Mar 31, 2014
We have audited the accompanying financial statements of Photon Capital
Advisors 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
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub- section (3C) of section
211 of the Companies Act, 1956 ("the Act"). This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Statement of Profit and Loss, of the loss for the
year ended on March 31, 2014; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") 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.
1. 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;
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure to the Auditors'' Report
The Annexure referred to the members of Photon Capital Advisors Limited
for the year ended March 31, 2014. 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. Due to the nature of business, the Company has no inventories and
accordingly the provisions of clause 4(ii) of the Companies (Auditors''
Report) Order, 2003 (as amended) are not applicable to the Company.
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, and
accordingly 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 fixed assets and payment for expenses and
for purchase and sale of investment and derivatives. 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 and 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. As per information and explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. To the extent of our knowledge and as explained, the Central
Government of India has not prescribed the maintenance of cost records
under clause (d) of sub-section (1) of Section 209 of the Act for any
of the 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 Company does not have any accumulated loss and has incurred
cash loss of Rs.8,782,514/- during the financial year covered by our
audit and in the immediately preceding financial year Rs 107,995,505/-
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, derivative futures and other
investments. Proper records & timely entries have been maintained in
this regard and further, investments specified are held in its 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 March 31,
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 K. Vijayaraghavan & Associates
Chartered Accountants
Firm Registration No: 004718S
Sd/-
K. Ragunathan
Date: Hyderabad Partner
Place: May 29,2014 Membership No.213723
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Photon Capital
Advisors Limited ("the Company"), which comprise the balance sheet as
at March 31, 2013, 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
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting ,
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956 ("the Act"). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audi'' 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 ou- audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) in the case of the Statement of Profit and Loss, of the loss for the
year ended on March 31, 2013; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") 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 ;he matters specified in paragraphs 4 and 5 of the Order.
1. 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 f;r 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 Feport are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comp> with the Accounting Sta^;ards referred to in
subsection (3C) of section 211 of the Companies Act, 956;
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 to the Auditors'' Report
The Annexure referred to the members of Photon Capital Advisors Limited
for the year ended March 31, 2013. 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. Due to the nature of business, the Company has no inventories and
accordingly the provisions of clause 4(ii) of the Companies (Auditors''
Report) Order, 2003 (as amended) are not applicable to the Company.
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, and
accordingly 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 fixed assets and payment for expenses and
for purchase and sale of investment and derivatives. 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.
t) As per information and 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. As per information and explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. To the extent of our knowledge and as explained, the Central
Government of India has not prescribed the maintenance of cost records
under clause (d) of sub-section (1) of Section 209 of the Act for any
of the products of the company.
9. (a) According to ;he 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 31!l 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 Company does not have any accumulated loss and has incurred
cash loss of Rs.107,995,505/- during the financial year covered by our
audit and 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, derivative futures and other
investments. Proper records & timely entries have been maintained in
this regard and further, investments specified are held in its 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 March 31,
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 managemert, 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 K.Vijayaraghavan & Associates
Chartered Accountants
Firm Registration No: 004718S
Sd/-
K. Vijayaraghavan
Date: 30* May 2013 Partner
Place: Hyderabad Membership No.23387
Mar 31, 2012
1. We have audited the attached Balance Sheet of Photon Capital
Advisors Limited, Hyderabad, as at March 31, 2012, the Statement of
Profit and Loss and the Cash Flow Statement for the year ended on that
date annexed thereto, which we have signed 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 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.
3. The Companies (Auditor's Report) Order, 2003, as amended by the
Companies (Auditor's Report) (Amendment) Order, 2004 (together the
'Order') issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of 'The Companies Act, 1956' of India
(the 'Act') is not applicable.
4. We report that :
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(b) In our opinion, proper books of account have been kept by the
Company as required by law so far as appears from our examination of
those books;
(c) The Balance Sheet and 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 and statement of Profit and Loss
dealt with by this report comply with the Accounting Standards referred
to in Section 211(3C) of the Act;
(e) On the basis of written representations received from the
directors, as on March 31, 2012 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2012 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Act; and
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements together
with the notes thereon and attached thereto, give, in the prescribed
manner, the information required by the Act and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
The Annexure referred to in the auditors' report to the members of
Photon Capital Advisors Limited ("the Company") for the year ended
March 31, 2012. We report that:
1. a. The Company has maintained proper records to show full
particulars including
quantitative details and situation of fixed assets.
b. All the fixed assets have not been physically verified by the
management during the year but there is a regular programme of
verification which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. As informed no
material discrepancies were noticed on such verification.
c. In our opinion and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
of by the Company during the year.
2. Due to the nature of business, the Company has no inventories and
accordingly the provisions of clause 4(ii) of the Companies (Auditors'
Report) Order, 2003 (as amended) are not applicable to the Company.
3. a. As informed to us, the company has not granted any loans,
secured or unsecured,
to companies, firms or other parties covered in the register maintained
under Section 301 of the Act, and accordingly, clauses (iii)(b) to
(iii)(d) of paragraph 4 of the Order are not applicable.
b. As informed to us, the company has not taken any loans, secured or
unsecured, from companies, firms or other parties covered in the
register maintained under Section 301 of the Act, and accordingly,
clauses (iii)(f) and (iii)(g) of paragraph 4 of the Order are not
applicable.
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 fixed assets and for the sale of services. Further, on the
basis of our examination of the books and records of the company, and
according to the information and explanations given to us, we have
neither come across nor have been informed of any continuing failure to
correct major weaknesses in the aforesaid internal control system. The
activities of the Company do not involve purchase of inventory and sale
of goods.
5. a. In our opinion and according to the information and explanations
given to us,
the particulars of contracts or arrangements referred to in Section 301
of the Act have been entered in the register required to be maintained
under that Section.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements and exceeding the value of rupees five lacs in respect of
any party during the year have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public under the
provisions of Sections 58A, 58AA or any other relevant provisions of
the Act and the rules framed there under.
7. In our opinion, the company has an internal audit system
commensurate with its size and nature of its business.
8. To the extent of our knowledge and as explained, the Central
Government of India has not prescribed the maintenance of cost records
under clause (d) of sub-section (1) of Section 209 of the Act for any
of the products of the company.
9. a. According to the information and explanations given to us and
the records of
the Company examined by us, in our opinion, the Company is generally
regular in depositing the 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 material statutory dues as applicable
with the appropriate authorities.
b. According to the information and explanations given to us and the
records of the Company examined by us, no undisputed amounts payable in
respect of provident fund investor education and protection fund,
employees' state insurance, income-tax, wealth-tax, service tax,
sales-tax, customs 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. According to the information and explanations given to us and the
records of the Company examined by us, no dues are outstanding of
income-tax, sales- tax, wealth-tax, service tax, customs duty, excise
duty and cess on account of any dispute.
10. The Company has no accumulated losses as at March 31, 2012 and it
has not incurred cash losses in the financial year ended on that date
and but has incurred cash losses in the immediately preceding financial
year.
11. According to the records of the Company examined by us and the
information and explanation given to us, the Company has not defaulted
in repayment of dues to any financial institution or bank or debenture
holders, as may be applicable, as at the balance sheet date.
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. The provisions of special statute applicable to chit fund and
nidhi/ mutual benefit fund/ society are not applicable to the Company.
14. In our opinion, the Company is maintaining proper records of
transactions and contracts about the dealing or trading in shares,
securities, debentures and other investments and have made timely
entries in the records and the shares, securities, debentures and other
investments have been held by the company in its own name.
15. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from bank or financial institutions
16. According to the records and information and explanations given to
us, the Company has not obtained any term loans, accordingly clause
4(xvi) of the Companies (Auditors' Report) Order, 2003 (as amended) are
not applicable to the Company.
17. On the basis of an overall examination of the balance sheet of the
Company, in our opinion and according to the information and
explanations given to us, there are no funds raised on a short-term
basis which 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 register maintained under Section
301 of the Act during the year, accordingly clause 4(xviii) of the
Companies (Auditors' Report) Order, 2003 (as amended) is not applicable
to the Company.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For and on behalf of the board of
K. Vijayaraghavan & Associates
Chartered Accountants
Firm Registration Number:004718S
Place: Hyderabad K. Vijayaraghavan
Date: 30-05-2012 Partner, Membership No.23387
Mar 31, 2010
1. We have audited the attached Balance Sheet of Photon Capital
Advisors Limited, Hyderabad, as at March 31, 2010, the Profit and Loss
Account and the Cash Flow Statement for the year ended on that date
annexed thereto, which we have signed under reference to this report.
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 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. The Companies (Auditors Report) Order, 2003, as amended by the
Companies (Auditors Report) (Amendment) Order, 2004 (together the
Order) issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of The Companies Act, 1956 of India
(the Act) is not applicable.
4. We report that :
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(b) In our opinion, proper books of account have been kept by the
Company as required by law so far as appears from our examination of
those books;
(c) The Balance Sheet and Profit and Loss Account 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 dealt
with by this report comply with the Accounting Standards referred to in
Section 211(3C) of the Act;
(e) On the basis of written representations received from the
directors, as on March 31, 2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2010 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Act; and
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements together
with the notes thereon and attached thereto, give, in the prescribed
manner, the information required by the Act and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2010;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
The Annexure referred to in the auditors report to the members of
Photon Capital Advisors Limited ("the Company") for the year ended
March 31, 2010. We report that:
1. (a) The Company has maintained proper records to show full
particulars including quantitative details and situation of fixed assets.
(b) All the fixed assets have not been physically verified by the
management during the year but there is a regular programme of
verification of which, in our opinion, is reasonable having regard to
the size of the Company and the nature of its assets. As informed no
material discrepancies were noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
of by the Company during the year.
2. Due to the nature of business, the Company has no inventories and
accordingly the provisions of clause 4(ii) of the Companies (Auditors
Report) Order, 2003 (as amended) are not applicable to the Company.
3. (a) As informed to us, the company has not granted any loans,
secured or unsecured,
to companies, firms or other parties covered in the register maintained
under Section 301 of the Act, and accordingly, clauses (iii)(b) to
(iii)(d) of paragraph 4 of the Order are not applicable.
(b) As informed to us, the company has not taken any loans, secured or
unsecured, from companies, firms or other parties covered in the
register maintained under Section 301 of the Act, and accordingly,
clauses (iii)(f) and (iii)(g) of paragraph 4 of the Order are not
applicable.
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 fixed assets and for the sale of services. Further, on the
basis of our examination of the books and records of the company, and
according to the information and explanations given to us, we have
neither come across nor have been informed of any continuing failure to
correct major weaknesses in the aforesaid internal control system. The
activities of the Company do not involve purchase of inventory and sale
of goods.
5. (a) In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
referred to in Section 301 of the Act have been entered in the register
required to be maintained under that Section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements and exceeding the value of rupees five lacs in respect of
any party during the year have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public under the
provisions of Sections 58A, 58AA or any other relevant provisions of
the Act and the rules framed there under.
7. In our opinion, the company has an internal audit system
commensurate with its size and nature of its business.
8. To the extent of our knowledge and as explained, the Central
Government of India has not prescribed the maintenance of cost records
under clause (d) of sub-section (1) of Section 209 of the Act for any
of the products of the company.
9. a. According to the information and explanations given to us and
the records of the
Company examined by us, in our opinion, the Company is generally
regular in depositing the 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 material statutory dues as applicable
with the appropriate authorities.
b. According to the information and explanations given to us and the
records of the Company examined by us, no undisputed amounts payable in
respect of provident fund investor education and protection fund,
employees state insurance, income-tax, wealth-tax, service tax,
sales-tax, customs 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. According to the information and explanations given to us and the
records of the Company examined by us, no dues are outstanding of
income-tax, sales-tax, wealth-tax, service tax, customs duty, excise
duty and cess on account of any dispute.
10. The Company has no accumulated losses as at March 31, 2010 and it
has incurred cash losses in the financial year ended on that date and
in the immediately preceding financial year.
11. According to the records of the Company examined by us and the
information and explanation given to us, the Company has not defaulted
in repayment of dues to any financial institution or bank or debenture
holders, as may be applicable, as at the balance sheet date.
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. The provisions of special statute applicable to chit fund and
nidhi/ mutual benefit fund/ society are not applicable to the Company.
14. In our opinion, the Company is maintaining proper records of
transactions and contracts about the dealing or trading in shares,
securities, debentures and other investments and have made timely
entries in the records and the shares, securities, debentures and other
investments have been held by the company in its own name.
15. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from bank or financial institutions
16. According to the records and information and explanations given to
us, the Company has not obtained any term loans, accordingly clause
4(xvi) of the Companies (Auditors Report) Order, 2003 (as amended) are
not applicable to the Company.
17. On the basis of an overall examination of the balance sheet of the
Company, in our opinion and according to the information and
explanations given to us, there are no funds raised on a short-term
basis which 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 register maintained under Section
301 of the Act during the year, accordingly clause 4(xviii) of the
Companies (Auditors Report) Order, 2003 (as amended) is not applicable
to the Company.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For and on behalf of
K. Vijayaraghavan & Associates
Chartered Accountants
Sd/-
Place: Hyderabad K. Vijayaraghavan
Date: July 23, 2010 Partner,
Membership No.23387