Mar 31, 2015
We have audited the accompanying financial statements of SAM LEASECO
LIMITED ("the Company"), which comprise the Balance Sheet as at March
31, 2015, and the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134 (5) of the Companies Act, 2013 ( " The Act") with
respect to the preparation of these standalone financial statements
that give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with accounting
principles generally accepted in India, including the Accounting
Standards prescribed 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 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.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and 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 financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March, 2015 and its profit/loss and its cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ( CARO
2015) issued by the Central Government of India in terms of sub-section
(11) of section 143 of the Companies Act, 2013, we give in the Annexure
a statement on the matters specified in paragraph 3 and 4 of the Order
to the extent applicable.
2. As required by section 143 (3) of the Act, we report that:
(a) We have 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
specified under section 133 of the Companies Act, 2013, read with Rule
7 of the Companies (Accounts) Rules 2014, the extent applicable.
(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 Companies
Act, 2013.
(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 explanations given to us :
i) The company has disclosed the impact of pending litigations on its
financial position in its financial position in its standalone
financial statements  refer Note 20 to the standalone financial
statements.
ii) The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
The company did not have long term contracts including derivative
contracts except forward contract.
iii) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection fund by the
company.
Annexure to the Independent Auditor's Report
[ Referred to in paragraph 1 under ' Report on Other Legal and
Regulatory Requirements' in the Independent Auditor's Report of even
date to the members of Sam Leaseco Limited on the financial statements
for the year ended 31st March, 2015]
1. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets have been physically verified by the management in
a phased periodical manner, which in our opinion is reasonable having
regard to the size of the Company and the nature of its assets.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
2. There are no Inventories in the company therefore this clause is
not applicable.
3 According to the information and explanations given to us, the
company has granted unsecured loans to companies, firms or other
parties covered in the register maintained under section 189 of the
Companies Act. According to the information and explanations given to
us, no material discrepancies were noticed.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, for the purchase of inventory and fixed assets and for the
sale of goods and service. During the course of our audit, no major
weakness has been noticed in the internal controls.
5. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the provisions of Section 73 to 76 of the Act and the rules
framed there under.
6. As informed to us, maintenance of cost records under section 148
(1) of the Companies Act, 2013 is not applicable to the Company.
7. a) According to the information and explanations given to us and on
the basis of the examination of the books of account, the Company has
been regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees'
State Insurance, Income-tax, Sales-tax, Wealth tax, Service tax, Value
Added Tax, Customs Duty, Excise Duty, cess and other statutory dues
applicable to it with the appropriate authorities.
b) 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,
Sales tax, Wealth tax, Service tax, Customs Duty, Excise Duty, cess and
other undisputed statutory dues were outstanding at the yearend for a
period of more than six months from the date they became payable.
According to the records of the Company, disputed Municipal Property
Tax together with Penalty not deposited on account of dispute are as
follows.
Name of Statute / Amount Rs, in lacs Period to
whichthe Forum where
dispute
Description amount
relates is pending
Workmen
compensation 45,174/- 1997-98 04.09.1996
The custodian under
special court (Trial
of offence relating
to transactions in
security act 1992)
Loan 27,33,157/- 1993-94 01.04.1992
Interest 92,15,092/- 1993-94
to 2011-12 Immediate
c) As informed to us, there were no amount, which is required to be
transferred, to the Investor Education and Protection fund in
accordance with the relevant provisions of companies Act, 1956 (1 of
1956) and rules made there under.
8. The Company's accumulated losses at the end of the financial year
are less than fifty percent of its net worth. However, it has
accumulated losses of Rs, 43,25,390/- at the end of the financial year
and it has incurred losses of Rs, 6,74,868/- in the current year.
9. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to banks. The Company
does not have any borrowings by way debentures.
10. According to the information and explanations given to us, the
Company has not given guarantee for loans taken by its subsidiary from
banks or financial institutions.
11. The Company has no term loans outstanding during the year.
12. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practice in India, and according to the information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the course of our
audit.
For Pulindra Patel & Co.
Chartered Accountants
FRN No.115187W
Sd/-
(Pulindra Patel)
Proprietor
Membership No. 048991
Place : Mumbai
Date : 29th May, 2015
Mar 31, 2014
We have audited the attached Balance Sheet of SAM LEASECO LIMITED as at
31st March, 2014 and also the Profit and Loss Account of the Company
for the year ended on that date annexed thereto and Cash Flow Statement
for the year ended on that date.
Managements 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
accounting principles generally accepted in India, including the th
ccounting Standards notified under the Companies Act, 1956, read with
General Circular 15/2013 dated 13 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.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances but not for the
purpose of expressing an opinion on the effectiveness of the 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 said accounts together with notes
thereon, give the information required by the Companies Act, 1956 in
the manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India
i) in the case of Balance Sheet, of the state of affairs of the Company
as at 31st March,2014 ;
ii) in the case of Profit and Loss Account, of the Profit of the
Company for the year ended on that date; and
iii) in the case of Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of Section
227 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.
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 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 it appears from our examination of
those books;
c) The Balance Sheet and Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet and Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the mandatory
accounting standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956, read with General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
section 133 of the Companies Act, 2013.
e) On the basis of the written representations received from the
directors, as on 31st March, 2014 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2014 from being appointed as director in terms of clause
(g) of sub-section 1 of Section 274 of the Companies Act, 1956.
Annexure (Referred to in 3rd paragraph of our report of even date)
1. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets have been physically verified by the management in
a phased periodical manner, which in our opinion is reasonable having
regard to the size of the Company and the nature of its assets.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
(c) In our Opinion, the Company has not disposed off a substantial part
of its fixed assets during the year and the going concern status of the
Company is not affected.
2. There are no Inventories in the company therefore this clause is
not applicable.
3. a) According to the information and explanations given to us, the
company has granted loan to one party covered in the register
maintained under Section 301 of the Act, maximum amount involved during
the year is Rs. 1,718,999/- and year end balance is Rs. 1,697,599/-
b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions for
such loans are not prima facie prejudicial to the interest of the
company.
c) In respect of loans granted, repayment of the principal amount is as
stipulated and payment of interest has been regular.
d) There is no overdue amount of loans granted to companies, listed in
the register maintained under section 301 of the Companies Act, 1956.
e) According to the information and explanations given to us, the
Company has taken unsecured loans from one party covered in the
register maintained under Section 301 of the Companies Act, 1956
maximum amount involved during the year is Rs. 213,500/- and year end
balance is Rs. 213,500/- .
f) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions for
such loans taken are not prima facie prejudicial to the interest of the
company.
g) In respect of loans taken, repayment of the principal amount is as
stipulated and payment of interest has been regular.
4. 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, for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, no major weakness has been
noticed in the internal control system in respect of these areas.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act,1956:
(a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that need to be entered in the Register maintained under
Section 301 of the Act, have been so entered.
(b)In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements exceeding value of Rupees Five lacs have been entered into
during the financial year at prices which are reasonable having regard
to the prevailing market price at the relevant time.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the internal audit system commensurate with the
size and nature of its business.
8. The maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub section (1) of section 209
of the Act.
9. a) According to the information and explanations given to us and on
the basis of the examination of the books of account, the Company has
been regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees''
State Insurance, Income-tax, Sales-tax, Wealth tax, Service tax,
Customs Duty, Excise Duty, cess and other statutory dues applicable to
it with the appropriate authorities.
b) 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,
Sales tax, Wealth tax, Service tax, Customs Duty, Excise Duty, cess and
other undisputed statutory dues were outstanding, at the year end for a
period of more than six months from the date they became payable.
c) The company did not have to pay any disputed dues except workman
compensation and the office of the custodian as under :
Amount Period to which the
Name of Statute /
Description Due Date
(in Rs.) amount relates
Workmen compensation 45,174/- 1997-98 04.09.1996
The custodian under
special court
(Trial of offence
relating to
transactions in
security act 1992)
Loan 27,33,157/- 1993-94 01.04.1992
Interest 92,15,092/- 1993-94 to Immediate
2011-12
10. The Company has no accumulated losses at the end of the financial
year. The Company has not incurred any cash losses during the financial
year covered by the audit and has not incurred cash losses in the
immediately preceding financial year.
11. Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to banks. The Company
does not have any borrowings from financial institution or by way of
debentures.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi / mutual benefit fund /
society. Therefore, the provisions of clause 4 (xiii) of the Companies
(Auditor''s Report) Order, 2003 (as amended) are not applicable to the
Company.
14. In respect of dealing in shares, debentures, securities and other
investments, in our opinion and according to the information and
explanations given to us, proper records have been maintained of the
transactions and contracts and timely entries have been made therein.
The shares, securities, debentures and other investments have been held
by the Company in its own name.
15. According to the information and explanations given to us, the
Company had not given guarantee for loan taken by subsidiary from a
bank.
16. The Company did not have any term loans outstanding during the
year.
17. We have been informed by the management that the funds raised on
short-term basis have not been used for long-term investment, though
surplus funds which were not required for immediate utilisation have
been gainfully invested in Shares, Mutual Fund, Liquid Fund and
investments payable on demand.
18. The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money through a public issue during
the year.
21. Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the course of our audit.
For Pulindra Patel & Co.
Chartered Accountants
FRN No. 115187W
Sd/-
(Pulindra Patel)
Place: Mumbai Proprietor
Date: 28th May, 2014 Membership No. 48991
Mar 31, 2013
Report on the Financial Statements
We have audited the attached Balance Sheet of SAM LEASECO LIMITED as at
31st March'' 2013 and also the Profit and Loss Account of the Company
for the year ended on that date annexed thereto and Cash Flow Statement
for the year ended on that date.
Managements Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position''
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India including
Accounting Standards referred to in Section 211(3C) 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.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with auditing standards issued by the Institute of Chartered
Accountants of India. Those Standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material mis- statement.
A n audit includes examining on a test basis'' evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management'' as well as evaluating the overall
financial statement presentation. We believe that 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 said accounts together with notes
thereon'' give the information required by the Companies Act'' 1956 in
the manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India
i) in the case of Balance Sheet'' of the state of affairs of the Company
as at 31st March''2013;
ii) in the case of Profit and Loss Account'' of the Profit of the
Company for the year ended on that date; and
iii) in the case of Cash Flow Statement'' of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order'' 2003 issued by
the Central Government of India in terms of sub-section (4A) of Section
227 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.
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 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 it appears from our examination of
those books;
c) The Balance Sheet and Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) In our opinion'' the Balance Sheet and Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the mandatory
accounting standards referred to in sub-section (3C) of Section 211 of
the Companies Act'' 1956.
e) On the basis of the written representations received from the
directors'' as on 31st March'' 2013 and taken on record by the Board of
Directors'' we report that none of the directors is disqualified as on
31st March'' 2013 from being appointed as director in terms of clause
(g) of sub-section 1 of Section 274 of the Companies Act'' 1956.
Annexure (Referred to in 3rd paragraph of our report of even date)
1. (a) The Company has maintained proper records showing full
particulars'' including quantitative details and situation of fixed
assets.
(b) All fixed assets have been physically verified by the management in
a phased periodical manner'' which in our opinion is reasonable having
regard to the size of the Company and the nature of its assets.
According to the information and explanations given to us'' no material
discrepancies were noticed on such verification.
(c) In our Opinion'' the Company has not disposed off a substantial part
of its fixed assets during the year and the going concern status of the
Company is not affected.
2. There are no Inventories in the company therefore this clause is
not applicable.
3. a) According to the information and explanations given to us'' the
company has granted loan to one party covered in the register
maintained under Section 301 of the Act'' maximum amount involved during
the year is ? 2''534''599/- and year end balance is * 1''718''999/-
b) In our opinion and according to the information and explanations
given to us'' the rate of interest and other terms and conditions for
such loans are not prima facie prejudicial to the interest of the
company.
c) In respect of loans granted'' repayment of the principal amount is as
stipulated and payment of interest has been regular.
d) There is no overdue amount of loans granted to companies'' listed in
the register maintained under section 301 of the Companies Act'' 1956.
e) According to the information and explanations given to us'' the
Company has taken unsecured loans from one party covered in the
register maintained under Section 301 of the Companies Act'' 1956
maximum amount involved during the year is ? 2''10''000/- and year end
balance is? 2''10''000/- .
f) In our opinion and according to the information and explanations
given to us'' the rate of interest and other terms and conditions for
such loans taken are not prima facie prejudicial to the interest of the
company.
g) In respect of loans taken'' repayment of the principal amount is as
stipulated and payment of interest has been regular
4. 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'' for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit'' no major weakness has been
noticed in the internal control system in respect of these areas.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act'' 1956:
(a) In our opinion and according to the information and explanations
given to us'' the transactions made in pursuance of contracts or
arrangements'' that need to be entered in the Register maintained under
Section 301 of the Act'' have been so entered.
(b) In our opinion and according to the information and explanations
given to us'' the transactions made in pursuance of such contracts or
arrangements exceeding value of Rupees Five lacs have been entered into
during the financial year at prices which are reasonable having regard
to the prevailing market price at the relevant time.
6. The Company has not accepted any deposits from the public.
7. In our opinion'' the internal audit system commensurate with the
size and nature of its business.
8. The maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub section (1) of section 209
of the Act.
9. a) According to the information and explanations given to us and on
the basis of the examination of the books of account'' the Company has
been regular in depositing undisputed statutory dues including
Provident Fund'' Investor Education and Protection Fund'' Employees''
State Insurance'' Income-tax'' Sales-tax'' Wealth tax'' Service tax''
Customs Duty Excise Duty'' cess and other statutory dues applicable to
it with the appropriate authorities.
b) 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''
Sales tax'' Wealth tax'' Service tax'' Customs Duty'' Excise Duty'' cess and
other undisputed statutory dues were outstanding'' at the year end for a
period of more than six months from the date they became payable.
10. The Company has no accumulated losses at the end of the financial
year. The Company has not incurred any cash losses during the financial
year covered by the audit and has incurred cash losses in the
immediately preceding financial year.
11. Based on our audit procedures and as per the information and
explanations given by the management'' we are of the opinion that the
Company has not defaulted in repayment of dues to banks. The Company
does not have any borrowings from financial institution or by way of
debentures.
12. According to the information and explanations given to us'' the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares'' debentures and other securities.
13. The Company is not a chit fund or a nidhi / mutual benefit fund /
society. Therefore'' the provisions of clause 4 (xiii) of the Companies
(Auditor''s Report) Order'' 2003 (as amended) are not applicable to the
Company.
14. In respect of dealing in shares'' debentures'' securities and other
investments'' in our opinion and according to the information and
explanations given to us'' proper records have been maintained of the
transactions and contracts and timely entries have been made therein.
The shares'' securities'' debentures and other investments have been held
by the Company in its own name.
15. According to the information and explanations given to us'' the
Company had not given guarantee for loan taken by subsidiary from a
bank.
16. The Company did not have any term loans outstanding during the
year.
17. We have been informed by the management that the funds raised on
short-term basis have not been used for long-term investment'' though
surplus funds which were not required for immediate utilisation have
been gainfully invested in Shares'' Mutual Fund'' Liquid Fund and
investments payable on demand.
18. The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act'' 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money through a public issue during
the year.
21. Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management'' we report
that no fraud on or by the Company has been noticed or reported during
the course of our audit.
For Pulindra Patel & Co.
Chartered Accountants
FRN No. 115187W
Place: Mumbai Sd/-
Date: 30th May'' 2013 (Pulindra Patel)
Proprietor
Membership No. 48991
Mar 31, 2012
1. We have audited the attached Balance Sheet of SAM LEASECO LIMITED
as at 31st March 2012, Profit and Loss Account and also Cash Flow
Statement for the vear 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 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, 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 paragraph 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to in Paragraph
(3) above, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the 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 the
books.
c) the Balance Sheet, Profit and Loss Account and the Cash flow
statement dealt with by this report are in agreement with the Books of
Account.
d) in our opinion, the Balance Sheet, Profit and Loss Account and the
Cash flow statement dealt with by this report are in compliance with
the Accounting Standards referred to in Section 211 (3C) of the
Company, 1956 in so far as they apply to Company.
e) in our opinion and based on information and explanations given to
us, none of the directors are disqualified as on 31st March, 2012 from
being appointed as directors in terms of clause (g) of subsection (1)
of section 274 of 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 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 2012;
ii) in the case of the Profit and Loss Account, of the loss of the
Company for year ended on that date; and
iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year. No material discrepancies were noticed on such
verification.
(c) The company has not disposed off any substantial part of the fixed
assets during the year.
(ii) The Company has not granted/taken any loans to/from any Company,
firm or other parties listed in the register maintained under section
301 of the Companies Act, 1956.
(iii) According to the information and explanations given to us, there
were no transactions that need to be entered into the register
maintained under section 301 of the Companies Act, 1956.
(iv) The Company being a "Non Banking Financial Company"(NBFC), section
58A of the Companies Act, 1956 is not applicable except section
58A(2)(b). In our opinion and according to the information and
explanation given to us, the Company has complied with the directives
issued by the RBI for NBFC''s except (a) maintenance of minimum
percentage of liquid assets (b) not regularizing public deposits held
in excess of permissible limits and (c) non-submission of various
returns to Reserve Bank of India.
(v) The Company does not have internal audit system.
(vi) (a) According to the information and explanations given to us,
there were no undisputed amounts payable in respect of provident fund,
investor education and protection fund, employees'' state insurance
fund, income tax, sales tax, wealth tax, customs duty, excise duty,
cess and other statutory dues which have remained outstanding as at
31st March 2012 for a period of more than six months from the date they
became payable.
(b) The Company did not have to pay any disputed dues except workman
compensation and the office of the custodian as under :
SR PARTICULARS ASST. YEAR AMOUNT DUE DATE
NO.
1 Workman compensation 1997-98 45,174/- 04.09.1996
2 The Custodian under
special court (Trial of
offences relating to
transactions in
securities) Act,1992.
Loan 1993-94 27,33,157/- 01.04.1992
Interest 1993-94
to 92,15,092/- immediate
2011-12
(vii) The Company''s accumulated losses at the end of the financial year
are more than fifty percent of its net worth. It has incurred cash
losses of Rs. 12,33,503/- in current financial year & Rs. 5,03,064/- in
immediately preceding financial year.
(viii) In our opinion, the Company is not a chit fund or a nidhi
/mutual benefit fund / society. Hence the clause 4(xiii) of the CARO
2003 is not applicable to the company.
(ix) The Company has maintained proper records in respect of the
transactions and contracts in respect of trading in shares, securities,
debentures and other securities and timely entries have been made
therein. The shares, securities, debentures and other securities have
been held by the Company in its own name.
(x) According to the information and explanations given to us the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xi) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
In view of the nature of business carried on by the Company and absence
of conditions prerequisite to the reporting requirements of clauses 4
(ii), (iv), (viii), (xii), (xvi), (xvii), (xviii), (xix) and (xx) of
CARO, 2003, the said clauses are, at present, not applicable.
Ganesh & Rajendra Associates
Chartered Accountants
Firm Reg no. 103055W
(Ganesh Mehta)
Partner
Memno.32939
Place: Mumbai
Dated: 31st August 2012
Mar 31, 2010
1. We have audited the attached Balance Sheet of SAM LEASECO LIMITED
as at 31st March 2010, Profit and Loss Account and also 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 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, 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 paragraph 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to in Paragraph
(3) above, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the 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 the
books.
c) the Balance Sheet, Profit and Loss Account and the Cash flow
statement dealt with by this report are in agreement with the Books of
Account.
d) in our opinion, the Balance Sheet, Profit and Loss Account and the
Cash flow statement dealt with by this report are in compliance with
the Accounting Standards referred to in Section 211(3C) of the Company,
1956 in so far as they apply to Company.
in our opinion and based on information and explanations given to us,
none of the directors are disqualified as on 31st March, 2010 from
being appointed as directors in terms of clause (g) of subsection (1)
of section 274 of 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 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;
ii) in the case of the Profit and Loss Account, of the loss of the
Company for year ended on that date; and
iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO AUDITORS REPORT
Referred to in Paragraph 3 of our Report of even date.
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year. No material discrepancies were noticed on such
verification.
(c) The company has not disposed off any part of the fixed assets
during the year.
(ii) The Company has not granted/ taken any loans to/from any Company,
firm or other parties listed in the register maintained under section
301 of the Companies Act, 1956.
(iii) According to the information and explanations given to us, there
were no transactions that need to be entered into the register
maintained under section 301 of the Companies Act, 1956.
(iv) The Company being a "Non Banking Financial Company"(NBFC), section
58A of the Companies Act, 1956 is not applicable except section
58A(2)(b). In our opinion and according to the information and
explanation given to us, the Company has complied with the directives
issued by the RBI for NBFCs except (a) maintenance of minimum
percentage of liquid assets (b) not regularizing public deposits held
in excess of permissible limits and (c) non-submission of various
returns to Reserve Bank of India.
(v) The Company does not have internal audit system.
(vi) (a) According to the information and explanations given to us,
there were no undisputed amounts payable in respect of provident fund,
investor education and protection fund, employees state insurance
fund, income tax, sales tax, wealth tax, customs duty, excise duty,
cess and other statutory dues which have remained outstanding as at
31st March 2010 for a period of more than six months from the date they
became payable. (b) The Company did not have to pay any disputed dues
except income tax, workman compensation and the office of the custodian
as under:
SR. PARTICULARS ASST. YEAR AMOUNT DUE DATE
NO.
1 Workman compensation 1997-98 45,174/- 04.09.1996
2 The Custodian under
special court (Trial
of offences relating
to transactions in
securities) Act,1992.
Loan 1993-94 27,47,500/- 01.04.1992
Interest 1993-94 to 64,67,592/- immediate
2004-05
(vii) The Companys accumulated losses at the end of the financial year
is more than fifty percent of its net worth. It has incurred cash
losses of Rs. 12,05,311/- in current financial year & Rs. 5,04,159/- in
immediately preceding financial year.
(viii) In our opinion, the Company is not a chit fund or a nidhi
/mutual benefit fund / society. Hence the clause 4(xiii) of the CARO
2003 are not applicable to the company.
(ix) The Company has maintained proper records in respect of the
transactions and contracts in respect of trading in shares, securities,
debentures and other securities and timely entries have been made
therein. The shares, securities, debentures and other securities have
been held by the Company in its own name.
(x) According to the information and explanations given to us the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xi) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
In view of the nature of business carried on by the Company and absence
of conditions prerequisite to the reporting requirements of clauses 4
(ii), (iv), (viii), (xii), (xvi), (xvii), (xviii), (xix) and (xx) of
CARO, 2003, the said clauses are, at present, not applicable.
Ganesh Mehta
Partner
Membership No. 32939
For and on behalf of
Ganesh & Rajendra Associates
Chartered Accountants
ICAI Firm Registration No. 103055W
Place: Mumbai
Dated: 6 SEP 2010
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