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Auditor Report of PS IT Infrastructure & Services Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of PS IT Infrastructure & Services Limited which comprise the balance sheet at 31st March 2015, the statement of profit & loss and the 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 matter in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with Rule 7of the Companies (Accounts) Rule, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities, selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of internal control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provision of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provision of the act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountant 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 of material misstatement.

An audit involves performing procedure 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 procedure 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 aforesaid financial statements subject to (g) below 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 of the state of affairs of the Company as at 31st March 2015, its Profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of section 143(11) of section 227 of the Act, 1956, we give in the annexure a statement on the matters specified in paragraphs 3 and 4 of the order, to the extent applicable.

2. As required by section 143(3) of the Act, we report that:

a. We have sought and 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 as required by law have been kept by the Company so far as it appears from our examination of those books;

c. The Balance Sheet, the Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of the account;

d. In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of Companies (Accounts) Rules, 2014.

e. On the basis of written representations received from the directors, as on 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015, from being appointed as director in terms of section 164(2) of the Act.

f. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies Act, 2013 (Audit and Auditors) Rules, 2014, in our opinion and to the best of our knowledge and belief and according to the information and explanations given to us.

i. The Company does not have any pending litigations which would impact its financial position;

ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses;

iii. The Company was not required to transfer any fund into the Investors Education and Protection Fund during the year.

g. The Company has not complied with the Accounting Standard 22 (AS 22) issued by the Institute of Chartered Accountants of India in respect of accounting for taxes on Income and further its effect on profit and Loss account and Balance Sheet has not been ascertained by the Company.

For RANJEET GOTHI & ASSOCIATES

Chartered Accountants FRN: 137993W

Sd/- RANJIT GOTHI

Proprietor M. No.: 158499

Surat, May 29th, 2015

Annexure to Auditor’s Report

(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements' section of our Report of even date)

i. In respect of its fixed assets:

a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b) It has been explained to us that the Company has a regular program for physical verification of fixed assets, which in our opinion is reasonable having regard to the size of the company and the nature of its assets and no material discrepancies were noticed on such verification.

c) In our opinion and according to the information and explanations given to us, no substantial part of fixed assets has been disposed during the year and therefore does not affect the going concern assumption.

ii. In respect of its Inventories:

a) The inventory of shares has been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable.

b) As per the information given to us, the procedures of physical verification of inventory followed by management are, in our opinion, reasonable and adequate in relation to the size of the company and nature of its business.

c) In our opinion and according to the information and explanation given to us, Company is maintaining proper records of inventory. No material discrepancy was noticed on physical verification.

iii. The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered under section 189 of the Companies Act, 2013.

iv. In our opinion and according to the information and explanation 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 and fixed assets and with regard to the sale of goods. During the course of our audit we have not observed any continuing failure to correct the major weakness in internal control.

v. The Company has not received any public deposits during the year.

vi. As informed by the management, the Central Government has not prescribed maintenance of cost records under sub section (1) of Section 148 of the Act, in respect of the activities carried on by the company.

vii. In respect of statutory dues:

a) According to the records of the company and information and explanations given to us, the Company has generally been regular in depositing undisputed statutory dues, including Provident Fund Act, Employee’s State Insurance, income tax, sales tax, wealth tax, service tax, value added tax, custom duty excise duty, Cess and other material statutory dues applicable to it, with the appropriate authorities.

b) According to the information and explanations given to us there were no undisputed amounts payable in respect of Provident Fund Act, Employee’s State Insurance, income tax, sales tax, wealth tax, service tax, value added tax, custom duty excise duty, Cess and other material statutory dues in arrear as at March 31, 2015 for a period of more than six months from the date they became payable.

c) According to the information and explanations given to us there were no amounts which required to be transferred by the Company to the Investor Education and Protection Fund.

viii. The company does not have accumulated losses at the end of financial year and the Company has not incurred cash losses during the financial year covered by our audit in the immediately preceding financial year.

ix. In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to financial institutions, banks and debenture holders.

x. In our opinion and according to the information and explanations given to us the company has not given guarantee for loan taken by others from bank and financial institutions.

xi. According to the information and explanation given to us, the company has not applied for any term loans.

xii. To the best of our knowledge and according to the information and explanation given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year.



For RANJEET GOTHI & ASSOCIATES

Chartered Accountants

FRN: 137993W



Sd/-

RANJIT GOTHI

Proprietor

M. No.: 158499

Surat, May 29th, 2015


Mar 31, 2014

We have audited the accompanying financial statements of PS IT Infrastructure & Services Limited which comprise the balance sheet as at 31st March 2014, the statement of profit & loss and the 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 Company Act, 1956 ("the act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountant 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 of material misstatement.

An audit involves performing procedure to obtain evidence about the amounts and disclosures in the financial statements. The procedure selected depends 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 procedure 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 subject to (f) below give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March,

2014; and (ii) in the case of the Profit and Loss Account, of the profit for the year ended on that date. (iii)in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in annexure a statement on the matters specified in paragraphs 4 and 5 of the said 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 purposes 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 and Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of the account;

d. In our opinion, the Balance Sheet and Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

e. On the basis of written representations received from the directors, as on 31st March, 2014 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014, from being appointed as director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

f. The Company has not complied with the Accounting Standard 22 (AS 22) issued by the Institute of Chartered Accountants of India in respect of accounting for taxes on Income and further its effect on profit and Loss account and Balance Sheet has not been ascertained by the Company.

The Annexure referred to in our report to the members of PS IT Infrastructure & Services Limited for the year ended 31st March 2014. We report that:

i. a) The company has generally maintained records showing full particulars including quantitative details and situation of fixed assets.

b) It has been explained to us that the Company has a regular program for physical verification of fixed assets, which in our opinion is reasonable having regard to the size of the company and the nature of its assets and no material discrepancies were noticed on such verification.

c) During the year, no substantial part of fixed assets of company was disposed off.

ii. a) As explained to us, inventories have been physically verified by the management a reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable.

b) As per the information given to us, the procedures of physical verification of inventory followed by management are, in our opinion, reasonable and adequate in relation to the size of the company and nature of its business.

c) In our opinion and according to the information and explanation given to us, Company is maintaining proper records of inventory. The discrepancies noted on verification between the physical stocks and the book records were not material having regard to size and operation of the Company.

iii. a) According to the information and explanation given to us, the Company hasnot granted loans Secured unsecured loans, to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956, and hence the provision of clause 4(iii) of the Companies (Auditors (Auditor's Report) Order 2004 are not applicable to the Company.

b) According to the information and explanation given to us, the Company has not taken advances in the nature of unsecured loans from parties covered in the register maintained under section 301 of the Companies Act, 1956.

iv. In our opinion and according to the information and explanation given to us, company has internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory and fixed assets and with regard to the sale of goods. During the course of our audit we have not observed any continuing failure to correct the major weakness in internal control.

v. According to the information and explanation given to us, there were no transactions made in pursuance of contracts or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956.

vi. As informed by the management during the year, the company has not accepted any deposit from the public within the purview of section 58A, 58AA or any other relevant provisions of the Companies Act.

vii. The Company does not have any formal internal audit system.

viii. According to the information and explanations given to us and in our opinion the company is not required to maintain any cost record in respect of any of its activity. Hence clause (viii) of the Order is not applicable.

ix. a) We have been informed that Provident Fund Act and the provision of Employee's State Insurance Scheme are not applicable to the Company. According to the information and explanations given to us, there were no undisputed statutory dues payable in respect of income tax, sales tax, wealth tax, service tax, custom duty and excise duty which have been remained outstanding as at 31st March 2014 for the period more than six months from the date they became payable.

b) According to the information and explanations given to us there are no dispute spending before the authorities in respect of Sales Tax, Income Tax, Custom Duty and Cess.

x. The company does not have any accumulated losses at the end of financial year and has not incurred cash losses in the financial year.

xi. Based on our audit procedures and on the basis of information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to a bank and it has no dues to financial institution or debenture holders.

xii. The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii. The provisions of any special statute as specified under the clause (xiii) of the order are not applicable to the company.

xiv. In our opinion and according to the information and explanation given to us, the company is not a dealer or trader in shares, securities, debentures and other investments.

xv. According to the information and explanation given to us, the company has not given guarantee for loan taken by others from bank & financial institutions.

xvi. According to the information and explanation given to us, the company has not applied for any term loans.

xvii. According to the information and explanation given to us no funds raised on short term or long term basis by the company.

xviii. According to the information and explanation give to us, 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.

xix. According to the information and explanation given to us, the company has not issued any debentures during the year.

xx. The company has not raised any money by way of public issues during the year.

xxi. Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported in this year.

For RANJEET GOTHI & ASSOCIATES

Chartered Accountants

FRN: 137993W



Sd/-

RANJEET GOTHI

Proprietor

M. No.: 158499



Place: Surat

Date: May 30, 2014


Mar 31, 2013

Report on the Financial Statement

We have audited the accompanying financial statements of Parag Shilpa Investments Limited which comprise the balance sheet as at 31st March 2013'' the statement of profit & loss and the 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 Company Act'' 1956 (''the act”). This responsibility includes the design'' implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement'' whether due to fraud or error.

Auditors Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountant 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 of material misstatement.

An audit involves performing procedure to obtain evidence about the amounts and disclosures in the financial statements. The procedure 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 procedure 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 subject to (f) below give the information required by the Companies Act'' 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) in the case of the Balance Sheet'' of the state of affairs of the Company as at 31st March'' 2013; and (ii) in the case of the Profit and Loss Account'' of the profit for the year ended on that date. (iii) in the case of the Cash Flow Statement'' of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order'' 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act'' 1956'' we enclose in annexure a statement on the matters specified in paragraphs 4 and 5 of the said 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 purposes 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 and Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of the account;

d. In our opinion'' the Balance Sheet and Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act'' 1956;

e. On the basis of written representations received from the directors'' as on 31st March'' 2013 and taken on record by the Board of Directors'' none of the directors is disqualified as on 31st March'' 2013'' from being appointed as director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act'' 1956;

f. The Company has not complied with the Accounting Standard 22 (AS 22) issued by the Institute of Chartered Accountants of India in respect of accounting for taxes on Income and further its effect on profit and Loss account and Balance Sheet has not been ascertained by the Company.

Annexure to Auditor''s Report

The Annexure referred to in our report to the members of Parag Shilpa Investments Limited for the year ended 31stMarch 2013. We report that:

i. a) The company has generally maintained records showing full particulars including quantitative details and situation of fixed assets.

b) It has been explained to us that the Company has a regular program for physical verification of fixed assets'' which in our opinion is reasonable having regard to the size of the company and the nature of its assets and no material discrepancies were noticed on such verification.

c) During the year'' no substantial part of fixed assets of company was disposed off.

ii. a) As explained to us'' inventories have been physically verified by the management a reasonable intervals during the year. In our opinion'' the frequency of such verification is reasonable.

b) As per the information given to us'' the procedures of physical verification of inventory followed by management are'' in our opinion'' reasonable and adequate in relation to the size of the company and nature of its business

c) In our opinion and according to the information and explanation given to us'' Company is maintaining proper records of inventory. The discrepancies noted on verification between the physical stocks and the book records were not material having regard to size and operation of the Company.

iii. a) According to the information and explanation given to us'' the Company has not granted loans Secured unsecured loans'' to/from companies'' firms or other parties covered in the register maintained under section 301 of the Companies Act'' 1956'' and hence the provision of clause 4(iii) of the Companies (Auditors (Auditor''s Report) Order 2004 are not applicable to the Company.

b) According to the information and explanation given to us'' the Company has taken advances in the nature of unsecured loans from three parties covered in the register maintained under section 301 of the Companies Act'' 1956. The maximum amount of loan taken during the year was Rs.9''88''600/- and the year ended balance was Rs. Nil. These loans were interest free in nature and other terms and conditions of the loans taken by the company are prima facie not prejudicial to the interest of the company.

iv. In our opinion and according to the information and explanation given to us'' company has internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory and fixed assets and with regard to the sale of goods. During the course of our audit we have not observed any continuing failure to correct the major weakness in internal control.

v. According to the information and explanation given to us'' there were no transactions made in pursuance of contracts or arrangements that need to be entered into the register maintained under section 301 of the Companies Act'' 1956.

vi. As informed by the management during the year'' the company has not accepted any deposit from the public within the purview of section 58A'' 58AA or any other relevant provisions of the Companies Act.

vii. The Company does not have any formal internal audit system.

viii. According to the information and explanations given to us and in our opinion the company is not required to maintain any cost record in respect of any of its activity. Hence clause (viii) of the Order is not applicable.

ix. a) We have been informed that Provident Fund Act and the provision of Employee''s State Insurance Scheme are not applicable to the Company. According to the information and explanations given to us'' there were no undisputed statutory dues payable in respect of income tax'' sales tax'' wealth tax'' service tax'' custom duty and excise duty which have been remained outstanding as at 31st March 2013 for the period more than six months from the date they became payable.

b) According to the information and explanations given to us there are no disputes pending before the authorities in respect of Sales Tax'' Income Tax'' Custom Duty and Cess.

x. The company does not have any accumulated losses at the end of financial year and has not incurred cash losses in the financial year.

xi. Based on our audit procedures and on the basis of information and explanations given by the management'' we are of the opinion that the company has not defaulted in repayment of dues to a bank and it has no dues to financial institution or debenture holders.

xii. The company has not granted any loans and advances on the basis of security by way of pledge of shares'' debentures and other securities.

xiii. The provisions of any special statute as specified under the clause (xiii) of the order are not applicable to the company.

xiv. In our opinion and according to the information and explanation given to us'' the company is not a dealer or trader in shares'' securities'' debentures and other investments.

xv. According to the information and explanation given to us'' the company has not given guarantee for loan taken by others from bank & financial institutions.

xvi. According to the information and explanation given to us'' the company has not applied for any term loans.

xvii. According to the information and explanation given to us no funds raised on short term or long term basis by the company.

xviii. According to the information and explanation give to us'' 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.

xix. According to the information and explanation given to us'' the company has not issued any debentures during the year.

xx. The company has not raised any money by way of public issues during the year.

xxi. Based upon the audit procedures performed and information and explanations given by the management'' we report that no fraud on or by the company has been noticed or reported in this year.

For RAHUL R JAIN & ASSOCIATES

Chartered Accountants FRN: 133231W

Sd/-

RAHUL JAIN

Proprietor

M. No.: 068781

Place: Mumbai

Date: May 30'' 2013


Mar 31, 2011

We have audited the attached Balance Sheet of Parag Shilpa Investments Limited as at 31st March 2011, the Profit & Loss Account of the Company for the financial year ended on that date and also the Cash Flow Statement of the Company 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.

1. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, and also evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Companies (Auditor's Report) Order 2003 and amended by Companies (Auditors' Report) (Amendment) Order, 2004 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 hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order.

3. Further to our comments in the Annexure referred to in paragraph 2 above, 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, as required by law, have been kept by the Company, so far as appears from our examination of those books;

(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement referred to in this report are in agreement with the books of account;

(d) In our opinion the Balance Sheet, Profit and Loss account and Cash Flow Statement comply with the requirements of the mandatory accounting standards referred in subsection (3C) of section 211 of the Companies Act, 1956;

(e) On the basis of written representation received from all the directors, we report that none of the directors are disqualified as on 31st March, 2011 from being appointed as directors in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

(f) The company has not complied with the Accounting Standard 22 (AS 22) issued by the Institute of Chartered Accountants of India in respect of accounting for taxes on Income and further its effect on profit and Loss account and Balance Sheet has not been ascertained by the Company.

(g) In our opinion and to the best of our information and according to the explanations given to us, the said accounts subject to (f) above and 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 in conformity with the accounting principles generally accepted in India:

i. In so far as it relates to balance Sheet, of the state of affairs of the Company as at 31st March, 2011;

ii. In so far as it relates to the Profit and Loss Account, of the "Loss" of the Company or 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 Referred to in paragraph 2 of our report of even date

1. As the Company had no fixed assets during the year the relevant clauses of the Companies (Auditor's Report) Order 2003 are not applicable to the Company.

2. As the Company had no inventories during the year and the Company has not carried out any manufacturing and/or trading activity, clauses 4(ii) and (viii) of the Companies (Auditor's Report) Order 2003 are not applicable to the Company.

3. According to the information and explanation given to us, the Company has not granted or taken any loan, secured or unsecured, to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956, and hence the provisions of clause 4(iii) of the Companies (Auditor's Report) Order 2003 are not applicable to the Company.

4. The Company has no internal audit system. However, during the course of our audit, we have not observed any major weaknesses in internal control.

5. There are no transactions made in pursuance of contracts or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public.

7. According to the information and explanation given to us and the records of the Company examined by us the Company there were no liability of depositing any statutory dues during the year.

8. According to the information and explanations given to us, no undisputed dues payable in respect of income-tax, sales-tax, wealth-tax, customs duty and cess were outstanding as at 31st March, 2011 for a period of more than six months from the date they became payable.

9. The financial statements of the Company as on 31st March, 2011 do not shows accumulated losses. However, the Company has incurred a cash loss of Rs.25,200/ - during the financial year covered by our report.

10. There are no borrowings from financial institutions or banks and no debentures have been issued by the Company.

11. In our opinion and according to the information and explanation given to us, 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. ..

12. According to the information and explanations given to us, the provisions of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit Society are not applicable to the Company.

13. The Company has no investments during the year.

14. The Company has not given any guarantees for loans taken by others from banks or financial institutions.

15. The Company has not taken 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, we are of the opinion that no funds raised on short-term basis during the year have been used for long-term purposes by the Company.

17. During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956." .

18. The Company has not raised any monies by way of debentures during the year.

19. The Company has not raised any money by way of public issue during the year.

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

For Patel Dalai & Associates

Chartered Accountants

Firm Regn. No: 126328W

Jitendra.D.Patel

Partner

Membership No: 34518

Mumbai

Dated: 2nd September, 2011.

Tel: 2872 6421-2872 0285

 
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