Mar 31, 2014
We have audited the accompanying financial statements of SVAM SOFTWARE
LIMITED ("the Company"), which comprise the Balance Sheet as at March
31st, 2014 and 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
statementsthat 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"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error.In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements inorder 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 Profit and Loss Account, of the profit/ loss for
the year ended on March 31, 2014; and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on March 31, 2014.
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A)of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
CashFlow 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 TO INDEPENDENT AUDITORS'' REPORT
Referred to in Paragraph 1 under the heading of "Report on other legal
and Regulatory Requirements" of Our Report of even date
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of SVAM SOFTWARE LIMITED on the accounts of the company
for the year ended 31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year but does
not affect the going concern assumption.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Companies Act, 1956 have been entered in the register required to
be maintained under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Companies Act, 1956 does not exceeds five lacs rupees in a
financial year therefore requirement of reasonableness of transactions
does not arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act and we are of the opinion that prima facie the prescribed accounts
and records have been made and maintained.
9. (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, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2014 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For M/S. SNMG & COMPANY
Chartered Accountants
(Firm Reg. No. 004921N)
Sd/-
NEERAJ GUPTA
Place : New Delhi (PARTNER)
Date : 30/05/2014 M.NO. 087004
Mar 31, 2013
We have audited the accompanying financial statements of SVAM SOFTWARE
LIMITED ("the Company"), which comprise the Balance Sheet as at
March 31st, 2013 and 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,
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"). This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment
of the risks of material misstatement of the financial statements,
whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the Company''s
preparation and fair presentation of the financial statements in order
to design audit procedures that are appropriate in the circumstances.
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, 2013;
b) In the case of the Profit and Loss Account, of the profit/ loss for
the year ended on March 31, 2013; and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on March 31, 2013.
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A)of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards 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, 2013, and taken on record by the Board of Directors,
none of
f) the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO INDEPENDENT AUDITORS'' REPORT
Referred to in Paragraph 1 under the heading of "Report on other
legal and Regulatory Requirements" of Our Report of even date.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of SVAM SOFTWARE LIMITED on the accounts of the company
for the year ended 31st March, 2013.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that: -
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year but does
not affect the going concern assumption.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section,
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act and we are of the opinion that prima facie the prescribed accounts
and records have been made and maintained.
9. (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, Custom Duty, Excise
Duty, cess to the extent applicable and any other statutory dues have
generally been regularly deposited with the appropriate authorities.
According to the information and explanations given to us there were no
outstanding statutory dues as on 31 st of March, 2013 for a period of
more than six months from the date they became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For M/S. SNMG & COMPANY
Chartered Accountants
(Firm Reg. No. 004921N)
Sd/-
NEERAJ GUPTA
Place : New Delhi (PARTNER)
Date : 30.05.2013 M.NO. 087004
Mar 31, 2010
We have audited the attached Balance Sheet of SVAM SOFTWARE LIMITED as
at 31st March 2010 and the Profit and Loss Account and the Cash Flow
Statement of the Company for the year ended on that date annexed
thereto and report that these financial statements are the
responsibility of the company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We 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 a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
Assassing 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.
1) As required by the Companies (Auditors' Report) order 2003, issued
by the Company Law Board in terms of section 227 (4A) of the Companies
Act, 1956, we enclose in the annexure, a statement on the matters
specified in paragraph 4 and 5 of the said Order.
2) 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 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
such books:
c) The Company's Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by the report are in agreement with the books of
accounts and returns.
In our opinion, the profit & loss account and balance sheet comply with
the mandatory accounting standards referred to in sub- section (3C) of
section 211 of companies Act, 1956.
e) On the basis of our examination of books and according to the
information and explanations given to us, no material observations
have been noticed during our audit which have any adverse effect on the
functioning of the company as referred to in section 227(3)(e) of the
companies act.
f) On the basis of written representation received from the directors
of the company as on 31.03.2010, we report that none of the directors
of the company is disqualified from being appointed as director under
clause (g) of sub section 1 of section 274 of the companies act as
referred to in section 227(3)(f) of the companies act, 1956.
3. In our opinion, and to the best of our information and according to
the explanations given to us, they said balance sheet and profit and
loss account 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 true and fair view: -
i) In so far as it relates to the 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 & Loss Account, of the profit
of the company for the year ended on that date.
iii) In so far as it relates to the Cash Flow Statement, of the cash
flow for the year ended on that date.
ANNEXURE: (Referred to in paragraph 3 of our audit report of even date)
(i) (a) Whether the company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets;
Fixed Assets Register was not made available to us
(b) Whether these fixed assets have been physically verified by the
management at reasonable intervals; whether any material discrepancies
were noticed on such verification and if so, whether the same have been
properly dealt with in the books of account;
Records not made available to us
(c) If a substantial part of fixed assets have been disposed of during
the year whether it has affected the going concern; -No-
(ii) (a) Whether the physical verification of inventory has been
conducted at reasonable intervals by the management. -Yes-
(b) Are the procedure of physical verification of inventory followed by
the management reasonable and adequate in relation to the size of the
company and the nature of business - If not, the inadequacies in such
procedures should be reported;
-Yes-, No Inadequacies Noticed
(c) Whether the company is maintaining proper records of inventory and
whether any material discrepancies were noticed on physical
verification and if so, whether the same have been properly dealt with
in the books of account;
-Yes.-, No material discrepancies noticed
(iii) (a) has the company either granted any loans, secured or
unsecured to companies firms or other parties covered in the register
maintained wider section 301 of the Act, if so, give the number of
parties and amount involved in the transaction;
-No-
(b) Whether the rate of interest and other terms and conditions of
loans given by the company, secured or unsecured are prima facie
prejudicial to the interest of the company;
-No- (c) Whether payment of the principal amount and interest are also
regular;
-N.A.-
(d) If overdue amount is more than one lakh whether reasonable steps
have been taken by the company for recovery / payment of the principal
and interest; -N.A.-
(e) Has the company either taken any loans, secured or unsecured from
companies firms or other parties covered in the register maintained
under section 301 of the Act, if so, give the number of parties and
amount involved in the transaction;
-No-
(f) Whether the rate of interest and other terms and conditions of
loans taken by the company, secured or unsecured are prima facie
prejudicial to the interest of the company;
-NA-
(g) Whether payment of the principal amount and interest are also
regular.
-N.A.-
(iv) Is there an adequate internal control procedure commensurate with
the size of the company and nature. of its business, for the purpose of
the inventory and fixed assets and for the sale of goods. Whether there
is a continuing failure to correct major weakness in internal control;
-Yes, No major weakness(For the Purpose of Inventory only)-
(v) (a) Whether transactions that need to be entered into a register in
pursuance of section 301 of the Act have been so entered;
-YES-
(b) Whether each of these transactions have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time;
-Yes Wherever Applicable-
(This information is required only in case of transactions exceeding
the value of five lakh rupees in respect of any party and in any one
financial year);
(vi) In case the company has accepted deposits from the public, whether
the directives issued by the Reserve bank of India and provision
section 58A and 58AA of the Act and the rules framed there under, where
applicable, have been complied with. If not, the nature of
contraventions should be stated; If an order has been passed by the
company Law Board whether the same has been complied with or not
-No public deposit accepted-
(vii) In the case of listed companies and or other companies having a
paid up capital and reserves exceeding Rs. 50 lakhs as at the
commencement of the financial year concerned, or having an average
annual turnover exceeding five crore rupees for a period of three
consecutive financial year immediately preceding the financial year
concerned, whether by the company has as internal audit system
commensurate with its size and nature of its business;
-YES-
(viii) Where maintenance of cost record has been prescribed by the
central government under clause (d) of sub section (1) of section 209
of the Act, whether such account and records have been made and
maintenance
-N.A.-
(ix) (a) is the company regular in depositing undisputed statutory dues
including Provident Fund, investor Education and Protection Fund,
Employee's State insurance, Income Tax, Sale Tax, Wealth Tax, Custom
Duty, cess and any other statutory dues with the appropriate
authorities and if not, the extent of the arrears of outstanding
statutory dues as at the last day of the financial year concerned for a
period of more than six month from the date they become payable, shall
be indicated by the auditor;
-Yes-, No arrears of undisputed statutory dues-
(b) In case-dues of sales tax .Income Tax , Sale Tax, Wealth Tax,
Excise Duty / cess have not been deposited on account of any dispute,
then the amounts involved and the forum where dispute is pending may
please be mentioned.
-N.A.-
(A mere representation to the department shall not constitute the
dispute);
(x) Whether in case of a company which has been registered for a period
not less than five years, its accumulated losses at the end of the
financial year are not less than fifty percent of its net worth and
whether it has incurred cash losses in such financial year and in the
financial year immediately preceding such financial year.
-Accumulated losses of the company are not more than 50% of its net
worth.
-No Cash losses incurred in current financial year and in the preceding
financial year.
(xi) Whether the company has defaulted of dues to a financial
institution or bank or debenture holders- If yes, the period and amount
of default to be reported;
-NO-
(xii) Whether adequate documents and records are maintained in cases
where the company has granted loans and advance on the basis of
security by way of shares, debentures and other securities; if not, the
deficiencies to be pointed out.
-Yes Wherever applicable-
(xiii) Whether the provision of any special statute applicable to chit
fund has been duly complied with- In respect of nidhi / mutual benefit
fund / societies:
-N.A.-
(a) Whether the Net - owned funds to deposit liability ratio is more
than 1:20 as on the date of balance sheet;
(b) Whether the company has complied with the prudential norms on
income recognition and provisioning against sub standard/ default/ loss
assets;
(c) Whether the company has adequate procedures for appraisal of credit
proposals/ requests, repayment capacity of the borrower and would be
conducive to recovery of the loan amount;
(d) Whether the repayment schedule of various loans granted by the
nidhi is based on the repayment capacity of the borrower.
(xiv) If the company is dealing or trading in shares, securities,
debentures and other investments, whether proper records have been
maintained of the transactions and contracts and whether timely entries
have been made therein; also Whether the shares, securities, debentures
and other securities have been held by the company, in its own name
expect to the extent of the exemption, if any, granted under section 49
of the Act;
-N.A.-
(xv) Whether the company has given any guarantee for loan taken by
others from bank or financial institutions, the terms and condition
where of are prejudicial to the interest of the company;
-N.A.-
(xvi) Whether term loans were applied for the purpose for which the
loans where obtained;
-NA.-
(xvii) Whether the funds raised on short terms basis have been used for
long term investment and vice versa, the nature and amount is to be
indicated;
-N.A.-
(xviii) Whether the company has made any preferential allotment of
shares to parties and companies covered in the register maintained
under section 301 of the Act, and if so whether the prices at which
shares have been issued is prejudicial to the interest of the company;
-N.A.-
(xix) Whether securities have been created in respect of debentures
issued-
-N.A.-
(xx) Whether the management has disclosed on the end use of money
raised by the public issued and the same has been verified;
-N.A.-
(xxi) Whether any fraud on or by the company has been noticed or
reported during the year; if yes, the nature and the amount involved is
to be indicated.
-No fraud noticed or reported-
For M/S PADAM DINESH & CO.
Chartered Accountants
FRN:009061N
Sd/-
CA. DINESH CHANDRA AGGARWAL
Place : Delhi Partner
Date : 30.08.2010 M. No'86138
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