Mar 31, 2015
We have audited the accompanying standalone financial statements of SW
Investment Ltd. ("the Company"), which comprise the Balance Sheet as at
31st March, 2015, the Statement of Profit & Loss, the Cash Flow
Statement for the year then ended, and a summary of the 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 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.
Auditors' 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 judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March, 2015, 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 (Auditor's Report) Order, 2015 issued
by the Central Government in terms of sub-section (11) of section 143
of the Act (hereinafter referred to the "Order"), and on the basis of
such checks of the books and records of the Company as we considered
appropriate and according to the information and explanations given to
us, we give in the Annexure a statement on the matters specified in
paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. there are no pending litigations;
ii. the Company does not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses;
iii. there is no amount that is required to be transferred to the
Investor Education and Protection Fund by the Company.
Annexure to Independent Auditors' Report
Referred to in Paragraph 1 under Report on Other Legal and Regulatory
Requirements, of our report of even date to the members of SW
Investments Ltd. on the standalone financial statements for the year
ended March 31, 2015.
i. a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation
of fixed assets.
b) As explained to us, fixed assets, according to the practice of
the Company, are physically verified by the management in
accordance with the phased verification program, which, in our
opinion, is reasonable having regards to the size of the
Company and the nature of its fixed assets. No material
discrepancies have been noticed on such verification.
ii. There is no inventory and therefore clause 4 (ii) of the order
is not applicable.
iii. a) As per the information and explanation given to us and the
records produced before us for verification, the Company has
granted interest bearing unsecured loan to acompany covered
in the register maintained under Section 189 of the Companies
Act.
b) As explained to us, receipt of principal amount and interest
is on demand basis and there is no fixed repayment schedule.
c) There is no overdue amount more than rupees one lakh as the
loan is on demand basis.
iv. In our opinion and according to the information and
explanations given to us, there is an adequate internal
control system commensurate with the size of the Company and
the nature of its business, for the purchase of fixed assets
and for providing the services. Further, on the basis of our
examination of the books and records of the Company, and
according to the information and explanations given to us,
we have neither come across nor have been informed of, any
continuing failure to correct major weaknesses in the internal
control system.
v. In our opinion and according to the information and
explanations given to us, the Company has not accepted
deposits, in terms of directives issued by the Reserve
Bank of India and the provisions of Sections 73 to 76 or any
other relevant provisions of the Companies Act and the rules
framed there under.
vi. According to the information and explanations given to us,
the maintenance of cost records has not been specified by the
Central Government under Section 148(1) of the Companies Act.
vii. a) According to the information and explanations given to us,
the Company is regular in depositing undisputed statutory
dues including provident fund, employees' state
insurance, income-tax, sales-tax, wealth tax, service tax,
duty of customs, duty of excise, value added tax, cess and
other statutory dues, as applicable, with the appropriate
authorities. There are no undisputed statutory dues which
are in arrears, as at 31st March, 2015 for a period of more
than six months from the date they became payable.
b) According to the information and explanations given to us,
there are no dues of income-tax or sales-tax or wealth tax or
service tax or duty of customs or duty of excise or value
added tax or cess, which have not been deposited as on
31st March, 2015 on account of any dispute.
c) In our opinion and according to the information and
explanations given to us, there is no amount required to be
transferred to investor education and protection fund in
accordance with the relevant provisions of the Companies Act
and Rules made there under.
iii. The Company has no accumulated losses as at the end of the
financial year and it has not incurred any cash losses in the
financial year ended on that date or in the immediately
preceding financial year.
ix. The Company does not have any loans from financial
institutions and banks.
x. The Company has not given guarantee for loans taken by
others from banks.
xi. The Company has not taken any term loan.
xii. 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 M B A H & CO
Chartered Accountants
(Firm Registration No. 121426W)
Mahesh Bhageria
Partner
Mumbai, 26th May, 2015 Membership No. 034499
Mar 31, 2014
1. We have audited the accompanying financial statements of SW
Investments 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, which we have
signed under reference to this report.
Management''s Responsibility for the Financial Statements
2. The Company''s Management is responsible for the preparation of
these financial statements that give a true and fair view of the
financial position, financial performance and cash flows of the Company
in accordance with the Accounting Standards referred to in sub-section
(3C) of Section 211 of ''the Companies Act, 1956'' of India (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
3. 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.
4. An audit involves performing procedures to obtain audit evidence,
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditors'' 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 auditors consider 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.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
6. In our opinion, and to the best of our information and according to
the explanations given to us, the accompanying financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
7. As required by ''the Companies (Auditor''s Report) Order, 2003'',
as amended by ''the Companies (Auditor''s Report) (Amendment) Order,
2004'', issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Act (hereinafter referred to as
the "Order"), and on the basis of such checks of the books and
records of the Company as we considered appropriate and according to
the information and explanations given to us, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
8. 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 dealt with by this report comply with the
Accounting Standards notifies under the Act read with the General
Circular No. 15/2013 dated September 13, 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013;
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Act.
Referred to in paragraph 7 of the Auditors'' Report of even date to
the members of SW Investments Limited on the financial statements for
the year ended 31st March 2014
i. (a)The Company has generally maintained proper records showing full
particulars, including quantitative details and situation, of fixed
assets.
(b) As explained to us, fixed assets, according to the practice of the
company, are physically verified by the management in accordance with
the phased verification program, which, in our opinion, is reasonable
having regards to the size of the company and the nature of its fixed
assets. To the best of our knowledge no material discrepancies have
been noticed on such verification.
(c) The Company has not disposed off any substantial part of its fixed
assets so as to affect its status as going concern.
ii. There is no inventory and therefore clause 4 (ii) of the order is
not applicable.
iii. The Company has not granted/taken any loans, secured or unsecured,
to / from companies, firms or other parties covered in the register
maintained under Section 301 of the Act. Therefore, the provisions of
Clause 4(iii)[(b),(c) and (d) /(f) and (g)] of the said Order are not
applicable to the Company.
iv. In our opinion, and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of fixed assets and for the sale of services. Further, on the
basis of our examination of the books and records of the Company, and
according to the information and explanations given to us, we have
neither come across, nor have been informed of, any continuing failure
to correct major weaknesses in the aforesaid internal control system.
v. (a) According to the information and explanations given to us, we
are of the opinion that the particulars of all contracts or
arrangements 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 made in pursuance of such contracts or
arrangements and exceeding the value of Rupees Five lacs in respect of
any party during the year have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
vi. 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.
vii. In our opinion, the Company has an internal audit system
commensurate with its size and the nature of its business.
viii. According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under Section 209 (1) (d) of the Companies Act, 1956 in respect of the
activities carried out by the Company.
ix. (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is regular in depositing the undisputed statutory dues, including
provident fund, investor education and protection fund, employees''
state insurance, income tax, sales tax, wealth tax, service tax,
customs duty, excise duty and other material statutory dues, as
applicable, with the appropriate authorities.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
service tax, sales tax, custom duty, excise duty and cess were in
arrears, as at 31st March, 2014 for a period of more than six months
from the date they became payable.
(c) According to the information and explanations given to us, there is
no due of income tax, wealth tax, service tax, sales tax, custom duty,
excise duty and cess which have not been deposited as on 31st March,
2014 on account of any dispute.
x. The Company has no accumulated losses as at the end of the financial
year and it has not incurred any cash losses in the financial year
ended on that date or in the immediately preceding financial year.
xi. The Company has not borrowed any fund from financial institutions,
banks or debenture holders and therefore, the provision of Clause 4(xi)
of the Order is not applicable to the Company.
xii. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Therefore, the provision of Clause 4(xii) of the Order is not
applicable to the Company.
xiii. As the provisions of any special statute applicable to chit fund/
nidhi/ mutual benefit fund/ societies are not applicable to the
Company, the provision of Clause 4(xiii) of the Order is not applicable
to the Company.
xiv. In our opinion, the Company has maintained proper records of
transactions and contracts relating to dealing or trading in shares,
securities, debentures and other investments during the year and timely
entries have been made therein. Further, such securities have been held
by the Company in its own name.
xv. In our opinion, and according to the information and explanations
given to us, the company has not given any guarantee for the loans
taken by others from banks or financial institutions during the year.
Therefore, the provision of Clause 4(xv) of the Order is not applicable
to the Company.
xvi. In our opinion, and according to the information and explanations
given to us, the Company has not taken any term loans during the year.
Therefore, the provision of Clause 4(xvi) of the Order is not
applicable to the Company.
xvii. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that the no funds raised on short-term basis have been used for
long-term investment.
xviii. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Act during the year. Therefore, the provision of Clause
4(xviii) of the Order is not applicable to the Company.
xix. The Company has not issued any debentures during the year.
Therefore, the provision of Clause 4(xix) of the Order is not
applicable to the Company.
xx. The Company has not raised any money by public issues during the
year. Therefore, the provision of Clause 4(xx) of the Order is not
applicable to the Company.
xxi. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of any such case by the Management.
For M B A H & CO
Chartered Accountants
(Firm Registration No. 121426W)
Sd/-
Mahesh Bhageria
Partner
Mumbai, 30th May 2014 Membership No. 034499
Mar 31, 2013
Report on the Financial Statements
1. We have audited the accompanying financial statements of Sunteck
Wealthmax Investments Limited (the "Company"), which comprise the
Balance Sheet as at March 31,2013, 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,
which we have signed under reference to this report.
Management''s Responsibility for the Financial Statements
2. The Company''s Management is responsible for the preparation of
these financial statements that give a true and fair view of the
financial position, financial performance and cash flows of the Company
in accordance with the Accounting Standards referred to in sub-section
(3C) of Section 211 of ''the Companies Act, 1956'' of India (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
3. 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.
4. An audit involves performing procedures to obtain audit evidence,
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditors'' 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 auditors consider 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.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
6. In our opinion, and to the best of our information and according to
the explanations given to us, the accompanying 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 Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
7. As required by ''the Companies (Auditor''s Report) Order, 2003'', as
amended by ''the Companies (Auditor''s Report) (Amendment) Order, 2004'',
issued by the Central Government of India in terms of sub-section (4A)
of Section 227 of the Act (hereinafter referred to as the "Order"), and
on the basis of such checks of the books and records of the Company as
we considered appropriate and according to the information and
explanations given to us, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
8. 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 dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Act;
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 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 Act.
ANNEXURE TO AUDITORS'' REPORT
Referred to in paragraph 7 of the Auditors'' Report of even date to the
members of Sunteck Wealthmax Investments Limited on the financial
statements for the year ended 31st March 2013
i. (a)The Company has generally maintained proper records showing full
particulars, including quantitative details and situation, of fixed
assets.
(b) As explained to us, fixed assets, according to the practice of the
company, are physically verified by the management in accordance with
the phased verification program, which, in our opinion, is reasonable
having regards to the size of the company and the nature of its fixed
assets. To the best of our knowledge no material discrepancies have
been noticed on such verification.
(c) The Company has not disposed off any substantial part of its fixed
assets so as to affect its status as going concern.
ii. There is no inventory and therefore clause 4 (ii) of the order is
not applicable.
iii. The Company has not granted/taken any loans, secured or unsecured,
to / from companies, firms or other parties covered in the register
maintained under Section 301 of the Act. Therefore, the provisions of
Clause 4(iii)[(b),(c) and (d) /(f) and (g)] of the said Order are not
applicable to the Company.
iv. In our opinion, and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of fixed assets and for the sale of services. Further, on the
basis of our examination of the books and records of the Company, and
according to the information and explanations given to us, we have
neither come across, nor have been informed of, any continuing failure
to correct major weaknesses in the aforesaid internal control system.
v. (a) According to the information and explanations given to us, we
are of the opinion that the particulars of all contracts or
arrangements 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 made in pursuance of such contracts or
arrangements and exceeding the value of Rupees Five lacs in respect of
any party during the year have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
vi. 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.
vii. In our opinion, the Company has an internal audit system
commensurate with its size and the nature of its business.
viii. According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under Section 209 (1) (d) of the Companies Act, 1956 in respect of the
activities carried out by the Company.
ix. (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is regular in depositing the undisputed statutory dues, including
provident fund, investor education and protection fund, employees''
state insurance, income tax, sales tax, wealth tax, service tax,
customs duty, excise duty and other material statutory dues, as
applicable, with the appropriate authorities.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
service tax, sales tax, custom duty, excise duty and cess were in
arrears, as at 31st March, 2013 for a period of more than six months
from the date they became payable.
(c) According to the information and explanations given to us, there is
no due of income tax, wealth tax, service tax, sales tax, custom duty,
excise duty and cess which have not been deposited as on 31st March,
2013 on account of any dispute.
x. The Company has no accumulated losses as at the end of the financial
year and it has not incurred any cash losses in the financial year
ended on that date or in the immediately preceding financial year.
xi. The Company has not borrowed any fund from financial institutions,
banks or debenture holders and therefore, the provision of Clause 4(xi)
of the Order is not applicable to the Company.
xii. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Therefore, the provision of Clause 4(xii) of the Order is not
applicable to the Company.
xiii. As the provisions of any special statute applicable to chit fund/
nidhi/ mutual benefit fund/ societies are not applicable to the
Company, the provision of Clause 4(xiii) of the Order is not applicable
to the Company.
xiv. In our opinion, the Company has maintained proper records of
transactions and contracts relating to dealing or trading in shares,
securities, debentures and other investments during the year and timely
entries have been made therein. Further, such securities have been held
by the Company in its own name.
xv. In our opinion, and according to the information and explanations
given to us, the company has not given any guarantee for the loans
taken by others from banks or financial institutions during the year.
Therefore, the provision of Clause 4(xv) of the Order is not applicable
to the Company.
xvi. In our opinion, and according to the information and explanations
given to us, the Company has not taken any term loans during the year.
Therefore, the provision of Clause 4(xvi) of the Order is not
applicable to the Company.
xvii. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that the no funds raised on short-term basis have been used for
long-term investment
xviii. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Act during the year. Therefore, the provision of Clause
4(xviii) of the Order is not applicable to the Company.
xix. The Company has not issued any debentures during the year.
Therefore, the provision of Clause 4(xix) of the Order is not
applicable to the Company.
xx. The Company has not raised any money by public issues during the
year. Therefore, the provision of Clause 4(xx) of the Order is not
applicable to the Company.
xxi. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of any such case by the Management.
For M B A H & CO
Chartered Accountants
(Firm Registration No. 121426W)
Sd/-
Mahesh Bhageria
Partner
Mumbai, 30th May 2013 Membership No. 034499
Mar 31, 2012
We have audited the attached Balance Sheet of SUNTECK WEALTHMAX
INVESTMENTS LIMITED as at 31st March' 2012 and also the annexed Profit
& Loss Account and the Cash Flow Statement of the Company for the year
ended on that date. These financial statements are the responsibility
of the Company's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
1. We conducted our audit in accordance with auditing standards
generally accepted in India. These Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. 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 management' as well as evaluating the overall presentation of
financial statements. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by the Companies (Auditors' Report) Order' 2003 and the
Companies (Auditors' Report) (Amendment) Order' 2004 issued by the
Central Government of India in terms of Section 227(4A) of the
Companies Act' 1956' we annex hereto a statement on the matters
specified in paragraphs 4 and 5 of the said Order to the extent
applicable.
3. Further to our comments in the annexure referred to above' we
report that:
(i) 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;
(ii) In our opinion' proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
such books of the Company;
(iii) The Balance Sheet' Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account of
the Company;
(iv) In our opinion' the Balance Sheet' Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in Section 211(3C) of the Companies
Act 1956;
(v) Based on the representations made by the directors of the Company
and information given to us' none of the directors is disqualified as
at 31st March 2012' from being appointed as director in terms of
Section 274(l)(g) of the Companies Act' 1956;
(vi) In our opinion and to the best of our information and according to
the explanation given to us' the said financial statements read
together with the notes thereon' give the information required by the
Companies Act' 1956' in the manner so required and present a true and
fair view in conformity with the accounting principles generally
accepted in India.
(vii) (a) in the case of the Balance Sheet' of the state of affairs of
the company as at 31st March' 2012;
(b) in the case of the Profit & Loss Account' of the Profit for the
year ended on that date; and
(c) in case of Cash Flow Statement' of the cash flows for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITORS' REPORT OF EVEN
DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH' 2012 OF SUNTECK
WEALTHMAX INVESTMENTS LIMITED.
On the basis of such checks as we considered appropriate and in terms
of the information and explanation given to us' we state that: -
1. a. The Company has generally maintained proper records showing
full particulars including quantitative details and situation of
fixed assets.
b. As explained to us' fixed assets' according to the practice of the
company' are physically verified by the management in accordance with
the phased verification program' which' in our opinion' is reasonable
having regards to the size of the company and the nature of its fixed
assets. To the best of our knowledge no material discrepancies have
been noticed on such verification.
c. The Company has not disposed off any substantial part of its fixed
assets so as to affect its status as going concern.
2. There is no inventory and therefore clause 4 (ii) of the order is
not applicable.
3. a. As informed to us' the Company has not granted unsecured loans
to any party covered in register maintained under section 301 of the
Companies Act' 1956. The maximum amount involved during the year was
Rs.1242.99 Lacs and the year end balance was Rs.413.92 Lacs.
b. In our opinion and according to explanation & information given to
us other terms & conditions are not' prima facie' prejudicial to the
interest of the company. The said loans are repayable on demand & there
is no repayment schedule.
c. As informed to us' the Company has not taken unsecured loans from
companies covered in the register maintained under Section 301 of the
Companies Act' 1956.
4. In our opinion and according to the information and explanations
given to us' there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to fixed assets and with regard to sale of
services. There was no sale of goods during the year. During the course
of our audit' we have not observed any continuing failure to correct
major weaknesses in internal controls.
5. a. 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 made are in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act' 1956 exceeding the value of rupees five lacs in
respect of any party during the year' have been made at prices which
are reasonable having regard to market prices prevailing at that time.
6. The Company has not accepted any deposit from the public within the
meaning of Sections 58A and 58AA of the Companies Act' 1956 and the
Companies (Acceptance of Deposits) Rules' 1975.
7. In our opinion' the Company has an internal audit system
commensurate with the size and the nature of its business.
8. According to the information and explanations given to us' the
Central Government has not prescribed the maintenance of cost records
under Section 209 (1) (d) of the Companies Act' 1956 in respect of the
activities carried out by the Company.
9. a. According to the information and explanations given to us' the
Company is regular in depositing with appropriate authorities
undisputed statutory dues including provident fund' investor education
protection fund' employee's state insurance' income tax' sales tax'
wealth tax' service tax' custom duty' excise duty' cess and other
material statutory dues applicable to it.
b. According to the information and explanations given to us' no
undisputed amounts payable in respect of income tax' wealth tax'
service tax' sales tax' custom duty' excise duty and cess were in
arrears' as at 31st March' 2012 for a period of more than six months
from the date they became payable.
c. According to the information and explanations given to us' there is
no due of income tax' wealth tax' service tax' sales tax' custom duty'
excise duty and cess which have not been deposited as on 31st March'
2012 on account of any dispute.
10. The Company does not have accumulated loss and has not incurred
cash losses during the financial year covered by our audit.
11. The Company has not borrowed any fund from financial institutions'
banks or debenture holders and therefore clause 4 (xi) is not
applicable.
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. In our opinion' the Company is not a chit fund or a nidhi / mutual
benefit fund / society.
14. In our opinion' the Company is dealing or trading in shares'
securities' debentures & other investments and proper records have been
maintained of the transactions and contracts and timely entries have
been made in; also the shares have been held by the company' in its own
name.
15. The Company has not given any guarantee for the loan taken by
others from banks or financial institution.
16. The company has not taken any term loan during year.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company' no funds
raised on short-term basis have been used for long- term investment.
18. During the year' the Company has converted 65'000 Convertible
Share Warrants into 65'000 Equity Shares of Rs.10 each including to
parties and companies covered and recorded in the Register maintained
under section 301 of the Companies Act' 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by public issues during the
year. 21.
22. According to the information and explanations given to us' no fraud
on or by the Company has been noticed or reported during the course of
our audit.
For M B A H & CO
Chartered Accountants
(Firm Regn.No.l21426W)
Sd/-
Mahesh Bhageria
Partner
Mumbai: 30th May 2012 Membership No. 34499
Mar 31, 2010
1) We have audited the attached Balance Sheet of Lalphul Investments
Limited as at March 31, 2010 and also the Proft and Loss Account and
the Cash Flow Statement for the year ended on that date annexed
thereto. These fnancial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these fnancial statements based on our audit.
2) We have conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
fnancial statements are free of material mis-statements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the fnancial statements. An audit also includes
assessing the accounting principles used and signifcant estimates made
by the management, as well as evaluating the overall fnancial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3) As required by the Companies (Auditorsà Report) Order, 2003 as
amended by the Companies (Auditorsà Report) (Amendment) Order, 2004,
issued by the Central Government of India in terms of Section 227 (4A)
of the Companies Act, 1956, and on the basis of such checks of books of
accounts and other records as we considered appropriate and as per the
information and explanation provided to us by the Company Management,
we annex hereto a statement on the matters specifed in paragraphs 4 and
5 of the said Order.
4) Further to our comments in Annexure referred to in paragraph 3
above, we report as under:
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of
audit;
b. In our opinion proper books of account as required by law, have
been kept by the Company, so far as it appears from our examination of
these books;
c. The balance sheet and the proft and loss account dealt with by this
report are in agreement with the books of account;
d. In our opinion, the balance sheet, proft and loss account and cash
fow statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956 and/or Companies (Accounting Standards) Amendment
Rules, 2008;
e. On the basis of written representation received from the directors
of the Company as at March 31, 2010 and taken on record by the Board of
Directors, we report that none of the directors are disqualifed as at
March 31, 2010 from being appointed as director in terms of clause (g)
of sub section (1) of section 274 of the Companies Act 1956;
f. In our opinion and to the best of our information and according to
the explanations given to us the said accounts read together with the
Signifcant Accounting Policies and Notes to Accounts, give the
information as required by the Companies Act, 1956, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India;
I. In case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2010;
II. In case of Proft and Loss Account, of the proft for the year ended
on that date ; and
III. In case of Cash Flow Statement, of the cash fows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF LALPHUL INVESTMENTS LIMITED ON THE FINANCIAL STATEMENTS FOR
THE YEAR ENDED MARCH 31, 2010
i. a) 5 The Company has maintained proper records showing full
particulars including quantitative details and situation of fxed
assets.
b) According to the practice of the Company, fxed assets are physically
verifed by the management in accordance with the phased verifcation
program, which in our opinion is reasonable having regards to the size
of the Company and the nature of its fxed assets. To the best of our
knowledge no material discrepancies have been noticed on such
verifcation.
c) The Company has not disposed off any substantial part of its fxed
assets so as to affect its status as going concern.
ii. There is no inventory and therefore clause 4(ii) of the order is
not applicable.
iii. The Company has not granted/taken any loan, secured or unsecured
to companies, frms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956 and therefore clause
4(iii) of the order is not applicable.
iv There are adequate internal control systems commensurate with the
size of the Company and the nature of its business, for the providing
services. During the course of our audit, no major weakness has been
noticed in the internal control system.
v. In our opinion, particulars of all contracts or arrangement referred
to in Section 301 of the Companies Act, 1956 that are required to be
entered in the register maintained under Section 301 the Companies Act,
1956, were so entered.
vi. There are no public deposit accepted by the Company within the
meaning of Section 58A and 58AA of the Companies Act, 1956 and
therefore clause 4(vi) of the order is not applicable.
vii. In our opinion, the Company has an internal audit system
commensurate with size and nature of its business.
viii. The Company does not belongs to list of Companies as prescribed
under Section 209(1)(d) of the Companies Act,1956 and therefore clause
4(viii) of the order is not applicable.
ix. a) The Company has been regular in depositing undisputed statutory
dues including provident fund, investor education and protection fund,
employees state insurance, income tax, value added tax, wealth tax,
service tax, custom duty, excise duty, cess and other statutory dues,
as applicable to it, with the appropriate authorities.
The Company has no undisputed amounts payable in respect of provident
fund, investor education and protection fund, employees state
insurance, income tax, value added tax, wealth tax, service tax, custom
duty, excise duty, cess and other statutory dues, as applicable to it,
as at March 31, 2010 for the period of more than six months from the
date they become payable.
b) The Company has no disputed amount payable in respect of income tax,
value added tax, wealth tax, service tax, custom duty, excise duty cess
and other statutory dues, as applicable to it, which have not been
deposited on account of any dispute.
x. The Company has no accumulated losses as at March 31, 2010 and it
has not incurred any cash losses during the fnancial year or
immediately preceding fnancial year.
xi. The Company has not borrowed any fund from fnancial institutions,
banks or debenture holders and therefore clause 4(xi) of the order is
not applicable.
xii. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities
and therefore clause 4(xii) of the order is not applicable.
xiii. The Company is not a chit fund or a nidhi / mutual beneft fund/
society and therefore clause 4(xiii) of the order is not applicable.
xiv. The Company has maintained proper records of the transactions and
contracts of the investments dealt in by the Company and timely entries
have been made therein. The investments made by the Company are held in
its own name.
xv The Company has not given any guarantee for loans taken by others
from banks or fnancial institutions and therefore clause 4(xv) of the
order is not applicable.
xvi. The Company not obtained any term loans and therefore clause
4(xvi) of the order is not applicable.
xvii. The Company has not raised any fund on short-term basis and
therefore clause 4(xvii) of the order is not applicable.
xviii. The Company has not made any preferential allotment of shares to
parties and Companies covered in the register maintained under section
301 of the Companies Act, 1956 and therefore clause 4(xviii) of the
order is not applicable.
xix. The Company has not issued any debentures and therefore clause
4(xix) of the order is not applicable.
xx. The Company has not raised any money by way of public issue and
therefore clause 4(xx) of the order is not applicable.
xxi. During the year no fraud on or by the Company has been noticed or
reported and therefore clause 4(xxi) of the order is not applicable.
For SARA & Associates
Chartered Accountants
(Firm Registration No. 120927W)
Rajesh Agarwal
Partner
Membership No. 78310
Place: Mumbai
Date: 29th May 2010
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