Mar 31, 2014
We have audited the accompanying financial statements of PARICHAY
INVESTMENT LIMITED (the Company), which comprise the Balance Sheet as
at March 31, 2014 the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
0 in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2014;
ii) in the case of the statement of profit and loss, of the loss for
the year ended on that date;
iii) In the case of cash flow Statement, of the cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003, as
amended, issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. the Balance Sheet, Statement of Profit and Loss 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 Accounting Standards
notified under the Act read with the General Circular 15/2013 dated
13th September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
e. On the basis of the written representations received from the
directors as on March 31, 2014, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2014,
from being appointed as a director in terms of Section 274(1)(g) of the
Act.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of PARICHAY INVESTMENT LIMITED on the accounts of the
company for the year ended 31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has no fixed assets. Hence clause (i) (a), (b) &
(c) are not applicable to the company.
2. Company does not have inventories during the year hence other sub
clause not applicable
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered M/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. The central government has not prescribed maintenance of cost
record under section 209(1) (d) of the Companies'' Act 1956 in respect
of products of the company.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2014 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The accumulated losses at the end of the financial year are not
more than 50% of its net worth and it has incurred cash losses of Rs
66699/- during the financial year under report and it has also incurred
cash losses in the immediately preceding financial year.
11. 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 a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted 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 provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For, Y. D. & Co
CHARTERED ACCOUNTANTS
FRN: 018846N
CA RAKESH PURI
PARTNER
M. No.: 092728
PLACE: LUDHIANA
DATE: 26.05.2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of PARICHAY
INVESTMENTS LIMITED which comprise the Balance Sheet as at 31 March
2013 and the Statement of Profit and Loss and for the year then ended,
and a summary of significant accounting policies and other explanatory
information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position &
financial performance of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
i) in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2013;
ii) in the case of the statement of profit and loss, of the loss for
the year ended on that date;
iii) In the case of cash flow Statement, of the cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003, as
amended, issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. the Balance Sheet, Statement of Profit and Loss 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
comply with the Accounting Standards referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956; and
e. on the basis of written representations received from the directors
as on 31 March 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a)The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b)As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c)In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. Company does not have inventories during the year hence other sub
clause not applicable
3. (a)According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(e)According to the information and explanations given to us and on the
basis of our examination of the books of account, the Company has not
taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. The Company does have Internal Audit System.
8. As per information and according to explanation given to us,
maintenance of cost records as prescribed by the Central Government
under clause (d) of sub- section (1) of section 209 of the Act, does
not applicable to the Company.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2013 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The accumulated losses at the end of the financial year are not
more than 50% of its net worth and it has incurred cash losses of Rs
3,61,561/- during the financial year under report and it has also
incurred cash losses in the immediately preceding financial year.
11. 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 a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted 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 provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For, Y. D. & Co
CHARTERED ACCOUNTANTS
FRN: 018846N
PLACE: LUDHIANA
DATE: 31.08.2013 Sd/-
CA RAKESH PURI
PARTNER
M. No.: 092728
Mar 31, 2011
(1) We have audited the attached Balance Sheet of PARICHAY INVESTMENTS
LIMITED as at 31st March 2011 , the relative Profit and Loss Account
and the Cash Flow Statement for the year ended on that date, all of
which have been signed by us under reference to this report. 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 have conducted our audit in accordance with auditing and
assurance 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 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, and on the basis of such checks as we considered
appropriate and according to the information and explanations given to
us, we set out in the annexure a statement on the matters specified in
paragraphs 4 & 5 of the said order.
(4) Further to our comments in the Annexure referred to in paragraph
(3) above we report that:
1. 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.
2. 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
books.
3. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report, are in agreement with the books of account.
4. In our opinion, the Balance Sheet, Profit & Loss Account, and Cash
Flow statement dealt with by this report comply with the Accounting
Standard referred to in sub-section (3c) of Section 211 of the
Companies Act, 1956.
5. On the basis of written representation received from the Directors
and taken on records by the Board of Directors, we report that none of
the Directors is disqualified as at 31st March 2011 from being
appointed as a director in terms of clause (g) of Sub-section (1) of
Section 274 of the Companies Act, 1956.
6. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Notes thereon, give the information required by the Companies Act, 1956
in the manner so required and give a true and fair view:
(a) In case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2011 and;
(b) In case of Profit and Loss Account, of the Profit of the Company
for the year ended on that date.
(c) In case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO AUDITORS' REPORT
Annexure referred to in Paragraph 3 of the Auditors Report of Even date
to the Member of Parichay Investments Limited
1. (a) The company has no fixed assets. Hence clause (i) (a), (b) &
(c) are not applicable to the company.
2. The company has no inventory. Hence, clause (ii) (a), (b) & (c) are
not applicable to the company.
3. (a) As per information and explanation given to us, the company has
granted loans to parties covered in the register maintained under
section 301 of the Companies Act, 1956. The maximum amount involved in
during the year Rs.1.15 Cr. and the year end balance of the loans
granted to such parties are nil.
(b) In our opinion and according to information and explanations given
to us, the rate of the interest and other terms and condition for the
are not prime facie prejudicial to the interest of the company.
(c) Loans in the nature of the demand loans granted to the parties
listed in register maintained under section 301 were regular in the
terms of the payment.
(d) There was no overdue amount in excess of rupees one lacs.
(e) The company has not accepted any loans from the companies, firms,
and other parties covered under register maintained under section 301
of the Companies Act, 1956.
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. During the
course of our audit we have not observed any continuing failure to
correct major weakness in internal controls.
5. As per information & according to explanation given to us, the
company has entered into any transaction we are of the opinion that
transaction which needs to be entered into the register maintained
under 301 have been so entered.
6. According to the information and explanations given to us, the
Company has not accepted any deposits from the public within the
meaning of 58 A & 58 AA of the Companies Act 1956 or any other relevant
7. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8. The central government has not prescribed maintenance of cost
record under section 209(1) (d) of the Companies' Act 1956 in respect
of products of the company.
9. In respect of Statutory dues:
a) As per information & according to explanation given to us, the
company is generally regular in depositing statutory dues with the
appropriate authorities during the year.
b) As per information & according to explanation given to us, there are
no cases of non deposit with the appropriate authorities of disputed
dues of Income-tax, and any other statutory dues with the appropriate
authorities during the year.
10. The company has not accumulated looses. The company has incurred
the cash losses in current financial year Rs. 52469/-.
11. Based on our audit procedures and according to the information and
explanations given to us, there are no loans taken from financial
institution, Banks or debenture-holders therefore the question of
payments does not arise.
12. In our opinion and according to the information and explanations
given to us and based on the information available, no loans and
advances have been granted by the company on the basis of security by
way of pledge of shares, debentures and other securities.
13. In our opinion the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore the provisions of clauses (xiii) of the
Companies (Auditor's Report) Order, 2003 are not applicable to the
Company.
14. In our opinion and according to information and explanations given
to us, the company has maintained the proper records of the
transactions and contracts and timely entries have been made in therein
respect to this transaction.
15. 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.
16. The company has not raised any term loans during the year.
17. According to the information and explanations given to us and on
overall examination of the balance sheet of the Company, we are of the
opinion that no funds raised short term basis that have been used for
long term investment.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the registered maintained under
section 301 of the Companies Act 1956.
19. No debentures have been issued by the company during the year
under audit and hence the question of creating security or charge in
respect thereof does not arise.
20. The company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no material fraud on or by the company, has been noticed
or reported, during the course of our audit.
FOR, Y D & CO.
CHARTERED ACCOUNTANTS
FIRM REG. NO. 018846N
Yesudeep Banssal
PLACE : Ludhiana (Partner)
DATED : 30th May 2011. M. No.500927
Mar 31, 2009
We have audited the attached Balance Sheet of Parichay Investments
Limited for the period ended 31st March. 2009 and also the Profit and
Loss Account for the period ended on that date annexed thereto, which
we have signed under referene s to this report. These financial
statements are the responsibility of the management of the Company. Our
responsbility is to express an opinion on these financial statements
based on our audit.
We have 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 mate rial mi (statement. 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 our audit provides a reasonable basis for our
opinion.
As required by the Companies (Auditors Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (. [A) 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:
(i) 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;
(ii) 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,
(iii) The balance sheet and profit and loss account dealt with by this
report are in agreement with the books of account;
(iv) In our opinion, the balance sheet and profit and loss accounts
dealt with by this report comply with the accounting standards referred
to in sub-section (3C) of section 211 of the Companies Act, 1956.
(v) On the basis of written representations received from the
directors, as on 31st March, 2009 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2009 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956
(vi) In our opinion and to the best of our information and according to
explanations given to us, the said account 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:
(a) in the case of the balance sheet, of the state of affairs of the
company as at 31st March 2009; (b) in the case of the profit and loss
account, of the profit for the period ended on that date;
As required by the companies (Auditors Report) order 2003, issued by
the central Government of India in terms of sub-section (4A) of section
227 of the companies Act. 1956 and on the basis of such checks as we
considered appropriate, we further report that:-
1. The company has no fixed assets.
2. There has been no inventory as per companys records
3. (a) The company has not given loan to any entity covered in the
Register maintained under section 801 of the Companies Act, 1956.
(b) The company has not accepted any loan from companies, firms and
other parties covered in the register maintained under section 301 of
the Companies Act, 1956.
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 with regard to purchases of inventory, fixed assets and with
regard to sale of goods.
5. Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under section 301 have been so entered.
6. The company has not accepted any deposits from the public within
the meaning of section 58A and 58A A of the Companies Act and the rules
framed there under
7. The company has an internal audit system which, in our opinion, is
reasonably commensurate with the size of the company and the nature of
its business.
8. The Central Government has not prescribed maintenance of cost
records in terms of section 209(1) (d) of the Companies Act, 1956.
9. (a) According to the records of the company, the company is regular
in depositing with appropriate authorities undisputed statutory dues
including provident fund, income tax, sales tax, wealth tax, custom
duty, excise duty, cess and other statutory dues applicable to it.
There are no undisputed amounts payable in respect of income tax,
wealth tax, sales tax, custom duty and excise duty were outstanding as
at 31st March 2009.
(b) According to the records of the company, there are no dues of sales
tax, income tax, customs tax/wealth tax, excise duty/cess which have
not been deposited on account of dispute.
10. The company does not have accumulated loss. The company has not
incurred any cash losses during the financial period covered by our
audit and also in the immediately preceding financial period.
11. The company has not taken any loan from any Financial Institution
or bank on Debenture Holders.
12. 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. In our Opinion and according to the information & explanation
given to us, the company is not a chit fund or a ndhi mutual benefit
fund/society and hence the provision of this clause is not applicable
to the company.
14. In our opinion and according to the information and explanation
given to us, the company has maintained proper records af the
transactions and contracts and timely enteries have been made therein
in respect of its transaction.
15. 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.
16. The company has not taken any term loan during the year.
17. 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 short term fund was raised by the company which was used or
long term investment during the year under audit.
18. 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 did not issue any debenture during the year under
audit.
20. The Company has not raised any money by public issue dui
ing the
year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the year
under audit.
R S P M & CO.
(CHARTERED ACCOVNTANTS)
Place: - Kolkata Aditya BIkram Kejriwal
(Partner)
Date: - 30th June, 2009 Membership No: 064352
Mar 31, 2003
We have audited the attached Balance Sheet of PARICHAY INVESTMENTS
LIMITED, as 31st March 2003 and the Profit & Loss Account for the year
ended on that date annexed thereto and Cash Row Statement for the year
ended on that date. These financial statements are the responsibility
of the Companys management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion. Further, we report that,
1. 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.
2. In our opinion, proper books of accounts, as required by law have
been kept by the company, so for as appears from our examination of the
books.
3 The said Balance Sheet and the Profit & Loss Account are in agreement
with the books of account
and
4.. In our opinion, the Profit & Loss account & Balance Sheet comply
with the requirements of the Accounting Standards referred to in sub
section (3C) of section 211 of the Companies Act, 1956 to the extent
applicable.
5. . Based on the written representations received from the Directors
of the Company as March 31,2003 and taken on record by the Board of
Directors, we report that no Director disqualified from being appointed
as Director of the Company under clause (g) of sub section (1) of
Section 274 of the Companies Act, 1956.
6. In our opinion, and to the best of our information and according to
the explanations give to us, the said accounts, together with and
subject to notes annexed thereto give the information, required, and
give a true and fair view:
a. In the case of balance sheet of the state of affairs of the company
as at 31st March, 2003; and
b. In the case of Profit & Loss Account of the Profit during the year
ended on that date.
c. In so far as it relates to the Cash Row Statement, of the cash
flows of the company for the year ended on that date.
As required by the Manufacturing and Other companies (Auditors report)
order, 1988 issued by the company law board, and on the basis of such
checks as considered appropriate and according to the information and
explanations given to us during the course of our audit, we report that
:-
i. The company does not have fixed assets, hence the report under this
clause does not arise.
ii. The company has not commenced its operations and therefore had no
stocks of finished goods, stores, spare-parts and raw materials
during/at the end of the year.
iii. The company has taken unsecured loans from Directors listed in
the register maintained
; under section 301 of the Companies Act, 1956. According to the terms
stipulated thereto, the rate of interest and other terms & conditions
are not prima facie prejudicial
to the interest of the Company. The Company has not taken any loans,
secured or unsecured from Companies under the same management as
mentioned u/s 370 (1B) of the Companies Act, 1956. iv. The company has
not granted any loans, secured or unsecured to the companies, firms or
other parties listed in the register maintained under section 301 of
the companies act 1956, and/or to the companies under the same
management as defined under section 370 (1B) of the Companies Act,
1956.
v. The company has not given any loans or advances in the nature of
loans during the year.
vi. There is an adequate internal control procedure commensurate with
the size of the company and the nature of its business.
vii. There are no purchases of goods, materials aggregating to Rs
50,000/- in value for each type thereof, during the year, from firms,
companies in which directors are interested as listed in the register
maintained under section 301 of the Companies Act, 1956. The company
has no subsidiaries.
viii. The company has not accepted deposits from the public during the
year to which the provisions of section 58A of the Companies Act, 1956
and the rules framed thereunder are applicable.
ix. As the company has not commenced its operation, there are no
by-products or scrap. x. The Company has an internal audit system
commensurate with its size and the nature of its business.
xi. The Central government has not prescribed the maintenance of cost
records by the companies under section 209(1)(d) of the companies act,
1956.
xii. We are informed that the Provident Fund Act and Employees State
Insurance Act are not applicable to the Company.
xiii. There are no undisputed amounts payable in respect of income tax,
wealth tax, sales tax, customs duty and excise duty as at 31st march
2003, which are outstanding for a period of more the than six months
from the date they become payable.
xiv. On the basis of the examination of the books of accounts, records
carried out in accordance with the generally accepted auditing
practices and explanations given to us, no personal expenses have been
charged to revenue accounts.
xv. The company is not a sick industrial company within the meaning of
section 3(1)(o) of the sick industrial companies special provisions
act, 1985.
xvi. The Company has not granted loans and advances on the basis of
security by way of share, debentures or other securities and hence para
4D (ii) is not applicable.
xvii. We are informed that no special status is applicable to the
Company.
xviii. According to the information and explanation given to us, proper
records have been maintained of transactions in shares, debentures,
securities and other investments and timely entries have been made
thereof. The securities are held by the company in its own name.
For GIRISH MURTHY & KUMAR
Chartered Accountants
B. GIRISH RAO
Partner
PLACE : Bangalore
DATED: 16.06.2003