Mar 31, 2015
Report on the Financial Statements
We have audited the accompanying standalone financial statements of
Libord Finance Limited (the "Company"), which comprise the Balance
Sheet as at March 31, 2015 and 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 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 of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made 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 misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that give a true and fair view
in order to design audit procedures that are appropriate in the
circumstances, 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 the 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 the Company's directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion, and to the best of our information and according to the
explanations given to us, the accompanying 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:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
(b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by 'the Companies (Auditor's Report) Order, 2015 ("the
Order"), issued by the Central Government of India in terms of
subsection (1) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
2. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all information and explanation which to
the best of our knowledge and belief were necessary for the purposes of
our audit;
b) In our opinion, proper books of accounts as required by the law have
been kept by the Company so far as it appears from our examination of
those books;
c) The Company had no Branch offices during the year under audit.
d) The Balance Sheet, the Profit and Loss Statement, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
e) 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;
f) On the basis of the written representations received from the
directors as on March 31, 2015, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2015,
from being appointed as a director in terms of Section 164 (2) of the
Act;
g) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanation given to us :
i. The Company does not have any pending litigations which would
impact its financial position
ii. The Company has no long-term contracts including derivative
contracts; as such the question of commenting on any material
foreseeable losses thereon does not arise iii. There has not been an
occasion in case of the group during the year under report to transfer
any sums to the Investor Education and Protection Fund. The question of
delay in transferring such sums does not arise
ANNEXURE REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING "REPORT ON OTHER
LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF THE LIBORD FINANCE LIMITED, WE REPORT THAT :
Clause Sub Particulars
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As per information provided to us, the Company has a regular
programme of physical verification of its fixed assets by which fixed
assets are verified in a phased manner over a period. In accordance
with this programme, certain fixed assets were verified during the year
and no material discrepancies were noticed on such verification. In our
opinion, this periodicity of physical verification is reasonable having
regard to the size of the Company and the nature of its assets.
(ii) The Company is a service company, primarily rendering consultancy
services. Accordingly, it does not hold any physical inventories. Thus,
paragraph 3(ii) of the Order is not applicable.
(iii) The Company has not granted any loan to parties covered in the
register maintained under section 189 of the Companies Act, 2013 ('the
Act'). Thus, paragraph 3(iii) of the Order is not applicable.
(iv) In our opinion and according to explanation given to us, there are
adequate internal control procedures commensurate with the size of the
company and the nature of its business with regards to purchase of
fixed assets and sale of service. The activities of the Company do not
involve purchase of inventory and the sale of goods. We have not
observed any major weakness in the internal control system during the
course of the audit.
(v) The Company has not accepted deposit from the public.
(vi) The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act, for any of the services
rendered by the Company.
(vii) (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, amounts
deducted/ accrued in the books of account in respect of undisputed
statutory dues including provident fund, income tax, sales tax, wealth
tax, service tax, duty of customs, value added tax, cess and other
material statutory dues have been regularly deposited during the year
by the Company with the appropriate authorities. As explained to us,
the Company did not have any dues on account of employees' state
insurance and duty of excise.
According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
sales tax, wealth tax, service tax, duty of customs, value added tax,
cess and other material statutory dues were in arrears as at 31 March
2015 for a period of more than six months from the date they became
payable.
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of income-tax,
sales-tax, wealth-tax, service-tax, customs duty, and excise duty which
have not been deposited on account of any dispute.
(c) According to the information and explanations given to us the
amounts, if any, which were required to be transferred to the investor
education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules there under
has been transferred to such fund within time.
(viii) The Company has accumulated losses of Rs 2,18,222 at the end of
the financial year. However the Company has not incurred cash losses in
the financial year covered by our audit and 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 loan outstanding during the
year.
(xii) Based on the audit procedures performed and information and
explanation given by the management, we report that no fraud on or by
the company has been noticed or reported during the year.
For Amar Bafna & Associates
Chartered Accountants
FRN No. 114854W
Amar Bafna
Partner
M.No.048639
Place : Mumbai
Date : May 28, 2015
Mar 31, 2014
We have audited the accompanying financial statements of Libord Finance
Limited (the "Company"), which comprise the Balance Sheet as at March
31, 2014 and 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, which we have signed under
reference to this report.
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 referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 (the Act) in accordance
with accounting principle 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 and other applicable authoritative
pronouncements 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 auditors'' 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 auditors
consider 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 entity''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 accompanying 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 profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by ''the Companies (Auditor''s Report) Order, 2003'', as
amended by ''the Companies (Auditor''s Report) (Amendment) Order, 2004'',
issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the Act (hereinafter referred to as the "Order"), and
on the basis of such checks of the books and records of the Company as
we considered appropriate and according to the information and
explanations given to us, 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, 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 dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Act;
(e) On the basis of written representations received from the directors
as on March 31,2014, 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 TO THE
MEMBERS OF THE LIBORD FINANCE LIMITED
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As per information provided to us, the fixed assets have been
physically verified by the management at reasonable intervals and there
were no material discrepancies noted during such verification.
(c ) There was no substantial disposal of fixed assets during the year.
(ii) The nature of the company''s activity is such that requirement of
sub-clause
(a) (b) & (c) of this (i.e. regarding inventory) are not applicable.
(iii) (a) The Company has granted loans to two party amounting to Rs.
1,82,500/- (year end balance) covered in the register maintained under
section 301 of the Companies Act.
(b) The interest and other terms and conditions are not prima facie
prejudicial to the interest of the Company.
(c) In respect of the aforesaid loans, the parties are repaying the
principal amounts, as stipulated, and are also regular in payment of
interest as applicable.
(d) In respect of the aforesaid loans, there is no overdue amount more
than Rupees One Lakh.
(e) The Company has taken unsecured loans from One company covered in
the register maintained under Section 301 of the Act. The year-end
balance of such loans aggregated to Rs. 10,12,000/-.
(f) In our opinion, the rate of interest and other terms and conditions
of such loans are not prima facie prejudicial to the interest of the
Company.
(g) In respect of the aforesaid loans, the Company is regular in
repaying the principal amounts, as stipulated, and is also regular in
payment of interest, as applicable.
(iv) In our opinion and according to explanation given to us, there are
adequate internal control procedures commensurate with the size of the
company and the nature of its business. During the process of audit, no
major weakness has been noticed in the internal control.
(v) According to the information and explanations provided by the
management, we are of the opinion that the contracts or arrangements
that need to be entered into the register required to be maintained
under Section 301 of the Act, has been entered.
(vi) The Company has not accepted deposit from the public under section
58A and 58AA of the Companies Act and rules framed there under.
(vii) The company does not have an internal system.
(viii) As informed to us, there are no cost records prescribed by the
central government under sec. 209(1)(d) of the Act, hence this clause
is not applicable.
(ix) (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is regular in depositing the undisputed statutory dues, including
provident fund, investor education and protection fund, employees''
state insurance, income tax, sales tax, wealth tax, service tax,
customs duty, excise duty and other material statutory dues, as
applicable, with the appropriate authorities.
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of income-tax,
sales- tax, wealth-tax, service-tax, customs duty, and excise duty
which have not been deposited on account of any dispute.
(c) According to information and explanations given to us, there are no
amounts pending on account of disputes with any statutory authorities.
(x) The Company does not have any accumulated losses more than 50% of
the net worth and therefore, this clause is not applicable.
(xi) Based on our audit procedures and as per 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 or banks.
(xii) 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 not being Chit Fund / Nidhi / mutual Benefit Fund
this clause and sub clause (a) (b) (c) (d) are not applicable
(xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Order are not applicable to the
Company.
(xv) As informed to us the Company has not given any guarantee for
loans taken by others from bank or financial institutions.
(xvi) The Company had not taken any term loan during the year.
(xvii) Based on the examination of documents and records made available
and on the basis of information and explanations given to us, the
Company has not used funds raised on short term basis for long term
investments and vice versa.
(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.
(xix) The Company has not issued any debentures; hence this clause does
not apply.
(xx) The Company has not raised any money by public issue; hence this
clause is not applicable.
(xxi) Based on the audit procedures performed and information and
explanation given by the management, we report that no fraud on or by
the company has been noticed or reported during the year.
For AMAR BAFNA & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN 114854W
AMAR BAFNA
Place: Mumbai PARTNER
Date: 26th May, 2014 M. No. 048639
Mar 31, 2011
We have audited the attached Balance Sheet of LIBORD FINANCE LIMITED
(formerly known as Libord Infotech Limited) as at 31st March, 2011,
annexed Profit and Loss Account & Cash Flow Statement for the year
ended on that date. These financial statements are the responsibility
of the Company's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 as
amended by the Companies (Auditor's Report) Order, (Amendment) 2004,
issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the Companies Act, 1956 (hereinafter referred to as
"the Act") and on the basis of such checks as we considered appropriate
and according to the information and explanations given to us during
the course of our audit, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order, to the
extent applicable to the Company.
4. Further to our comments in the Annexure referred to in paragraph 3
above 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 it appears from our examination of such
books;
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet the Profit and Loss Account and
Cash Flow Statement dealt with by this report comply in all material
respects with the mandatory Accounting Standards as prescribed under
the provisions of section 211(3C) of the Act, to the extent applicable;
e) On the basis of the written confirmations received from the
Directors as on 31st March, 2011 and taken on record by the Board of
Directors, we report that none of the directors are disqualified from
being appointed as director of the Company under section 274 (1)(g) of
the Act;
f) We are unable to express an opinion as to the realisability/
recoverability of amount paid as an advance for purchase of immovable
properties amounting to Rs.60,00,000/- paid in earlier years for which
company does not have any documents except receipts, considered to be
doubtful and not provided for (Refer Note no. 2 in Schedule 14).
5. In our opinion and to the best of our information and according to
the explanations given to us, and subject to what is stated in
paragraph (f) above, the impact thereof on the profit and assets of the
Company is presently not ascertainable, The said accounts read together
with the Significant Accounting Policies and other notes appearing in
Schedule 14 and elsewhere in the accounts, give the information
required by the Act in the manner so required and give a true and fair
view:
(i) In the case of the Balance Sheet, of state of affairs of the
Company as at 31st March, 2011 and
(ii) In the case of the Profit and Loss Account, of the "Profit" of the
Company for the year ended on that date.
(iii) in the case of the Cash Flow Statements of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph 1 of our report of even date)
1. (a) The Company has maintained its records showing full particulars
including quantitative details and situation of fixed assets.
(b) The fixed assets have been physically verified by the management
during the year at reasonable intervals.
(c) None of the assets was disposed off during the year.
2. Physical verification has been conducted by the management at
reasonable intervals in respect of stocks of shares and securities and
no discrepancies were noticed between physical and book stock.
3. (a) The Company has not granted loans to the Companies listed in
the register maintained under section 301 of the Act and under the same
management as defined under section 370(B) of the Act.
(b) The Company has not taken any unsecured loans from the Company
listed in the register maintained under section 301 of the Act and
under the same management as defined under section 370(1 B) of the Act.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business. During the
process of our audit, no major weakness has been noticed in the
internal control systems.
5. Based on the audit procedures applied by us and according to the
information and explanations provided by the management, there are no
transaction during the year that need to be entered in the register in
pursuance of section 301 of the Act.
6. In our opinion and according to the information and explanation
given to us, the Company has not taken or accepted any deposits from
the public, therefore provisions of section 58A and 58AA of the
Companies Act are not applicable to the Company.
7. The internal audit system is adequate commensurate with the size of
the Company and nature of its business.
8. According to the information and explanation given to us, the
Central Government has not prescribed the maintenance of cost records
required u/s 209(1) (d) of the Companies Act, 1956.
9. According to the records of the Company, the Company is regular in
depositing with appropriate authorities undisputed statutory dues
including provident fund, investor education protection fund, employees
state insurance, income tax, sales tax, wealth tax custom duty, excise
duty cess and other statutory dues applicable to it. According to the
explanations given to us, there were no undisputed amounts payable in
respect of such statutory dues, which have remained outstanding as at
31st March 2011 for a period of more than six months.
(b) According to information and explanations given to us, there are no
amount pending on account of disputes with any statutory authorities.
10. The Company does not have accumulated losses more than 50% of the
net worth and therefore, this clause is not applicable to the company.
11. According to the information and explanation given to us, the
Company has not defaulted in repayment of dues to the banks.
12. Based on our examinations of the records and information and
explanations given to us, the Company has not granted any
loans/advances on the basis of security by way of pledge of shares/
debentures or any other securities.
13. The Company is not a chit fund or a nidhi / mutual benefit fund /
society. Therefore, the provisions of this clause are not applicable
to the Company.
14. According to the information and explanations given to us, proper
records have been maintained by the Company of the transaction and
records in respect of dealing in shares, securities and other
investments.
15. The Company has not given any counter guarantee for the loans
taken by others.
16. The Company has not taken term loan during the year and therefore,
this clause is not applicable to the Company.
17. Based on the examination of documents and records made available
and on the basis of information and explanations given to us the
Company has not used funds raised on short term basis for long term
investments and vice versa.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained u/s 301 of the
Act.
19. No debentures has been issued by the Company during the year.
20. The Company has not raised money through public issues during the
year.
21. Based on the audit procedures performed and according to the
information and explanations given by the management, we report that no
fraud on or by the Company has been noticed or reported during the
year.
For AMAR BAFNA & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN 114854W
AMAR BAFNA
Place: Mumbai PARTNER
Date: 24th June, 2011 M. No. 048639
Mar 31, 2010
1. We have audited the attached Balance Sheet of LIBORD INFOTECH
LIMITED as at 31st March, 2010, annexed Profit and Loss Account & Cash
Flow Statement for the year ended on that date. 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 conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 as
amended by the Companies (Auditors Report) Order, (Amendment) 2004,
issued by the Central Government of India in terms of sub-section (4 A)
of section 227 of the Companies Act, 1956 (hereinafter referred to as
"the Act") and on the basis of such checks as we considered appropriate
and according to the information and explanations given to us during
the course of our audit, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order, to the
extent applicable to the Company.
4. Further to our comments in the Annexure referred to in paragraph 3
above 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 such
books;
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet the Profit and Loss Account and
Cash Flow Statement dealt with by this report comply in all material
respects with the mandatory Accounting Standards as prescribed under
the provisions of section 211 (3C) of the Act, to the extent
applicable:
e) On the basis of the written confirmations received from the
Directors as on 31st March, 2010 and taken on record by the Board of
Directors, we report that none of the directors are disqualified from
being appointed as director of the Company under section 274 (1)(g) of
the Act;
f) (i) We are unable to express an opinion as to the realisability
recoverability of overdue debtors, loans and advances and amount due
from staff aggregating to Rs.70,13,889/-, Rs 1,14.62,641/- and Rs.
55,210/- respectively. It was explained that the Company has taken
suitable measures to recover the said dues including filing of legal
cases wherever considered appropriate and therefore, no provision is
considered necessary.(Refer Note no. 2(a) and (b) in Schedule 14).
(ii) We are unable to express an opinion as to the realisability/
recoverability of amount paid as an advance for purchase of immovable
properties amounting to Rs. 67,35,000/- paid in earlier years for which
company does not have any documents except receipts, considered to be
doubtful and not provided for (Refer Note no. 2 (c) in Schedule 14).
5. In our opinion and to the best of our information and according to
the explanations given to us, and subject to what is stated in
paragraph (f) above, the impact thereof on the results and assets of
the Company is presently not ascertainable, The said accounts read
together with the Significant Accounting Policies and other notes
appearing in Schedule 14 and elsewhere in the accounts, give the
information required by the Act in the manner so required and give a
true and fair view:
(i) In the case of the Balance Sheet, of state of affairs of the
Company as at 31st March, 2010 and (ii) In the case of the Profit and
Loss Account, of the "Profit" of the Company for the year ended on that
date.
(iii) in the case of the Cash Flow Statements of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 3 of our
report of even date)
1. (a) The Company has maintained its records showing full particulars
including quantitative details and situation of fixed assets.
(b) The fixed assets have been physically verified by the management
during the year at reasonable intervals.
(c) The disposal of assets during the year were not substantial so as
to have an impact on the operations of the Company, or affect its going
concern.
2. Physical verification has been conducted by the management at
reasonable intervals in respect of stocks of shares and securities and
no discrepancies were noticed between physical and book stock.
3. (a) The Company has not granted loans to the Companies listed in
the register maintained under section 301 of the Act and under the same
management as defined under section 370(B) of the Act. (b) The Company
has not taken any unsecured loans from the Company listed in the
register maintained under section 301 of the Act and under the same
management as defined under section 370(1 B) of the Act.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business. During the
process of our audit, no major weakness has been noticed in the
internal control systems.
5. Based on the audit procedures applied by us and according to the
information and explanations provided by the management, there are no
transaction during the year that need to be entered In the register in
pursuance of section 301 of the Act.
6. In our opinion and according to the information and explanation
given to us, the Company has not taken or accepted any deposits from
the public, therefore provisions of section 58A and 58AA of the
Companies Act are not applicable to the Company.
7. The internal audit system is adequate commensurate with the size of
the Company and nature of its business.
8. According to the information and explanation given to us, the
Central Government has not prescribed the maintenance of cost records
required u/s 209(1) (d) of the Companies Act, 1955.
9. According to the records of the Company, the Company is regular in
depositing with appropriate authorities undisputed statutory dues
including provident fund, investor education protection fund, employees
state insurance, income tax, sales tax, wealth tax custom duty, excise
duty cess and other statutory dues applicable to it According to the
explanations given to us. there were no undisputed amounts payable in
respect of such statutory dues, which have remained outstanding as at
31st March 2010 for a period of more than six months.
(a) According to information and explanations given to us, there are no
amount pending on account of disputes with any statutory authorities.
10. The Company does not have accumulated losses more than 50% of the
net worth and therefore, this clause is not applicable to the company.
11. According to the information and explanation given to us, the
Company has not defaulted in repayment of dues to the banks.
12. Based on our examinations of the records and information and
explanations given to us, the Company has not granted any
loans/advances on the basis of security by way of pledge of shares/
debentures or any other securities.
13. The Company is not a chit fund or a nidhi / mutual benefit fund /
society. Therefore, the provisions of this clause are not applicable
to the Company.
14. According to the information and explanations given to us, proper
records have been maintained by the Company of the transaction and
records in respect of dealing in shares, securities and other
investments.
15. The Company has not given counter guarantee for the loans taken by
others.
16. The Company has not taken term loan and therefore, this clause is
not applicable to the Company.
17. Based on the examination of documents and records made available
and on the basis of information and explanations given to us the
Company has not used funds raised on short term basis for long term
investments and vice versa.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained u/s 301 of the
Act.
19. No debentures has been issued by the Company during the year.
20. The Company has not raised money through public issues during the
year.
21. Based on the audit procedures performed and according to the
information and explanations given by the management, we report that no
fraud on or by the Company has been noticed or reported during the
year.
For AMAR BAFNA & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN 114854W
AMAR BAFNA
Place: Mumbai PARTNER
Date : 25th June, 2010 M. No. 048639
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