Mar 31, 2016
INDEPENDENT AUDITOR''S REPORT
To,
The Members,
SULABH ENGINEERS & SERVICES LIMITED Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of SULABH ENGINEERS & SERVICES LIMITED ("the Company") which comprise the Balance Sheet as at 31st March 2016, 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 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 of 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 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 the disclosures in the financial statements. The procedures selected depend on the auditor''s judgement, 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. 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 31st March, 2016, and its profit/loss and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1) As required by the Companies (Auditors'' Report) Order, 2016 ("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, a statement on the matters specified in paragraphs 3 and 4 of the order to the extent applicable.
2) As required by section 143 (3) of the Act, we report that:
a) We have sought and obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of the 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 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 31st March 2016 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2016 from being appointed as a director in terms of sub section (2) of Section 164 of the Companies Act, 2013.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure B"; and
g) 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 does not have any pending litigations which would impact its financial position.
ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
For Satish Soni & Co.
Chartered Accountants
Satish Soni Proprietor
Place: MUMBAI FRN: 109333w
Date:30/05/2016 M. No. 044391
Mar 31, 2015
Report on the Financial Statements
We have audited the accompanying financial statements of SULABH
ENGINEERS & SERVICES LIMITED ("the company"), which comprise the
Balance Sheet as at 31 March 2015 and the Statement of Profit and Loss,
for the year ended, and a summary of significant accounting policies
and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to
the preparation of these financial statements that give a true and fair
view of the financial position, financial performance and cash flows of
the Company in accordance with the accounting principles generally
accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 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.
Auditor's 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 theappropriateness 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 of the state of affairs of the Company as
at March 31, 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 section
143 (11) 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 appears from our examination of those
books (and proper returns adequate for the purposes of our audit have
been received from the branches not visited by us)
d) the Balance Sheet and the Statement of Profit and Loss and the cash
flow statement dealt with by this Report are in agreement with the
books of account.
e) 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.
f) There is nothing to disclose which is having adverse effect on the
functioning of the company.
g) On the basis of 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.
h) With respect to the other matters included in the Auditor's Report
and to our best of our information and according to the explanations
given to us:
i. The Company does not have any pending litigations which would
impact its financial position]
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses]
iii. There were no amounts which required to be transferred under
Investor Education and Protection Fund.
ANNEXURE TO THE AUDITOR'S REPORT
(Referred to in Paragraph 1 under "Other Legal and Regulatory
Requirements" of our report of even date)
i. (a) The Company has maintained proper records of fixed assets
showing particulars of assets including quantitative details and
locations.
(b) The Company has a regular programme of physical verification of its
fixed assets by which fixed assets are verified in a phased manner over
a period of three years. In accordance with this programme, certain
fixed assets were verified during the year and no material
discrepancies were noticed on such verification. In our opinion, this
periodicity of physical verification is reasonable having regard to the
size of the Company and the nature of its assets.
ii.The Company is a Non-banking Financial Company (NBFC) under section
45-IA of the Reserve Bank of India Act, 1934 and primarily engaged in
lending and related activities and does not hold any physical
inventories during the year. Therefore, provision of clause (ii) of
paragraph 3 of the Order is not applicable to the Company;
iii. The Company has granted interest-free unsecured loans to a company
covered in the register maintained under section 189 of the Act. In
respect of this loan, the recovery of principal amount has not fallen
due;
iv. In our opinion and according to the information & explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and nature of its business with regards to
the purchase of fixed assets and equipments & for sale of services.
During the course of our audit, we have not observed any continuing
failure to correct major weaknesses in such internal control system;
v. In our opinion and according to the information and explanation
given to us, the Company has not accepted deposits from the public and
therefore, the provisions contained in sections 73 to 76 of the Act or
any other relevant provisions of the Act.
vi. The Central Government has not prescribed maintenance of cost
records under section 148(1).
vii. (a) Based on the records produced before us, the Company has been
generally regular in depositing with appropriate authorities undisputed
statutory dues such as provident fund, employees state insurance,
income-tax, sales-tax, wealth tax, service tax, duty of customs, duty
of excise, value added tax, cess and other statutory dues applicable to
it. According to the information and explanations given to us, no
undisputed amount payable in respect of outstanding statutory dues were
in arrears as at March 31, 2015 for a period of more than six months
from the date they became payable;
(b) The details of disputed statutory dues, which have not been
deposited by the Company, are Nil.
(c) According to the information and explanation given to us, no
amounts were required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 and rules made there under. Therefore, the
provisions of clause (vii)(c) of paragraph 3 of the Order relating to
transfer of amount to investor education and protection fund is not
applicable;
viii. The Company does not have any accumulated losses at the end of
the financial year and has not incurred cash losses in the financial
year and in the immediately preceding financial year.
ix. Based on our audit procedure and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to the financial institutions and banks;
x. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and others.
xi. Based on information and explanation given to us and based on
overall review of the funds utilization, we are of the view that the
Company has generally utilized funds for which they were obtained; and
xii. Based upon the audit procedures performed and the 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 Satish Soni & Co.
Chartered Accountants
Satish Soni
Place : MUMBAI Proprietor
Date : 30/05/2015 M. No. 044391
Mar 31, 2014
We have audited the accompanying financial statements of SULABH
ENGINEERS & SERVICES LIMITED ("the Company"), which comprise the
Balance Sheet as at March 31, 2014, the Statement of Profit and Loss
and Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956 ("the Act"). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Statement Profit and Loss Account, 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 (Âthe
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of 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, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE REFERRED TO IN PARAGRAPH [1] OF OUR AUDIT REPORT
1. In respect of its fixed assets:
a. The Company has maintained proper records showing full particulars
including quantitative details & situation of Fixed Assets.
b. All the fixed assets have been physically verified by the
management during the year & there is a regular program of verification
which in our opinion is reasonable having regard to the size of the
Company and the nature of its business. No material discrepancies were
noticed on such verification.
c. During the year, the Company has not disposed off any substantial
fixed assets.
2. The Company is a Non-banking Financial Company (NBFC) under section
45-IA of the Reserve Bank of India Act, 1934 and primarily engaged in
lending and related activities and does not hold any physical
inventories during the year. Therefore, provision of clause 4(ii) of
CARO is not applicable to the Company.
3. The Company has not granted /taken any loans, secured or unsecured,
to /from companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act, 1956 except interest
free unsecured loan granted to its subsidiary. The Maximum Balance
outstanding as at the year end was Rs. 8,65,00,000/-.
4. In our opinion and according to the information & explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and nature of its business
with regards to the purchase of fixed assets and equipments & for sale
of services. During the course of our audit, we have not observed any
major weakness in internal controls.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956.
a. Based on audit procedures applied by us and according to the
information and explanations given to us, we are of the opinion that
the transactions that need to be entered into 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 of purchase & sale of goods and services,
made in pursuance of contracts or arrangements entered in the register
maintained under section 301 of the Companies Act, 1956 as aggregating
during the year to Rs. 5,00,000/- or more in respect of each party have
been made at prices which are reasonable having regard to the
prevailing market prices.
6. The Company has not accepted any deposits from the public within
the meaning of Sections 58A and 58AA of the Act and the rules framed
there under..
7. The Company does not have a formal system of internal audit but
there are adequate checks and controls at all levels.
8. The Central Government has not prescribed for the maintenance of
cost records under section 209(1) (d) of the Companies Act, 1956 for
the Company.
9. In respect of the statutory dues:
a. According to the records of the Company, undisputed statutory dues
including Provident Fund, Employees'' State Insurance, Income-tax,
Sales-tax, Cess and other statutory dues have been generally regularly
deposited with the appropriate authorities.
b. There were no undisputed amount payable in respect of Income-tax,
Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory
dues which have remained outstanding as at 31st March, 2014 for a
period more than six months from the date they became payable.
10. The Company has neither accumulated losses nor it has incurred
cash losses during the financial year covered by our audit..
11. According to the records of the Company examined by us and the
information and explanations given to us, the Company has not defaulted
in repayment of dues to any financial institution or bank or debenture
holders as at the balance sheet date.
12. In our opinion and according to the information & explanations
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.
13. In our opinion, the Company is not a chit fund, a nidhi, mutual
benefit fund or a society.
14. In our opinion and according to the information and explanations
given to us, the Company is not a dealer or trader in securities.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions.
16. According to the information and explanations given to us, term
loans were applied for the purpose for which the loans were obtained.
17. According to the information and explanations given to us and on
an overall examination of the Balance-sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investments. The Company has not raised any long-term funds during the
year.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Companies Act, 1956 during the year. Accordingly, the
provisions of Clause 4(xviii) of the Order are not applicable to the
Company.
19. The Company has not issued any debentures. Accordingly clause
4(xix) of the Order is not applicable to the Company.
20. The Company has not raised any money by way of public issue during
the year.
21. 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 SATISH SONI & CO.
Chartered Accountants
(Firm''s Reg.No Â109333w)
(Satish Soni)
Proprietor
Membership No. 44391
place: Mumbai
Date: May 28, 2014
Mar 31, 2013
Report on the Financial Statement
We have audited the accompanying financial statements of SULABH
ENGINEERS and SERVICES LIMITED ("the Company"), which comprise
the Balance Sheet as at March 31,2013 and statement of profit
and loss and cash flow statement for the year ended, and a summary of significant accounting policies and other explanatory information.
whether due tofraud or error. also incudes elating the appropriateness
of accountinq estimates made by management, aswell as evaluating the
overall presentation of the financial statemenf^ WeteNevethaUhe audit
evidence we have obtained issutficientand appropriate to provide a
basis for our audit opinion. pinion and to the best of our information
and according to the explanations given to us, the financial statements
give the Slrmalnrequired by L Act in the manner so required and give a
true and fair view in conformity wrth the accounting principles
generally accepted in India: *
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2013
b in the case of the Statement Profit and Loss Account, of the profit
fortne year ended on that date; and
c)
inthecaseoftheCashFlowStatement.ofthecashflowstortheyearendedonthatdate.
suti sertion (4A) ofBeaton 227 of Act, we give in the Annexure a
statement on the matters spooled in paragraphs 4 and 5 of the
order. 9 Asrpauiredbvsection227(31oftheAct,wereportthat:
have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the
b) projer bocks of account as required by law have been kept by
the Company so far as appears from our
c) Statement of Profit and Loss dealtwith by this Report are
in agreementwith the books of account
inour opinion the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting
Standardsreferredtoinsubsection(3C)ofsection211oftheCompaniesAct,1956;
th=HÂarr)nf
e) on the basis of written representations received fromthe directors
as on March 31,2013 and Directors,none the director sisd is quai fieda
Son March 31,2013,from be, ngappointeda Sadi rectorinterms of
clause
ANNEXURE TO AUDITORS'' REPORT
Referred to i n parag raph [1 ] of the Auditors'' Report of even date
1. In respect of its fixed assets:
a. The Company has maintained proper records showing full particulars
inciuding quantitative details & situation of Fixed Assets.
b. All the fixed assets have been physically verified by the
management during the year & there is a regular program of verification
which in our opinion is reasonable having regard to the size of the
Company and the nature of its business. No material discrepancies were
noticed on such verification.
c. During the year, the Company has not disposed off any substantial
fixed assets.
2. The Company is a Non-banking Financial Company (NBFC) under section
45-iA of the Reserve Bank of India Act, 1934 and primarily engaged in
lending and related activities and does not hold any physical
inventories during the year. Therefore, provision of clause 4(ii) of
CAftO is not applicable to the Company. ;
3. The Company has not granted /taken any loans, secured or unsecured,
to /from companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act, 1956 except interest
free unsecured loan granted to its subsidiary. The Maximum Balance
outstanding and the year end balance was Rs. 8,60,00,000/-.
4. In our opinion and according to the information & explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and nature of its business
with regards to the purchase of fixed assets and equipments & for sale
of services. During the course of our audit, we have not observed any
major weakness in internal controls.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956.
a. Based on audit procedures applied by us and according to the
information and explanations given to us, we are of the opinion that
the transactions that need to be entered into 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 of purchase & sale of goods and services,
made in pursuance of contracts or arrangements entered in the register
maintained under section 301 of the Companies Act, 1956 as aggregating
during the year to Rs. 5,00,000/- or more in respect of each party have
been made at prices which are reasonable having regard to the
prevailing market prices.
6. The Company has not accepted any deposits from the public within
the meaning of Sections 58A and 58AA of the Act and the rules framed
there under.
7. The Company does not have a formal system of internal audit
butthere are adequate checks and controlsatall levels.
8. The Central Government has not prescribed for the maintenance of
cost records under section 209(1) (d) of the Companies Act, 1956 forthe
Company.
9. In respect of the statutory dues:
a. According to the records of the Company, undisputed statutory dues
including Provident Fund, Employees'' State Insurance, Income-tax,
Sales-tax, Cess and other statutory dues have been generally regularly
deposited with the appropriate authorities.
b. There were no undisputed amount payable in respect of Income-tax,
Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory
dues which have remained outstanding as at 31 st March, 2013 for a
period more than six months from the date they became payable.
10. The Company has neither accumulated losses nor it has not incurred
cash losses during the financial year covered by our audit though the
company had incurred cash loss in the immediately preceding financial
year.
11. According to the records of the Company examined by us and the
information and explanations given to us, the Company has not defaulted
in repayment of dues to any financial institution or bank or debenture
holders as at the balance sheet date.
12. In our opinion and according to the information & explanations
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.
13. In our opinion, the Company is not a chit fund, a nidhi, mutual
benefit fund or a society.
14. In our opinion and according to the information and explanations
given to us, the Company is not a dealer or trader in securities.
15. According to the information and explanations given to us, the
Company has notgiven any guarantee for loans taken by othersf rom banks
and financial institutions.
16. According to the information and explanations given to us.term
loans were applied for the purpose for which the loans were obtained.
17. According to the information and explanations given to us and on
an overall examination of the Balance-sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investments. The Company has not raised any long-term funds during the
year.
18 The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Companies Act, 1956 during the year. Accordingly, the
provisions of Clause 4(xviii) of the Order are not applicable to the
Company.
19. The Company has not issued any debentures. Accordingly clause
4(xix) of the Order is not applicable to the Company.
20. The Company has not raised any money byway of public issue during
the year.
21. 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 SATiSH SONI & CO.
Chartered Accountants
(Firm''s Reg.No -109333w)
(Satish Soni) Proprietor
Membership No. 44391
Place: Mumbai
Date: May 28. 2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of Sulabh Engineers and
Services Limited as at 31st March,2012, the Statement of Profit & Loss
and Cash Flow Statement for the year ended on that date annexed there
to. 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 fee from material misstatement. An audit
includes examining on test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by Management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion and we report that:
3. As required by the Companies (Auditors' Report) Order 2003 issued
by the Central Government of India in terms Sec.227 (4A) of the
Companies Act 1956 and on the basis of such checks of the books and
records as we Considered necessary and appropriate and according to the
information And explanation given to us during the course of audit, the
statement on the Matters specified in paragraph 4&5 of the said order,
is enclosed herewith.
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 explanation which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b) In the our opinion, proper Books of Accounts as required by law have
been kept by the Company so far as appears from our examination of such
Books.
c) The Balance Sheet and Profit & Loss A/c referred to in this report,
are in agreement with the Books of Accounts.
d) In our opinion the Balance Sheet, Cash flow Statement and Profit &
Loss a/s dealt with by this Report comply, subject to Notes to
Accounts, with the Mandatory Accounting Standards Accounting Standards
referred to Sec.211(3C) of the Companies Act, 1956, to the Extent.
e) On the basis of written representations received from the Directors
as on 31st March,2012 and taken on record by the Board of Directors, we
report that none of the Director is disqualified as on 31.03.2012 from
being appointed as Director in terms of Clause (g) of Sub- Sec.(l) of
Sec. 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and explanation
given to us, the said statements of account, read together with
significant accounting policies and Notes on Accounts there on, give
the information required by the companies Act, 1956 in the mariner so
required and give a true 8s fair view in conformity with the accounting
principles generally accepted in India:
(i) in so far as relates to the Balance Sheet of the state of Affairs
of the company as at 31st march 2012,
(ii) In so far as relates to the Profit & Loss account of the Profit of
the company for the year ended on that date and
(iii) In case of the Cash Flow Statement, of the Cash Flow for the year
ended on that date.
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets are physically verified by the management at
reasonable intervals having regard to the size of the company and
nature of its assets. No materials discrepancies were noticed during
such verification during the year.
(c) The company has not disposed off any part of fixed assets during
the year and accordingly going on concern is not affected, except
Rs.284/- being full amount of net WDV was charged as Depreciation to
Revenue a/c.
2. In respect of inventories: There were no inventory, hence this
clause is not applicable.
3. In respect of the Loans, secured or unsecured, granted or taken by
the company to/from companies, firms or other parties covered in the
register maintained u/s.301 of the Companies Act, 1956:
(a) the company has given loans to various parties and total
outstanding at the year end was Rs. 12.53 Crores (including Rs.1.50
Crores interest free loan), maximum outstanding during the year any
time was Rs.15.43 Crores.
(b) The company has not taken loans, secured or unsecured, from
Companies, firms or other parties covered in the register maintained
u/s.301 of the Companies Act, 1956.
(c) In our opinion the rate of interest and other terms and condition
on which loans given by the company are not prima facie prejudicial to
the interest of the company. The parties are repaying the principal
amounts as stipulated and are also irregular in payment of interest,
wherever applicable .
(d) In respect of aforesaid loans, there is no overdue amount.
4. In our opinion and according to the information given to us the
company has adequate internal control procedure, commensurate to the
size of the company and nature of its Business for the purchase of
inventories and fixed assets and for sale of goods Further based on our
examination and according to the information & explanation given to us
we have neither come across nor have been informed of any major
weakness in the internal control.
5. To the best of knowledge and belief and according to the
information and explanation given to us We are of the opinion that the
transaction that need entered in the register in pursuance of sec. 301
of the companies Act 1956 has been so entered.
6. The company has not accepted any deposit from public to which the
directive issued By the Reserve Bank of the India and the provision of
sec.58AA of the Act and the Rules framed there under applicable.
7. In our opinion the company has internal audit system commensurate
with the size and nature of its business.
8. As explained to us the central govt, has not prescribed maintenance
of cost record u/s 209(1) (d) of the companies Act 1956 for any of the
company.
9. In respects of statutory dues:
(a) According to the records of the company and information and
explanation given to us the company has been regular in depositing
undisputed statutory dues to the extent applicable, with the
appropriate authorities during the year. According the information and
explanation given to us, no undisputed amount payable in respect of the
above were in arrears as on 31.03.2012 for a period of more than 6
months from the date on which they become payable. We have been
explained that status relating to other statutory dues including
Employees State Insurance, Provident Fund, Sales Tax, Wealth Tax,
Custom Duty, Investor Education and Protection Fund, Excise Duty and
Service Tax are not applicable to the Company during the year.
10. The Company have not accumulated losses at the end of the
financial year and have not incurred cash losses during the year
covered by the audit and immediately preceding financial year.
11. On the basis of information and explanation given to us the
company has not defaulted in repayment of dues to any Bank or financial
institution. The company has not obtained any borrowing by way of
debentures.
12. Based on our examination of record and the information &
explanation given to us 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. In our opinion the company is not a chit fund or and Nidhi/ Mutual
benefit fund / society therefore the provision of clause (xiii) of this
order are not applicable.
14.In our opinion the Company has maintained proper records of
transactions and contracts relating to shares and securities and other
investments made, entered into during the year and timely entries have
been made therein.
15. According to the information and explanation given to us and
record examined by us the company has not given any guaranty for the
loan taken by others from Banks or financial institutions.
16. In our opinion and according to the information & explanation
given to us the company has not taken term loan during the year and not
been defaulter in repayment of principal and interest by way of
installment.
17. According to the information and explanations given to us and on
overall examination of the Balance Sheet of the Company, we are of the
opinion that there are no funds raised on short term basis that have
been used for long term investment.
18. The company has made preferential allotment of 70,00,000 Equity
shares of Rs. 10/- each on premium of Rs.10/- each, out of which
17,00,000 Equity shares were issued to Promoters and 53,00,000 Equity
shares were issued to Non-Promoters, covered in Register maintained
u/s.301 of the Companies Act, 1956.
19. The company has not raised any money by way of public issue during
the year, except issue of preferential allotment of 70,00,000 Equity
shares of Rs. 10/- each on premium Rs.10/- each.
20. 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
explanation 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 been informed of such case by the management.
21. The other clauses of the companies (Auditors' Report) Order 2003
are not applicable in the case of this company for the current year.
For RAKESH SONI & CO.,
Chartered Accountants,
(CA.R.K.SONI)
Proprietor.
M.N.-047151
FRN-114625W
PLACE: MUMBAI.
DATE:30.05.2012.
Mar 31, 2011
We have audited the attached Balance Sheet as on 31.03.2011 of Sulabh
Engineers and Services Limited and related Profit & Loss account for
the year ended on that date annexed there to of which we have signed
under reference to this Report.
These Financial Statements are the responsibility of the Company's
Management. Our responsibility is to express our opinion on these
Financial Statements based on our Audit.
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 from material misstatement. An audit includes
examining on test basis, evidence supporting 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 and we report that:
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 Sec.227(4A) of the Companies
Act, 1956 and on the basis of such checks of the books and records as
we Considered appropriate and according to the information and
explanation given to us during the course of audit, the statement on
the matters specified in paragraph 4&5 of the said order, is enclosed
in the Annexure to the extent applicable to the company. Further we
Report 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 the our opinion , proper Books of Accounts as required by law
have been kept by the Company so far as appears from our examination of
such Books.
c) The Balance Sheet, Profit & Loss a/c and Cash Flow Statement
referred to in this report are in Agreement with the Books of Accounts
as submitted to us.
d) In our opinion the Balance Sheet, Profit & Loss a/c and Cash Flow
Statement dealt with by this Report comply, subject to Notes to
Accounts, with the Mandatory Accounting Standards referred to
Sec.211(3C) of the Companies Act,1956, to the extent applicable.
e) In our opinion and based on information and explanation given to us,
none of the Director is disqualified as on 31.03.2011 from being
appointed as Director in terms of Clause (g) of Sub- Sec.(l) of Sec.274
of the Companies Act, 1956.
f) In our opinion and to the best of our information and explanation
given to us, the said statements of account, read together with
significant accounting policies and Notes on Accounts there on, give
the information required by the companies Act, 1956 in the manner so
required and give a true & fair view in conformity with the accounting
principles generally accepted in India:
(i) In so far as relates to the Balance Sheet of the State of Affairs
of the company as at 31st march 2011
(ii) In so far as relates to the Profit & Loss account of the Profit of
the company for the year ended on that date.
(iii) In the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH OF OUR REPORT
OF EVEN DATE
1.(a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) the fixed assets of the company have been physically verified by
the management at reasonable intervals having regard to the size of the
Company and nature of its assets . No material discrepancies were
noticed during such verification during the year. In our opinion, the
frequency of verification is reasonable.
(c) the company has not disposed off any part of fixed assets during
the year and accordingly going on concern is not affected.
2. In respect of inventories: N.A.
3.(a) The company has not taken loans, secured or unsecured, from
Companies, firms or other patties, but given loans to Companies, firms
or other parties, covered in the Register maintained u/s.301 of the
Companies Act, 1956.
(b) in our opinion the rate of interest and other terms and condition
of the loans given by the company are not prima facie prejudicial to
the interest of the company. The parties are repaying the principal
amounts as stipulated and are also regular in payment of interest,
wherever applicable.
(c) In respect of aforesaid loans, there is no overdue amount of more
than Rupee one lakh.
4. In our opinion and according to the information given to us the
company has adequate internal control procedures, commensurate to the
size of the company and nature of its business. Further based on the
examination and according to the information and explanation given to
us, we have neither come across nor have been informed of any major
weakness in the internal control.
5. To the best of knowledge and belief and according to the information
and explanation given to us, we are of the opinion that the
transactions that need to be entered in the register in pursuance of
Sec.301 of the Companies Act, 1956 have been so entered.
6. The company has not accepted any deposit from public to which the
directives issued by the Reserve Bank of India and the provision of
Sec.58AA of the Act and the Rules framed there under as applicable.
7. In our opinion the company has an internal audit system commensurate
with the size and nature of its business.
8. As explained to us the central govt. has not prescribed maintenance
of cost records u/s. 209(l)(d) of the Companies Act, 1956 for any of
the Company.
9. In respect of statutory dues:
(a) According to the records of the company and information and
explanation given to us, the company has been regular in depositing
undisputed statutory dues to the extent applicable, with appropriate
authorities during the year. According to the information and
explanation given to us, no undisputed amount payable in respect of the
above were in arrears as on 31.03.2011 for a period of more than 6
months from the date on which they become payable. We have been
explained that statutes relating to other statutory dues including
Employees State Insurance, Provident Fund, Sales Tax, Wealth Tax,
Custom Duty, Investor Education and Protection Fund, Excise Duty and
Service Tax are not applicable to the Company during the year.
10. The company have not accumulated losses at the end of the financial
year and have not incurred cash losses during the year covered by the
audit and immediately preceding financial year.
11. On the basis of information and explanation given to us, the
company has not defaulted in repayment of dues to any Bank or financial
institution. The company has not obtained any borrowing by way of
debentures.
12. Based on our examination of records and the information and
explanation given to us, 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. In our opinion the company is not a Chit fund or nidhi/mutual
benefit fund/ society, therefore the provision of clause (xiii) of this
order is not applicable.
14. In our opinion the company has maintained proper records of
transactions and contracts relating to shares and securities entered
into during the year and timely entries have been made therein. The
company sold all the securities held, during the year.
15. According to the information and explanation given to us and
records examined by us, the company has not given any guarantee for the
loan taken by others from Banks or financial institutions.
16. In our opinion and according to the information and explanation
given to us, the company has not taken term loan during the year and
not been defaulted in repayment of principal and interest by way of
installment.
17. The company has not made any preferential allotment of shares or
issued debentures or public issue during the year except issued 2800000
equity shares on preferential basis of Rs.10/- each on premium of
Rs.10/- each, out of which 1000000 equity shares were issued to
Promoters and 1800000 equity shares to Non-promoters.
18. The Company has not raised any money by public issue during the
year, except preferential allotment of 2800000 equity shares @ Rs.10/-
each on premium Rs.10/- each.
19. 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
explanation 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.
20. The other clauses of the Companies (Auditors' Report) Order 2003
are not applicable in the case of the company for the current year.
For RAKESH SONI & CO.,
Chartered Accountants,
Sd-
(CA. R.K. SONI)
Proprietor.
M.N.-047151.
FRN-114625W
PLACE: MUMBAI.
DATE : 05.09.2011
Mar 31, 2010
1.We have audited the attached Balance Sheet of MESSRS. SULABH
ENGINEERS & SERVICES 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 CompanyÃs 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 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 (AuditorÃs Report) Order 2003 as amended
by the Companies (AuditorÃs Report) (Amendment) Order, 2004, issued by
the Central Government of India in terms of sub-section (4A) of section
227 of The Companies Act, 1956 and on the basis of such checks as we
considered appropriate and according to the information and
explanations given to us during the course of our audit, we further
report that: -
i. (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets of the company have been physically verified by
the management during the year and no discrepancies between the book
records and the physical inventory have been noticed. In our opinion,
the frequency of verification is reasonable.
(c) None of the fixed assets of the Company have been disposed off
during the year.
ii.(a) The company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Act.
(b) In our opinion, the rate of interest and other terms and conditions
of loans given by the company are not prima facie prejudicial to the
interest of the company. The parties are repaying the principal amounts
as stipulated and are also regular in payment of interest, where
applicable.
(c) In respect of the aforesaid loans, there is no overdue amount of
more than Rupees one Lakh.
iii. In our opinion and according to the information and explanations
given to us, there are no transactions that need to be entered into the
register in pursuance of Section 301 of Act.
iv. The company has not accepted any deposits from the public within
the meaning of Sections 58A, 58AA or any other relevant provisions of
the Act and the rules framed there under.
v. As per the records verified by us and as explained to us, the
Company has been regular in depositing undisputed Income-tax dues and
Cess with the appropriate authorities and there were no arrears under
the above head which were due for more than six months from the date
they became payable as at the close of the year. We have been explained
that statutes relating to other statutory dues including Employees
State Insurance, Provident Fund, Sales tax, Wealth Tax, Custom Duty,
Investor Education and Protection Fund, Excise Duty and Service Tax are
not applicable to the Company during the year.
vi. The company has no accumulated losses as at 31-3-2010 and it has
not incurred any cash losses in the financial year ended on that date
or in the immediately preceding financial year.
vii. The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
viii. The provisions of any special statute applicable to chit fund /
nidhi / mutual benefit fund/societies are not applicable to the
company.
ix. In our opinion, the company has maintained proper records of
transactions and contracts relating to shares and securities entered
into during the year and timely entries have been made therein.
Further, such securities have been held by the company in its own name.
x. In our opinion and according to the information and explanation
given to us the company has not given any guarantee for loans taken by
others from banks or financial institutions during the year. xi. The
company has not obtained any term loans.
xii. On the basis of an overall examination of the balance sheet of
the company, in our opinion, and according to the information and
explanation given to us, there are no funds raised on a short-term
basis, which have been used for long-term investment.
xiii. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Act during the year.
xiv. The company has not raised any money by public issues during the
year.
xv. 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
explanation 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.
xvi. The other clauses of the Companies (Auditors Report) Order 2003
are not applicable in the case of the company for the current year.
4. Further to our comments as referred above:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for our audit.
(ii) In our opinion, proper books of accounts have been kept by the
Company as required by law so far as appears from our examination of
those books.
(iii) The balance sheet, profit and loss account and cash flow
statement dealt with by this report are in agreement with the books of
account.
(iv) In our opinion, the Balance Sheet, the Profit & Loss Account and
Cash Flow Statement dealt with by this report comply, subject to the
Notes to Accounts, with the Mandatory Accounting Standards referred to
in Sub-section (3C) of Section 211 of the Companies Act, 1956, to the
extent applicable.
(v) In our opinion, and based on information and explanations given to
us, none of the Directors is disqualified as on 31st March 2010 from
being appointed as director in terms of Clause(g) of Sub- section (1)
of Section 274 of the Companies Act, 1956.
(vi) 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
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 31st March 2010,
(b) in the case of the profit and loss account, 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.
For Tulsyan & Tulsyan
Chartered Accountants
A.K.Tulsyan
Mumbai. 24-05-2010 Partner
Membership Number.051134