintained under section 301 of the Act.
6 The Company has not accepted any deposits from the public, therefore
the directives issued by Reserve bank of India, the provisions of
section 58 A and 58 AA of the companies Act, 1956 and the rules framed
there under are not Applicable.
7 In our opinion, the company has an internal audit system,
commensurate with its size and nature of its business.
8 According to information and explanations given to us, the central
Government has not prescribed maintenance of cost records under section
209(1) (d) of the Companies Act, 1956 for any of the activities of the
company.
9 (a) According to the company, during the year, the company has been
generally regular in depositing undisputed statutory dues including
Investor Education and Protection fund, Income tax, Sales tax, Wealth
tax, service tax, cess and any other dues applicable to it with the
appropriate authorities.
(b) According to the information and explanations given to us, no
undisputed Amounts payable by the company in respect of Provident Fund,
Investor Education and protection fund, Employees'' state Insurance,
Income tax, Sales tax, Wealth tax, service tax, cess or any other
applicable to it were Outstanding as on 31st March 2012 for a period of
more than six months From the date they became payable.
(c) According to the information and explanations given to us there no
dues in respect of income tax. Sales tax, wealth tax, service tax, or
cess that have not been deposited with appropriate authority on account
of dispute.
10 The accumulated losses of the company at the end of the financial
year are not Less than fifty percent of its net worth. The company has
incurred cash losses during the financial year under audit and during
the immediately preceding financial year.
11 During the financial year the company did not have any outstanding
debentures or any outstanding loans from financial institution or bank
12 According to the information and explanations given to us, the
company has not Granted loans and advances on the basis of security by
way of pledge of shares, debentures and securities.
13 The company is not a chit fund, Nidhi or Mutual Benefit fund /
society. Accordingly clause 4(xiii) of the order is not applicable.
14 In our opinion, the company has maintained proper records of the
transactions and contracts relating to dealing or trading in shares,
debentures and other securities and timely entries have been made
therein. All the investments referred to in Schedule-F, are either
held in the name of the company or are in process of transfer in the
name of the company.
15 As informed to us, the company has not given any guarantee for any
loans taken by others from bank or financial institutions. Accordingly
clause 4(xv) of the order is not applicable.
16 The company has not obtained any term loan during the year.
Accordingly clause 4 (xvi) of the order is not applicable.
17 According to information and explanations given to us and on an
overall examination of the Balance Sheet and Cash Flow Statement of the
company, we are of the opinion that no funds raised on short-term basis
have Prima facie been used during the year for long-term investments
and vice-versa.
18 The company has not made any preferential allotment to the parties
and companies covered in the Register maintained under section 301 of
the Companies Act, 1956. Accordingly clause 4(xviii) of the order is
not applicable.
19 There are no debentures issued or outstanding during the year.
Accordingly clause 4(xix) of the order is not applicable.
20 During the year, the company has not raised money by public issue.
Accordingly clause 4(xx) of the order is not applicable.
21 According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the year.
For, Y. D. & Co
CHARTERED ACCOUNTANTS
FRN:018846N
PLACE: LUDHIANA
DATE: 01.09.2012 CA RAKESH PURI
PARTNER
M. No.: 092728
Mar 31, 2011
1) We have audited the attached balance sheet of Interface Financial
Services Ltd as at 31st March, 2011 and also the profit and loss
account and the cash flow statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2) We conducted our audited in accordance with auditing standards
generally accepted in India. Those standards required 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 evaluation the overall financial statement
presentation. We believe that our audit provides a basis for our
opinion.
3) As required by the companies (Auditor's Report) Order, 2003
issued by the Central Government of India in items 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.
4) Further to our comments in the Annexure referred to above, we
report that.
i. We have obtained all information and explanations, which to the best
of our knowledge and belief were necessary for the purposes of our
audit;
ii. In our opinion, proper books of account as required by law, have
been kept by the company so far as appears from our examination of
those books;
iii. The balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
iv. In our opinion, the Balance Sheet, Profit & Loss Account and 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 to the extent application.
v. On the basis of written representations receives from the directors,
as on 31st March, 2011 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;
vi. In our opinion and to the best of our information and according to
the Explanations given to us. The said accounts, Subject to Note No. 11
on Accounts regarding non provision of doubtful loans and advances
amounting to Rs.869.09 Laces due to which profit for the year and the
reserves have been overstated to extent of Rs.869.09 Laces and read
together with other 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 the accounting principles generally accepted in
India:
a. in the case of the balance sheet, of the state if affairs of the
company as at 31st March, 2011;
b. in the case of the profit and loss Account, 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 the date.
As required by the Companies ( Auditors' Report ) Order, 2003 issued
by the central Government under section 227(4A) of the Companies Act,
1956 and in terms of the information and explanation given to us and
also on the basis of such checks as we considered appropriate, we
further report that:
1. (a) The company has maintained records showing particulars including
quantitative details and situation of fixed assets. However, in our
opinion Such records are incomplete and the fixed assets register is
under compilation.
(b) Fixed assets have been, physically verified by the management at
the end of the year and the same, in our opinion, is reasonable. No
material discrepancies were noticed on such verification.
(c) In our opinion, the company has not disposed off substantial part
of fixed assets during the year and going concern status of the company
is not affected.
2. (a) The stock of shares and securities has been physically verified
by the management during the current year and also at the end of the
year. In our opinion, the frequency of verification is reasonable.
(b) In our opinion the procedures of physical verification of stock of
shares and securities followed by the management are reasonable and
adequate in relation to the size of the company and the nature of its
business.
(c) On the basis of our examination of record s of shares and
securities, we are of the opinion that the company is maintaining
proper record of the stock of shares and securities. As informed to us.
The discrepancies noticed on verification between physical stock and
book stock were not materiel and the same have been property dealt with
in the books of account.
3. (a) The company has granted unsecured interest free loans in
previous years to the companies firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956. Which
are outstanding.
(b) There are three such companies ( including two wholly owned
subsidiaries) and the maximum amount involved & year end balance is Rs.
8.69,09,000/- The details of the same are given in note no. 11 of notes
on accounts.
(c) In our opinion, the other terms and conditions of the loans given
arc prima-facie prejudicial to the interest of the company to the
extent of non-charging of interest on such loans As explained to us,
these companies are cither group companies or wholly owned subsidiaries
of this company and there is no stipulation for interest payment or
repayment of principal. Therefore, we cannot often any comment on
regularity of payments or overdue amounts, if any.
(d) The company has not taken unsecured interest free loans from
companies firms and other parties covered in the register maintained
under section 301 of the companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us. there arc adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of shares and securities and fixed
assets and sale of shares and securities. During the course of our
audit, no major weaknesses have been observed in internal controls.
5. As per Information & according to explanation given to us, the
company has not cantered into any transaction that need to be entered
into the register maintained under section 301 of the Act.
6. The Company has not accepted any deposits from the public, therefore
the directives issued by Reserve bank of India, the provisions of
section 58 A and 58 AA of the companies Act, 1956 and the rules framed
there under are not Applicable.
7. In our opinion, the company has an internal audit system,
commensurate with its size and nature of its business.
8. According to information and explanations given to us, the central
Government has not prescribed maintenance of cost records under section
209(1) (d) of the Companies Act, 1956 for any of the activities of the
company.
9. (a) According to the company, during the year, the company has been
generally regular in depositing undisputed statutory dues including
Investor Education and Protection fund, Income tax, Sales tax, Wealth
tax, service tax, cases and any other dues applicable to it with the
appropriate authorities.
(b) According to the information and explanations given to us, no
undisputed Amounts payable by the company in respect of Provident Fund,
Investor Education and protection fund, Employees' state Insurance,
Income tax, Sales tax, Wealth tax, service tax, cases or any other
applicable to it were Outstanding as on 3T1 March 2011 for a period of
more than six months From the date they became payable.
(c) According to the information and explanations given to us there no
dues in respect of income tax. Sales tax, wealth tax, service tax, or
cases that have not been deposited with appropriate authority on account
of dispute.
10. The accumulated losses of the company at the end of the financial
year arc not Less than fifty percent of its net worth. The company has
incurred cash Losses during the financial year under audit and during
the immediately preceding financial year.
11. During the financial year the company did not have any outstanding
debentures or any outstanding loans from financial institution or bank
12. According to the information and explanations given to us, the
company has not Granted loans and advances on the basis of security by
way of pledge of shares, debentures and securities.
13. The company is not a chit fund, Niche or Mutual Benefit fund /
society. Accordingly clause 4(xiii) of the order is not applicable.
14. In our opinion, the company has maintained proper records of the
transactions and contracts relating to dealing or trading in shares,
debentures and other securities and timely entries have been made
therein. All the investments referred to in Schedule-F, are either held
in the name of the company or arc in process of transfer in the name of
the company.
15. As informed to us. the company has not given any guarantee for any
loans taken by others from bank or financial institutions. Accordingly
clause 4(xv) of the order is not applicable.
16. The company has not obtained any term loan during the year.
Accordingly clause 4 (xvi) of the order is not applicable.
17. According to information and explanations given to us and on an
overall examination of the Balance Sheet and Cash Flow Statement of the
company, we are of the opinion that no funds raised on short-term basis
have Prima facie been used during the year for long- term investments
and vice-versa.
18. The company has not made any preferential allotment to the parties
and companies covered in the Register maintained under section 301 of
the Companies Act, 1956. Accordingly clause 4(xviii) of the order is
not applicable.
19. There are no debentures issued or outstanding during the year.
Accordingly clause 4(xix) of the order is not applicable.
20. During the year, the company has not raised money by public issue.
Accordingly clause 4(xx) of the order is not applicable.
21. According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the year.
FOR, ARVIND A THAKKAR & CO.
Chartered Accountant
Place : Ahmadabad
Date : 02.09.2011
(Arvind Thakkar)
Proprietor
M. No. 014334
Mar 31, 2010
1) We have audited the attached balance sheet of Interface Financial
Services Ltd as at 31st March, 2010 and also the profit and loss
account and the cash flow statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2) We conducted our audited in accordance with auditing standards
generally accepted in India. Those standards required 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 evaluation the overall financial
statement presentation. We believe that our audit provides a basis for
our opinion.
3) As required by the companies ( Auditor's Report ) Order, 2003
issued by the Central Government of India in items 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.
4) Further to our comments in the Annexure referred to above, we report
that.
i. We have obtained all information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii. In our opinion, proper books of account as required by law, have
been kept by the company so far as appears from our examination of
those books;
iii. The balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
iv. In our opinion, the Balance Sheet, Profit & Loss Account and 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 to the extent application.
v. On the basis of written representations receives from the
directors, as on 31st March, 2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2010 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
vi. In our opinion and to the best of our information and according to
the Explanations given to us. The said accounts. Subject to Note No.l 1
on Accounts regarding non provision of doubtful loans and advances
amounting to Rs.865.25 Lacs due to which profit for the year and the
reserves have been overstated to extent of Rs. 865.25 Lacs and read
together with other 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 the accounting principles generally accepted in
India:
a. in the case of the balance sheet, of the state if affairs of the
company as at 31st March, 2010;
b. in the case of the profit and loss Account, 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 the date.
Annexure to the Auditors' Report referred in Paragraph-3 of our report
of Even date
As required by the Companies ( Auditors Report ) Order, 2003 issued by
the central Government under section 227(4A) of the Companies Act, 1956
and in terms of the information and explanation given to us and also on
the basis of such checks as we considered appropriate, we further
report that:
1. (a) The company has maintained records showing particulars
including quantitative details and situation of fixed assets. However,
in our opinion Such records are incomplete and the fixed assets
register is under compilation.
(b) Fixed assets have been, physically verified by the management at
the end of the year and the same, in our opinion, is reasonable. No
material discrepancies were noticed on such verification.
(c) In our opinion, the company has not disposed off substantial part
of fixed assets during the year and going concern status of the company
is not affected.
2. (a) The stock of shares and securities has been physically verified
by the management during the current year and also at the end of the
year. In our opinion, the frequency of verification is reasonable.
(b) In our opinion the procedures of physical verification of stock of
shares and securities followed by the management are reasonable and
adequate in relation to the size of the company and the nature of its
business.
(c) On the basis of our examination of record s of shares and
securities, we are of the opinion that the company is maintaining
proper record of the stock of shares and securities. As informed to us.
The discrepancies noticed on verification between physical stock and
book stock were not materiel and the same have been property dealt with
in the books of account.
3. (a) The company has granted unsecured interest free loans to the
companies firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(b) There are three such companies ( including two wholly owned
subsidiaries) and the maximum amount involved during the year is Rs.
8,65,25,000/- and the total year end balance is Rs. 8,65,25,000/- The
details of the same are given in note no. 12(a) of notes on accounts.
(c) In our opinion, the other terms and conditions of the loans given
are prima-facie prejudicial to the interest of the company to the
extent of non-charging of interest on such loans As explained to us,
these companies are either group companies or wholly owned subsidiaries
of this company and there is no stipulation for interest payment or
repayment of principal. Therefore, we cannot often any comment on
regularity of payments or overdue amounts, if any.
(d) The company has not taken unsecured interest free loans from
companies firms and other parties covered in the register maintained
under section 301 of the companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of shares and securities and fixed
assets and sale of shares and securities. During the course of our
audit, no major weaknesses have been observed in internal controls.
5. As per information & according to explanation given to us. the
company has not entered into any transaction that need to be entered
into the register maintained under section 301 of the Act.
6. The Company has not accepted any deposits from the public, therefore
the directives issued by Reserve bank of India, the provisions of
section 58 A and 58 AA of the companies Act, 1956 and the rules framed
there under are not Applicable.
7. In our opinion, the company has an internal audit system,
commensurate with its size and nature of its business.
8. According to information and explanations given to us, the central
Government has not prescribed maintenance of cost records under section
209( 1) (d) of the Companies Act, 1956 for any of the activities of the
company.
9. (a) According to the company, during the year, the company has been
generally regular in depositing undisputed statutory dues including
Investor Education and Protection fund. Income tax, Sales tax. Wealth
tax, service tax, cess and any other dues applicable to it with the
appropriate authorities.
(b) According to the information and explanations given to us, no
undisputed Amounts payable by the company in respect of Provident Fund,
Investor Education and protection fund. Employees' state Insurance,
Income tax. Sales tax. Wealth tax, service tax, cess or any other
applicable to it were Outstanding as on 31st March 2010 for a period of
more than six months From the date they became payable.
(c) According to the information and explanations given to us there no
dues in respect of income tax. Sales tax, wealth tax, service tax, or
cess that have not been deposited with appropriate authority on account
of dispute.
10. The accumulated losses of the company at the end of the financial
year are not Less than fifty percent of its net worth. The company has
neither incurred cash Losses during the financial year under audit nor
during the immediately preceding financial year.
11. During the financial year the company did not have any outstanding
debentures or any outstanding loans from financial institution or bank
12. According to the information and explanations given to us, the
company has not Granted loans and advances on the basis of security by
way of pledge of shares, debentures and securities.
13. The company is not a chit fund, Nidhi or Mutual Benefit fund /
society. Accordingly clause 4(xiii) of the order is not applicable.
14. In our opinion, the company has maintained proper records of the
transactions and contracts relating to dealing or trading in shares,
debentures and other securities and timely entries have been made
therein. All the investments referred to in Schedule-F, are either held
in the name of the company or are in process of transfer in the name of
the company.
15. As informed to us. the company has not given any guarantee for any
loans taken by others from bank or financial institutions. Accordingly
clause 4(xv) of the order is not applicable.
16. The company has not obtained any term loan during the year.
Accordingly clause 4 (xvi) of the order is not applicable.
17. According to information and explanations given to us and on an
overall examination of the Balance Sheet and Cash Flow Statement of the
company, we are of the opinion that no funds raised on short-term basis
have Prima facie been used during the year for long- term investments
and vice-versa.
18. The company has not made any preferential allotment to the parties
and companies covered in the Register maintained under section 301 of
the Companies Act, 1/56. Accordingly clause 4(xviii) of the order is
not applicable.
19. There are no debentures issued or outstanding during the year.
Accordingly clause 4(xix) of the order is not applicable.
20. During the year, the company has not raised money by public issue.
Accordingly clause 4(xx) of the order is not applicable.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
For Arvind A. Thakkar & Co.
Chartered Accountant
Place :Ahmedabad
Date : 03/09/2010
(Arvind Thakkar)
Proprietor
M. No. 014334
Mar 31, 2009
We have audited the attached balance sheet of Interface Financial
Services Ltd as at 31st March, 2009 and also the profit and loss
account and the 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.
We conducted our audited in accordance with auditing standards
generally accepted in India. Those standards required 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 evaluation the overall financial statement
presentation. We believe that our audit provides a basis for our
opinion.
As required by the companies ( Auditors Report ) Order, 2003 issued by
the Central Government of India in items 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 above, we report
that.
i. We have obtained all information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii. In our opinion, proper books of account.as required by law, have
been kept by the company so far as appears from our examination of
those books;
iii. The balance sheet, profit and loss account and cash flow
statement dealt with by this report are in agreement with the books of
account;
iv. In our opinion, the Balance Sheet, Profit & Loss Account and 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 to the extent application.
v. On the basis of written representations receives from the
directors, as on 31 st March, 2009 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2009 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
vi. In our opinion and to the best of our information and according to
the Explanations given to us. The said accounts, Subject to Note No.12
(b) on Accounts regarding non provision. of doubtful loans and advances
amounting to Rs.865.25 Lacs due to which profit for the year and the
reserves have been overstated to extent of Rs. 865.25 Lacs and read
together with other 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 the accounting principles generally accepted in
India:
a. in the case of the balance sheet, of the state if affairs of the
company as at 31st March, 2009;
b. in the case of the profit and loss Account, 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 the date.
INTERFACE FINANCIAL SERVICES LIMITED
Annexure to the Auditors Report referred in Paragraph-3 of our report
of Even date
As required by the Companies ( Auditors Report ) Order, 2003 issued by
the central Government under section 227(4A) of the Companies Act, 1956
and in terms of the information and explanation given to us and also on
the basis of such checks as we considered appropriate, we further
report that:
1. (a) The company has maintained records showing particulars including
quantitative details and situation of fixed assets. However, in our
opinion Such records are incomplete and the fixed assets register is
under compilation.
(b) Fixed assets have been, physically verified by the management at
the end of the year and the same, in our opinion, is reasonable. No
material discrepancies were noticed on such verification.
(c) In our opinion, the company has not disposed off substantial part
of fixed assets during the year and going concern status of the company
is not affected.
2. (a) The stock of shares and securities has been physically verified
by the management during the current year and also at the end of the
year. In our opinion, the frequency of verification is reasonable.
(b) In our opinion the procedures of physical verification of stock of
shares and securities followed by the management are reasonable and
adequate in relation to the size of the company and the nature of its
business.
(c) On the basis of our examination of record s of shares and
securities, we are of the opinion that the company is maintaining
proper record of the stock of shares and securities. As informed to us.
The discrepancies noticed on verification between physical stock and
book stock were not materiel and the same have been property dealt with
in the books of account.
(d)The company has not taken unsecured interest free loans from
companies firms and other parties covered in the register maintained
under section 301 of the companies Act, 1956.
3 (a) The company has granted unsecured interest free loans to the
companies firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(b) There are three such companies ( including two wholly owned
subsidiaries) and the maximum amount involved during the year is Rs.
8,65,25,000/- and the total year end balance is Rs. 8,65,25,000/- The
details of the same are given in note no. 12(a) of notes on accounts.
(c) In our opinion, the other terms and conditions of the loans given
are prima- facie prejudicial to the interest of the company to the
extent of non-charging of interest on such loans As explained to us,
these companies are either group companies or wholly owned subsidiaries
of this company and there is no stipulation for interest payment or
repayment of principal. Therefore, we cannot often any comment on
regularity of payments or overdue amounts, if any.
4 In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of shares and securities and fixed
assets and sale of shares and securities. During the course of our
audit, no major weaknesses have been observed in internal controls.
5 In our opinion and according to information and explanation given to
us, in case Of transaction exceeding the value of five lacs rupees in
the financial year in respect of any party (a) the transactions that
need to be entered into a register In pursuance of section 301 of the
Act have been so entered and (b) each of these Transactions have been
made at prices which are reasonable having regard to the Prices
available with company and the prevailing market prices at the relevant
time, wherever such comparison is possible.
6 The Company has not accepted any deposits from the public, therefore
the directives issued by Reserve bank of India, the provisions of
section 58 A and 58 AA of the companies Act, 1956 and the rules framed
there under are not Applicable.
7 In our opinion, the company has an internal audit system,
commensurate with its size and nature of its business.
8 According to information and explanations given to us, the central
Government has not prescribed maintenance of cost records under section
209(1) (d) of the Companies Act, 1956 for any of the activities of the
company.
9 (a) According to the company, during the year, the company has been
generally regular in depositing undisputed statutory dues including
Investor Education and Protection fund, Income tax, Sales tax, Wealth
tax, service tax, cess and any other dues applicable to it with the
appropriate authorities.
(b)" According to the information and explanations given to us, no
undisputed Amounts payable by the company in respect of Provident Fund,
Investor Education and protection fund, Employees state Insurance,
Income tax, Sales tax, Wealth tax, service tax, cess or any other
applicable to it were Outstanding as on 31st March 2009 for a period of
more than six months From the date they became payable.
(c) According to the information and explanations given to us there no
dues in respect of income tax. Sales tax, wealth tax, service tax, or
cess that have not been deposited with appropriate authority on account
of dispute.
10 The accumulated losses of the company at the end of the financial
yea* are not Less than fifty percent of its net worth. The company has
neither incurred cash Losses during the financial year under audit nor
during the immediately preceding financial year.
11 During the financial year the company did not have any outstanding
debentures or any outstanding loans from financial institution or bank
12 According to the information and explanations given to us, the
company has not Granted loans and advances on the basis of security by
way of pledge of shares, debentures and securities.
13 The company is not a chit fund, Nidhi or Mutual Benefit fund /
society. Accordingly clause 4(xiii) of the order is not applicable.
14 In our opinion, the company has maintained proper records of the
transactions and contracts relating to dealing or trading in shares,
debentures and other securities and timely entries have been made
therein. All the investments referred to in Schedule-F, are either held
in the name of the company or are in process of transfer in the name of
the company.
15 As informed to us, the company has not given any guarantee for any
loans taken by others from bank or financial institutions. Accordingly
clause 4(xv) of the order is not applicable.
16 The company has not obtained any term loan during the year.
Accordingly clause 4 (xvi) of the order is not applicable.
17 According to information and explanations given to us and on an
overall examination of the Balance Sheet and Cash Flow Statement of the
company, we are of the opinion that no funds raised on short-term basis
have Prima facie been used during the year for long-term investments
and vice-versa.
18 The company has not made any preferential allotment to the parties
and companies covered in the Register maintained under section 301 of
the Companies Act, 1956. Accordingly clause 4(xviii) of the order is
not applicable.
19 There are no debentures issued or outstanding during the year.
Accordingly clause 4(xix) of the order is not applicable.
20 During the year, the company has not raised money by public issue.
Accordingly clause 4(xx) of the order is not applicable.
21 According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the year.
For Naimish K. Shah & Co.
Chartered Accountant
Place : Ahmedabad
Date : 30/06/2009 SD/-
(Naimish K. Shah)
Proprietor
M. No. 31147