Mar 31, 2015
We have audited the accompanying standalone financial statements of
Rockon Fintech Limited ('the Company'), which comprise the balance sheet
as at 31 March 2015, the statement of profit and 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 Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation of these standalone financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit. We have taken into account
the provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31 March 2015 and 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
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
(a) We have 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 the cash
flow statement dealt with by this Report are in agreement with the
books of account;
(d) In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
(e) On the basis of the written representations received from the
directors as on 31 March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note no. 21 to
the financial statements;
ii. The Company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. The company is not liable to transfer any amounts to the Investor
Education and Protection Fund. Therefore, there has been no delay in
transferring amounts, required to be transferred, to the Investor
Education and Protection Fund by the Company.
Annexure to the Independent Auditors' Report
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the financial statements for the year ended
31 March 2015, we report that:
(i) (a) There are no fixed assets and therefore paragraph 3(i)(a) of
the order is not applicable.
(b) There are no fixed assets and therefore paragraph 3(i)(b) of the
order is not applicable.
(ii) As informed to us, the equity shares held as inventories in
dematerialized form have been verified by the management with
supportive evidence during the year. And for other unquoted equity
shares held as inventories the procedures performed by the management
for physical verification were found to be satisfactory.
(iii) (a) The Company has not granted loans to two parties covered in
the register maintained under section 189 of the Companies Act, 2013
('the Act').
(b) In the case of the loans granted to any parties in the register
maintained under section 189 of the Act, the borrowers have been
regular in the payment of the interest as stipulated. The terms of
arrangements do not stipulate any repayment schedule and the loans are
repayable on demand. Accordingly, paragraph 3(iii)(b) of the Order is
not applicable to the Company in respect of repayment of the principal
amount.
(c) There are no overdue amounts of more than rupees one lakh in
respect of the loans granted to the bodies corporate listed in the
register maintained under section 189 of the Act.
(iv) 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 with regard
to purchase of inventory and fixed assets and for sale of goods and
services. We have not observed any major weaknesses in the internal
control system during the course of the audit.
(v) During the year, Company has not accepted any deposits from the
public.
(vi) The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act, for any of the services
rendered by the Company.
(vii) (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, amounts
deducted/ accrued in the books of account in respect of undisputed
statutory dues including provident fund, income tax, sales tax, wealth
tax, service tax, duty of customs, value added tax, cess and other
material statutory dues have been regularly deposited during the year by
the Company with the appropriate authorities. As explained to us, the
Company did not have any dues on account of employees' state insurance
and duty of excise.
According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
sales tax, wealth tax, service tax, duty of customs, value added tax,
cess and other material statutory dues were in arrears as at 31 March
2015 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 material dues of wealth tax, duty of customs and cess which have
not been deposited with the appropriate authorities on account of any
dispute.
(c) According to the information and explanations given to us the
amounts which were required to be transferred to the investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules there under has been
transferred to such fund within time. The Company is not required to
transfer any amount to the investor education and protection fund,
accordingly paragraph (vii) (c) of the Order is not applicable to the
Company.
(viii) Accumulated losses of the company as at 31st March, 2015 do not
exceed fifty percent of its net worth at the end of the financial year.
The company has incurred cash loss of Rs. 67,02,051/- during the
financial year covered by our audit and a cash loss of Rs. 9,62,475/-
during the immediately preceding financial year.
(ix) The Company did not have any outstanding dues to financial
institutions, banks or debenture holders during the year.
(x) In our opinion and according to the information
and the explanations given to us, the Company has not given any
guarantee for loans taken by others from banks or financial
institutions.
(xi) The Company did not have any term loans outstanding during the
year.
(xii) According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For Pravin Chandak & Associates
Chartered Accountants
Firm's registration number: 116627W
Sd/-
Pravin Chandak (Partner)
Membership Number: 049391
Place: Mumbai
Date: 29/05/2015
Mar 31, 2014
We have audited the accompanying financial statements of Rockon Fintech
Limited ("The Company") which comprise the Balance Sheet as at March
31, 2014, and the Statement of Profit and Loss and Cash Flow Statement
for the year ended March 2014, 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 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, 2014.
b) In the case Statement of Profit and Loss Account, of the loss for
the year ended March, 2014 and
c) In the case of Cash Flow Statement, of the cash flows for the year
ended March, 2014.
Emphasis of Matter
The Company has applied for Certificate of Registration to carry on
NBFC business to RBI in current Financial Year to regularize its NBFC
Business which is being carried on. However, the Certificate of
Registration is not received till reporting date. The Auditors have
directly informed to Reserve Bank of India in compliance of Non-Banking
Financial Companies Auditor''s Report (Reserve Bank) Directions, 2008
about this matter.
Report on Other Legal and Regulatory Requirements
1. 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.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet 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, Statement of Profit and Loss,
comply with the Accounting Standards referred to in sub-section (3C) of
section 211 of 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 AUDITOR''S REPORT ON THE FINANCIAL STATEMENT^ FOR THE
YEAR ENDED 31ST MARCH, 2014 (Referred to in point 1 of "Report on Other
Legal and Regulatory Requirements" of our Report of even date to the
members of Rockon Fintech Limited on the financial statements for the
year ended 31st March, 2014)
1. There are no fixed assets and therefore clause 4(i) of the order is
not applicable.
2. As informed to us, the inventories held in dematerialized form, have
been verified by the management with supportive evidence during the
year. In our opinion the frequency of verification is reasonable. In
our opinion, the procedures for physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business. On the basis of
our examination the records of inventory, we are of the opinion that
Company is maintaining proper records of inventory. We are informed
that no discrepancies were noticed on physical verification.
3. (a) The Company has granted unsecured loans to 5 parties covered in
the register maintained under Section 301 of the Companies Act, 1956,
the maximum amount outstanding at any time during the year was Rs. 72.6
Lakh and the yearend balance is Rs. NIL.
(b) In our opinion and according to the information and explanations
given to us, the terms and conditions of the loans given by the Company
are not prima facie prejudicial to the interest of the Company.
(c) No stipulations have been made for the recovery of the loans hence
clause 4 (iii) (c) is not applicable to the company.
(d) No stipulations have been made for recovery of the loans given by
the company hence clause 4(iii) (d) is not applicable to the company.
(e) The Company has taken interest free unsecured loans from 1 party
covered in the register maintained under Section 301 of the Companies
Act 1956, the maximum amount outstanding at any time during the year
was Rs. 2 Lakh and the yearend balance is Rs. NIL.
(f) In our opinion and according to the information and explanations
given to us, the terms and conditions of the loans taken by the Company
are not prima facie prejudicial to the interest of the Company.
(g) No stipulations have been made for the repayment of the loans hence
clause 4(iii) (g) is not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of fixed assets and for the sale of goods. In
our opinion and according to the information and explanations given to
us, there is no continuing failure to correct major weaknesses in
internal control.
5. According to the information and explanations given to us, we are of
the opinion that the company has not entered into any contracts or
arrangements referred to in section 301 of the Companies Act, 1956.
6. No deposits, within the meaning of Section 58A and 58AA or any other
relevant provisions of the Companies Act, 1956 and rules framed there
under have been accepted by the Company.
7. In our opinion and according to information and explanation given to
us, the company has not internal audit system commensurate with size of
the Company and nature of its business.
8. According to the information and explanation given to us the
maintenance of cost records has not been5 prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Companies Act, 1956 for any of the activities of the company.
9. (a) The Company is regular in depositing undisputed statutory dues
including Investor Education and Protection Fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty, cess and other material statutory dues applicable to the
company with the appropriate authorities. No undisputed amounts payable
in respect of the aforesaid statutory dues were outstanding as at the
last day of the financial year for a period of more than six months
from the date they became payable.
b) According to the records of the Company, there are no dues of Income
Tax, Sales Tax, Service Tax, Customs Duty, Wealth Tax, Excise Duty,
cess which have not been deposited on account of any dispute.
10. Accumulated losses of the company as at 31st March, 2014 do not
exceed fifty percent of its net worth at the end of the financial year.
The company has incurred cash losses of Rs. 9,62,475 during the
financial year covered by our audit and had incurred any cash losses
during the immediately preceding financial year of Rs. 25,82,072.
11. According to the records made available to us and information and
explanations given to us by the management, the company has not taken
any financial assistance from any financial institutions or banks.
Accordingly Clause 4(xi) of Companies (Auditor''s Report) Order, 2003 is
not applicable.
12. According to the information 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. In our opinion, the company is not a chit fund or a nidhi/ mutual
benefit fund/ society. Therefore, the provisions of clause 4 (xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
14. The Company has maintained proper records of the transactions and
contracts for dealing or trading in shares, securities, debentures and
other investments and timely entries have been made therein. All
shares, securities, debentures and other investment have been held by
the company, in its own name except to the extent of the exemption
granted under section 49 of the Companies Act, 1956.
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 Banks or Financial Institutions during the year.
16. As per the information and records furnished to us, the Company has
not accepted any term loans. Accordingly Clause 4(xvi) of the Companies
(Auditor''s Report) Order, 2003 is not applicable to the company.
17. According to the information and explanations given to us and on an
overall examination of the balance sheet of the company, in our
opinion, the funds raised on short-term basis have, prima facie, not
been used for long-term investment.
18. According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
19. During the financial year, company had not issued any debenture.
Accordingly Clause 4(xviii) of Companies (Auditor''s Report) Order, 2003
is not applicable.
20. The Company has not raised any money by way of public issue during
the year. Accordingly Clause 4(xx) of Companies (Auditor''s Report)
Order, 2003 is not applicable.
21. During the course of our examination of the books and records of
the Company, carried out in accordance witn5 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 Pravin Chandak & Associates
Chartered Accountants
(Firm Registration No. 116627W)
Sd/-
Pravin Chandak
(Partner)
Membership No. 049391
Place: Mumbai
Date: 29/05/2014
Mar 31, 2012
1. We have audited the attached Balance Sheet of Rockon Fintech
Limited as at March 31, 2012 and also the Statement of Profit and Loss
and the Cash Flow Statement 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. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis-statements. 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditors' Report) Order, 2003 as
amended by the Companies (Auditors' Report) (Amendment) Order, 2004,
issued by the Central Government of India in terms of Section 227 (4A)
of the Companies Act, 1956 and on the basis of such checks of books of
accounts and other records as we considered appropriate and as per the
information and explanation provided to us by the Company management,
we annex hereto a statement on the matters specified in paragraphs 4
and 5 of the said Order.
4. Further to our comments in Annexure referred to in paragraph 3
above, we report asunder:
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of
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 and the 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 dealt with by this report comply with the
accounting standards referred to in sub-Section (3C) of Section 211 of
the Companies Act, 1956 and/or Companies (Accounting Standards)
Amendment Rules, 2008;
e. On the basis of written representation received from the directors
of the Company as on March 31, 2012 and taken on record by the Board of
Directors, we report that none of the directors are disqualified as at
March 31, 2012 from being appointed as director in terms of clause (g)
of sub Section (1) of Section 274 of the Companies Act 1956;
f. In our opinion and to the best of our information and according to
the explanations given to us the said accounts read together with the
Significant Accounting Policies and Notes to Accounts, give the
information as 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; In case of
I. the Balance Sheet, of the state of affairs of the Company as at
March 31, 2012;
II. the Statement of Profit and Loss, of the Profit for the year ended
on that date; and
III. the Cash Flow Statement, of the cash flows for the year ended on
that date.
ANNEXURE TO THE AUDITOR'S REPORT
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF ROCKON FINTECH LIMITED ON THE FINANCIAL STATEMENT FOR THE
YEAR ENDED MARCH 31. 2012
i. There are no fixed assets and therefore clause 4(i) of the order is
not applicable.
ii. (a) As informed to us, the inventories held in dematerialized
form, have been verified by the management with the supportive evidence
during the year. In our opinion the frequency of verification is
reasonable.
(b) In our opinion, the procedures for physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) On the basis of our examination the records of inventory, we are of
the opinion that Company is maintaining proper records of inventory. We
are informed that no discrepancies w'ere noticed on physical
verification.
iii. The Company has not granted/taken any loans, secured or unsecured
to/from Companies, firms or other parties covered in the register
maintained under Section 301 of the Companies Act, 1956 and therefore
clause 4(iii) of the order is not applicable.
iv. There are adequate internal control systems commensurate with the
size of the Company and the nature of its business, for the providing
of services. During the course of our audit, no major weakness has been
noticed in the internal control system.
v. As informed, the particulars of Companies or arrangements referred
to in Section 301 of the Act, that need to be entered into the register
maintained u/s 301 has been so entered.
vi. There are no public deposit accepted by the Company within the
meaning of Section 58A and 58AA of the Companies Act, 1956 and
therefore clause 4(vi) of the order is not applicable.
vii. In our opinion, the Company has an internal audit system
commensurate with size and nature of its business.
viii. The Company does not belongs to list of Companies as prescribed
under Section 209(l)(d) of the Companies Act,1956 and therefore clause
4(viii) of the order is not applicable.
ix. a. The Company has been regular in depositing undisputed statutory
dues including provident fund, investor education and protection fund,
employees state insurance, incomc tax, value added tax, wealth tax,
service tax, custom duty, excise duty, cess and other statutory dues,
as applicable to it, with the appropriate authorities.
The Company has no undisputed amounts payable in respect of provident
fund, investor education and protection fund, employees state
insurance, income tax, value added tax, wealth tax, service tax, custom
duty, excise duty, cess and other statutory dues, as applicable to it,
as on March 31, 2012 for the period of more than six months from the
date they become payable.
b. The Company has no disputed amount payable in respect of income
tax, value added tax, wealth tax, service tax, custom duty, excise duty
cess and other statutory dues, as applicable to it, which have not been
deposited on account of any dispute
x. The Company has no accumulated losses at the end of the financial
year but it has incurred cash losses of Rs.33,49,135/- in the current
financial year however it has not incurred in any cash loss in the
immediately preceding financial year.
xi. The Company has not borrowed any fund from financial institutions,
banks or debenture holders and therefore clause 4(xi) of the order is
not applicable.
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
and therefore clause 4(xii) of the order is not applicable.
xiii. The Company is not a chit fund or a nidhi/ mutual benefit fund/
society and therefore clause 4(xiii) of the order is not applicable.
xiv. The Company has maintained proper records of the transactions and
contracts for dealing or trading in shares, securities, debentures and
other investments and timely entries have been made therein. All
shares, securities, debentures and other investment have been held by
the company, in its own name except to the extent of the exemption
granted under section 49 of the Companies Act, 1956.
xv. The Company has not given any guarantee for loans taken by others
from banks or financial institutions and therefore clause 4(xv) of the
order is not applicable.
xvi. The Company not obtained any term loans and therefore clause
4(xvi) of the order is not applicable.
xvii. According to the information and explanations given to us and on
an overall examination of the cash flow statements and balance sheet of
the company, in our opinion, the funds raised on short-term basis have,
prima facie, not been used for long-term investment.
xviii. 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 and therefore clause 4(xviii) of
the order is not applicable.
xix. The Company has not issued any debentures and therefore clause
4(xix) of the order is not applicable.
xx. The Company has not raised any money by way of public issue during
the year. Accordingly Clause 4(xx) of Companies (Auditor's Report)
Order, 2003 is not applicable.
xxi. During the year no fraud on or by the Company has been noticed or
reported and therefore clause 4(xxi) of the order is not applicable.
For Pravin Chandak & Associates
Chartered Accountants
(Firm Registration No. 11662 7W)
Sd/-
Pravin Chandak
Partner
Membership No. 049391
Place: Mumbai
Date: 29/08/2012
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/s Rockon Fintech
Limited (Formerly known as Insutech India Limited)-as at 31st March
2010, the Profit & Loss Account and also the Cash Flow Statement for
the year ended on that date annexed thereto. These financial statements
are the responsibility of the companys management. Our responsibility
is to express an opinion on these financial statements based on our
audit.
2. We conducted our audit in accordance with auditing standard
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 test basis, evidence supporting the amounts and
disclosure in the Financial Statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the Management, as well as evaluating the over all Financial
Statement presentation. We believe that our audit provides reasonable
basis for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by 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.
4. Further to our comments in the Annexure referred to above, we state
that
a) 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.
b) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report 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 representation 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 Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required and give
true and fair view in conformity with the accounting principles
generally accepted in India.
(i) In the case of Balance Sheet, of the state of affairs of the
company as at 31 "March, 2010,
(ii) In the case of the Profit & Loss Account, of the Loss for the year
ended on that date, and
(iii) In the case of the Cash Row Statement, ofthe cash flows for the
year ended on that date
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph 3 of Auditors Report of even date on the
financial statements as at and for the year ended 31* March,2010)
1. Fixed assets of the company have been disposed of during the year
hence this clause is not applicable for the year under consideration.
2. (a) The inventory has been physically verified by the management at
reasonable intervals during the year.
(b) In our opinion, the procedures for physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory.
3. (a) 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 Companies Act, 1956.
(b) 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 Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size" of the Company and the nature of its
business for the purchase of inventory and fixed assets and for the
sate of goods. In our opinion and according to the information and
explanations given to us, there is no continuing failure to correct
major weaknesses in internal control.
5. According to the information and explanations given to us, we are
of the opinion that the company has not entered into any contracts or
arrangements referred to in section 301 of the Companies Act, 1956.
6. No deposits, within the meaning of Section 58A and 58AA or any
other relevant provisions of the Companies Act, 1956 and rules framed
thereunder have been accepted by the Company.
7. In our opinion and according to information and explanation given
to us, the company has adequate internal audit system commensurate with
size of the Company and nature of its business.
8. According to the information and explanation given to us the
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Companies Act, 1956 for any of the activities of the company.
9. (a) The Company is regular in depositing undisputed statutory dues
including Investor
Education and Protection Fund, Income Tax, and other material statutory
dues applicable to the company with the appropriate authorities. No
undisputed amounts payable in respect of the aforesaid statutory dues
were outstanding as at the last day of the financial year for a period
of more than six months from the date they became payable.
(b) According to the records of the Company, there are no dues of
Income Tax, Sales Tax, Service Tax, Customs Duty, Wealth Tax, Excise
Duty, cess which have not been deposited on account of any dispute.
10. The Company has no accumulated losses as at 31" March, 2010. The
company has not incurred any cash losses during the financial year
covered by our audit as well as during the immediately preceding
financial year.
11. During the year, dues of the financial institution have been
settled by the company. (Refer note no. 3 of the notes to the accounts)
12. During the year, the Company has not granted loans and advances on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the company is not a chit fund or a nidhi/ mutual
benefit fund/ society. Therefore, the provisions of clause 4 (xiii) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
company.
14. The Company has maintained proper records of the transactions and
contracts for dealing or trading in shares, securities, debentures and
other investments and timely entries have been made therein. All
shares, securities, debentures and other investment have been held by
the company, in its own name except to the extent of the exemption
granted under section 49 of the Companies Act, 1956, and save for
certain shares which are either lodged for transfer or held with
transfer forms.
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 Banks or Financial Institutions during the year.
16. According to the information and explanations given to us, in our
opinion, the term loans were applied for the purpose for which they
were obtained.
17. According to the information and explanations given to us and on
an overall examination of the cash flow statements and balance sheet of
the company, in our opinion, the funds raised on short-term basis have,
prima facie, not been used for long-term investment.
18. During the year, the Company has issue Preferential Shares of Rs.
93,00,000 in accordance of Preferential Issue Guidelines issued by
Securities & Exchange Board of India But the company has not made any
preferential allotment of shares to parties and companies covered and
recorded in the Register maintained under section 301 of the Companies
Act, 1956.
19. During the financial year, company had not issued any debenture.
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.
1. We have audited the attached Balance Sheet of M/s Rockon Fintech
Limited (Formerly known as Insutech India Limited)-as at 31" March
2010, the Profit & Loss Account and also the Cash Flow Statement for
the year ended on that date annexed thereto. These financial statements
are the responsibility of the companys management. Our responsibility
is to express an opinion on these financial statements based on our
audit.
2. We conducted our audit in accordance with auditing standard
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 test basis, evidence supporting the amounts and
disclosure in the Financial Statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the Management, as well as evaluating the over all Financial
Statement presentation. We believe that our audit provides reasonable
basis for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by 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.
4. Further to our comments in the Annexure referred to above, we state
that
a) 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.
b) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report 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 representation 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 Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required and give
true and fair view in conformity with the accounting principles
generally accepted in India.
(i) In the case of Balance Sheet, of the state of affairs of the
company as at 31 "March, 2010,
(ii) In the case of the Profit & Loss Account, of the Loss for the year
ended on that date, and
(iii) In the case of the Cash Row Statement, ofthe cash flows for the
year ended on that date
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph 3 of Auditors Report of even date on the
financial statements as at and for the year ended 31* March,2010)
1. Fixed assets of the company have been disposed of during the year
hence this clause is not applicable for the year under consideration.
2. (a) The inventory has been physically verified by the management at
reasonable intervals during the year.
(b) In our opinion, the procedures for physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory.
3. (a) 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 Companies Act, 1956.
(b) 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 Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size" of the Company and the nature of its
business for the purchase of inventory and fixed assets and for the
sate of goods. In our opinion and according to the information and
explanations given to us, there is no continuing failure to correct
major weaknesses in internal control.
5. According to the information and explanations given to us, we are
of the opinion that the company has not entered into any contracts or
arrangements referred to in section 301 of the Companies Act, 1956.
6. No deposits, within the meaning of Section 58A and 58AA or any
other relevant provisions of the Companies Act, 1956 and rules framed
thereunder have been accepted by the Company.
7. In our opinion and according to information and explanation given
to us, the company has adequate internal audit system commensurate with
size of the Company and nature of its business.
8. According to the information and explanation given to us the
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Companies Act, 1956 for any of the activities of the company.
9. (a) The Company is regular in depositing undisputed statutory dues
including Investor
Education and Protection Fund, Income Tax, and other material statutory
dues applicable to the company with the appropriate authorities. No
undisputed amounts payable in respect of the aforesaid statutory dues
were outstanding as at the last day of the financial year for a period
of more than six months from the date they became payable.
(b) According to the records of the Company, there are no dues of
Income Tax, Sales Tax, Service Tax, Customs Duty, Wealth Tax, Excise
Duty, cess which have not been deposited on account of any dispute.
10. The Company has no accumulated losses as at 31" March, 2010. The
company has not incurred any cash losses during the financial year
covered by our audit as well as during the immediately preceding
financial year.
11. During the year, dues of the financial institution have been
settled by the company. (Refer note no. 3 of the notes to the accounts)
12. During the year, the Company has not granted loans and advances on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the company is not a chit fund or a nidhi/ mutual
benefit fund/ society. Therefore, the provisions of clause 4 (xiii) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
company.
14. The Company has maintained proper records of the transactions and
contracts for dealing or trading in shares, securities, debentures and
other investments and timely entries have been made therein. All
shares, securities, debentures and other investment have been held by
the company, in its own name except to the extent of the exemption
granted under section 49 of the Companies Act, 1956, and save for
certain shares which are either lodged for transfer or held with
transfer forms.
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 Banks or Financial Institutions during the year.
16. According to the information and explanations given to us, in our
opinion, the term loans were applied for the purpose for which they
were obtained.
17. According to the information and explanations given to us and on
an overall examination of the cash flow statements and balance sheet of
the company, in our opinion, the funds raised on short-term basis have,
prima facie, not been used for long-term investment.
18. During the year, the Company has issue Preferential Shares of Rs.
93,00,000 in accordance of Preferential Issue Guidelines issued by
Securities & Exchange Board of India But the company has not made any
preferential allotment of shares to parties and companies covered and
recorded in the Register maintained under section 301 of the Companies
Act, 1956.
19. During the financial year, company had not issued any debenture.
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 PRAVIN CHANDAK & ASSOCIATES
CHARTERED ACCOUNTANTS
PRAVIN CHANDAK
Place : Mumbai PARTNER
Date : 24th July, 2010. Membership No. 049391