Mar 31, 2015
We have audited the accompanying financial statements of Modern Shares
& Stockbrokers Limited ("the Company") which comprise the Balance Sheet
as at March 31,2015, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management's Responsibility for 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 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 financial
statements based on our audit. While conducting the audit we have taken
into account the provision 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 thereunder.
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 the 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 the accounting policies used and the
reasonableness of the accounting estimates made by the 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 on financial
statement.
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, 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 of
the Company for the year ended on that date;
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, 2015 ("the
Order"), issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Companies Act, 2015, we give in
the Annexure a statement on 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, 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 aforesaid 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 the written representations received from the
directors as on 31st March, 2015 taken on record by the board of
Directors, none of the directors is disqualified as on 31st
March, 2015 from being appointed as a director in terms of Section
164(2) of the Act.
f) 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 explanations given to us:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 2.23 to the
financial statements
ii. The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long-term contracts including derivative contracts; and
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company
The annexure referred to in our Independent Auditor's to members of the
company on financials statement for the year ended 31 March, 2015, we
report that :
1. (a) The company is maintaining proper records showing full
particulars, including quantitative details and situationof fixed
assets;
(b) Some of the fixed assets were physically verified during the year
by the management in accordance with a program of verification, which
in our opinion provides for physical verification of all the fixed
assets at reasonable intervals. According to the information and
explanation given to us no material discrepancies were noticed on such
verification.
2. The company is a service company. Accordingly, it does not hold any
physical inventories and, accordingly, paragraph 3 (ii) of the Order is
not applicable.
3. The company has neither granted nor taken any loans, secured or
unsecured to companies, firms or other parties covered in the register
maintained under section 189 of the Companies Act, 2013 ("the Act").
4. In our opinion and according to 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, with regards to
purchase of fixed assets and sale of services. During the course of our
audit no major weakness has been noticed in the aforesaid internal
control system.
5. The Company has not accepted any deposits from the public covered
under section 73 to 76 of the Act.
6. In respect of the activities of the company, maintenance of cost
records has not been prescribed by the Central Government under sub-
section (1) of section 148 of the Companies Act, 2013.
7. (a) According to the information and explanations given to us and
on the basis of our examination of the books of accounts, the Company
is generally regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees'State
Insurance, Income Tax, Wealth Tax, Service Tax, Professional Tax and
other applicable Statutory dues with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Investor
Education and Protection Fund, Employees' State Insurance, Income Tax,
Wealth Tax, Service Tax and Professional Tax 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, there
are no material dues of Provident Fund, Investor Education and
Protection Fund, Employees' State Insurance, Income Tax, Wealth Tax,
Service Tax, Professional Tax and other applicable Statutory dues which
have not been deposited with the appropriate authorities on account of
any dispute.
(c) According to records of the Company examined by us and information
and explanations given to us, the company has transferred an amount of
Rs. 24,445/- to investor education and protection fund in accordance
with section 124 (5) of The Companies Act, 2013 and rules there under.
8. The company does not have any accumulated losses as at the end of
the financial year and has not incurred any cash losses during the
financial year covered by our audit and also in the immediately
preceding financial year.
9. According to records of the Company examined by us and information
and explanations given to us, the company has not defaulted in
repayment of dues to banks. There are no borrowings from financial
institutions and debenture holders.
10. 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 or debenture holders and accordingly
paragraph 3 (x) of the Order is not applicable to the company.
11. According to the records of the company and according to the
information and explanation given to us, no term loan is availed by the
company during the year and accordingly paragraph 3 (xi) of the Order
is not applicable to the company.
12. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor we
have been informed of such by the management.
For Bhandari Dastur Gupta & Associates
Chartered Accountants
Firm Registration No.: 119739W
Sunil Bhandari
(Partner)
(Membership No: 047981)
Place: Mumbai
Date : May 29, 2015
Mar 31, 2014
We have audited the accompanying financial statements of Modern Shares
& Stock Brokers Limited ("the Company") which comprise the balance
sheet as at March 31,2014 and 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 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 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. 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.
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, but not for the
purpose of expressing an opinion on effectiveness of 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 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 31 March 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.
Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, issued by the Central Government of India in
terms of sub-section (4A) of section 227 of the Act, we give in the
Annexure a statement on the matters specified in paragraphs 4 and
5 of the Order.
2. As required by section 227(3) of the Act, we report that:
(a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
(c) the 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, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
notified under the Companies Act, 1956 read with the General Circular
15/ 2013 dated 13 September 2013 of the Ministry of Corporate Affairs
in respect of section 133 of the Companies Act, 2013; and
(e) on the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDITORS'' REPORT TO THE
MEMBERS OF MODERN SHARES & STOCKBROKERS LIMITED
i. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of its fixed
assets.
b) Some of the fixed assets were physically verified during the year by
the management in accordance with a program of verification, which in
our opinion provides for physical verification of all the fixed assets
at reasonable intervals. According to the information and explanations
given to us no material discrepancies were noticed on such
verification.
c) The Company has not disposed off substantial parts of its fixed
assets.
ii. The Company is a service Company. Accordingly, it does not hold any
physical inventories and, accordingly, paragraphs 4 (ii) of the Order
is not applicable
iii. a) The Company has neither granted nor taken any loans, secured or
unsecured, to companies, firms or other parties covered in the register maintained under section 301 of the Act and, accordingly, paragraphs 4
(iii) (b), (c) (d), (f) and (g) of the Order are not applicable.
iv. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with
regards to purchase of fixed assets and sale of services. During the
course of our audit no major weakness has been noticed in the aforesaid
internal control system.
v. (a) Based on our audit procedures and according to the information
and explanations provided to us, we are of the opinion that 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) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts and
arrangements referred to in (a) above and exceeding the value of Rs. 5
Lac with any party during the year have been made at prices which are
reasonable having regard to the prevailing market prices at the
relevant time.
vi. The Company has not accepted any deposits as defined under section
58A and 58 AA of the Companies Act, 1956 and the Rules framed there
under.
vii. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
viii. In respect of the activities of the Company, maintenance of cost
records has not been prescribed by the Central Government under section
209(1)(d) of the Companies Act, 1956.
ix (a) On the basis of our examination of books of accounts and
according to the information and explanation provided to us, the
Company is generally regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Income-tax, Sales-tax, Wealth Tax, Service Tax, professional tax and
other applicable statutory dues with the appropriate authorities.
(b) According to the information and explanations given to us, there
are no undisputed liabilities of Income- tax, Sales-tax, Wealth Tax,
Service Tax, professional tax and Investor Education and Protection
Fund were outstanding as at March 31, 2014 for a period of more than
six months from the date they became payable.
(c) There are no dues of Income Tax, Sales Tax, Wealth Tax, Service
Tax, Customs duty, which have not been deposited on account of any
disputes.
x. The Company does not have any accumulated losses at the end of the
financial year and has not incurred any cash losses during the
financial year under audit and in the immediately preceding financial
year.
xi. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks. There are no borrowings from financial institutions and
debenture holders.
xii. According to records of the Company and according to the
information and explanation provided 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 and, accordingly, paragraph 4
(xii) of the Order is not applicable to the Company.
xiii. The Company is not a chit fund or a nidhi / mutual benefit fund /
society and, accordingly, the paragraph 4(xiii) of the Order is not
applicable to the Company.
xiv. Based on our audit procedures and according to the information and
explanation provided to us, we are of the opinion that the Company has
maintained proper records of the transactions and contracts in respect
of dealing and trading in shares, derivatives, securities, debentures
and other investments during the year.
xv. According to information and explanations provided to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions and, accordingly, paragraph 4(xv) of
the Order is not applicable to the Company.
xvi. According to the records of the Company and according to the
information and explanations given to us, no term loan is availed by
the Company during the year and, accordingly, paragraph 4 (xvi) of the
Order is 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 report
that no funds raised on short term basis have been used for the purpose
of long term investments.
xviii. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Act and, accordingly, paragraph 4
(xviii) of the Order is not applicable to the Company.
xix. There are no debentures issued by the Company and, accordingly,
paragraph 4 (xix) of the Order is not applicable to the Company.
xx. The Company has not raised any money by public issue, and
accordingly paragraph 4(xx) of the Order is not applicable to the
Company.
xxi. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such by the Management.
For Bhandari Dastur Gupta & Associates
Chartered Accountants
FRN: 119 739W
Sd/-
Date : 2nd June 2014 Sunil Bhandari
Place : Mumbai Partner
Membership Number: 047981
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Modern Shares
& Stock Brokers Limited ("the Company") which comprise the balance
sheet as at March 31, 2013 and 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 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 Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"), This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
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 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 31 March 2013;
(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.
Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order. 2003 (''"the
Order"), as amended, issued by the Central Government of India in terms
of sub-section {4A) of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the
Order.
2. As required by section 227(3) of the Act, we report that:
(a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
(c) the 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
subsection (3C) of section 211 of the Companies Act. 1956; and
(e) on the basis of written representations received from the directors
as on 31 March 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2013, from being
appointed as a director in terms of clause (g) of sub-section (I) of
section 274 of the Companies Act, 1956.
(i) Since the Central Government has not issued any notification as to
the rate at which the cess to be paid under section 441A of the
companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the company.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDITORS'' REPORT TO THE
MEMBERS OF MODERN SHARES & STOCKBROKERS LIMITED
i. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of its fixed
assets.
b) Some of the fixed assets were physically verified during the year by
the management in accordance with a program of verification, which in
our opinion provides for physical verification of all the fixed assets
at reasonable intervals. According to the information and explanations
given to us no material discrepancies were noticed on such
verification.
c) The Company has not disposed off substantial parts of its fixed
assets.
ii. The Company is a service Company. Accordingly, it does not hold any
physical inventories and, accordingly, paragraphs 4 (ii) of the Order
is not applicable
iii. a) The Company has neither granted nor taken any loans, secured or
unsecured, to companies, firms or other parties covered in the register
maintained under section 301 of the Act and, accordingly, paragraphs 4
(iii) (b). (c) (d). (f) and (g) of the Order are not applicable.
iv. In our opinion and according to the information and explanations
given to us there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with
regards to purchase of fixed assets and sale of services. During the
course of our audit no major weakness has been noticed in the aforesaid
internal control system.
v. (a) Based on our audit procedures and according to the information
and explanations provided to us, we are of the opinion that 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) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts and
arrangements referred to in (a) above and exceeding the value of Rs. 5
Lac with any party during the year have been made at prices which are
reasonable having regard to the prevailing market prices at the
relevant time.
vi. The Company has not accepted any deposits as defined under section
58A and 58 AA of the Companies Act, 1956 and the Rules framed there
under.
vii. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
viii. In respect of the activities of the Company, maintenance of cost
records has not been prescribed by the Central Government under section
209(l)(d) of the Companies Act. 1956.
ix (a) On the basis of our examination of books of accounts and
according to the information and explanation provided to us, the
Company is generally regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Income-tax, Sales-tax, Wealth Tax, Service Tax, professional tax and
other applicable statutory dues with the appropriate authorities.
(b) According to the information and explanations given to us, there
are no undisputed liabilities of Income-tax,
Sales-tax, Wealth Tax, Service Tax. professional lax and Investor
Education and Protection Fund were outstanding as at March 31, 2013 for
a period of more than six months from the date they became payable.
(c) There are no dues of Income Tax, Sales Tax, Wealth Tax, Service
Tax, Customs duty, which have not been deposited on account of any
disputes.
x. The Company does not have any accumulated losses at the end of the
financial year and has not incurred any cash losses during the
financial year under audit and in the immediately preceding financial
year.
xi. In our opinion and according to the information and explanations
given to us. the Company has not defaulted in repayment of dues to
banks. There are no borrowings from financial institutions and
debenture holders.
xii. According to records of the Company and according to the
information and explanation provided 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 and. accordingly, paragraph 4
(xii) of the Order is not applicable to the Company.
xiii. The Company is not a chit fund or a nidhi / mutual benefit fund /
society and, accordingly, the paragraph 4(xiii) of the Order is not
applicable to the Company.
xiv. Based on our audit procedures and according to the information and
explanation provided to us, we are of the opinion that the Company has
maintained proper records of the transactions and contracts in respect
of dealing and trading in shares, derivatives, securities, debentures
and other investments during the year.
xv. According to information and explanations provided to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions and. accordingly, paragraph 4(xv) of
the Order is not applicable to the Company.
xvi. According to the records of the Company and according to the
information and explanations given to us, no term loan is availed by
the Company during the year and, accordingly, paragraph 4 (xvi) of the
Order is 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 report
that no funds raised on short term basis have been used for the purpose
of long term investments.
xviii. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Act and, accordingly, paragraph 4
(xviii) of the Order is not applicable to the Company.
xix. There are no debentures issued by the Company and. accordingly,
paragraph 4 (xix) of the Order is not applicable to the Company.
xx. The Company has not raised any money by public issue, and
accordingly paragraph 4(xx) of the Order is not applicable to the
Company.
xxi. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such by the Management.
For Bhandari Dastur Gupta & Associates
Chartered Accountants FRN: 119 739W
Sd/-
Ritesh M Dedhia
Date : 17th May 2013 Partner
Place : Mumbai Membership Number: 117607
Mar 31, 2012
1. We have audited the attached Balance Sheet of Modern Shares &
Stockbrokers Limited as at March 31, 2012, the Profit and Loss Account
and also the Cash flow statement for the year ended on that date,
annexed thereto. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2. We conducted our 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 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 the 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 ("the
Order") issued by the Central Government of India in terms of section
227 (4A) of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order:
4. Further to our comments in the Annexure referred to above, we
report that:
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
the those books.
c. The balance sheet, profit and loss account and the cash flow
statements dealt with by this report are in agreement with the books of
account.
d. In our opinion, the balance sheet and the profit and loss account
comply with the accounting standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956 to the extent applicable.
e. On the basis of the written representations received from the
directors as on March 31, 2012, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2012 from being appointed as a director under section
274(1)(g) of the Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, read 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, 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, 2012; and
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
(iii) in the case of the Cash Flow statement, of the cash flow for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDITORS' REPORT TO THE
MEMBERS OF Modern
Shares & Stockbrokers Limited.
i. a) The Company has maintained proper records showing full
particulars, including quantitative details
and situation of its fixed assets.
b) Some of the fixed assets were physically verified during the year by
the management in accordance with a program of verification, which in
our opinion provides for physical verification of all the fixed assets
at reasonable intervals. According to the information and explanations
given to us no material discrepancies were noticed on such
verification.
c) The Company has not disposed off substantial parts of its fixed
assets.
ii. The Company is a service Company. Accordingly, it does not hold
any physical inventories and, accordingly, paragraphs 4 (ii) of the
Order is not applicable
iii. a) The Company has neither granted nor taken any loans, secured or
unsecured, to companies, firms or other parties covered in the register
maintained under section 301 of the Act and, accordingly, paragraphs 4
(iii) (b), (c) (d), (f) and (g) of the Order are not applicable.
iv. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with
regards to purchase of fixed assets and sale of services. During the
course of our audit no major weakness has been noticed in the aforesaid
internal control system.
v. (a) Based on our audit procedures and according to the information
and explanations provided to us, we are of the opinion that 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) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts and
arrangements referred to in (a) above and exceeding the value of Rs. 5
Lac with any party during the year have been made at prices which are
reasonable having regard to the prevailing market prices at the
relevant time.
vi. The Company has not accepted any deposits as defined under section
58A and 58 AA of the Companies Act, 1956 and the Rules framed there
under.
vii. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
viii. In respect of the activities of the Company, maintenance of cost
records has not been prescribed by the Central Government under section
209(1)(d) of the Companies Act, 1956.
ix (a) On the basis of our examination of books of accounts and
according to the information and explanation provided to us, the
Company is generally regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Income-tax, Sales-tax, Wealth Tax, Service Tax, professional tax and
other applicable statutory dues with the appropriate authorities.
(b) According to the information and explanations given to us, there
are no undisputed liabilities of Income- tax, Sales-tax, Wealth Tax,
Service Tax, professional tax and Investor Education and Protection
Fund were outstanding as at March 31, 2012 for a period of more than
six months from the date they became payable.
(c) There are no dues of Income Tax, Sales Tax, Wealth Tax, Service
Tax, Customs duty, which have not been deposited on account of any
disputes.
x. The Company does not have any accumulated losses at the end of the
financial year and has not incurred any cash losses during the
financial year under audit and in the immediately preceding financial
year.
xi. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks. There are no borrowings from financial institutions and
debenture holders.
xii. According to records of the Company and according to the
information and explanation provided 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 and, accordingly, paragraph 4
(xii) of the Order is not applicable to the Company.
xiii. The Company is not a chit fund or a nidhi / mutual benefit fund
/ society and, accordingly, the paragraph 4(xiii) of the Order is not
applicable to the Company.
xiv. Based on our audit procedures and according to the information and
explanation provided to us, we are of the opinion that the Company has
maintained proper records of the transactions and contracts in respect
of dealing and trading in shares, derivatives, securities, debentures
and other investments during the year.
xv. According to information and explanations provided to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions and, accordingly, paragraph 4(xv) of
the Order is not applicable to the Company.
xvi. According to the records of the Company and according to the
information and explanations given to us, no term loan is availed by
the Company during the year and, accordingly, paragraph 4 (xvi) of the
Order is 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 report
that no funds raised on short term basis have been used for the purpose
of long term investments.
xviii. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Act and, accordingly, paragraph 4
(xviii) of the Order is not applicable to the Company.
xix. There are no debentures issued by the Company and, accordingly,
paragraph 4 (xix) of the Order is not applicable to the Company.
xx. The Company has not raised any money by public issue, and
accordingly paragraph 4(xx) of the Order is not applicable to the
Company.
xxi. To the best of our knowledge and according to 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.
For Bhandari Dastur Gupta & Associates
Chartered Accountants
FRN: 119 739W
Sd/-
Ritesh M Dedhia
Date: June 01, 2012 Partner
Place: Mumbai Membership Number: 117607
Mar 31, 2011
1. We have audited the attached Balance Sheet of Modern Shares &
Stockbrokers Limited as at 31st March 2011, the Profit and Loss Account
and also the Cash flow statement for the year ended on that date,
annexed thereto. These financial statements are the responsibility of
the CompanyÃs management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2. 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 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 the 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 (AuditorÃs Report) Order, 2003 ("the
OrderÃ) issued by the Central Government of India in terms of section
227 (4A) of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order:
4. Further to our comments in the Annexure referred to above, we
report that:
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
the those books.
c. The balance sheet, profit and loss account and the cash flow
statements dealt with by this report are in agreement with the books of
account.
d. In our opinion, the balance sheet and the profit and loss account
comply with the accounting standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956 to the extent applicable.
e. On the basis of the written representations received from the
directors as on March 31, 2011, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2011 from being appointed as a director under section
274(1)(g) of the Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, read 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, 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 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; and (iii) in the case of the
Cash Flow statement, of the cash flow for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDITORSÃ REPORT TO THE
MEMBERS OF MODERN SHARES & STOCKBROKERS LIMITED
i. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of its fixed
assets.
b) Some of the fixed assets were physically verified during the year by
the management in accordance with a programme of verification, which in
our opinion provides for physical verification of all the fixed assets
at reasonable intervals. According to the information and explanations
given to us no material discrepancies were noticed on such
verification.
c) The Company has not disposed off substantial parts of its fixed
assets.
ii. The Company is a service Company. Accordingly, it does not hold any
physical inventories and, accordingly, paragraphs 4 (ii) of the Order
is not applicable
iii. a) The Company has neither granted nor taken any loans, secured or
unsecured, to companies, firms or other parties covered in the register
maintained under section 301 of the Act and, accordingly, paragraphs 4
(iii) (b), (c) (d), (f) and (g) of the Order are not applicable.
iv. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system com mensurate
with the size of the Company and the nature of its business with
regards to purchase of fixed assets and sale of services. During the
course of our audit no major weakness has been noticed in the aforesaid
internal control system.
v. (a) Based on our audit procedures and according to the information
and explanations provided to us, we are of the opinion that 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) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts and
arrangements referred to in (a) above and exceeding the value of Rs. 5
Lac with any party during the year have been made at prices which are
reasonable having regard to the prevailing market prices at the
relevant time.
vi. The Company has not accepted any deposits as defined under section
58A and 58 AA of the Companies Act, 1956 and the Rules framed there
under.
vii. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
viii. In respect of the activities of the Company, maintenance of cost
records has not been prescribed by the Central Government under section
209(1)(d) of the Companies Act, 1956.
ix (a) On the basis of our examination of books of accounts and
according to the information and explanation provided to us, the
Company is generally regular in depositing undisputed statutory dues
undisputed, including Provident Fund, Investor Education and Protection
Fund, Income-tax, Sales-tax, Wealth Tax, Service Tax, professional tax
and other applicable statutory dues with the appropriate authorities.
(b) According to the information and explanations given to us, there
are no undisputed liabilities of Income-tax, Sales-tax, Wealth Tax,
Service Tax, professional tax and Investor Education and Protection
Fund were outstanding as at March 31, 2011 for a period of more than
six months from the date they became payable.
(c) There are no dues of Income Tax, Sales Tax, Wealth Tax, Service
Tax, Customs duty, which have not been deposited on account of any
disputes.
x. The Company does not have any accumulated losses at the end of the
financial year and has not incurred any cash losses during the
financial year under audit and in the immediately preceding financial
year.
xi. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks. There are no borrowings from financial institutions and
debenture holders.
xii. According to records of the Company and according to the
information and explanation provided 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 and, accordingly,
paragraph 4 (xii) of the Order is not applicable to the Company.
xiii. The Company is not a chit fund or a nidhi / mutual benefit fund /
society and, accordingly, the paragraph 4(xiii) of the Order is not
applicable to the Company.
xiv. Based on our audit procedures and according to the information and
explanation provided to us, we are of the opinion that the Company has
maintained proper records of the transactions and contracts in respect
of dealing and trading in shares, derivatives, securities, debentures
and other investments during the year.
xv. According to information and explanations provided to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions and, accordingly, paragraph 4(xv) of
the Order is not applicable to the Company.
xvi. According to the records of the Company and according to the
information and explanations given to us, no term loan is availed by
the Company during the year and, accordingly, paragraph 4 (xvi) of the
Order is 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 report
that no funds raised on short term basis have been used for the purpose
of long term investments.
xviii. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Act and, accordingly, paragraph 4
(xviii) of the Order is not applicable to the Company.
xix. There are no debentures issued by the Company and, accordingly,
paragraph 4 (xix) of the Order is not applicable to the Company.
xx. The Company has not raised any money by public issue, and
accordingly paragraph 4(xx) of the Order is not applicable to the
Company.
xxi. To the best of our knowledge and according to 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.
For Bhandari Dastur Gupta & Associates
Chartered Accountants
FRN : 19739W
Sd/-
Ritesh Dedhia
Date : May 30, 2011 (Partner)
Place : Mumbai Membership No. 117607
Mar 31, 2010
1. We have audited the attached Balance Sheet of Modern Shares &
Stockbrokers Limited as at 31st March 2010, the Profit and Loss Account
and also the Cash flow statement for the year ended on that date,
annexed thereto. These financial statements are the responsibility of
the Companys management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2. 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 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 the 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 ("the
Order") issued by the Central Government of India in terms of section
227 (4A) of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order:
4. Further to our comments in the Annexure referred to above, we
report that:
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
the those books.
c. The balance sheet, profit and loss account and the cash flow
statements dealt with by this report are in agreement with the books of
account,
d. In our opinion, the balance sheet and the profit and loss account
comply with the accounting standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956 to the extent applicable.
e. On the basis of the written representations received from the
directors as on March 31, 2010, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2010 from being appointed as a director under section
274(l)(g) of the Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts , read 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, 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 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; and
(iii) in the case of the Cash Flow statement, of the cash flow for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDITORS REPORT TO THE
MEMBERS OF Modern Shares & Stockbrokers Limited.
i. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of its fixed
assets.
b) Some of the fixed assets were physically verified during the year by
the management in accordance with a programme of verification, which in
our opinion provides for physical verification of all the fixed assets
at reasonable intervals. According to the information and explanations
given to us no material discrepancies were noticed on such
verification.
c) The Company has not disposed off substantial parts of its fixed
assets.
ii. The Company is a service company. Accordingly, it does not hold any
physical inventories and, accordingly, paragraphs 4 (ii) of the Order
is not applicable
iii. a) The Company has neither granted nor taken any loans, secured or
unsecured, to companies, firms or other parties covered in the register
maintained under section 301 of the Act and, accordingly, paragraphs 4
(iii) (b), (c) (d), (f) and (g) of the Order are not applicable.
iv. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of fixed assets and sale of services. During the course of
our audit no major weakness has been noticed in the aforesaid internal
control system.
v. (a) Based on our audit procedures and according to the information
and explanations provided to us, we are of the opinion that 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) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts and
arrangements referred to in (a) above and exceeding the value of Rs. 5
Lac with any party during the year have been made at prices which are
reasonable having regard to the prevailing market prices at the
relevant time.
vi. The Company has not accepted any deposits as defined under section
58A and 58 AA of the Companies Act, 1956 and the Rules framed there
under.
vii. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
viii. In respect of the activities of the Company, maintenance of cost
records has not been prescribed by the Central Government under section
209(l)(d) of the Companies Act 1956.
ix (a) On the basis of our examination of books of accounts and
according to the information and explanation provided to us, the
Company is generally regular in depositing undisputed statutory dues,
including Provident Fund, Investor Education and Protection Fund,
Income-tax, Sales-tax, Wealth Tax, Service Tax, professional tax and
other applicable statutory dues with the appropriate authorities.
(b) According to the information and explanations given to us, there
are no undisputed liabilities of Income-tax, Sales-tax, Wealth Tax,
Service Tax, professional tax and Investor Education and Protection
Fund were outstanding as at March 31, 2010 for a period of more than
six months from the date they became payable.
(c) There are no dues of Income Tax, Sales Tax, Wealth Tax, Service
Tax, Customs duty, which have not been deposited on account of any
disputes.
x. The Company does not have any accumulated losses at the end of the
financial year and has not incurred any cash losses during the
financial year under audit and in the immediately preceding financial
year.
xi. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks. There are no borrowings from financial institutions and
debenture holders.
xii. According to records of the Company and according to the
information and explanation provided 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 and, accordingly, paragraph 4
(xii) of the Order is not applicable to the Company.
xiii. The Company is not a chit fund or a nidhi / mutual benefit fund /
society and, accordingly, the paragraph 4(xiii) of the Order is not
applicable to the Company.
xiv. Based on our audit procedures and according to the information and
explanation provided to us, we are of the opinion that the Company has
maintained proper records of the transactions and contracts in respect
of dealing and trading in shares, derivatives, securities, debentures
and other investments during the year.
xv. According to information and explanations provided to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions and, accordingly, paragraph 4(xv) of
the Order is not applicable to the Company.
xvi. According to the records of the Company and according to the
information and explanations given to us, no term loan is availed by
the Company during the year and, accordingly, paragraph 4 (xvi) of the
Order is 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 report
that no funds raised on short term basis have been used for the purpose
of long term investments.
xviii During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Act and, accordingly, paragraph 4
(xviii) of the Order is not applicable to the Company.
xix There are no debentures issued by the Company and, accordingly,
paragraph 4 (xix) of the Order is not applicable to the Company.
xx The Company has not raised any money by public issue, and
accordingly paragraph 4(xx) of the Order is not applicable to the
Company.
xxi To the best of our knowledge and according to 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.
For BHANDARI DASTUR GUPTA & ASSOCIATES
Chartered Accountants
SUNIL BHANDARI
Date : May 26, 2010 (Partner)
Place : Mumbai Membership no. 47981
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