Mar 31, 2014
We have audited the accompanying financial statements of JAGSONPAL
FINANCE & LEASING LTD ("the Company"), which comprise the Balance Sheet
as at 31st March, 2014, the Statement of Profit & Loss Account and the
Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
2. Management''s Responsibilities 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 flow of the Company in
accordance with the Accounting Standards referred to in Section 211
(3C) of the Companies Act, 1956, ("the Act"). This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
3. 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 Standard 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 procedure
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
procedure that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting 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.
4. Opinion
In our opinion and to the best of our information and according to the
explanations given to you, the financial statements give the
information required
by the Act in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014.
(b) in the case of the Statement of Profit and Loss, of the loss for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
5. Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order, 2003, Issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
As required by section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
(c) The 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 Statement comply with the Accounting Standard referred to
in sub-section(3C) of the Companies Act, 1956; and
(e) On the basis of written representations received from the Directors
as on March 31, 2014, from being appointed as a Director in terms of
clause (g) of sub-section (1) of section 274 of the Companies Act,
1956.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT (Referred to in ''Report
on Other Legal and Regulatory Requirements'' section of our report of
even date)
1. (a) The Company is maintaining proper records showing full partic
-ulars, including quantitative details and situation of fixed
assets.
b) As explained, the fixed assets except leased assets have been
physical verified by the management during the year at reasonable
intervals and no material discrepancies were noticed on such
verification.
2. (a) The inventory has been physically verified during the year
by the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
3. In our opinion, the company has neither granted nor taken any loans,
secured or unsecured from companies, firms or other parties listed in
the Register maintained under Section 301 of the Companies Act, 1956.
As the Company has not granted/taken any loans, secured or unsecured,
to/from parties listed in the registers maintained under Section 301 of
the Companies Act, 1956 clauses iii(b), iii(c) and iii(d) of paragraph
4 of the order are not applicable.
4. In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and the nature of its business. In our opinion
and according to the information and explanations given to us, there is
no continuing failure to correct major weakness in internal control.
5. As explained to us there has not been any transaction during the
year that need to be entered in the register maintained under section
301 of the Companies Act 1956 and exceeding during the year to Rs.
5,00,000 or more in respect of each such party.
6. In our opinion, and according to the information and explanations
given to us, the Company has not accepted any public deposit therefore
the provisions of Sections 58 A and 58 AA of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975 are not
applicable to the company.
7. In our opinion, the internal Audit system is commensurate with the
size of the company and the nature of its business.
8. As per explanations the provision of section 209 (1)
(d) regarding maintenance of cost records are not applicable to the
company.
9. According to the information and explanations given to us, there are
no undisputed statutory dues payable in respect of Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, which are
outstanding as at 31st March, 2014 for a period of more than six months
from the date they became payable.
10. (a) The Company has been in existence since 20.2.91
(b) The accumulated losses of the company are more than half of its net
worth.
(c) The company made a cash loss of Rs. 0.39 lacs during current year
as against a cash loss of Rs. 6.01 lacs during the proceedings
financial year.
11. According to the information and explanations given to us the
company has not defaulted in repayment of dues to any financial
institutions or bank or debenture holder during the year.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute as specified under clause
(xiii) of paragraph 4 of the order are not applicable to the company.
14. The Company has kept adequate records of its transactions and
contracts in shares, securities, debentures and other investments and
timely entries have been made therein. The shares, securities,
debentures and other investments, are held in the name of the company
or are in process of being transferred in the company''s name.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. The company has not obtained any term loans that were not applied
for the purpose for which these were raised.
17. Based on the information and explanations given to us, and on an
overall examination of the balance sheet of the company, in our
opinion, there are no funds raised on a short term basis which have
been used for long term investment, and vice versa.
18. According to the information and explanations given to us no
preferential allotment of shares has been made by the company to
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures. Hence the requirements
of clause (xix) of paragraph 4 of the Order is not applicable to the
company.
20. The company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, during
the year, no fraud by the company has been noticed or reported.
for P. P. THUKRAL & CO.
Chartered Accountants
Place : New Delhi (Suresh Sethi)
Dated : 24th May, 2014 Partner
M.No.:089318
F.R.N.000632N
Mar 31, 2013
1. Report on the Financial Statements
We have audited the accompanying financial statement: of JAGSONPAL
FINANCE & LEASING LTD ("the Company"), which comprise''the Balance Sheet
as at 31st March, 2013, the Statement of Profit & Loss Account and the
Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
2. Management''s Responsibilities 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 flow of the Company in
accordance with the Accounting Standards referred to in Section 211
(3C) of the Companies Act, 1956, ("the Act"). This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error..
3. 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 Standard 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 procedure
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
procedure that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting 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 tc provide a basis for our audit opinion.
4. Opinion
In our opinion and to the best of our information and according to the
explanations given to u, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India: , (a) in the case of the Balarice Sheet, of the state of affairs
of the Company as at March 31, 2013.
(b) in the case of the Statement of Profit and Loss, of the loss for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
5. Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order, 2003, Issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
As required by section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(b) In our opinion, proper books of account as required by law have
been kept by the Gompany so far as appears from our examination of
those books;
(c) The 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 Statement comply with the Accounting Standard referred to
in sub-section(3C) of the Companies Act, 1956; and
(e) On the basis of written representations received from the Directors
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.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in ''Report on other Legal and Regulatory Requirements''
section of our even date)
1. (a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets. b) As explained, the fixed assets except leased assets have
been physical verified by the management during the year at reasonable
intervals and no material discrepancies were noticed on such
verification.
2. As explained to us the company is not having inventory, therefore
provisions on relating to physical verification of inventory and record
maintenance are not applicable.
3. In our opinion, the company has neither granted nor taken any
Ipans, secured or unsecured from companies, firms or other parties
iisted in the Register maintained under Section 301 of the Companies
Act, 1956. As the Company has not granted/taken any loans, secured or
unsecured, to/from parties listed in the registers maintained under
Section 301 of the Companies Act, 1956 clauses iii(b), iii(c) and
iii(d) of paragraph 4 of the order are not applicable.
4. In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and the nature of its business. In our opinion
and according to the information and explanations given to us, there is
no continuing failure to correct major weakness in internal control.
5. As explained to us there has not been any transaction during the
year that need to be entered in the register maintained under section
301 of the Companies Act 1956 and exceeding during the year to Rs.
5,00,000 or more in respect of each such party.
6. In our opinion, and according to the information and explanations
given to us, the Company has not accepted any public deposit therefore
the provisions of Sections 58 A and 58 AA of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975 are not
applicable to the company.
7. In our opinion, the internal Audit system is commensurate with the
size of the company and the nature of its business.
8. As per explanations the provision of section 209 (1) (d) regarding
maintenance of cost records are not applicable to the company.
9. According to the information and explanations given to us, there
are no undisputed statutory dues payable in respect of Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, which are
outstanding as at 31st
March, 2013 for a period of more than six months from the date they
became payable.
10. (a) The Company has been in existence since 20.2.91
(b) The accumulated losses of the company are more than half of its net
worth.
(c) The company made a cash loss of Rs. 6.01 lacs during current year
as against a cash loss of Rs. 35.45 lacs during the proceedings
financial year.
11. According to the information and explanations given to us the
company has not defaulted in repayment of dues to any financial
institutions or bank or debenture holder during the year.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute as specified under clause
(xiii) of paragraph 4 of the order are not applicable to the company.
14. The Company has kept adequate records of its transactions and
contracts in shares, securities, debentures and other investments and
timely entries have been made therein. The shares, securities,
debentures and other investments, are held in the name of the company
or are in process of being transferred in the company''s name.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. The company has not obtained any term loans that were not applied
for the purpose for which trtese were raised.
17. Based on the information and explanations given to us, and on an
overall examination of the balance sheet of the company, in our
opinion, there are no funds raised on a short term basis which have
been used for long term investment, and vice versa.
18. According to the information and explanations given to us no
preferential allotment of shares has been made by the company to
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures. Hence the requirements
of clause (xix) of paragraph 4 of the Order is not applicable to the
company.
20. The company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, during
the year, no fraud by the company has been noticed or reported.
for P. P. THUKRAL & CO.
Chartered Accountants
Place : New Delhi (Suresh Sethi)
Dated : 30!h May, 2013 Partner
M.No.: 089318
F.R.N.: 000632N
Mar 31, 2012
1. We have audited the attached Balance Sheet of JAGSONPAL FINANCE &
LEASING LTD (Ãthe CompanyÃ) as at 31st March, 2012 and also the
Profit & Loss Account and the Cash Flow Statement for the period ended
on that date both 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 carried out our examinations 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
also includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by the management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for my opinion.
3. As required by the Companies (Auditor's Report) Order, 2003,
Issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the Companies Act, 1956. We enclose in the Annexure,
a statement on the matters specified in paragraphs 4 and 5 of the said
Order, to the extent applicable.
Further to our comments in the Annexure referred to in paragraph 3,
we report that:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
ii) In our opinion, proper Books of Account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
iii) The Balance Sheet and Profit & Loss Account and cash flow
statement is in agreement with the Books of Account.
iv) In our opinion, the Balance Sheet and Profit & Loss Account and
cash flow statement dealt by this report comply with the Accounting
Standards under sub section (3C) of section 211 of the Companies Act,
1956.
v) None of 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; and
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts comply and 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 Company's state of
affairs as on 31st March, 2012, and,
b) In the case of the Profit & Loss Account, of the loss of the company
for the period ended as on that date; and
c) In the case of Cash flow statement, of the cash flows for the period
ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph (3) of our report of even date)
1. (a) The Company is maintaining proper records
showing full particulars, including quantitative details and situation
of fixed assets. b) As explained, the fixed assets except leased
assets have been physical verified by the management during the year at
reasonable intervals and no material discrepancies were noticed on such
verification.
2. As explained to us the company is not having inventory, therefore
provisions on relating to physical verification of inventory and record
maintenance are not applicable.
3. In our opinion, the company has neither granted nor taken any
loans, secured or unsecured from companies, firms or other parties
listed in the Register maintained under Section 301 of the Companies
Act, 1956. As the Company has not granted/taken any loans, secured or
unsecured, to/from parties listed in the registers maintained under
Section 301of the Companies Act, 1956 clauses iii(b), iii(c) and iii(d)
of paragraph 4 of the order are not applicable.
4. In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and the nature of its business. In our opinion
and according to the information and explanations given to us, there is
no continuing failure to correct major weakness in internal control.
5. As explained to us there has not been any transaction during the
year that need to be entered in the register maintained under section
301 of the Companies Act
1956 and exceeding during the year to Rs. 5,00,000 or more in respect
of each such party.
6. In our opinion, and according to the information and explanations
given to us, the Company has not accepted any public deposit therefore
the provisions of Sections 58 A and 58 AA of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975 are not
applicable to the company.
7. In our opinion, the internal Audit system is commensurate with the
size of the company and the nature of its business.
8. As per explanations the provision of section 209 (1) (d) regarding
maintenance of cost records are not applicable to the company.
9. According to the information and explanations given to us, there
are no undisputed statutory dues payable in respect of Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, which are
outstanding as at 31st March, 2012 for a period of more than six months
from the date they became payable.
10. (a) The Company has been in existence since 20.2.91
(b) The accumulated losses of the company are more than half of its net
worth.
(c) The company made a cash loss of Rs. 35.71 lacs during current year
as against a cash loss of Rs. 1.80 lacs during the proceedings
financial year.
11. According to the information and explanations given to us the
company has not defaulted in repayment of dues to any financial
institutions or bank or debenture holder during the year.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute as specified under clause
(xiii) of paragraph 4 of the order are not applicable to the company.
14. The Company has kept adequate records of its transactions and
contracts in shares, securities, debentures and other investments and
timely entries have been made therein. The shares, securities,
debentures and other investments, are held in the name of the company
or are in process of being transferred in the company's name.
15. According to the information and explanations given to us,the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. The company has not obtained any term loans that were not applied
for the purpose for which these were raised.
17. Based on the information and explanations given to us, and on an
overall examination of the balance sheet of the company, in our opinion,
there are no funds raised on a short term basis which have been used
for long term investment, and vice versa.
18. According to the information and explanations given to us no
preferential allotment of shares has been made by the company to
companies, firms or other
parties listed in the register maintained under section 301 of the
Companies Act, 1956.
19. The Company has not issued any debentures. Hence the requirements
of clause (xix) of paragraph 4 of the Order is not applicable to the
company.
20. The company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, during
the year, no fraud by the company has been noticed or reported.
for P. P. THUKRAL & CO.
Chartered Accountants
Place : New Delhi (Suresh Sethi)
Dated : 30th May, 2012 Partner
Membership No.:089318 F.R.N. 000632N
Mar 31, 2011
1. We have audited the attached Balance Sheet of JAGSONPAL FINANCE &
LEASING LTD ("the Company") as at 31st March, 2011 and also the Profit
& Loss Account and the Cash Flow Statement for the period ended on that
date both 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 carried out our examinations 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
also includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by the management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for my opinion.
3. As required by the Companies (Auditor's Report) Order, 2003, Issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956. We enclose in the Annexure, a
statement on the matters specified in paragraphs 4 and 5 of the said
Order, to the extent applicable.
Further to our comments in the Annexure referred to in paragraph 3, we
report that:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
ii) In our opinion, proper Books of Account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
iii) The Balance Sheet and Profit & Loss Account and cash flow
statement is in agreement with the Books of Account.
iv) In our opinion, the Balance Sheet and Profit & Loss Account and
cash flow statement dealt by this report comply with the Accounting
Standards under sub section (3C) of section 211 of the Companies Act,
1956.
v) None of 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; and
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts comply and 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 Company's state of affairs
as on 31st March. 2011, and,
b) In the case of. the Profit & Loss Account, of the loss of the
company for the period ended as on that date; and
c) in the case of Cash flow statement, of the cash flows for the period
ended on that date
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph (3) of our report of even date)
1. (a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) As explained, the fixed assets except leased assets have been
physical verified by the management during the year at reasonable
intervals and no material discrepancies were noticed on such
verification.
2. As .explained to us the company is not having inventory, therefore
provisions on relating to physical verification of inventory and record
maintenance are not applicable.
3. In our opinion, the company has neither granted nor taken any
loans, secured or unsecured from companies, firms or other parties
listed in the Register maintained under Section 301 of the Companies
Act, 1956. As the Company has not granted/taken any loans, secured or
unsecured, to/from parties listed in the registers maintained under
Section 301 of the Companies Act, 1956 clauses iii(b), iii(c) and
iii(d) of paragraph 4 of the order are not applicable.
4. In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and the nature of its business. In our opinion
and according to the information and explanations given to us, there is
no continuing failure to correct major weakness in internal control.
5. As explained to us there has not been any transaction during the
year that need to be entered in the register maintained under section
301 of the Companies Act 1956 and exceeding during the year to Rs.
5,00,000 or more in respect of each such party. .
6. In our opinion, and according to the information and explanations
given to us, the Company has not accepted any public deposit therefore
the provisions of Sections 58 A and 58 AA of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975 are not
applicable to the company.
7. In our opinion, the internal Audit system is commensurate with the
size of the company and the nature of its business.
8. As per explanations the provision of section 209 (1) (d) regarding
maintenance of cost records are not applicable to the company.
9. According to the information and explanations given to us, there
are no undisputed statutory dues payable in respect of Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, which are
outstanding as at 31st March, 2011 for a period of more than six months
from the date they became payable.
10. (a) The Company has been in existence since 20.2.91
(b) The accumulated losses of the company are more than half of its net
worth.
(c) The company made a cash loss of Rs. 1.80 lacs during current year
as against a cash profit of Rs. 4.35 lacs during the proceedings
financial year.
11. According to the information and explanations given to us the
company has not defaulted in repayment of dues to any financial
institutions or bank or debenture holder during the year.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute as specified under clause
(xiii) of paragraph 4 of the order are not applicable to the company.
14. The Company has kept adequate records of its transactions and
contracts in shares, securities, debentures and other investments and
timely entries have been made therein. The shares, securities,
debentures and other investments, are held in the name of the company
or are in process of being transferred in the company's name.
15. According to the information and explanations given to us,the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. The company has not obtained any term loans that were not applied
for the purpose for which these were raised.
17. Based on the information and explanations given to us, and on an
overall examination of the balance sheet of the company,in our opinion,
there are no funds raised on a short term basis which have been used
for long term investment, and vice versa.
18. According to the information and explanations given to us no
preferential allotment of shares has been made by the company to
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures. Hence the requirements
of clause (xix) of paragraph 4 of the Order is not applicable to the
company.
20. The company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, during
the year, no fraud by the company has been noticed or reported.
for P. P. THUKRAL & CO.
Chartered Accountants
(Suresh Sethi)
Partner
Membership No.:89318
F.R.N. 000632N
Place : New Delhi
Dated : 28th June, 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of JAGSONPAL FINANCE &
LEASING LTD ("the Company") as at 31st March, 2010 and also the Profit
& Loss Account and the Cash Flow Statement for the period ended on that
date both annexed thereto. These financial statements are the
responsibility of the Companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We carried out our examinations 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
also includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by the management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for my opinion.
3. As required by the Companies (Auditors Report) Order, 2003, Issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956. We enclose in the Annexure, a
statement on the matters specified in paragraphs 4 and 5 of the said
Order, to the extent applicable.
Further to our comments in the Annexure referred to in paragraph 3, we
report that:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
ii) In our opinion, proper Books of Account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
iii) The Balance Sheet and Profit & Loss Account and cash flow
statement is in agreement with the Books of Account.
iv) In our opinion, the Balance Sheet and Profit & Loss Account and
cash flow statement dealt by this report comply with the Accounting
Standards under sub section (3C) of section 211 of the Companies Act,
1956.
v) None of 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; and vi) In our opinion and to the best of our information and
according to the explanations given to us, the said accounts comply and
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 Companys state of affairs
as on 31st March, 2010, and,
b) In the case of the Profit & Loss Account, of the profit of the
company for the period ended as on that date; and
c) In the case of Cash flow statement, of the cash flows for the period
ended on that date.
ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph (3) of our
report of even date)
1. (a) The Company is maintaining proper records
showing full particulars, including quantitative details and situation
of fixed assets. b) As explained, the fixed assets except leased
assets have been physical verified by the management during the year at
reasonable intervals and no material discrepancies were noticed on such
verification.
2. As explained to us the company is not having inventory, therefore
provisions on relating to physical verification of inventory and record
maintenance are not applicable.
3. In our opinion, the company has neither granted nor taken any
loans, secured or unsecured from companies, firms or other parties
listed in the Register maintained under Section 301 of the Companies
Act, 1956. As the Company has not granted/taken any loans, secured or
unsecured, to/ from parties listed in the registers maintained under
Section 301 of the Companies Act, 1956 clauses iii(b), iii(c) and
iii(d) of paragraph 4 of the order are not applicable.
4. In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and the nature of its business. In our opinion
and according to the information and explanations given to us, there is
no continuing failure to correct major weakness in internal control.
5. As explained to us there has not been any
transaction dunng the year that need to be entered in the register
maintained under section 301 of the Companies Act 1956 and exceeding
during the year to Rs. 5,00,000 or more in respect of each such party.
6. In our opinion, and according to the information and explanations
given to us, the Company has not accepted any public deposit therefore
the provisions of Sections 58 A and 58 AA of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975 are not
applicable to the company.
7. In our opinion, the internal Audit system is commensurate with the
size of the company and the nature of its business.
8. As per explanations the provision of section 209 (1) (d) regarding
maintenance of cost records are not applicable to the company.
9. According to the information and explanations given to us, there
are no undisputed statutory dues payable in respect of Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, which are
outstanding as at 31st March, 2010 for a period of more than six months
from the date they became payable.
10. (a) The Company has been in existence since 20.2.91 (b) The
accumulated losses of the company are more than half of its net worth,
(c) The company made a cash profit of Rs. 4.61 lacs during current year
as against a cash loss of Rs. 45.39 lacs during the proceedings
financial year.
11. According to the information and explanations given to us the
company has not defaulted in repayment of dues to any financial
institutions or bank or debenture holder during the year.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute as specified under clause
(xiii) of paragraph 4 of the order are not applicable to the company.
14. The Company has kept adequate records of its transactions and
contracts in shares, securities, debentures and other investments and
timely entries have been made therein. The shares, securities,
debentures and other investments, are held in the name of the company
or are in process of being transferred in the companys name.
15. According to the information and explanations given to us.the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. The company has not obtained any term loans that were not applied
for the purpose for which these were raised.
17. Based on the information and explanations given to us, and on an
overall examination of the balance sheet of the company.in our opinion,
there are no funds raised on a short term basis which have been used
for long term investment, and vice versa.
18. According to the information and explanations given to us no
preferential allotment of shares has been made by the company to
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures. Hence the requirements
of clause (xix) of paragraph 4 of the Order is not applicable to the
company.
20. The company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, during
the year, no fraud by the company has been noticed or reported.
AUDITORS REPORT AS PER NON-BANKING FINANCIAL COMPANIES AUDITORS
REPORT (RESERVE BANK) DIRECTIONS, 1998
As required by Non-Banking Financial Companies Auditors Report (Reserve
Bank) Directions, 1998 issued by Reserve Bank of India, Department of
Financial Companies in exercise of the powers conferred by Sub Section
(1A) of Section 45MA of the Reserve Bank of India Act, 1934, we hereby
report on the matters specified in paragraphs 3 and 4 of the said
Directions:-
1) The Company has been granted registration as per section 45IAof the
Reserve Bank of India Act, 1934.
2) During the year the company has neither invited nor accepted public
deposit.
3) As there are no deposits with company and matter of any non
payment/overdue does not arise.
4) The Company has complied with the prudential norms on income
recognition, accounting standards, asset classification, provisioning
for bad and doubtful debts, and concentration of credit/ investments as
specified in the directions issued by the Reserve Bank of India in
terms of the Non- Banking Financial Companies prudential Norms {Reserve
Bank) Directions, 1998 except for the norms for valuation of long term
investments.
5) The company has furnished to the Reserve Bank of India, within the
stipulated period the relevant returns and statements as applicable to
it.
6) The rest of the matters as specified in Sub- Paragraph (C) & (D) of
Paragraph 3 of the Non Banking Financial Companies Auditors Report
(Reserve Bank), Directors, 1998 are not applicable.
for P. P. THUKRAL & CO.
Chartered Accountants
Place : New Delhi (Suresh Sethi)
Dated : 6th August, 2010 Partner
Membership No.:89318