Mar 31, 2014
We have audited the accompanying Financial Statements of SAI CAPITAL
LIMITED which comprise of the Balance Sheet as at 31st March, 2014, and
the Statement of Profit and Loss and the Cash Flow Statement for the
year ended on that date, and a summary of significant accounting
policies and Notes to Accounts annexed thereto.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") 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. 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 , 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 said Financial Statements read together
with the Significant Accounting Policies and the Notes on Financial
Statements appearing 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, 2014.
ii) In so far as it relates to the Statement of Profit and Loss, of the
Profit for the year ended on that date.
(iii) In so far as it relates to the Cash Flow Statement, of the Cash
Flows for the year ended on that date.
Special Mention
Investments in equity investments is not ascertainable in absence of
any reliable data/information with respect to the market price of
quoted equity shares for the purpose of impairment testing, however,
the management is of the opinion, the releasable value of investments
is at least equal to the book value, hence no further provision for
diminishment in value has been made.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order 2003 as
amended by the Companies (Auditor''s Report) (Amendment) Order, 2004
(''the order'') 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.
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, 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 Balance Sheet, the Statement of Profit & Loss and
the Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred in sub-section (3C) of section 211 of the
Companies Act, 1956 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 the written representations received from the
directors, and taken on record by the Board of Directors, we report
that none of the directors is disqualified as on 31st March, 2014 from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
Annexure to the Auditors'' report
(i) In respect of fixed assets;
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
(b) As explained to us, the fixed assets have been physically verified
by the Management during the year in a periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
verification.
(c) In our opinion, the Company has not disposed off substantial part
of fixed assets during the year, which may have affected the going
concern status of the company.
(ii) In respect of inventories;
(a) The company has no any inventory, accordingly clause (a) of
paragraph 4(ii) of the Order is not applicable.
(b) Since the company has no any inventory, the clause (b) of paragraph
4(ii) of the Order is not applicable.
(c) Since the company has no any inventory, the clause (c) of paragraph
4(ii) of the Order is not applicable.
(iii) In respect of loans, secured or unsecured, granted or taken by
the Company to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
(a) The company has not granted loans to companies, firms or other
parties covered in the register maintained under Section 301 of the
Companies Act, 1956 during the year. However, outstanding balance of
loan granted to one party was Rs. 2.25 Lacs at the end of the year.
(b) In our opinion and according to the information and explanations
given to us, the rate of interest, wherever applicable and other the
terms and conditions are not prima-facie prejudicial to the interest of
the company.
(c) The loans granted by the company is interest free and the principal
amount is repayable on demand.
(d) Since the loans taken and granted by the company are repayable on
demand, no question of overdue amounts arises. (e) The company has
taken loans of Rs. 3,55,500/- from 2 (Two) Parties during the year.
Outstanding balance of loan of 3 parties at the end of the year was Rs.
2,09,219/-.
(e) In our opinion and according to the information and explanations
given to us, the rate of interest, wherever applicable and other terms
and conditions are not prima facie prejudicial to the interest of the
Company.
(f) In our opinion and according to the information and explanations
given to us the loans taken by the company is repayable on demand.
(iv) 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, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weaknesses in internal controls.
(v) In respect of transactions covered under Section 301 of the
Companies Act, 1956:
(a) In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements, that needed
to be entered into in the register maintained under Section 301 of the
Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 aggregating during the year to Rs. 5,00,000/-
(Rupees Five Lacs only) or more in respect of any party have been made
at prices which are reasonable having regard to prevailing market
prices at the relevant time.
(vi) The Company has not accepted any deposits from the public.
(vii) In our opinion, the company has an internal audit system
commensurate with size and nature of its business.
(viii) The Central government has not prescribed maintenance of Cost
Records under section 209(1) (d) of the Companies Act, 1956 in respect
of activities of the Company.
(ix) In respect of statutory dues:
(a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-Tax, Sales-tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Cess and other statutory dues,
whichever applicable have been regularly deposited with the appropriate
authorities. According to the information and explanations given to
us, no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2014 for a period of more than six months
from the date of become payable.
(b) According to the information & explanation given to us, there are
no dues of sales tax, income tax customs duty, wealth tax service tax
or excise duty & cess have not been paid or deposited on account of
dispute.
(x) Accumulated losses of the Company are more than fifty percent of
its net worth. The company has incurred cash losses during the
financial year covered by our audit and the immediately preceding
financial year.
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to any
financial institutions, banks or debenture holders.
(xii) 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.
(xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) Order 2003 is not applicable to the Company.
(xiv) The company has maintained proper records of transactions and
contracts in respect of trading in shares and timely entries have been
made therein. The investments of the company are held in its own name
except to the extent of the exemption granted under section 49 of the
Companies Act, 1956.
(xv) According to the information and explanations given to us, we are
of the opinion that the company has not given guarantees for loans
taken by others from banks or financial institutions the terms and
conditions whereof are not prima facie prejudicial to the interest of
the Company.
(xvi) The Company has not raised any term loans during the year under
report.
(xvii) 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 the Company has not utilised any funds raised from
short term sources towards long term investment or vice-versa.
(xviii) 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.
(xix) According to the information and explanations given to us, no
debentures have been issued by the company.
(xx) According to the information and explanations given to us, the
company has not raised any money by public issues during the year,
except receipt of some Call in arrears.
(xxi) 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 A K G & CO.
CHARTERED ACCOUNTANTS
(CA. Anil K. Goel)
Place : New Delhi PARTNER
Date : 30th May, 2014 M. No. : 083454
Firm Regn. No.: 004924N
Mar 31, 2012
1 We have audited the attached Balance Sheet, of SAI CAPITAL LIMITED as
at 31st March, 2012 Profit and Loss Statement & Cash Flow Statement for
the year ended on that date. annexed thereto for the year ended on
that date. These financial Statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2 We conducted our audit in accordance with Auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of materia! misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in 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 (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 the annexure hereto a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4 Further to our comments in the annexure referred to in paragraph 3
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 & Loss Statement & Cash Flow Statement
dealt with by this report are in agreement with the books of account;
(d) In our opinion the Balance Sheet, Profit & Loss Statement & Cash
Flow Statement dealt with by this report comply with the mandatory
Accounting Standards referred in sub-section (3C) of section 211 of the
Companies Act, 1956;
(e) On the basis of the written representations received from the
directors, and taken on record by the Board of Directors, we report
that none of the directors is disqualified as on 31st 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,
(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 other 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 31 st March, 2012; and
(ii) In so far as it relates to the Profit and Loss Statement, of the
Loss of the company 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.
Annexure to the Auditors' report
{Referred to in Paragraph 3 of our report of even date]
(i) In respect of fixed assets;
(a) The Company has maintained proper records showing full particulars
including quantitative. details and situation of fixed assets on the
basis of available information.
(b) As explained to us, the fixed assets have been physically verified
by the Management during the year in a periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
verification.
(c) In our opinion, the Company has not disposed off substantial part
of fixed assets during the year, which may have affected the going
concern status of the company.
(ii) In respect of inventories;
(a) The company has no any inventory, accordingly clause (a) of
paragraph 4(ii) of the Order is not applicable.
(b) Since the company has no any inventory, the clause (b) of paragraph
4(ii) of the Order is not applicable.
(c) Since the company has no any inventory, the clause (c) of paragraph
4(ii) of the Order is not applicable.
(iii) In respect of loans, secured or unsecured, granted or taken by
the Company to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
(a) The company has not granted loans to companies, firms or other
parties covered in the register maintained under Section 301 of the
Companies Act, 1956 during the year. However, outstanding balance of
loan granted to one parties was Rs. 5.10 Lacs at the end of the year.
(b) In our opinion and according to the information and explanations
given to us, the rate of interest, wherever applicable and other the
terms and conditions are not prima-facie prejudicial to the interest of
the company.
(c) The loans granted by the company is interest free and the principal
amount is repayable on demand.
(d) Since the loans taken and granted by the company are repayable on
demand, no question of overdue amounts arises.
e) The company has taken loans from Three Parties for which aggregating
year end outstanding balances is Rs. 2.91 lacs for this year (f) in our
opinion and according to the information and explanations given to us,
the rate of interest, wherever applicable and other terms and
conditions are not prima facie prejudicial to the interest of the
Company. (g) In our opinion and according to the information and
explanations given to us the loans taken by the company is repayable on
demand. (iv) !n 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, fixed assets and also for
the sale of goods. During the course of our audit, we have not observed
any major weaknesses in internal controls.
(v) In respect of transactions covered under Section 301 of the
Companies Act. 1956:
(a) In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements, that needed
to be entered into in the register maintained under Section 301 of the
Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 aggregating during the year to Rs.
5,00,000/-(Rupees Five Lacs only) or more in respect of any party have
been made at prices which are reasonable having regard to prevailing
market prices at the relevant time.
(vi) The Company has not accepted any deposits from the public.
(vii) In our opinion, the company has an internal audit system
commensurate with size and nature of its business. (viii) The Central
government has not prescribed maintenance of Cost Records under section
209{1 )(d) of the Companies Act, 1956 in respect of manufacturing
activities of the Company. (ix) In respect of statutory dues :
(a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-Tax, Sales-tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Cess and other statutory dues,
whichever applicable have been regularly deposited with the appropriate
authorities. According to the information and explanations given to us,
no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2012 for a period of more than six months
from the date of become payable.
(b) According to the information & explanation given to us, there are
no dues of sales tax , income tax customs duty, wealth tax service tax
or excise duty & cess have not been paid or deposited on account of
dispute
(x) Accumulated losses of the Company are more than fifty percent of
its net worth. The company has incurred cash losses during the
financial year covered by our audit and the immediately preceding
financial year. {xi) In our opinion and according to the information
and explanations given to us, the company has not defaulted in
repayment of dues to any financial institutions, banks or debenture
holders.
(xii) 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.
(xiii) in our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause
(xiii) of the Companies (Auditor's Report) Order 2003 is not applicable
to the Company. (xiv) The company has maintained proper records of
transactions and contracts in respect of trading in shares and timely
entries have been made therein. The investments of the company are held
in its own name except to the extent of the exemption granted under
section 49 of the Companies Act, 1956.
(xv) According to the information and explanations given to us, we are
of the opinion that the company has not given guarantees for loans
taken by others from banks or financial institutions the terms and
conditions whereof are not prima facie prejudicial to the interest of
the Company.
(xvi) The Company has not raised any term loans during the year under
report.
(xvii) 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 the Company has not utilised any funds raised from
short term sources towards long term investment or vice-versa.
(xviii) 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.
(xix) According to the information and explanations given to us, no
debentures have been issued by the company. (xx) According to the
information and explanations given to us, the company has not raised
any money by public issues during the year, except receipt of some Call
in arrears.
(xxi) 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 A K G & CO.
CHARTERED ACCOUNTANTS
Sd/-
(ANILK.GOEL)
PLACE: NEW DELHI PARTNER
DATE : 26.05.2012 M. NO. 083454
Firm Regn. No.: 004924N
Mar 31, 2011
We have audited the attached Balance Sheet, of SAI CAPITAL LIMITED as
at 31st March 2011 Profit and Loss Account & Cash Flow Statement for
the year ended on that date annexed thereto for the year ended on that
date. These financial Statements are the responsibility of the Company
s management. Our responsibility is to express an opinion on these
financial statements based
2 We conducted our audit in accordance with Auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in 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 (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 the annexure hereto a
statement on the matters specified in paragraphs 4 and 5 of the said
4 Further to our comments in the annexure referred to in paragraph 3
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 & Loss Account & Cash Flow Statement
dealt with by this report are in agreement with the books of account;
(d) in our opinion the Balance Sheet, Profit & Loss Account & Cash Flow
Statement dealt with by this report comply with the mandatory
Accounting Standards referred in sub-section (3C) of section 211 of the
Companies Act, 1956;
(e) On the basis of the written representations received from the
directors and taken on record by the Board of Directors, we report that
none of the directors is disqualified as on 31st March, 2011 from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Parsnip'! 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 other 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 for the year ended
(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 3 of our report of even date] (i) In respect
of fixed assets;
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
(b) As explained to us, the fixed assets have been physically verified
by the Management during the year in a periodical! manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
verification.
(c) In our opinion, the Company has not disposed off substantial! part
of fixed assets during the year, which may have affected the going
concern status of the company.
(ii) In respect of inventories:
(a) The company has no any inventory, accordingly clause (a) of
paragraph 4(11) of the Order is not applicable.
(b) Since the company has no any inventory, the clause (b) of paragraph
4(ii) of the Order is not applicable.
(c) Since the company has no any inventory, the clause (c) of paragraph
4(ii) of the Order is not applicable.
(iii) In respect of loans, secured or unsecured, granted or taken by
the Company to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
(a) The company has not granted loans fo companies, firms or other
parties covered in the register maintained under Section 301 of the
Companies Act, 1956 during the year. However, outstanding balance of
loan granted to one parties was Rs. 5.10 Lacs at the end of the year.
(b) In our opinion and according to the information and explanations
given to us, the rate of interest, wherever applicable and other the
terms and conditions are not prima-facie prejudicial to the interest of
the company.
(c) The loans granted by the company is interest free and the principal
amount is repayable on demand.
(d) Since the loans taken and granted by the company are repayable on
demand, no question of overdue amounts arises.
(e) The company has taken loans from Three Parties for which
aggregating year end outstanding balances is Rs. 10.46 lacs for this
year
(f) In our opinion and according to the information and explanations
given to us, the rate of interest, wherever applicable and other terms
and conditions are not prima facie prejudicial to the interest of the
Company.
(g) In our opinion and according to the information and explanations
given to us the loans taken by the company is repayable on demand.
(iv) 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, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weaknesses in internal controls.
(v) In respect of transactions covered under Section 301 of the
Companies Act. 1956:
(a) In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements, that needed
to be entered into in the register maintained under Section 301 of the
Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 aggregating during the year to Rs. 5,00,000/-
(Rupees Five Lacs only) or more in respect of any party have been made
at prices which are reasonable having regard to prevailing market
prices at the relevant time.
(vi) The Company has not accepted any deposits from the public.
(vii)In our opinion, the company has an internal audit system
commensurate with size and nature of
its business.
(viii) The Central government has not prescribed maintenance of Cost
Records under section 209(1 )(d) of the Companies Act, 1956 in respect
of manufacturing activities of the Company.
(ix) In respect of statutory dues : (a) According to the records of the
Company, undisputed statutory dues including Provident Fund, Investor
Education and Protection Fund, Employees' State Insurance, income-Tax,
Sales-tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and
other statutory dues, whichever applicable have been regularly
deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31st March,
2011 for a period of more than six months from the date of become
payable.
(b) According to the information & explanation given to us, there are
no dues of sales tax , income tax customs duty , wealth tax service tax
or excise duty & cess have not been paid or deposited on account of
dispute
(x) Accumulated losses of the Company are more than fifty percent of
its net worth. The company has incurred cash losses during the
financial year covered by our audit and the immediately preceding
financial year.
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to any
financial institutions, banks or debenture holders.
(xii) 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 byway of pledge of shares, debentures and other
securities.
(xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4{xiii) of the Companies
(Auditor's Report) Order 2003 is not applicable to the Company.
(xiv) The company has maintained proper records of transactions and
contracts in respect of trading n shares and timely entries have been
made therein. The investments of the company are held in its own name
except to the extent of the exemption granted under section 49 of the
Companies Act, 1956.
(xv) According to the information and explanations given to us, we are
of the opinion that the company has not given guarantees for loans
taken by others from banks or financial institutions the terms and
conditions whereof are not prima facie prejudicial to the interest of
the Company.
(xvi) The Company has not raised any term loans during the year under
report. (xvii) 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 the Company has not utilised any funds
raised from short term sources towards long term investment or
vice-versa.
(xviii) 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.
(xix) According to the information and explanations given to us, no
debentures have been issued by the company
(xx) According to the information and explanations given to us, the
company has not raised any money by public issues during the year,
except receipt of some Call in arrears.
(xxi) 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 A K G & Co.
Chartered Accountants
Sd/-
(ANILK.GOEL)
PLACE: NEW DELHI PARTNER
DATED :28TH MAY, 2011 M. NO. 83454
Firm Regn. No.: 004924N
Mar 31, 2010
1 We have audited the attached Balance Sheet, of SAI CAPITAL LIMITED as
at 31st March, 2010 Profit and Loss Account & Cash Flow Statement for
the year ended on that date annexed thereto for the year ended on that
date. These financial Statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2 We conducted our audit in accordance with Auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in 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 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.
4 Further to our comments in the annexure referred to in paragraph 3
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 & Loss Account & Cash Flow Statement
dealt with by this report are in agreement with the books of account;
(d) In our opinion the Balance Sheet, Profit & Loss Account & Cash Flow
Statement dealt with by this report comply with the mandatory
Accounting Standards referred in sub-section (3C) of section 211 of the
Companies Act, 1956;
(e) On the basis of the written representations received from the
directors, and taken on record by the Board of Directors, we report
that none of the directors is disqualified as on 31st March, 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 read together with the
Significant Accounting Policies and other 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, 2010; and
(ii) In so far as it relates to the Profit and Loss Account, of the
Loss of the company 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.
Annexure to the Auditors report [Referred to in Paragraph 3 of our
report of even date]
(i) In respect of fixed assets:
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
(b) As explained to us, the fixed assets have been physically verified
by the Management during the year in a periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
verification.
(c) In our opinion, the Company has not disposed off substantial part
of fixed assets during the year, which may have affected the going
concern status of the company.
(ii) In respect of inventories;
(a) The company has no any inventory, accordingly clause (a) of
paragraph 4(ii) of the Order is not applicable.
(b) Since the company has no any inventory, the clause (b) of paragraph
4(H) of the Order is not applicable.
(c) Since the company has no any inventory, the clause (c) of paragraph
4(ii) of the Order is not applicable.
(iii) In respect of loans, secured or unsecured, granted or taken by
the Company to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
(a) The company has not granted loans to companies, firms or other
parties covered in the register maintained under Section 301 of the
Companies Act, 1956 during the year. However, outstanding balance of
two parties was Rs. 7.15 Lacs at the end of the year.
(b) In our opinion and according to the information and explanations
given to us, the rate of interest, wherever applicable and other the
terms and conditions are not prima-facie prejudicial to the interest of
the company.
(c) The loans granted by the company is interest free and the principal
amount is repayable on demand.
(d) Since the loans taken and granted by the company are repayable on
demand, no question of overdue amounts arises.
(e) The company has taken loans from Seven Parties for which
aggregating year end outstanding balances is Rs. 14.97 for this year
(f) In our opinion and according to the information and explanations
given to us, the rate of interest, wherever applicable and other terms
and conditions are not prima facie prejudicial to the interest of the
Company.
(g) In our opinion and according to the information and explanations
given to us the loans taken by the company is repayable on demand.
(iv) 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, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weaknesses in internal controls.
(v) In respect of transactions covered under Section 301 of the
Companies Act. 1956:
a) In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements, that needed
to be entered into in the register maintained under Section 301 of the
Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 aggregating during the year to Rs. 5,00,000/-
(Rupees Five Lacs only) or more in respect of any party have been made
at prices which are reasonable having regard to prevailing market
prices at the relevant time.
(vi) The Company has not accepted any deposits from the public.
(vii) In our opinion, the company has an internal audit system
commensurate with size and nature of its business.
(viii) The Centra! government has not prescribed maintenance of Cost
Records under section 209(1 )(d) of the Companies Act, 1956 in respect
of manufacturing activities of the Company.
(ix) In respect of statutory dues :
(a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income-Tax, Sales-tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Cess and other statutory dues,
whichever applicable have been regularly deposited with the appropriate
authorities. According to the information and explanations given to us,
no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2010 for a period of more than six months
from the date of become payable.
(b) According to the information & explanation given to us, there are
no dues of sales tax, income tax customs duty , wealth tax service tax
or excise duty & cess have not been paid or deposited on account of
dispute
(x) Accumulated losses of the Company are more than fifty percent of
its net worth. The company has incurred cash losses during the
financial year covered by our audit and the immediately preceding
financial year.
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to any
financial institutions, banks or debenture holders.
(xii) 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.
(xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditors Report) Order 2003 is not applicable to the Company.
(xiv) The company has maintained proper records of transactions and
contracts in respect of trading in shares and timely entries have been
made therein. The investments of the company are held in its own name
except to the extent of the exemption granted under section 49 of the
Companies Act, 1956.
(xv) According to the information and explanations given to us, we are
of the opinion that the company has not given guarantees for loans
taken by others from banks or financial institutions the terms and
conditions whereof are not prima facie prejudicial to the interest of
the Company.
(xvi) The Company has not raised any term loans during the year under
report.
(xvii) 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 the Company has not utilised any funds raised from
short term sources towards long term investment or vice-versa.
(xviii) 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.
(xix) According to the information and explanations given to us, no
debentures have been issued by the company.
(xx) According to the information and explanations given to us, the
company has not raised any money by public issues during the year,
except receipt of some Call in arrears.
(xxi) 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 AKG & Co.
Chartered Accountants
Sd/-
(ANILK.GOEL)
PLACE: NEW DELHI PARTNER
DATED: 28TH MAY, 2010 M. NO. 83454
Firm Regn. No.: 004924N