Mar 31, 2014
We have audited the accompanying financial statements of Sequel E
Routers Limited, 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 1 31,2014;
(b) In the case of the Statement of Profit and Loss, of the Loss of the
Company for the j 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 die 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 id disqualified as on March 31, 2014,
from being appointed as a director in terms of Section 274(1 )(g) of
the Act.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Sequel E Routers Limited. On the accounts of the
company for the year ended 31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. There is no Fixed Assets, Hence not applicable.
2. There is no Inventory, Hence not applicable.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b) , iii (c) and iii (d) of the order are applicable to the
Company.-1,93,99,159/-
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has no an internal audit system commensurate with its size and
the nature of its business.
8. As per information & explanation given by the management, No
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act and we are of the opinion that prima facie the prescribed accounts
and records have not been made and maintained.
9. ta) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2014 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of wealth tax, service tax, sales tax,
customs duty and excise duty which have not been deposited on account
of any disputes.
10. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
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 other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For, Gaurang Vora & Associates
Chartered Accountants
FRNNO.103110W
SD/-
(Gaurang Vora)
PROPRIETOR
MEMBERSHIP NO.: 39526
Ahmedabad, May 14th, 2014.
Mar 31, 2013
Report on Financial Statements
1. We have audited the accompanying Financial Statements of Sequel
E-Routers Limited which comprise the Balance Sheet as at 31st March
2013, Profit and Loss Account for the year then ended, and other
explanatory information.
Management''s Responsibility for the Financial Statements:
2. Management of the Branch Is responsible for the preparation-of
these Financial Statements that give true and fair view of the
financial position and financial performance of the Branch in
accordance with the Banking Regulation Act, complying with Reserve Bank
of India Guidelines from time to time. This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and fair presentation of the financial statements that
are free from material misstatement, whether due to fraud or error.
Auditors'' Responsibility:
3. 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.
4. 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 misstatement of the financial
statement, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
entity''s preparation and fair
- presentation of the financial statements in order to design audit
procedures
that are appropriate in the circumstances. An audit also includes
evaluating .
the appropriateness of accounting policies used and the reasonableness
of the accounting estimates made by management, as well as evaluating
the overall presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our Audit opinion.
Opinion
6. In our opinion, and to the best of our information and according to
the explanation given to us, read with the Memorandum of Changes
mentioned in paragraph 11 below, the financial statements 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
Branch as at March 31, 2013; and
(b) in the case of Profit and Loss Account, of the Profit for the year
ended on that date;
Report on Other Legal and Regulatory Requirements
7. The Balance Sheet and the Profit and Loss Account have been drawn
up in accordance with Section 29 of the Banking Regulation Act, 1949;
8. Subject to the limitations of the audit as indicated in Paragraphs
3 to 5 above and paragraph 10 below, we report that:
We further report that:
- The Balance Sheet and Profit and Loss account dealt with by this
report are in agreement with the books of account and returns;
- We have obtained all the information and explanation which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
- In our Opinion, the Balance Sheet and Statement of Profit & Loss
Account comply with the Accounting Standards referred to in subsection
(3C) of section 211 of the companies Act, 1956.
- In our opinion, proper books of account as required by law have
been kept by the branch so far as appears from our examination of
those books;
- We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of the
audit and have found them to be satisfactory.
- On the basis of written representation received from the directors as
on March, 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.
- Since Central Government has not issued 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 Tnanner in which such cess is to be paid, no cess is due
and payable by the Company.
The Annexure referred to In paragraph 1 of the Our Report of even date
to the members of Sequal E Routers Limited. On the accounts of the
company for the year ended 31st March, 2013.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. There is no Fixed Assets, Hence not applicable.
2. There is no Inventory, Hence not applicable.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
NIL
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company. - 6,50,000/-
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does, not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has no an internal audit system commensurate with its size and
the nature of its business.
8. As per information & explanation given by the management. No
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act and we are of the opinion that prima facie the prescribed accounts
and records have not been made and maintained.
9. (a) According to the records of the company, undisputed statutory
dues including . Provident Fund, Investor Education and Protection
Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, cess to the extent applicable
and any other statutory dues have generally been regularly deposited
with the appropriate authorities. According to the information and
explanations given to us there were no outstanding statutory dues as on
31st of March, 2013 for a period of more than six months from the date
they became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of wealth tax, service tax, sales tax,
customs duty and excise duty which have not been deposited on account
of any disputes.
10. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
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 .
other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For Gaurang Vora & Associates
Chartered Accountants
Sd/-
(Gaurang Vora)
Proprietor
Place: Ahmedabad
Membership : 39526
Date: 30*h May, 2013
Mar 31, 2012
We have audited the attached Balance Sheet of SEQUEL E ROUTERS LIMITED
as at 31st March 2012 and also the annexed Profit and Loss Account of
the Company for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company's
management. Our responsibility is to expressman opinion on these
financial statements based on our audit.
We conducted our audit in accordance .with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free-of- material misstatements. An Audit includes
examining, on a test basis, evidence supporting the amount and
disclosures in financial principles used and significant estimates'
made by the management as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
As per the Companies (Auditors report) order, 2003 issued by the
Centra! Government of India in terms of Section 227 (4-A) of the
Companies Act, 1956, we do hereby state that the company is exempted
under the Companies (Auditors report) order, 2003, on the matter
specified paragraph 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that: .
1. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
Audit.
2. In our opinion, proper books of accounts as required by Law have
been kept , by the Company so far as appears from our examination of
the books.
3. The Balance Sheet & Profit &.Loss Account dealt with by this report
is in agreement with the books of accounts and comply with the
Accounting - - Standards referred to in Sub- Section 3(C) of section
211 of the Companies , Act, 1956.
4. According to information and explanations given to us and on the
basis of written representations from the directors of the Company,
none of the Director is disqualified from being appointed as a director
of the Company under section 274(1) (g) of the Companies Act, 1956.,
5. In our opinion and to the best of our information and according to
the explanation given to us, the said Balance Sheet and the Profit and
Loss Account, together with the notes thereon give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view:
a) In the case of the Balance Sheet of the state of affairs of the
Company as at 31ST March, 2012 and
b) In the case of the Profit & Loss Account of the Loss for the year
ended on that date.
ANNEXURE
(Referred to in paragraph 1 of our report of even date)
i) There is no Fixed Assets, hence Not Applicable.
(a) There is no any inventory, hence Not Applicable.
ii) (a) As informed to us, the company has not granted loans, secured
or unsecured to companies, firms or other parties covered,in the register
maintained under section 301 of the Act. The year end Balance of Loan
is Rs. NIL/-
(b) In our opinion the rate of interest and other terms and conditions
on which loans have been taken from/ granted to companies, firms or
other parties listed in the register maintained under section 301 of
the companies Act, 1956 are not, prima facie, prejudicial to the
interest of the company.
(c) In respect of the aforesaid loans, the amount is received on
demand, the company is receiving the principal amount as & when
demanded has not been receiving any interest.
(d) The aforesaid loan is received on demand & therefore the question
of overdue amount does not arise.
(e) The company had taken loan, secured or unsecured from companies,
firms or others parties covered in the register maintained under
section' 301 of the Act. and the year end balance of loans taken to
such parties was Rs.6,50,000/-
(f) In our opinion, the rate of interest and other terms and conditions
on which loans have been taken from companies, firms or other parties
listed in the register maintained under section 301 of the companies
Act,1956 are not, prima facie, prejudicial to the interest of the
company..
(g) In,respect of the aforesaid toans, the amount is payable on demand,
the company is repaying the principal amount as & when demanded &
has not been paying any interest. -
(h) The aforesaid loan is repayable on demand & therefore the question
of * overdue amount does not arise.
iv) In our opinion and according to information & explanations given to
us, there are adequate internal control procedures commensurate with
the size of the company and the nature of its business for the purchase
of , inventory and Fixed assets. During the course of audit, no major
weakness has been noticed in these internal controls.
v) According to the information and explanations given to us, we are of
the opinion that the transactions that need to be entered into the
register maintained under section 301 of the companies Act, 1956 have
been so entered,
vi) In our opinion, according to the information and explanations given
to us, the company has not taken any deposit from the public.
vii) In our opinion the company has an internal audit system
commensurate ,. with its size and nature of its business.
viii) The company has no need to mafhtained Cost records has been
prescribed by the Central Government under clause (d) of sub section
(1) of section 209 of the Act.
ix) (a) The company is generally regular in depositing with the
appropriate authorities, undisputed statutory dues including Provident
Fund, Incqme tax, Sales-tax, Excise Duty, investors education and
protection fund/ ;wealth Tax, Custom Duty, Cess and other material
Statutory dues applicable to it.
(b) According to the information and explanation given to us, there
are.no cases of non-deposits with the appropriate authorities of
disputed dues of sales tax/excise duty /custom duty / wealth tax /
cess.
x) The company has no any accumulated losses at the end of the current
financial year. The company has not incurred any cash losses in current
year.
xi) According to the information and explanations given to us, the
company has not defaulted in repayment of dues of loan of taken from
Banks.
xii) According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of Shares, debentures and other securities.
xiii) The company is not a chit fund orra-nidhi mutual benefit fund /
society. Therefore, the provision of clause. 4 (xiii) of the Companies
(Auditor's. Report) Order 2003 is not applicable to the company.
xiv) According to the information and explanations given to us, the
company, is not dealing or trading in Shares, Securities, debentures
and other investments. Accordingly, the provisions of clause 4 (xiv) of
the Companies (Auditor's Report) Order 2003 is not-applicable to the
company.
xv) In our opinion, and explanation given to us the terms and condition
on - which the company has no given guarantees for loans taken by
others from" Bank or Financial Institutions are, prima facie, not
prejudicial to the interest of the company.
xvi) According to the information and explanations given to us company
has not received any loan during the year.
xvii) According, to the information and explanations given to us and on
an over-all examination of the Balance Sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
xviii)The company has not made preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Act.
xix) According to the information and explanations given to us, no
debentures and/or preference shares have been issued during the year.
xx) the company has not raised any-money through a public issue.
xxi) Based upon the audit procedures performed and information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the course of our audit
For, Gaurang Vora &. Associates
Chartered Accountants '
Sd/-
(Gaurang Vora)
Proprietor
Firm No. 103110W
Membership ; 39526
PLACE : AHMEDABAD
Date : June 15, 2012.