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Auditor Report of Pasupati Fincap Ltd.

Mar 31, 2013

1. We have audited the accompanying financial statements of Pasupati Fincap Limited, which comprise the Balance Sheet as at March 31, 2013, 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.

2. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

3. 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.

4. 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 weft as evaluating the overall presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

6. 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 general accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2013;

b) inthe case of the Profit and Loss Account, of the loss forthe year ended on that date:.

c) in the case of the Cash Flow Statement, of the cash flows for the yea* ended on that date.

7. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4 A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of me Order.

8. 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,subject to the following:-

i. Attention is drawn to Note on Accounts regarding nan confirmation and reconciliation of amounts receivable and payable including Loan & Advance. ii. Balances of Unsecured loans are subject to confirmation

e) On the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 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.

ANNEXURE REFERRED TO IN PARAGRAH 4 & 5 OF THE AUDITORS REPORT OF EVEN DATE TO THE MEMBERS OF PASUPATI FINCAP LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2013.

1. (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) Fixed assets have been physically verified by the management of the company during the year which is in our opinion is reasonable having regards to the size of the company and nature of its fixed assets.

(c) There was no disposal of fixed assets during the year, which would affect the going concern of the company.

The above clause of (a),(b) and (c) is not applicable.

2. (a) The management has been conducting physical verification of inventory at reasonable intervals.

(b) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

The above clause of (a),(b) and (c) is not applicable.

3. (a) During the year, the Company has given loan to Three parties covered in the register maintained u/s 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs.4,71,44,060.00 and the year end balance of loans given to such parties was Rs. 4,61,83,108.94.00.

(b) There is no overdue amount of loans granted to companies, firms and other parties listed in the register maintained u/s 301 of the Companies Act, 1956.

(cy The company has no taken loans from the parties covered in the register maintained u/s 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal procedures commensurate with the size of the Company and nature of its business for the purchases of inventory and fixed assets and for the sale of goods. During the course of our audit no major weaknesses were found in internal control.

5. In our opinion and according to the information and explanations given to us, we are of the opinion that there have been no transaction that need to be entered into register maintained under Section 301 of the Companies Act, 1956, and hence Clause 4(v)(b)is not applicable.

6. 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 meaning of section 58A of the Companies Act, 1956, and the Companies (Acceptance of Deposit) Rules, 1975.

7. In our opinion the Company has an internal audit system commensurate with the size and . nature of its business.

8. We are informed that the maintenance of cost records has not been prescribed by the Central Government Under Section 209(1 Xd of the Companies Act, 1956.

9. (a) According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues with the appropriate authorities. According to the information and explanation given to us, there are outstanding arrears as mentioned above as at 31 * March, 2013 for a period of more than six months from the date they became payable.

(b) There are no dues outstanding of Sales Tax, Income Tax, Custom Tax, Wealth Tax, Excise Duty and Cess on account of any dispute.

10. The Company has accumulated losses of Rs. 21,15,320.78 at the end of the financial year and it has incurred cash loss of Rs. 2,63,116.00 in the current and no cash loss of in immediately preceding financial year.

11. According to the information and explanations given to us, the company has not defaulted in repayment of dues to any financial institution, and bank.

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 provisions of any special statute as specified under paragraph (xiii) of the Order are not applicable to the company.

14. In our opinion and according to the information and explanations given to us, theCompany is trader in securities.

15. According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks or financial institutions.

16. In our opinion and according to the information and explanations given to us, the Company has not token term loans during the year.

17. Based on the information and explanations given to us and on an overall examination of Ate balance sheet of the Company, in our opinion, there are no funds raised on a short term bask which have been used for long term investment and vice versa.

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 during the year.

19. The Company has not issued any debentures.

20. The Company has not raised any money by public issue during the year.

21. According to the information and explanations given to us, during the year, no fraud on or by the company has been noticed or reported.

For M. C. JAIN & CO.

Chartered Accountants

FRN364012E ,

(VikashAgrawftr)

Partner

M. No.525179

Place:-New Delhi

Date:-29.05.2013


Mar 31, 2012

I. We have audited the attached Balance Sheet of PASUPATI FINCAP LTD as at.31st March, 2012 and also the Profit and Loss Account for the year ended on that date, annexed .thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We have conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. Ah audit includes, examining, on a lest basis, evidence supporting the amounts and disclosure in 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 us 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 Sub-Section (4A) of Section 227 of the Companies Act, 1956, we enclose' in the Annexure a Statement on the mailers specified in paragraph 4 and 5 of the said order to the extent applicable to the company.

4.' Further to our comments in the Annexure referred to above, we report that:

(i) We have obtained all the information and explanation 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 these books.

(iii) The Balance Sheet and the Profit and Loss Account dealt with by the report are in agreement with the Books of Account of the company.

(iv) In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the Accounting Standards as referred to in Sub-Section (3c) of the Section 211 of the Companies Act, 1956 subject to the following:-

a) Attention is drawn to Note on Accounts regarding non confirmation and ' reconciliation of amounts receivable and payable including Loan & Advances.

b) Balances of Unsecured loans are subject to confirmation.

(v) . On the basis of written representations received from the Directors as on 31.03.2012 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 3lslMarch 2012 from being appointed as a director in terms of clause (g) of Sub-section (i) of Section 274 of the Companies Act, 1956.

5. In our opinion and to the best of our information and according to the explanations

given to us, they said financial statement with the notes thereon, given 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:

(a) In case of the Balance Sheet, of the state of the affairs of the Company as at 31s'March, 2012 and;

(b) In case of the Profit and Loss Account, of the Profit for the year ended oh that date.

ANNEXURE REFERRED TO IN PARAGRAH 3 OF THE AUDITORS REPORT OF EVEN DATE TO THE MEMBERS OF M/S PASUPATI FINCAP LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED MARCH 31,2012

1. (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) Fixed assets have been physically verified by the management of the company during the year which is in our opinion is reasonable having regards to the size of the company and nature of its fixed assets.

(c) There was no disposal of fixed assets during the year, which would affect the going concern of the company.

The above clause is not applicable to the company.

2. (a) The management has been conducting physical verification of inventory at reasonable intervals.

(b) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

3. (a) During the year, the Company has given loan to Three, parties covered in the register maintained u/s 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 4,72,16,925.00 and the yearend balance of loans given to such parties was Rs. 86,52,560.00

(b)-There is no overdue amount of loans granted to companies, firms and other parties; listed in the register maintained u/s 301 of the Companies Act, 1956. (c) The company has taken loans from One party covered in the register maintained , |u/s 301 of the Companies Act/1956; The maximum amount involved during the year was Rs; 8,97,400.00 and the yearend balance of loans taken from such parties was Rs. 8,97,400.00

4. In our opinion and according to the information and explanations given to us, there are adequate internal procedures commensurate With the size of the Company and nature of its business for the purchases of inventory and fixed assets and for the sale of goods. During the course of our audit no major weaknesses were found in internal

5. In our opinion and according to the information and explanations given to us, we are of the opinion that there have been no transaction that need to be entered into register maintained under Section 301 of the Companies Act, 1956, and hence Clause 4{v)(b) is not applicable.

6. 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 meaning of section 58A of the Companies Act, 1956, and the Companies (Acceptance of Deposit) Rules, 1975.

7. In our opinion the Company has an internal audit system commensurate with the size and nature of its business.

8. We are informed that the maintenance of cost records has not been prescribed by the Central Government Under Section 209(l)(d) of the Companies Act, 1956.

9. (a) According to the information and explanations given to us and according to the books and records as, produced and examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues with the appropriate authorities. According to the information and explanation given to us, there are outstanding arrears as mentioned above as at 31st March, 2012 for a period of more than six months from the date they became payable.

(b) There are no dues outstanding of Sales Tax, Income Tax, Custom Tax, Wealth Tax, Excise Duty and Cess on account of any dispute.

10. The Company has accumulated losses of Rs. 20,14,294.72 at the end of the financial year and it has not incurred cash loss in the current and in immediately preceding financial year.

11. According to the information and explanations given to us, the company has not defaulted in repayment of dues to any financial institution, and bank.

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 provisions of any special statute as specified under paragraph (xiii) of the Order are not applicable to the company.

14. In our opinion and according to the information and explanations given to us, the Company is trader in securities.

15. According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks or financial institutions.

16. In our opinion and according to the information and explanations given to us, the term loans were applied for the purpose for which the loans were obtained.

17. Based on the .information and explanations given to us and on an overall examination Of the balance sheet of the Company, in our opinion, there are no funds raised on a short term basis which have been used for long term investment and vice versa.

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 during the year.

19. The Company has not issued any debentures.

20. The Company has not raised any money by public issue during the year.

21. According to the information and explanations given to us, during the year, no fraud on or by the company has been noticed or reported.



For M. C JAIN & CO

Chartered Accountants

F.R.N: 304012E

Place: New Delhi

Date: 3rd September, 2012 (VIKASH AGRAWAL)

PARTNER

M.No :525179


Mar 31, 2010

1. We have audited the attached Balance Sheet of M/S PASUPATI FINCAP LTD. as at 31st March, 2010 and also the Profit and Loss Account 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 have conducted our audit in accordance with auditing standards generally accepted in India. These 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 disclosure in 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 us 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 Sub-Section (4A) of Section 227 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 to the extent applicable to the company.

4. Further to our comments in the Annexure referred to above, we report that:

(i) We have obtained all the information and explanation which, to the best of our knowiedge and beiief 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 the Profit and Loss Account dealt with by the report are in agreement with the Books of Account of the company.

(iv) In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the Accounting Standards as referred to in Sub-Section (3c) of the Section 211 of the Companies Act, 1956 except liabilities for Gratuity and Leave Encashment on retirement and no reporting of related party disclosure as required by AS-18.

(v) On the basis of written representations received from the Directors as on 31.03.2010 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31stMarch 2010 from being appointed as ; director in terms of clause (g) of Sub-section (i) of Section 274 of the Companies Act, 1956.

5. In our opinion and to the best of our information and according to the explanations given to us, the said financial statement with the notes thereon, given 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.

(a) In case of the Balance Sheet, of the state of the affairs of the Company as at 31st March, 2010 and;

(b) In case of the Profit and Loss Account, of the Profit for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAH 1 & 2 OF THE AUDITORS REPORT OF EVEN DATE TO THE MEMBERS OF M/S PASUPAT1 FINCAP LTD. ON THE ACCOUNTS FOR THE YEAR ENDED MARCH 31.2010

1. (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) According to the information and explanations given to us, Fixed assets have been physically verified by the management of the company during the year which is in our opinion is reasonable having regards to the size of the company and nature of its fixed assets. No material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us, the company has not disposed off substantial part of fixed assets, hence reporting on the going concern - status in this regard does not rise.

2. (a; Physical verification of the inventory excluding materials in transit has been conducted at reasonable intervals by the management during the year.

(b) In our opinion and according to information and explanations given to us, the physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion, the Company is maintaining proper records of inventory, and there no material discrepancies were noticed on physical verification by the management as inform to us.

3. (a) As informed to us, the Company has not granted interest free loans, secured or unsecured to companies , firms or other parties covered in the register maintained U/S 301 of the companies Act 1956 and the Company has not taken any loans, secured or unsecured to companies , firms or other parties covered in the register maintained U/S 301 of the companies Act 1956. Consequently, the report requirements of paragraph (iii) (a) to (g) are not applicable and hence not reported accordingly.

4. In our opinion and accuiuing 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, fixed assets & sale of goods.

5. According to the information and explanations given to us, the Company has entered the transactions that need to be entered into the register in pursuance of Section 301 of the Act. Consequently, the report requirements of paragraph 4 v (a) & (b) are not applicable and hence not reported accordingly.

6. In our opinion and according to the information and explanations given to us, the company has noi. accented any Deposirs from the public within the meaning of section 58A of the Companies Act. 1956. and the Companies (Acceptance of Deposit) Rules, 1975.

8. We are informed that the Central Government under Section 209(1) (d) of the Companies Act, 1956, has not prescribed the maintenance of cost records.

9. (a) According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues with the appropriate authorities. According to the information and explanation given to us, there are no arrears of outstanding statutory dues as mentioned above as at 3!st March, 2010 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no dues outstanding of sales tax, income tax, custom tax, wealth tax, excise duty and cess on account of any dispute.

10. According to the information and explanations given to us there are accumulated losses of the company at the end of the financial year.

11. According to the information and explanations given to us, the company has not defaulted in repayment of dues to any financial institution, and bank.

12. According to the information and explanations given to us, the company has not granted any loans and advances on the bast. of security by way of pledge of shares. debentures and other securities.

13. In our opinion and according to the information and explanations given to us, the Company is dealing or trading in shares securities, debenture and other investment and in our opinion, proper records have been maintained for such transactions, timely entries have been made therein and the shares and securities are held in the companys name.

14. According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks or financial institutions.

15. In our opinion and according to the information and explanations given to us, the company not obtained any term loans during the year

16. According to the information and explanations given to us and on an overall examination of the balance sheet.of the Company, in our opinion, there are no funds raised on a short term basis which have been used for long term investment and vice versa.

17. 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 during the year.

18. According to the information and explanations given to us The Company has not issued any debentures during the year.

19. The Company has not raised any money by pubiic issue during the year.

20. According to the information and explanations given to us, during the year, no fraud on or by the company has been noticed or reported during the year.

4701/21A, Ansari Road For M. C. JAIN & CO.

Darya Ganj, New Delhi - 02 Chartered Accountants

Place: New Delhi

Dated: 4th September, 2010

(Manoj K. Patawari)

Partner

 
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