Mar 31, 2015
We have audited the accompanying financial statements of NORTHLINK
FISCAL AND CAPITAL SERVICES 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.
Managements' 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 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 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 of 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.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the 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 of the financial statement 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 controls systems
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 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 financial
statements.
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, of the state of affairs of the company as
at 31st March, 2015 and its profit and its cash flows for the year
ended on that date except the following.
a. The company is not registered with Service Tax Act for the Goods
Transport Agency service availed during the year 2014-15 and not paid
any service tax on the payment of freight paid.
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 section
143 of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 3 and 4 of the Order.
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
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 aforesaid financial statement comply with the
Accounting Standards specified under Section 133 of the Act 2013 read
with the rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on March 31, 2015, and 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.
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 no pending litigation with any department so no
impact on its financial statements.
ii) As there is not any material foreseeable losses, on long term
contracts, therefore the company has not made any provision, required
under the applicable law or accounting standards.
iii) There has been no delay in transferring amounts, required to be
transferred if any, to the investor Education and Protection Fund by
the Company.
(i) (a) The company has maintained the proper records showing the full
particulars including quantitative details and situation of all the
fixed assets.
(b) The fixed assets are physical verified by the management according
to a phased programme designed to cover all the items every year, which
in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets pursuant to the programme a portion of the
fixed assets has been physically verified by the management during the
year and no martial discrepancies were noticed on such verification.
(ii) (a) In our opinion, and according to the information and
explanations given to us, the inventory of the company has been
physically verified by the management during the year.
(b) In our opinion, and according to the information and explanations
given to us, the procedures of physical verification followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of inventories.
As explained to us, the discrepancies noticed on verification between
the physical stock and the book records were not material and have been
properly dealt with in the books of accounts.
(iii) (a) As informed to us, the company is NBFC and given unsecured
loan during the year 2014-15 to the other parties ( Charitable Trust)
of Rs. 21.02 Lac and the total o/s balance is Rs. 101.02 Lac covered
in the register maintained under section 189 of the Companies Act,
2013.
(b) The company is receiving the interest on regularly and the
principal amount is not yet due.
(c) There is no overdue amount (o/s) as on 31.3.2015.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and nature of its business for the
purchase of inventory and fixed assets and for the sale of goods and
services. Further, on the basis 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 nor have been
informed of any instance of a continuing failure to correct major
weakness in the aforesaid internal control system.
(v) The Company has not accepted any deposits from the public within
the meaning of directives issued by the Reserve Bank of India and
provisions of section 73 to 76 or any other relevant provisions of the
Companies Act, 2013 and the rules framed there under.
(vi) The Central Govt. has not prescribed the maintenance of cost
records under section 148(1) of the Companies Act, 2013 for any of the
services/material rendered or supply by the company.
(vii)(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 generally regular in depositing undisputed statutory dues in respect
of provided fund, investor education and protection fund, employee's
state insurance, income tax, sale tax, wealth tax, service tax, customs
duty, excise duty, cess and other material statutory dues as applicable
with the appropriate authorities. Further, there were no undisputed
amounts outstanding at the year-end 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, the company has no dues of
Income Tax, Sales tax, Custom Duty, Wealth tax, Excise duty, Service
Tax and cess, which have not been deposited on account of any dispute.
(c) The company has no payment required to be transferred to investor
education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 ( 1 of 1956) and rules made there
under within time.
(viii) The company does not have any accumulated loss as at the close
of the financial year. Further the company has not incurred cash
losses during the financial year covered by our audit and the
immediately preceding financial year.
(ix) According to the records of the company examined by us and the
information and explanation given to us, in our opinion, the company
has not defaulted in repayment of its dues to banks/ financial
institutes.
(x) As per information and explanations given to us, on the basis of
the records, the company has not given any guarantee for loans taken by
others from banks or financial institutions.
(xi) As per the information and explanations given to us, on the basis
of our examination of the records, the company has taken loan for the
purchase of car and truck during the year 2014-15 and the same has been
applied for the purpose for which the loan taken.
(xii) 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, 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 case by the management.
Place : LUDHIANA For PARMOD G GUPTA & ASSOCIATES
Dated : 30.05.2015 CHARTERED ACCOUNTANTS
(FIRM'S REG. NO. 018870 N)
(PARMOD GUPTA)
PARTNER
M. NO. 096109
Mar 31, 2014
We have audited the accompanying financial statements of NORTHLINK
FISCAL AND CAPITAL SERVICES LIMITED which comprise the Balance Sheet as
at March 31, 2014, the Statement of Profit and Loss and cash flows
statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Managements' Responsibility for the Financial Statements
The 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") read with the General Circular
15/2013 dt. 13.09.2013 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.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. 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 March 31,2014;
b) in the case of the statement of Profit and Loss Account, 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 ("the
Order") as amended issued by the Central Government of India in terms
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;read with the
General Circular 15/2013 dt.13.09.2013 of the Ministry of Corporate
Affairs in respect of Section 133 of the Companies Act, 2013.
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors except Sh.Sunny Maria 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 Companies Act, 1956.
THE ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO
THE MEMBERS OF NORTHLINK FISCAL AND CAPITAL SERVICES LIMITED ON THE
ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2014.
(i) The company is maintaining the proper records showing the full
particulars including quantitative details and situation of all the
fixed assets.
(b) The fixed assets has been physical verified by the management at
reasonable interval and no discrepancies has been found on such
verification.
(c) As per the information and explanation given to us, no substantial
part of the fixed assets has been disposed off during the year.
(ii) (a) As per information and explanations given to us and on the
basis of examination of records, we are of the opinion that physical
verification of inventory has been conducted by the management at
reasonable intervals during the year.
(b) As per information and explanation given to us, the procedures of
verification of inventory with record followed by the management is
reasonable and adequate in relation to the size of the company and
nature of its business.
(c) On the basis of examination of records maintained by the company,
we are of the opinion that the company is maintaining stock register.
Further no material discrepancies were noticed on physical verification
of stock made by the management.
(iii) In our opinion and according to the information and explanations
given to us, the company has granted secured or unsecured loans to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act,1956 during the year 2013-14 for
Rs. 5646588/- and the balance O/S as on 31.03.2014 is Rs. 9407657/-. In
the absence of agreement no opinion is given with regards to terms and
condition and rate of Intt.
(e) In our opinion and according to the information and explanations
given to us, the company has not taken unsecured loan during the year
2013-14 from parties covered in the register maintained under section
301 of the Companies Act, 1956. So, the sub clause (e) and (g) of
clause (iii) of the paragraph 4 of the companies (Auditor's Report)
order 2003 is not applicable to the company.
(iv) In our opinion and according to the information and explanations
given to us,there are adequate internal control procedures commensurate
with the size of the company and nature of its business. During the
course of our audit we have not observed any major weakness in internal
controls.
(v) (a) As per information and explanation given to us, we are of the
opinion that transactions that need to be entered into the register
maintained under section 301 of the Companies Act, 1956 have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, the Company has made transaction in pursuance of contracts
or arrangements entered in the register maintained under section 301 of
the Companies Act 1956 exceeding the value of Rs.5 Lac in respect of
the each party during the year 2013-14 at the rates prevailing in the
market.
(vi) In our opinion and according to the information and explanations
given to the company has not accepted any deposits within the meaning
Section 58A,58AA or any other provisions of the Companies Act, 1956 and
the rules framed there under during the year ending 31st March, 2014.
(vii) In our opinion and on the basis of examination of records, the
company has an adequate internal audit system commensurate with its
and nature of its business.
(viii) As per information and explanations given to us, the Central
Govt, has not prescribed to the company to maintain any cost records so
the Clause (viii) of the paragraph 4 of the Companies(Auditor's Report)
Order,2003 relating to maintenance of cost records is not applicable to
the company.
(ix) (a) The Company is regular in depositing with the appropriate
authorities any undisputed statutory dues during the year as applicable
to the company.
(x) (b) According to the information and explanations given to us,
there are no dues of Income Tax ,Sales tax, Wealth tax, Service Tax ,
Custom Duty, and cess which have been deposited on account of any
dispute.
(xi) In our opinion and according to the information and explanations
provided to us, there is no accumulated losses with the company .The
company has not incurred any cash losses in the current year and not in
immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
provided to us, the company is not defaulted in repayment of dues to a
financial Institute or bank or debenture holders .
(xii) As per information and explanations given to us, we are of the
opinion that the company has not granted loan and advances on the basis
of security by way of pledge of shares,debentures and other securities.
So the requirement of maintenance of documents and records in regard to
loans and advances is not applicable to the company.
(xiii) In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore the provisions of sub clause (a), (b),
(c) and (d) of clause (xiii) of para 4 of the Companies (Auditor's
Report) Order, 2003 are not applicable to the company.
(xiv) In our opinion and on the basis of examination of records, the
company is not dealing in shares, securities, debenture and other
investments so clause (xiv) of para 4 of the Companies (Auditor's
'Report) Order, 2003 are not applicable to the company.
(xv) According to the information and explanation given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
(xvi) According to the information and explanation given to us, the
company has not obtained any term loans during the year covered by our
audit.
(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 long term
investment.
(xviii) According to the information and explanations given to us, the
company has not made any preferential allotment of shares to the partie
and companies covered in the register maintained under section 301 of
the Act during the year ending 31st March, 2014.
(xix) According to the information and explanation given to us, the
company has not issued any debentures. Therefore clause (xix) of
paragraph 4 of Companies (Auditor's Report) Order, 2003 is not
applicable to the company
(xx) The company has not raised money by way of public issues ( except
of Calls in Arrears on the old shares ). Therefore clause (xx) of
paragraph 4 of Companies (Auditor's Report) Order, 2003 is not
applicable to the company
(xxi) According to the information and explanations given to us, no
material fraud on or by the company has been noticed or reported during
the year ended on 31st March, 2014.
FOR PARMOD G.GUPTA & ASSO.
CHARTERED ACCOUNTANTS
NO:018870N
(PARMOD GUPTA)
PARTNER
M.NO.096109
Place : LUDHIANA
Dated : 30.05.2014
Mar 31, 2013
We have audited the attached Balance Sheet of M/S NORTHLINK FISCAL &
CAPITAL SERVICES LIMITED as at 31st. March 2013 and the Profit & Loss
Account for the year ended annexed thereto 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.
1. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that wc plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in 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
statements presentation. We believe that our audit provides a
reasonable basis for our opinion.
2. As required by the companies (Auditor''s Report) Order 2003 issued
by the Central Govt, of India in terms of sub section (4A) of section
227 of the Companies Act, 1956, wc enclose in the Annexure hereto a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
3. Further to our comments in the Annexure referred to in paragraph 2
above, were 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 accounts, as required by law, have
been kept by the company, so far as appears from our examination of
those books; subject to notes no. 3, 12, 13, & B-4 of schedule no. XII
in respect of notes on accounts.
c) The Balance Sheet, Profit & Loss Account dealt with by this report
are in agreement with the books of accounts.
d) In our opinion the Balance Sheet, Profit & Loss account dealt with
by this report comply with the mandatory Accounting Standards referred
in sub section (3C) of section 2I ofthe Companies Act, 1956.
e) On the basis of written representation received from the directors,
as on 31.03.2011 and taken on record by the Board of Directors, none of
the directors is disqualified as on March 31, 2010 from being appointed
as a director in term of clause (g) of sub-section (1) of section 274
of the Act.
f) In our opinion and to the best of our information and according to
the explanation given to us, the said account read together with the
significant Accounting Policies and other notes thereon give the
information required by the Companies Act, 1956 in the manner so
required and present a true and fair view, in conformity with the
accounting principles generally accepted in India.
i) In so far as it relates to Balance Sheet, of the state of affairs of
the Company as at 31st March 2013.
ii) In so far as it relates to the Profit & Loss Account of the Profit
of the Company for the year ended on that date.
Annexure to Auditor''s Report
1. In respect of its fixed assets :
a) The Company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets.
b) As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c) In our opinion, the Company has not disposed off substantial part of
fixed assets during the year and the going concern status of the
company is not affected.
2. In respect of its inventories :
a) As explained to us, no inventories have been in store for physically
verification by the management at regular intervals during the year.
b) The Company has not maintained any records of inventories. As
explained to us, there is no material discrepancies noticed on physical
verification of inventory as compared to the book records.
3. According to the information and explanation given to us, the
company during the year has granted loan to the firms/companies or
other parties as per the register maintained under section 301 of the
Companies Act, 1956. Accordingly, paragraph (iii) (b) (c) and (d) of
the order are not applicable.
a) The Company has granted -loan to twenty five parties aggregating to
Rs. 422.23 Lacs. (Directors & Relatives)
b) In our opinion and according to the in formations and explanations
given to us. The rate of interest wherever applicable and other terms
and conditions are not prime facie prejudicial to the interest of the
company.
c) In respect of the loan granted by the company, most of the loans are
interest free and interest is being charged only from single party
named M/S Suhaag Emporium.
d) The Company has not taken any loan, secured and unsecured to/from
companies, firms or other p arties as per the register maintained u/s
301 of the companies act, 1956.
4. In our opinion and according to the in formations and explanations
given to us, internal control procedures are not adequate in
commensurate with the size of the company and the nature of its
business for the purchase of inventory, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weakness in internal controls.
5 As explained to us, and according to the information and explanations
given to us, there are no transactions that need to be entered in
register maintained in pursuance of section 301 of the Companies Act,
1956 and exceeding the value of five lakhs rupees in respect of each
party during the financial year.
6. In our opinion and according to the in formations and explanations
given to us, the company has compiled with the directions issued by
RESERVE BANK OF INDIA and the provisions of section 58A and section
58AA of the Companies Act, 1956 and the rules framed there under as
applicable. As explained to us, the Company has not received any order
from the Company Law Board.
7. In our opinion, the internal audit system of the company is not
commensurate with its size and nature of its business.
8. The Central Government has not prescribed maintenance of Cost
records under section 209 (1 )(d) of the Companies Act, 1956. The
provision is not applicable to the company.
9. In respect of statutory dues :
a. According to the records of the company undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income-Tax, Sale Tax, Wealth Tax, Custom
Duty, Excise Duty, Cess and other statutory dues have not been
generally regularly deposited with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amount in respect of the aforesaid dues were outstanding as
at 31st March, 2013 for a period of more than six months from the date
of becoming payable except listing fees of Rs. 170100/-.
b. According to the record of the company there are no dues of Sales
Tax, Income Tax, Custom Tax, Wealth Tax, Excise Duty and Cess as on
date.
10. There are no accumulated losses during the year and there is no
cash loss during the financial year covered by our audit.
11. Based on our audit procedures and according to in formation and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues of financial institutions and banks.
12. In our opinion and according to in formations and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge shares, debentures and other
securities.
13. In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4 (xiii) of the Companies
(Auditor''s Report) order 2003 is not applicable to the company.
14. The Company has maintained proper records of transactions and
contracts. In respect of trading in securities, debentures and other
investments and timely entries have been made therein. All shares,
debentures and other investments have held by the company in its own
name.
15. In our opinion, the terms and conditions on which the company has
given guarantees for loans taken by others, from banks or financial
institutions are not prejudicial to the interest of the company.
16. The Company has not raised any new term loans during the year.
The term loans outstanding at the beginning of the year were applied
for the purposes for which they were raised.
17. According to the in formation and explanations given to us and on
an overall examination of the balance sheet of the company, in Our
opinion , funds raised on short term basis have not been used for long
term investment and vice versa.
18. 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 Companies Act, 1956.
19. The Company has not raised any money by way of public issue during
the year.
20. The Company has not raised any money by way of public issue during
the year.
21. According to the in formation and explanation given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For VAS & CO.
Chartered Accountants
PLACE: LUDHIANA.
DATED: 29.07.2013
(VINAY KUMAR GOYAL)
PARTNER
Mar 31, 2012
We have audited the attached Balance Sheet of M/S NORTHLINK FISCAL &
CAPITAL SERVICES LIMITED as at 31st March 2012 and the Profit & Loss
Account for the year ended annexed thereto 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.
1. 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 materia! misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in 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
statements presentation. We believe that our audit provides a
reasonable basis for our opinion.
2. As required by the companies (Auditor''s Report) Order 2003 issued
by the Central Govt of India in terms of sub section (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure hereto a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
3. Further to our comments in the Annexure referred to in paragraph 2
above, were 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 accounts, as required by law, have
been kept by the company, so far as appears from our examination of
those books; subject to notes no. 3, 12, 13. & B-4 of schedule no. XII
in respect of notes on accounts.
c) The Balance Sheet, Profit & Loss Account dealt with by this report
are in agreement with the books of accounts.
d) In our opinion the Balance Sheet, Profit & Loss account dealt with
by this report comply with the mandatory Accounting Standards referred
in sub section (3C) of section 211 of the Companies Act, 1956.
e) On the basis of written representation received from the directors,
as on 3 1.03.2011 and taken on record by the Board of Directors, none
of the directors is disqualified as on March 31, 2010 from being
appointed as a director in term of clause (g) of sub-section (1) of
section 274 of the Act.
f) In our opinion and to the best of our information and according to
the explanation given to us. the said account read together with the
significant Accounting Policies and other notes thereon give the
information required by the Companies Act, 1956 in the manner so
required and present a true and fair view, in conformity with the
accounting principles generally accepted in India.
i) In so far as it relates to Balance Sheet, of the state of affairs of
the Company as at 31st March 2012.
ii) In so far as it relates to the Profit & Loss Account of the Profit
of the Company for the year ended on that date.
1. In respect of its fixed assets :
a) The Company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets.
b) As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
e) In our opinion, the Company has not disposed off substantial part of
fixed assets during the year and the going concern status of the
company is not affected.
2. In respect of its inventories :
a) As explained to us, no inventories have been in store for physically
verification by the management at regular intervals during the year.
b) The Company has not maintained any records of inventories. As
explained to us, there is no materia! discrepancies noticed on physical
verification of inventory as compared to the book records.
3. According to the information and explanation given to us, the
company during the year has granted loan to the firms/companies or
other parties as per the register maintained under section 301 of the
Companies Act, 1956. Accordingly, paragraph (iii) (b) (c) and (d) of
the order are not applicable.
a) The Company has granted loan to twenty five parties aggregating to
Rs. 413.75 Lacs. (Directors & Relatives)
b) In our opinion and according to the in formations and explanations
given to us. The rate of interest wherever applicable and other terms
and conditions are not prime facie prejudicial to the interest of the
company.
c) In respect of the loan granted by the company, most of the loans are
interest free and interest is being charged only from single party
named M/S Suhaag Emporium.
d) The Company has not taken any loan, secured and unsecured to/from
companies, firms or other parties as per the register maintained u/s
301 of the companies act, 1956.
4. In our opinion and according to the in formations and explanations
given to us, internal control procedures are not adequate in
commensurate with the size of the company and the nature of its
business for the purchase of inventory, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weakness in internal controls.
5. As explained to us, and according to the information and
explanations given to us. there are no transactions that need to be
entered in register maintained in pursuance of section 301 of the
Companies Act. 1956 and exceeding the value of five lakhs rupees in
respect of each party during the financial year.
6. In our opinion and according to the in formations and explanations
given to us, the company has compiled with the directions issued by
RESERVE BANK. OF INDIA and the provisions of section 58A and section
58AA of the Companies Act, 1956 and the rules framed there under as
applicable. As explained to us, the Company has not received any order
from the Company Law Board.
7. In our opinion, the internal audit system of the company is not
commensurate with its size and nature of its business.
8. The Central Government has not prescribed maintenance of Cost
records under section 209 (1)(d) of the Companies Act. 1956. The
provision is not applicable to the company.
9. In respect of statutory dues :
a. According to the records of the company undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income-Tax, Sale Tax, Wealth Tax, Custom
Duty, Excise Duty, Cess and other statutory dues have not been
generally regularly deposited with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amount in respect of the aforesaid dues were outstanding as
at 31st March, 2012 for a period of more than six months from the date
of becoming payable except listing fees of Rs. 170100/-.
b. According to the record of the company there are no dues of Sales
Tax, Income Tax, Custom Tax, Wealth Tax, Excise Duty and Cess as on
date.
10. There are no accumulated losses during the year and there is no
cash loss during the financial year covered by our audit.
11. Based on our audit procedures and according to in formation and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues of financial institutions and banks.
12. In our opinion and according to in formations and explanation
given to us. no loans and advances have been granted by the Company on
the basis of security by way of pledge shares, debentures and other
securities.
13. In our opinion the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4 (xiii) of the Companies
(Auditor''s Report) order 2003 is not applicable to the company.
14. The Company has maintained proper records of transactions and
contracts. In respect of trading in securities, debentures and other
investments and timely entries have been made therein. All shares,
debentures and other investments have held by the company in its own
name.
15. In our opinion the terms and conditions on which the company has
given guarantees for loans taken by others, from banks or financial
institutions are not prejudicial to the interest of the company.
16. The Company has not raised any new term loans during the year.
The term loans outstanding at the beginning of the year were applied
for the purposes for which they were raised.
17. According to the in formation and explanations given to us and on
an overall examination of the balance sheet of the company, in Our
opinion funds raised on short term basis have not been used for long
term investment and vice versa.
18. 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 Companies Act, 1956.
19. The Company has not raised any money by way of public issue during
the year.
20. The Company has not raised any money by way of public issue during
the year.
21. According to the in formation and explanation given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For VAS & CO.
Chartered Accountants
PLACE: LUDHIANA.
DATED:02-09-2012
(VINAY KUMAR GOYAL)
PARTNER
Mar 31, 2011
We have audited the attached Balance Sheet of M/S NORTHLINK FISCAL &
CAPITAL SERVICES LIMITED as at 31st. March 2011 and the Profit & Loss
Account for the year ended annexed thereto 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.
1. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in 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
statements presentation. We believe that our audit provides a
reasonable basis for our opinion.
2. As required by the companies (Auditor''s Report) Order 2003 issued
by the Central Govt of India in terms of sub section (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure hereto a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
3. Further to our comments in the Annexure referred to in paragraph 2
above, were 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 accounts, as required by law, have
been kept by the company, so far as appears from our examination of
those books; subject to notes no. 3, 12, 13, & B-4 of schedule no. Xll
in respect of notes on accounts.
c) The Balance Sheet, Profit & Loss Account dealt with by this report
are in agreement with the books of accounts.
d) In our opinion the Balance Sheet, Profit & Loss account dealt with
by this report comply with the mandatory Accounting Standards referred
in sub section (3C) of section 211 of the Companies Act, 1956.
e) On the basis of written representation received from the directors,
as on 31.03.2011 and taken on record by the Board of Directors, none of
the directors is disqualified as on March 31, 2010 from being appointed
as a director in term of clause (g) of sub-section (1) of section 274
of the Act.
f) In our opinion and to the best of our information and according to
the explanation given to us, the said account read together with the
significant Accounting Policies and other notes thereon give the
information required by the Companies Act, 1956 in the manner so
required and present a true and fair view, in conformity with the
accounting principles generally accepted in India.
i) In so far as it relates to Balance Sheet, of the state of affairs of
the Company as at 31st March 2011.
ii) In so far as it relates to the Profit & Loss Account of the Profit
of the Company for the year ended on that date.
ANNEXURE TO THE AUDITOR''S REPORT
1. In respect of its fixed assets :
a) The. Company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets.
b) As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c) In our opinion, the Company has not disposed off substantial part of
fixed assets during the year and the going concern status of the
company is not affected.
2. In respect of its inventories :
a) As explained to us, no inventories have been in store for physically
verification by the management at regular intervals during the year.
b) The Company has not maintained any records of inventories. As
explained to us, there is no material discrepancies noticed on physical
verification of inventory as compared to the book records.
3. According to the information and explanation given to us, the
company during the year has granted loan to the firms/companies or
other parties as per the register maintained under section 301 of the
Companies Act, 1956. Accordingly, paragraph (iii) (b) (c) and (d) of
the order are not applicable.
a) The Company has granted loan to twenty six parties aggregating to
Rs. 416.74 Lacs. (Directors & Relatives)
b) In our opinion and according to the in formations and explanations
given to us. The rate of interest wherever applicable and other terms
and conditions are not prime facie prejudicial to the interest of the
company.
c) In respect of the loan granted by the company, most of the loans arc
interest free and interest is being charged only from single party
named M/S Suhag Emporium.
d) The Company has not taken any loan, secured and unsecured to/from
companies, firms or other p arties as per the register maintained u/s
301 of the companies act, 1956.
4. In our opinion and according to the in formations and explanations
given to us, internal control procedures are not adequate in
commensurate with the size of the company and the nature of its
business for the purchase of inventory, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weakness in internal controls.
5. As explained to us, and according to the information and
explanations given to us, there are no transactions that need to be
entered in register maintained in pursuance of section 301 of the
Companies Act, 1956 and exceeding the value of five lakhs rupees in
respect of each party during the financial year.
6. In our opinion and according to the in formations and explanations
given to us, the company has compiled with the directions issued by
RESERVE BANK OF INDIA and the provisions of section 58A and section
58AA of the Companies Act, 1956 and the rules framed there under as
applicable. As explained to us, the Company has not received any order
from the Company Law Board.
7. In our opinion, the internal audit system of the company is not
commensurate with its size and nature of its business.
8. The Central Government has not prescribed maintenance of Cost
records under section 209 (l)(d) of the Companies Act, 1956. The
provision is not applicable to the company.
9. In respect of statutory dues :
a. According to the records of the company undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income-Tax, Sale Tax, Wealth Tax, Custom
Duty, Excise Duty, Cess and other statutory dues have not been
generally regularly deposited with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amount in respect of the aforesaid dues were outstanding as
at 31st March, 2010 for a period of more than six months from the date
of becoming payable except listing fees of Rs. 170100/-.
b. According to the record of the company there are no dues of Sales
Tax, Income Tax, Custom Tax, Wealth Tax, Excise Duty and Cess as on
date.
10. There are no accumulated losses during the year and there is no
cash loss during the financial year covered by our audit.
11. Based on our audit procedures and according to in formation and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues of financial institutions and banks.
12 In our opinion and according to in formations and explanation given
to us, no loans and advances have been granted by the Company on the
basis of security by way of pledge shares, debentures and other
securities.
13. In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4 (xiii) of the Companies
(Auditor''s Report) order 2003 is not applicable to the company.
14. The Company has maintained proper records of transactions and
contracts. In respect of trading in securities, debentures and other
investments and timely entries have been made, therein. All shares,
debentures and other investments have held by the company in its own
name.
15. In our opinion, the terms and conditions on which the company has
given guarantees for loans taken by others, from banks or financial
institutions are not prejudicial to the interest of the company.
16. The Company has not raised any new term loans during the year.
The term loans outstanding at the beginning of the year were applied
for the purposes for which they were raised.
17. According to the in formation and explanations given to us and on
an overall examination of the balance sheet of the company, in Our
opinion , funds raised on short term basis have not been used for long
term investment and vice versa.
18. 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 Companies Act, 1956.
19. The Company has not raised any money by way of public issue during
the year.
20. The Company has not raised any money by way of public issue during
the year.
21. According to the in formation and explanation given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For VAS & CO.
Chartered Accountants
PLACE: LUDHIANA.
DATED: 01-09-2011 (VINAY KUMAR GOYAL)
PARTNER
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