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Auditor Report of Kwality Credit & Leasing Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statements of KWALITY CREDIT & LEASING LIMITED ("the Companies"), which comprise the balance sheet as at 31 March 2015, the statement of profit and loss and the cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the standalone financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the standalone financial statements that give true and fair view, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and operating effectiveness of such controls . An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company's Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at 31st March 2015, its Loss and its cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters Specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of written representations received from the directors as on 31 March, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2015, from being appointed as a director in terms of Section 164(2) of the Act.

f) In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:

i.) The Company does not have any pending litigations which would impact its financial position

ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses

iii. There were no amounts which required to be transferred by the Company to the Investor Education and Protection Fund.

The Annexure referred to in our Independent Auditors' Report to the members of the Company on the standalone financial statements for the year ended 31 March 2015,

we report that :

(i) In respect of its Fixed Assets :

a) The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets on the basis of available information.

b) As explained to us, the Fixed Assets have been physically verified by the management during the year, which in our opinion is reasonable having regard to size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification

(ii) In respect of its Inventories :

a) The Inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

b) In our opinion and according to the information and explanations given to us, 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 has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

(iii) In respect of loans, secured or unsecured, granted to the parties covered in register maintained under section 189 of the Companies Act 2013:

(a) According to the information and explanations given to us, the Company has not granted any loans to companies, firms or other parties covered in the Register maintained under Section 189 of the Companies Act, 2013; and therefore paragraph 3(iii ) of the Order is not applicable.

(iv) 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 for the purchase of inventory, fixed assets and for the sale of goods and services. During the course of our Audit, we have not observed any continuing failure to correct major weaknesses in internal control

(v) The Company has not accepted any deposits from the public.

(vi) As informed to us, the Central Government has not prescribed maintenance of cost records under sub-section (1) of Section 148 of the Act, in respect of the activities carried on by the Company.

(vii) In respect of statutory dues:

(a) According to the records of the company and information and explanations given to us, the Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, employees state insurance (ESI), Investor Education and Protection Fund, Income-tax, Tax deducted at sources, Tax collected at source, Professional Tax, Sales Tax, value added tax (VAT), Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it, with the appropriate authorities.

(b) According to the information and explanations given to us, there were no undisputed amounts payable in respect of Income-tax, Wealth Tax, Custom Duty, Excise Duty, sales tax, VAT, Cess and other material statutory dues in arrears /were outstanding as at 31 March, 2015 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us, the amount required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under has been transferred to such fund within time by the company.

(viii) The accumulated losses of the company are not more than 50% of its Net Worth. The company has incurred Cash loss of Rs 2,722,872.during the financial year covered by our Audit. However there were no cash loss incurred in the immediately preceding financial year.

(ix) The Company did not have any outstanding dues to financial institutions, banks or debenture holders during the year.

(x) In our opinion and according to the information and the explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xi) The Company did not have any term loans outstanding during the year.

(xii) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit.

For PACHISIA & ASSOCIATES

(FRN NO. 327542E)

(Chartered Accountants)

454, Dumdum Park,

Kolkata-700055, Date : The 30th day of May, 2015

(Satya Prakash Pachisia)

(Proprietor)

(M.No.055040)


Mar 31, 2014

We have audited the accompanying financial statements of KWALITY CREDIT & LEASING 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

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 principles generally accepted in India including accounting standards referred to in sub-section (3C) of section 211 of 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. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these 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. 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:

i. in the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2014;

ii. in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

iii. 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

- 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.

- As required under provisions of section 227(3) of the Companies Act, 1956, 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 standards referred to in sub-section (3C) of section 211 of 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 written representations received from the directors and 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 clause (g) of sub-section (1) of section 274 of the Act.

Annexure referred to in paragraph 1 under the heading "Report on other legal and regulatory requirements" of our report of even date

(i) In respect of its Fixed Assets :

a) The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets on the basis of available information.

b) As explained to us, the Fixed Assets have been physically verified by the management during the year, which in our opinion is reasonable having regard to size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c) No Fixed Assets has been disposed during the year.

(ii) In respect of its Inventories :

a) The Inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

b) In our opinion and according to the information and explanations given to us, 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 has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

(iii) In respect of the loans, secured or unsecured, granted or taken by the Company to / from companies, firm or other parties covered in the register maintained under Section 301 of the Companies Act, 1956 :

a) The Company has given interest free loan to two subsidiaries. In respect of the said loans, the maximum amount outstanding at any time during the year was Rs. 64120/- and the year-end balance is Rs. 64120/-

b) In our opinion and according to the information and explanations given to us, the other terms and conditions of the said loan given by the Company are not prima facie prejudicial to the interest of the Company.

c) The Company has not taken any loan during the year from the companies, firm or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the requirements of clause 4 (iii) (f) and clause (iii) (g) of the Order are not applicable.

(iv) In our opinion and according to the explanation given to us, during the course of the audit, there is adequate internal control procedure commensurate with the size of the Company and the nature of its business with regard of trading activities. We have not noted any continuing failure to correct major weakness in the internal controls during the course of audit.

(v) In our opinion and according to the information and explanations given to us, there are no contracts or arrangements that need to be entered in the register maintained under Section 301 of the Companies Act, 1956. Therefore, the provisions of clause 4 (v)(b) of the Order are not applicable to the Company.

(vi) The Company has not accepted any deposit from the public. Therefore, the provisions of clause 4 (vi) of the Order are not applicable to the Company.

(vii) In our opinion the Company has an internal audit system commensurate with the size and nature of its business.

(viii) According to the information and explanation given to us, the central government has not prescribed the maintenance of cost records under clause (d) of sub- section(1) of section 209 of the companies Act, 1956.

(ix) In respect of Statutory dues :

a) According to the information and explanation given to us, and on the basis our examination of the books of accounts and records of the company, the company is regular in depositing with the appropriate authorities undisputed statutory dues including Income tax, Wealth Tax , Sales Tax , Excise duty ,custom duty & cess and any other material statutory dues applicable to it.

b) According to the information and explanation given to us, no undisputed amount payable in respect of Income tax, Wealth Tax , Sales Tax , Excise duty ,custom duty & cess were outstanding as at 31st March 2014 for a period of more than six month from the day they become payable.

c) According to the information and explanation given to us, there are no dues in respect of Income tax, Wealth Tax , Sales Tax , Excise duty ,custom duty & cess that were not been deposited with the appropriate authorities on account of any dispute.

(x) Accumulated losses incurred by the company at the end of the financial year do not exceed 50% of the net worth of the company. However the Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

(xi) The company has not raised loans from Financial Institutions or Banks or by issue of debentures and hence provision of Clause 4 (xi) of the Order requiring comment on repayment of the dues is not applicable to the company.

(xii) In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the Company is not a chit fund / nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Order are not applicable to the Company.

(xiv) The Company has maintained proper records of transactions and contracts in respect of dealing in or trading in shares, securities, debentures and other investments and timely (i) entries have been made therein. All shares, securities, debentures and other investments have been held by the Company in its own name.

(xv) In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial Institutions during the year. Therefore, the provisions of clause 4(xv) of the Order are not applicable to the Company.

(xvi) The Company has not raised any term loan during the year. Therefore, the provisions of clause 4(xvi) of the Order are not applicable to the Company.

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that there are no funds raised on short term basis that have been used for long term investment.

(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 ofthe Companies Act, 1956.

(xix) The Company has not raised any monies by way of issue of debentures during the year. Therefore, the provisions of clause 4(xix) of the Order are not applicable to the Company.

(xx) The Company has not raised any money by public issue during the year.

(xxi) 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 PACHISIA & ASSOCIATES

(FRN NO. 327542E) (Chartered Accountants)

(Satya Prakash Pachisia)

454, Dumdum Park, (Proprietor)

Kolkata -700055, The 29th day of May, 2014 (M.No.055040)


Mar 31, 2013

- Report on the Financial Statements

We have audited the accompanying financial statements of KWALITY CREDIT & LEASING LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2013, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting i policies and other explanatory information.

- Management''s Responsibility for the Financial Statements

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 principles generally accepted in India including accouting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design,

I implementation and maintenance of internal control relevant to the preparation and fair presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

1 Auditor''s Responsibility

I 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 i 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 I 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 judgement, i 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. 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 I basts for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the 1 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:

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013; (ii) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and (Hi) 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 under provisions of section 227(3) of the Companies Act, 1956, 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 wiuwieage ana Dener in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Fi™ with the accounting standards referred to in sub-section (3C) of ec ion 211 of received from the directors and taken on record by the Board of Directors, none of the directors is disqualified as on March 31 301-5 director in terms of clause (g) of sub-section (1 j of sector" 74 oi theAct ''

Annexure referred to in paragraph 1 under the heading "Report on other legal and regulatory requirements" of our report of even date

(i) In respect of its Fixed Assets :

a) The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets on the basis of available information.

b) As explained to us, the Fixed Assets have been physically verified by the management during the year, which in our opinion is reasonable having regard to size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c) In our opinion, the Company has not disposed off substantial part of its fixed assets during the year and the going concern status of the Company is not affected.

(ii) In respect of its Inventories :

a) The Inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

b) In our opinion and according to the information and explanations given to us, 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 has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

(iii)ln respect of the loans, secured or unsecured, granted or taken by the Company to / from companies, firm or other parties covered in the register maintained under Section 301 of the Companies Act, 1956 :

a) The company has not granted unsecured loan to companies, firms, or other parties listed in the register maintained under section 301 of the companies Act, 1956.

b) In our opinion and according to the information and explanations given to us, the rate of interest and the other terms and conditions of the said loan given by the Company are not prima facie prejudicial to the interest of the Company.

c) The principal amount, are repayable over a period of three to five years, while the interest is payable annually at the discretion of the company.

d) In respect of said loan and interest thereon, there are no overdue amounts.

e) The Company has not taken any loan during the year from the companies, firm or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the requirements of clause 4 (iii) (f) and clause (iii)(g) of the Order are not applicable.

{iv)ln our opinion and according to the explanation given to us, during the course of the audit, there is adequate internal control procedure commensurate with the size of the Company and the nature of its business with regard of trading activities. We have not noted any continuing failure to correct major weakness in the internal controls during the course of audit.

(v) In our opinion and according to the information and explanations given to us, there are no contracts or arrangements that need to be entered in the register maintained under Section 301 of the Companies Act, 1956. Therefore, the provisions of clause 4 (v)(b) of the Order are not applicable to the Company.

(vi)The Company has not accepted any deposit from the public. Therefore, the provisions of clause 4 (vi) of the Order are not applicable to the Company.

(vii) In our opinion the Company has an internal audit system commensurate with the size and nature of its business.

(viii) According to the information and explanation given to us, the central government has not prescribed the maintenance of cost records under clause (d) of sub- section(1) of section 209 of the companies Act, 1956.

(ix) In respect of Statutory dues :

a) According to the information and explanation given to us, and on the basis our examination of the books of accounts and records of the company, the company is regular in depositing with the appropriate authorities undisputed statutory dues including Income tax and any other material statutory dues applicable to it.

b) According to the information and explanation given to us, no undisputed amount payable in respect of Income tax & cess were outstanding as at 31st March 2013 for a period of more than six month from the day they become payable.

c) According to the information and explanation given to us, there are no dues in respect of Income tax, Wealth Tax , Sales Tax , Excise duty .custom duty & cess that were not been deposited with the appropriate authorities on account of any dispute.

(x) The Company does not have accumulated losses at the end of the financial year. The Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

(xi)The company has not raised loans from Financial Institutions or Banks or by issue of debentures and hence provision of Clause 4 (xi) of the Order requiring comment on repayment of the dues is not applicable to the company.

(xii) In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the Company is not a chit fund / nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Order are not applicable to the Company.

(xiv) The Company has maintained proper records of transactions and contracts in respect of dealing in or trading in shares, securities, debentures and other investments and timely entries have been made therein. All shares, securities, debentures and other investments have been held by the Company in its own name.

(xv) In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial Institutions during the year. Therefore, the provisions of clause 4(xv) of the Order are not applicable to the Company.

(xvi) The Company has not raised any term loan during the year. Therefore, the provisions of clause 4(xvi) of the Order are not applicable to the Company.

(xvii)According to the information and explanations given to us and on an overall examination ot the Balance Sheet of the Company, we are of the opinion that there are no funds raised on short term basis that have been used for long term investment.

(xviii)The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

(xix) The Company has not raised any monies by way of issue of debentures during the year. Therefore, the provisions of clause 4(xix) of the Order are not applicable to the Company.

(xx) The Company has raised a sum of Rs. 7,94,97,330 including share premium on 8th March, 2013. The object of the issue is to fulfill the additional requirements for capital expenditure including acquisition of companies/ business, funding long term working capital requirements, marketing and for other approved corporate purposes. As the financial year end after 23 days and same has been used for giving short - term loan to various parties.

(xxi) In our opinion and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For PACHISIA & ASSOCIATES

(FRN NO. 327542E) (Chartered Accountants)

454, Dumdum Park,

Kolkata -700055 ,

The 30th day of May, 2013 (Satya Prakash Pachisia)

(Proprietor)

(M.No.055040)


Mar 31, 2012

We have audited the attached Balance Sheet of KWALITY CREDIT & LEASING LIMITED as at 31st March 2012, and also the annexed Profit & 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 express an opinion on this financial statement based on our audit.

We conducted our audit in accordance with the 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 disclosure in the financial statements. An audit also includes assessing the Accounting principle 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 of for our opinion.

Further to our comments referred to above, we report that:

a) 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.

b) In our opinion, the company as required by law, has kept proper books of accounts so far as appears fromourexaminationofsuch books.

c) The Balance Sheet, Profit & Loss Account & Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

d) In our opinion, the Balance Sheet, Profit & Loss Account & 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.

e) On the basis of the written representations received from the Directors as on March 31 st 2012, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on March 31 st 2012, from being appointed as a Director in term of Clause (g) of sub- section (1) of section 274 of the Company's Act, 1956

f) In our opinion and to the best of our information and according to the explanation given to us, the said accounts read with 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:

1. In the case of the Balance Sheet, of the state of affairs of the company as at 31st March 2012,

2. In the case 6f the Profit & Loss Account, of the Profit, of the company for the year ended on that date. AND

3. In the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

As required by the Company's (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, and on the basis such checks of the books and records of the company as we considered appropriate and the information and explanation given to us, during the course of the audit, we state in our opinion:

a) The Company has maintained proper records to show full particulars including the quantitative details and situation of Fixed Assets. The management during the year has physically verified the Fixed Assets of the Company wherever practicable and the management has noticed no serious discrepancies.

b) No Fixed Assets has been disposed during the year.

c) In our opinion procedure of the physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

d) The discrepancies noticed on verification between the physical stock and the books records were not material.

e) The company has not taken unsecured loan from companies, firms, or other parties listed in the register maintained under section 301 of the companies Act, 1956

f) The company has not granted unsecured loan to companies, firms, or other parties listed in the register maintained under section 301 of the companies Act, 1956. In our opinion and according to the explanation given to us, the rate of interest and other terms and conditions on which the company has granted loans to companies, firms, or other parties listed in the register maintained under section 301 of the companies Act, 1956 are prima facie not prejudicial to the interest of the company. The said parties are repaying the principle together with interest as per stipulation.

g) In our opinion and according to the explanation given to us, during the course of the audit, there is adequate internal control procedure commensurate with the size of the Company and the nature of its business with regard of trading activities. We have not noted any continuing failure to correct major weakness in the internal controls during the course of audit.

h) In our opinion and according to the information and explanation given to us, No transaction made in pursuance of contracts that need to be entered into a register maintained under section 301 of the companies Act, 1956 exceeding the value of Rs. 500000/- i) According to the information and explanation given to us, the company has not accepted any deposit from the public and consequently, the directives issued by the Reserve Bank of India, the Provision of section 58A& 58AAofthe Company's Act, 1956 and ruled framed there under in respect of deposits is not applicable. To the best of our knowledge and according to information and explanation given to us, no order on the company under the aforesaid section has been passed by the company law Board.

j) In our opinion, the company has an internal audit system commensurate with its size and nature of its business.

k) According to the information and explanation given to us, the central government has not prescribed the maintenance of cost records under clause (d) of sub- section(1) of section 209 of the companies Act, 1956.

I) According to the information and explanation given to us, and on the basis our examination of the books of accounts and records of the company, the company is regular in depositing with the appropriate authorities undisputed statutory dues including Income tax and any other material statutory dues applicable to it.

m) According to the information and explanation given to us, no undisputed amount payable in respect of Income tax & cess were outstanding as at 31st March 2012 for a period of more than six month from the day they become payable.

n) According to the information and explanation given to us, there are no dues in respect of Income tax, Wealth Tax , Sales Tax , Excise duty custom duty & cess that were not been deposited with the appropriate authorities on account of any dispute.

o) As at 31st March, 2012 the accumulated losses of the company are not more than fifty percent of its net worth and has not incurred cash losses in the financial year and in the financial year immediately preceding such financial year.

p) The company has neither taken any loans from bank or Financial Institution, nor issued any debentures Accordingly, clause 4(xi) of the order is not applicable.

q) The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures. Accordingly, clause4 (xii) of the order is not applicable

r) The company is not a chit fund, Nidhi, Mutual benefit fund or a society. Accordingly, clause 4(xiii) of the order is not applicable.

s) The Company has maintained proper records of transactions and contracts in respect of trading in securities, debentures and others investment and timely entries have been made therein. All shares, debentures and other investment have been held by the Company in its own name.

t) The company has not obtained any term loan. Accordingly, clause4 (xvi) of the order is not applicable.

u) According to the information and explanation given to us, the company has not raised any fund on short-term basis. All assets have been funded by the share holders' fund.

v) The company has not made any preferential allotment of shares to companies and parties listed in the register maintained under section 301 of the companies Act, 1956 Accordingly, clause4 (xviii) of the order is not applicable.

w) The company has not issued any Debenture during the year Accordingly; clause (xix) of the order is not applicable

x) The company has not raised any money by public issue during the year Accordingly, clause (xx) of the order is not applicable.

y) According to the information and explanation given to us, no fraud on or by the company has been noticed or reported during the year.

Date : The 3rd day of September 2012 As per our report of even date For & on behalf of Board of Directors

Place: 454, Dumdum Park, For Pachisia & Associates B. D. Soni

Kolkata-55 Chartered Accountants Director

FRN - 327542E Amu Thapa

S.P. Pachisia Director

Proprietor

M. No. : 055040


Mar 31, 2010

We have audited the attached Balance Sheet of KWALITY CREDIT & LEASING LIMITED as at 31ST March 2010, and also the annexed Profit & 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 express an opinion on this financial statement based on our audit.

We conducted our audit in accordance with the auditing standards generally accepted in India. These standard 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 disclosure 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 of for our opinion.

Further to our comments referred to above, we report that:

a) 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.

b) In our opinion, the company as required by law, has kept proper books of accounts so far as appears from our examination of such books.

c) The Balance Sheet And Profit & Loss account dealt with by this report are in agreement with the books of accounts.

d) In our opinion, the Balance Sheet And Profit & Loss account dealt with by this report comply with the accounting standards referred to in sub - section (3C) of section 211 of the companies Act, 1956.

e) On the basis of the written representations received from the Directors as on March 31st 2010, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on March 31st 2010, from being appointed as a Director in term of Clause (g) of sub- section (1) of section 274 of the Company's Act, 1956.

f) In our opinion and to the best of our information and according to the explanation given to us, the said accounts read with Notes, Schedules and Statement of accounting policies attached thereto give the information required by the companies Act, 1956 in the manner so required and subject to Note No. 2 regarding accounting of Rates & Taxes on cash basis give a true and fair view in conformity with the accounting principles generally accepted in India :

1. In the case of the Balance Sheet, of the state of affairs of the company as at 31st March 2010,

AND

2. In the case of the Profit & Loss Account, of the Profit, of the company for the year ended on that date.

AND

3. In the case of Cash Flow Statement, of the cash flows for the year ended on that date.

As required by the Company 's (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, and on the basis such checks of the books and records of the company as we considered appropriate and the information and explanation given to us, during the course of the audit, we state in our opinion:

a) The Company has maintained proper records to show full particulars including the quantitative details and situation of Fixed Assets. The management during the year has physically verified the Fixed Assets of the Company wherever practicable and the management has noticed no serious discrepancies.

b) No Fixed Assets has been disposed during the year,

c) In our opinion procedure of the physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business

d) The discrepancies noticed on verification between the physical stock and the books records were not material.

e) The company has not taken or granted any loan secured or unsecured to or from companies, firms, or other parties listed in the register maintained under section 301 of the companies Act, 1956

f) In our opinion and according to the explanation given to us, during the course of the audit, there is adequate internal control procedure commensurate with the size of the Company and the nature of its business We have not noted any continuing failure to correct major weakness in the internal controls during the course of audit.

g) In our opinion and according to the information and explanation given to us, no transaction has been made in pursuance of contracts that need to be entered into a register maintained under section 301 of the companies Act, 1956 exceeding the value of Rs. 500000/- in respect of a party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

h) According to the information and explanation given to us, the company has not accepted any deposit from the public and consequently, the directives issued by the Reserve Bank of India, the Provision of section 58A,& 58AA of the Company's Act, 1956 and ruled framed there under in respect of deposits is not applicable.

i) In our opinion, the coverage of internal audit carried out by a firm of Chartered Accountants appointed by the management, is commensurate with its size and nature of its business,

j) According to the information and explanation given to us, the central government has not prescribed the maintenance of cost records under clause (d) of sub- section(l) of section 209 of the companies Act, 1956.

k) According to the information and explanation given to us, and on the basis our examination of the books of accounts and records of the company, the company is regular in depositing with the appropriate authorities undisputed statutory dues including Income tax and any other material statutory dues applicable to it.

1) According to the information and explanation given to us, no undisputed amount payable in respect of Income tax & cess were outstanding as at 31st March 2010 for a period of more than six month from the day they become payable .

m) According to the information and explanation given to us, there are no dues in respect of Income tax, Wealth Tax , Sales Tax , Excise duty ,custom duty & cess that were not been deposited with the appropriate authorities on account of any dispute.

n) The company has accumulated loss of Rs. 1459026.27 at the end of the financial year but has not incurred cash losses in the financial year and in the financial year immediately preceding such financial year. However the accumulated losses of the Company are not more than fifty percent of its net worth.

o) The company has neither taken any loans from bank or Financial Institution. Nor issued any debentures Accordingly, clause 4(xi) of the order is not applicable.

p) The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures. Accordingly, clause4 (xii) of the order is not applicable

q) The company is not a chit fund, Nidhi, Mutual benefit fund or a society. Accordingly, clause4(xiii) of the order is not applicable.

r) According to the information and explanation given to us, and on the basis of our examination of the books of account proper records have been maintained of the transaction and contracts and timely entries have been made therein in respect of shares dealt with or traded by the companies. The shares have been held by the company in its own name except to the extent of the exemption if any granted by under section 49 of the act.

s) The company has not given any guarantee for loans taken by others from bank or Financial Institution. Accordingly, clause 4(xv) of the order is not applicable.

t) The company has not obtained any term loan. Accordingly, clause4 (xvi) of the order is not applicable.

u) According to the information and explanation given to us, the company has not raised any fund on short -term basis. All assets have been funded by the share holders' fund

v) The company has not made any preferential allotment of shares to companies and parties listed in the register maintained under section 301 of the companies Act, 1956 Accordingly, clause4 (xviii) of the order is not applicable.

w) The company has not issued any Debenture during the year Accordingly; clause (xix) of the order is not applicable

x) The company has not raised any money by public issue during the year Accordingly, clause (xx) of the order is not applicable.

y) To the best of our knowledge and belief and according to the information and explanation given to us, no fraud on or by the company has been noticed or reported during the year that causes the financial statement to be materially misstated.

For SANTOSHJAIN&CO.

(Chartered Accountants)

2, Draper Lane,

Kolkata -700001, The 24th day of May 2010. (Satya Prakash Pachisla) (Partner) (M.No.055040)

 
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