Home  »  Company  »  Sahyog Multibase  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of Sahyog Multibase Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of M/s SAHYOG CREDITS LIMITED (the Company), which comprise the Balance Sheet as at March 31, 2015, Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Management is responsible for the matters in sec 134 (5) of the companies Act, 2013 with respect to 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 specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 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 financial 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 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 there under. 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 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 true and fair view 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 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 financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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, 2015;

(b) In the case of the Statement of Profit and Loss, of the profit for the year ended on that date; 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

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 companies Act, 2013, we give in the Annexure, a statement on the matters specified in paragraph 3 of the Order.

2. As required by section 143(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 aforesaid 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 written representations received from the directors as on March 31, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of sub-section (2) of section 164 of the Companies Act, 2013.

Annexure to the Auditors' Report

The Annexure referred to in our report to the members of M/s Sahyog Credits Limited for the year Ended on 2015. We report that:

Particulars Auditors

Remark

(i) (a) whether the company is maintaining proper YES records showing full particulars, including quantitative details and situation of fixed assets;

(b) whether these fixed assets have been YES

physically verified by the management at reasonable intervals; whether any material discrepancies were noticed on such verification and if so, whether the same have been properly dealt with in the books of account;

(ii) (a) whether physical verification of inventory has " Company Does been conducted at reasonable intervals by the not have management; inventory.

(b) Are the procedures of physical verification of NA inventory followed by the management reasonable and adequate in relation to the size of the company and the nature of its business. If not, the inadequacies in such procedures should be reported;

(c) whether the company is maintaining proper NA records of inventory and whether any material discrepancies were noticed on physical verification and if so, whether the same have been properly dealt with in the books of account;

(iii) (iii) Whether the company has granted any loans, No secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act. If so,

(a) whether receipt of the principal amount NA and interest arc also regular; and

if overdue amount is more than rupees NA one lakh whether reasonable steps have been taken by the company for recovery of the principal and interest control system Yes

commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services Whether there is a continuing I failure to correct major weaknesses internal control System.

(v) In case the company has accepted deposits, wo whether the directives issued by the Reserve Bank of India and the provisions of sections 73 to 7b or any other relevant provisions of the Companies I Act and the rules framed there under, where I applicable, have been complied with? 11 not the I nature of contraventions should be stated; If an order has-been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal, whether the same has been complied with or not?

(vi) Where maintenance of cost records has been NA specified by the Central Government under sub- section (1) of section 148 of the Companies Act whether such accounts and records have been made and maintained

(a) is the company regular in depositing undisputed statutory dues including provident ' fund, employees' state insurance, income-tax sales-tax wealth tax, service tax, duty of customs, duty of excise, value added tax, Cess and any other statutory dues with the appropriate i authorities and if not, the extent of the arrears of outstanding statutory dues as at the last day of I the financial year concerned for a period of more than six months from the date they became payable shall be indicated by the auditors.

(b) in case dues income tax or sales tax or No wealth tax or service tax or duty of customs or duty of excise or value added tax or cess have not been deposited on account of any dispute, then the amounts involved and the forum where dispute is pending shall be mentioned. (A mere representation to the concerned Department shall not constitute a dispute).

(c) whether the amount required to be NO transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under has been transferred to such fund within time.

(viii) whether in case of a company which has been NA registered for a period not less than five years, its accumulated losses at the end of the financial year are not less than fifty per cent of its net worth and whether it has incurred cash losses in such financial year and in the immediately preceding financial year:

(ix) Whether the company has defaulted in repayment No of dues to a financial institution or bank or debenture holders? If yes, the period and amount of default to be reported;

(x) whether the company has given any guarantee for No loans taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the company;

(xi) whether term loans were applied for the purpose No for which the loans were obtained;

(xii) whether any fraud on or by the company has been No noticed or reported during the year; If yes, the nature and the amount involved is to be indicated

For ARSK & ASSOCIATES.

Chartered Accountants

Firm's Reg. No. :315082E

Place- New Delhi CA. AKHIL MITTAL

Date- 18-05-2015 Partner

Membership No.517856


Mar 31, 2014

We have audited the accompanying financial statements of SAHYOG CREDITS LIMITED (the Company) which comprise the Balance Sheet as at March 31, 2014, Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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 Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments the auditor considers internal control relevant to the Company s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. An audit also includes evaluating the appropriateness of accounting polices 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 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 profit for the year ended on that date; 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

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, 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 notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013

e. On the basis of 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 in paragraph 1 of our report of even date to the members of SAHYOG CREDITS LIMITED on the financial statements of the company for the year ended March 31, 2014.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

1 The company did not have any fixed asset at any time during the year and hence clauses of paragraph 4(i) (a) to 4(i) (c) of the Companies (Auditor's Report) Order, 2003 are not applicable for the Company.

2. Since the Company does not have any inventories, clause 4(ii)(a) to 4(ii){c) of the Companies (Auditor's Report) Order, 2003 are not applicable.

3 According to the information and explanation given to us & in our opinion the company has not granted ' any loans secured or unsecured to the companies, firms or other parties covered in the register maintained under section 301 of the Companies' Act, 1956. Accordingly clauses 4(m)(b) to 4(m)(d) of the Companies (Auditor's Report) Order, 2003 are not applicable.

b) in our opinion and according to the information and explanation given to us, the company has not taken unsecured loan from parties covered in the register maintained under section 301 of the Companies' Act, 1956.However,Company has accepted advances of Rs 3,42,18,500/- with Year End balance of Rs 2,87,97,790 /-.

c) In our opinion , the rate of interest and other terms and conditions on which loans have been taken from companies listed in the register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company.

d) According to the information and explanation given to us, there is no overdue loan to be recovered by company.

4 In our opinion and according to the information and explanation given to us, there is an adequate internal control system commensurate with the size of Company and the nature of its business. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

5 a) In our opinion and according to the information and explanations given to contracts or arrangements that need to be entered into the register in pursuance Section 301 of Act, have been so entered in the register maintained as per requirement of that Section.

b) In our opinion and according to the information and explanations given to us, each of these transactions have been made in pursuance of such contracts or arrangements at prices wh.ch are reasonable having regard to the prevailing market prices at the relevant time.

6 The company has not accepted any deposits from the public within the meaning of Section 58A and 58AA or any other relevant provisions of the Act and the rules framed there under.

7. In our opinion, the Company's present internal audit system is commensurate with its size and nature of its business.

8. The provisions of the Companies Act for maintenance of cost records under Section 209(1) (d) are not applicable to the company.

9 a) According to the information and explanations given to us and the books and records going us the company is regular in depositing with the appropriate authorities the undisputed statutory dues relating to provident fund, employees state insurance, investor education and protection fund income tax wealth tax, service tax, customs duty, excise duty, cess and other material statutory dues as applicable to it.

b) According to the information and explanations given to us and the books and records examined by us there are no undisputed amount payable, in respect of income tax. sales tax, wealth tax, service tax, custom duty, excise duty, cess outstanding as at 31st March, 2014 for a period exceeding six months from the date they become payable.

c) According to the information and explanations given to us, there are no dues of income tax, sales tax, wealth tax, service tax, custom duty and excise duty which have not been deposited on account of any dispute.

10 In our opinion the accumulated losses of the Company are not more than fifty percent of its net worth. ' Further, the Company has not incurred cash losses in the financial year covered by our audit as well as in the immediately preceding financial year.

11 The Company has not taken any loan from financial institution, bank or debenture holders. Accordingly ' provisions of clause 4{xi) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

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 nature applicable to chit fund/nidhi/mutual benefit fund/societies are not applicable to the Company.

14 in our opinion, the Company is a dealer or trader in shares, securities debentures and other investments The Company has maintained proper records of transaction and contracts in respect of trading in securities, debenture and other investment and timely entries have been made therein.

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 In our opinion and according to the information and explanation given to us the Company has not taken any term loan during the year and hence the provision of the clause 4 (xvi) is not applicable to the company.

17 On the basis of an overall examination of the balance sheet of the company, in our opinion ' 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 investments.

18. The Company has not made any preferential allotment of shares during the year.

19. The Company has not issued any Debenture.

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

21 According to the information and explanations given by the management to us, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For AKH1L MITTAL & CO.

Chartered Accountants

Firms, Registration no . 026177N



CA. AKHIL MITTAL

Proprietor

Membership No. 517856

Place:NEW DELHI

Date: 30/08/2014


Mar 31, 2012

We have audited The attached Balance Sheet of Sahyog Credits limited as at 31st March 2012 and the Statement of Profit & Loss annexed therein 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

We have conducted our audit in accordance with Accounting 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 accessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We have that our audit provides a reasonable basis for our opinion,

1. As required by the Companies (Auditors Report) Order, 2003 notified by the Central Government of India, in the Department of Company Affairs (vice Notification No. G.S.R. 480(E) dated 12.06.2003) in terms of sub-section (4A) of Action 227 of the Companies Act, 1956 (1 of 1956), we enclose in the Annexure a statement on the maters specified in paragraph 4 and 5 of the said order.

2. Further to our comments at the Annexure referred to in paragraph (1) share, we report that: -

1. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the pianos of cur audit:

2. In our opinion, proper books of account as required by law have been kept by the company, on fat as appear from, our examination of those books:

A The Balance Sheet and Statement of Profit &. doss dealt with by this report are in agreement with the books of accounts:,

4. In our opinion the said Balance Sheet and Statement of Profit & Loss comply with the Accounting Standards referred to in sub section (3C) of section 211 of the Companies Act, 1956 in so far as they apply to the Company;

5. On the basis of written presentations received from the Directors as on 3rd March 2012. we report that none of the directors are disqualified as on 30th March 2012 from being appointed as a director In terms of clause (g) of Sub Section (1) of Section 274 of the Companies Act, 1956.

6. In our opinion and to the best of our information regarding to the explanations given to us, the accounts give the information required by the companies Act, 1956, in the manner so required and subject to noted appended thereto, give a internal fair view.

Annexure to the Auditors Report on the Accounts of Sahyog Credits Limited.

(Referred to in Paragraph 1 of our report of even date on the accounts for the year ended 31s March, 2012.)

1. (a) The company has maintained proper records of fixed Assets showing full particulars including quantitative details and situation thereof

(b) The Company has regular programmes of physical verification of its fixed assets which in our opinion is reasonable having regard to the size of the Company and nature of its fixed assets. In accordance with this programme, the management during the year physically verified certain assets and no discrepancies were noticed on such verification.

(c) During the year, all the fixed assets have been disposed off by the Company. However they do not affect the going concern assumption.

2. (a) As per information and explanation given to us, the management during the year at reasonable intervals- has physically verified the stock of Securities & Shares.

(b) The procedure of physical verification of stock of shares followed by the management is reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company is maintaining proper records of stock of shares and as explained to us, no discrepancy has been noticed on physical verification of shares as compared to book record.

3. (a) The Company has not granted any loans, secured and unsecured to /from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(b) Since the Company has not granted any loans, secured and unsecured to/from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956 accordingly the provision requiring that, whether the rate of interest and other terms and conditions of loan given by the Company, secured and unsecured are prima facie prejudicial to the interest of the Company, is not applicable to the Company.

(c) The Company has not granted any loans, secured and unsecured to/from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956 accordingly the provision requiring that, whether the payment of principal amount and interest are also regular, is not applicable to the Company.

(d) Since the Company has not granted any loans, secured and unsecured to/from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956 accordingly the provision requiring that, if the overdue amount is more than Rs. 1 lach, whether reasonable steps have been taken by the Company for recovery of the principal and interest, is not applicable to the Company.

(e) The Company has' not taken any loans, secured and unsecured to /from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(f) Since the Company has not taken any loans, sectioned unsecured to/from Companies, firms or other parties covered in the register main sub section 301 of the Companies Act, 1956 accordingly the provision requiring to Whether to the of interest and other terms and

12. The Provisions requiring that, whether adequate documents and records are maintained, in cases where the Company has granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities, are not applicable to the Company.

13. The Provisions requiring that, whether the provisions of any special statute applicable to chit fund have been duly complied with, are not applicable to the Company.

14. The Company is dealing in shares and securities. The Company has maintained proper records of the transactions and contracts and also has made timely entries of the transactions. We also report that the Shares, Securities, Debenture and other Securities have been held by the Company in its own name.

15. The Company has not given any guarantee for loans taken by others from Banks or financial institutions, hence the provisions requiring whether the terms and conditions whereof are prejudicial to the interest of the Company, are not applicable to the Company.

16. The provisions requiring that, whether term loans were applied for the purpose for which the loans were obtained, are not applicable to the Company.

17. The Provisions requiring that, whether the funds on short-term basis have been used for long term investment and vice-versa, are not applicable to the Company.

18. The Company has not made any preferential allotment of shares to Companies, firm or other parties covered in the Register maintained under section 301 of the Act. Accordingly, the provisions requiring that, the price at which shares have been issued is prejudicial to the interest of the Company are not applicable to the Company.

19. The provisions requiring that, securities have been created in respect of debentures issued, are not applicable to the Company.

20. The provisions requiring that, whether the management has disclosed the end use of money raised by public issues and the same has been verified, are not applicable to the Company.

21. 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 during the course of our audit.

FOR R.K. RATHI & CO.

CHARTERED ACCOUNTANTS

Firm Reg. No. 10695N

R.K. RATHI

Place: New Delhi PROPRIETOR

Date : 31st August, 2012 (M.No. 86189)

 
Subscribe now to get personal finance updates in your inbox!