Mar 31, 2015
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of
SWASTIKA INVESTMART LIMITED ("the Company"), which comprise the Balance
Sheet as at 31st March, 2015, the Statement of Profit and 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
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 thereunder.
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. 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 31 st March, 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
sub-section (11) of section 143 of the Act, we give in the "Annexure A"
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. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements -Refer Note 24 (1) to
the financial statements;
ii. The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long-term contracts including derivative contracts-Refer Note 1.4(d)
to the financial statements.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company
As required by the Companies (Auditor's Report) Order issued by the
Central Government in the terms of Section 143(11) of the Companies
Act, 2013, we further report that:-
(1) Fixed Assets:-
(a) As informed to us, the company is maintaining proper records
showing full particulars, including quantitative details and situation
of fixed assets.
(b) As per information and explanation given to us, these fixed assets
have been physically verified by the management at reasonable intervals
and no material discrepancies were observed.
(2) Inventories: -
(a) The inventory of the company comprises of shares and securities,
which have been physically verified during the year by the management
at regular interval.
(b) In our opinion and according to the information and explanation
given to us, 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 according to the information and explanation
given to us, the Company has maintained proper records of its
inventories and no material discrepancies have been noticed on physical
verification of stock as compared to book records.
(3) Loan Granted: -
According to the information and explanation given to us, the Company
has not granted unsecured loans to parties covered under section 189 of
the Act.
(4) Internal Control Procedure: -
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 inventory and other assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness or continuing failure to correct major weakness in the
internal control system of the company in respect of these areas.
(5) Public Deposit: -
In our opinion and according to the information and explanation given
to us, the company has neither accepted nor invited any deposit from
public within the provision of Section 73 to 76 of Companies Act, 2013
and rules made there under. As explained and informed to us, no order
against the company has been passed by the Company Law Board, National
Company Law Tribunal or Reserve Bank of India or any tribunal/court.
(6) Cost Record: -
As informed to us, the Central Government has not prescribed the
maintenance of cost record under Section 148(1) of the Companies Act,
2013.
(7) Statutory Dues: -
(a) According to the information and explanation given to us, the
Company has been generally regular in depositing undisputed dues
relating to Provident Fund, Employees' State Insurance, Income Tax,
Sales Tax, Wealth Tax, Service Tax, Duties of Customs, Duties of
Excise, Value Added Tax, Cess and other material statutory dues
applicable to it with appropriate authorities. There are no undisputed
statutory dues payable which are outstanding as at 31-03-2015 for a
period of more than 6 months from the date they become payable, except
to the following:
S.
No. Particulars Amount (in Rs.)
1. Income Tax on Assessment (A. Y. 2008-09 a 2009-10) 3,94,000/-
(b) As informed and explained to us, there are some dues of Income Tax,
Commercial Tax and other material statutory dues which have not been
deposited on accounts of some dispute, which are detailed as below:-
Statute Forum where Amount
involved Financial Year
to which
Dispute is pending (Rs.) the amount relates
Income Tax Act CIT (A) - 9, Mumbai 9,80,090/- F.Y. 2011-12 (A.Y.
2012-13)
Income Tax Act CIT (A) - 8, Mumbai 69,62,560/- F.Y. 2010-11 (A.Y.
2011-12)
Income Tax Act ITAT 93,375/- F.Y. 2006-07
(A.Y. 2007-08)
Finance Act 1994
(for Service Tax) C.C., CE & ST,
Indore 30,89,019/- F.Y. 2005-06 to
F.Y. 2007-08
(c) As per the information and explanation given to us, the required
amount has been transferred to Investor Education and Protection Fund
in accordance with relevant provisions of Companies Act, 1956 (1 of
1956) and rules made thereunder within time.
(8) Accumulated Cash Losses: -
As informed and explained to us, the company has no accumulated losses
at the end of the financial year. Further, the Company has not incurred
any cash losses during the current financial year and in the
immediately preceding financial year.
(9) Default in repayment of dues to Financial Institutions, Banks or
debenture holders: -
Based on our audit and according to information and explanation given
to us by the management, we are of the opinion that the company has not
defaulted in repayment of dues to Financial Institutions, Banks or
debenture holders.
(10) Guarantee given by the Company for Loan taken by others: -
As informed and explained to us, the company has not given any
guarantees for loans taken by others from banks or financial
institutions; hence this clause is not applicable to the company.
(11) Utilization of Terms Loans:-
According to information and explanation given to us, no term loan has
been obtained by the company in current financial year; hence this
clause is not applicable.
(12) Fraud Noticed or Recorded:-
To the best of our knowledge and belief and according to the
information a explanation given to us, no fraud on or by the Company
was noticed or recorded during the period.
For R. S. Bansal & Company
Chartered Accountants
Firm Reg. No.:000939C
Vijay Bansal
Place: Indore Partner
Date: 25th May, 2015 Membership No. : 075344
Mar 31, 2014
We have audited the accompanying financial statements of SWASTIKA
INVESTMART LIMITED ("the Company"), which comprise the Balance Sheet as
at March 31, 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
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 fair presentation of the financial statements
that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility:
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion:
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2014;
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1) As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2) As required under provisions of 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
sub-section (3C) of section 211 of the Act;
(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.
As required by the Companies Auditor''s Report Order, 2003 issued by the
Central Government in terms of Section 227(4A) of the Companies Act,
1956, we further report that :-
1. In respect of its fixed assets:
a) As informed to us, the company has maintained records, on yearly
basis, showing particulars, including quantitative details and
situation of fixed assets, however for certain block of assets the
records maintained are pending for updation. The records have been
maintained on computer system.
b) As informed to us, the company has physically verified fixed assets
during the year. According to information and explanation given to us,
no material discrepancies were noticed on such verification.
c) In our opinion and according to the information and explanation
given to us, the company has not disposed off substantial assets during
the year which has affected its status as going concern.
2. In respect of its inventories:
a) The inventory of the company comprising of shares and securities,
which have been physically verified during the year by the management
at regular interval.
b) In our opinion and according to the information and explanation
given to us, the procedure of physical verification of inventories
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of its business.
c) In our opinion and according to the information and explanation
given to us, the company has maintained proper records of its
inventories. No material discrepancies have been noticed on physical
verification of stock as compared to book records.
3. In respect of loans secured or unsecured granted or taken by the
company:
a) As per information and explanation given to us, the Company has not
granted any loan, secured or unsecured to companies, firms or other
parties covered in the register maintained under Section 301 of the
Act. Hence clause 4(iii) (a), (b) 8t (c) are not applicable.
b) As per information and explanation given to us, the Company has
obtained unsecured loans from parties covered under Section 301. The
details are as under:
Name Maximum Amount Amount Outstanding
(InRs.) (InRs.)
Swastika Fin-Mart Pvt. Ltd. 41,85,000/- Nil
Sunil Nyati 60,00,000/- Nil
Anita Nyati 10,00,000/- Nil
c) The Company has not paid any interest on such loan. As per the
information provided to us, the other terms 8t conditions are generally
not prejudicial to the interest of the Company.
d) As per information and explanation given to us, there was no
stipulation as to payment of principal 8t interest. Hence we are
unable to comment on this clause.
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, for the purchase of inventory and fixed assets and for the
sale of services.
5. As explained & informed to us Company has entered all transactions,
which are required to be entered in the register maintained in pursuant
of the Section 301 of the Companies Act, 1956.
6. In our opinion and according to the information and explanations
given to us, the Company neither accepted nor invited any deposits from
public within the provision of Section 58A, 58AAof Companies Act, 1956
and rules made there under. As explained and informed to us no order
against the company has been passed by Company Law Board, National
Company Law Tribunal or Reserve Bank India or any Tribunal or Court.
7. As explained and informed to us, the company has its own system for
Internal Audit, which seems to be reasonable looking at the size and
nature of its business.
8. As informed to us, the Central Government has not prescribed the
maintenance of cost record U/s 209 (1) (d) of the Companies Act, 1956.
9. In respect of Statutory Dues:
a) According to information and explanations given to us, there are no
disputed statutory dues payable in respect of Provident Fund,
Employee''s State Insurance, Income Tax, Wealth Tax, Service Tax, Custom
Duty, Excise Duty & Cess, Investor Education and Protection Fund, which
are outstanding for a period of more than 6 months as at the last date
of financial year from the date they became payable, except to the
following:
S.No. Particulars Amount(in Rs.)
1. Income Tax on Assessment (A.Y. 2008-09 & 2009-10) 3,94,000/-
2. Income Tax on Assessment (A.Y. 2010-11) 67,700/-
b) According to information and explanations given to us, there are no
dues towards Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise
Duty & Cess which have not been deposited on account of any dispute,
except the following-
Name of the Statue Forum where Dispute Period to which the
is pending amounts relates
Income Tax Act CIT(A)-8,Mumbai F.Y. 2010-11 (A.Y. 2011-12)
Income Tax Act ITAT F.Y.2006-07 (A.Y. 2007-08)
Finance Act, C.C., CE & ST, IndoreF.Y.2005-06 to F.Y.2007-08.
1944 (for Service Tax)
SEBI Act, 1992 Securities Appellate 10/10/2008 to 20/11 /2008
Tribunal (SAT)
Name of the Statute Amount in Rs.
Income Tax Act 69,62,560/-
Income Tax Act 93,375/-
Finance Act, 1944 (for Service Tax) 30,89,019/-
SEBI Act, 1992 7,00,000/-
10. As informed and explained to us, there is no accumulated cash
losses of the company. Further, the Company has not incurred any cash
losses during the period covered by the report and immediately
preceding the financial year.
11. Based on our audit and on the information and explanations given
by the management, we are of the opinion that the company has not
defaulted in repayment of any loan from Financial Institutions or
Banks.
12. According to the information and explanation given to us, the
Company has not given 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/Nidhi/Mutual Benefit
Fund/Society. Therefore, the provisions of clause (xiii) of paragraph 4
of the Order are not applicable to the Company.
14. According to the information and explanations given to us, the
company is dealing or trading in share, securities, debentures and
other investments. In our opinion, proper records have been maintained
of the transactions and contracts and timely entries have been made
therein. The shares, securities, debentures and other securities have
been held by the company, in its own name as per the provisions of
section 49 of the Act.
15. According to the information and explanation given to us, the
Company has not given any guarantee in respect of loan taken by others
from any banks or financial institutions.
16. According to the information and explanations given to us, the
company has not taken any term loan during the period covered under
audit. Accordingly, the provisions of clause (xvi) of paragraph of the
Order, 2003 are not applicable to the company.
17. According to the information and explanations given to us, and
based on documents provided to us, we are of the opinion that no
short-term fund has been utilized for long term investment.
18. We are informed that, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained u/s 301 of the Act.
19. According to the information and explanations given to us and
records examined by us, the Company has not issued debentures and hence
regarding creation of securities in respect of debentures issued does
not arise.
20. The Company has not raised any money by public issue of shares
during the period.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the period.
For : R.S.BANSAL a COMPANY
CHARTERED ACCOUNTANTS
FRN: 000939C
VIJAY BANSAL
Place : Indore PARTNER
Dated : 17-05-2014 M.N.075344
Mar 31, 2013
Report on the Financial Statements:
We have audited the accompanying financial statements of SWASTIKA
INVESTMART LIMITED ("the Company"), which comprise the Balance Sheet as
at March 31, 2013 and the Statement of Profit and Loss and Cash Flow
Statement for the yearthen ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility forthe 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 fair presentation of the financial statements
thatgiveatrueandfairviewand are freefrom 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 whetherthefinancialstatements are freefrom
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 thefinancial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis forouraudit 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 Statement of Profit and Loss,of the profit for
the year ended on that date;and
c) in the case of the Cash Flow Statement,of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1) As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2) As required under provisions of 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
ouraudit;
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 agreementwith the booksof
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
sub-section (3C) of section 211 of the Act;
e) (On the basis ofwritten 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 THE AUDITOR''S REPORT AS REFERRED IN
Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date to the members
of Swastika Investmart Ltd. for the year ended on 31.03.2013
As required by the Companies Auditor''s Report Order, 2003 issued by the
Central Government in terms of Section 227(4A) of the Companies
Act,1956,we further report that:-
1) IN RESPECT OF ITS FIXED ASSETS:
a) As informed to us, the company has maintained proper records, on
yearly basis, showing full particulars, including quantitative details
and situation of fixed assets. The records have been maintained on
computer system.
b) As informed to us, the company has physically verified fixed assets
during the year. According to information and explanation given to us,
no material discrepancies were noticed on such verification.
c) In our opinion and according to the information and explanation
given to us, the company has not disposed off substantial assets during
the year which has affected its status as going concern.
2) IN RESPECT OF ITS INVENTORIES:
a) The inventory of the company comprising of shares and securities,
which have been physically verified during the year by the management
at regular interval.
b) In our opinion and according to the information and explanation
given to us, the procedure of physical verification of inventories
followed by the management is reasonable and adequate in relation to
the size of the company and the natureof its business.
c) In our opinion and according to the information and explanation
given to us, the company has maintained proper records of its
inventories. No material discrepancies have been noticed on physical
verification of stock as compared to book records.
3) IN RESPECT OF LOANS SECURED OR UNSECURED GRANTED OR TAKEN BYTHE
COMPANY:
a) As per information and explanation given to us, the Company has not
granted any loan, secured or unsecured, to companies, firms or other
parties covered in the register maintained under section 301 of the
Act. Hence clauses 4(iii)(a),(b)&(c) are not applicable.
b) As per information and explanation given to us, the Company has
obtained unsecured loans from parties covered under Section 301. The
details are as under:
Name Maximum Amount Amount Outstanding
Swastika Fin-Mart
Pvt. Ltd. 35,95,000/- NIL
Nyati Holdings Pvt.
Ltd. 3,75,000/- NIL
c) The Company has not paid interest on such loans. As per the
information provided to us, the other terms & conditions are not
prejudicial to the interest of the Company.
d) As per information and explanation given to us, there was no
stipulation as to payment of principal & interest. Hence we are unable
to commenton this clause. Although there was nooutstanding amount as
atthe end of the year.
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, for the purchase of inventory and fixed assets and for the
sale of services.
5) As explained & informed to us Company has entered all transactions,
which are required to be entered in the register maintained in pursuant
of the Section 301 of the Companies Act,1956.
6) In our opinion and according to the information and explanations
given to us,the Company neither accepted nor invited any deposits from
public with in the provision of Section 58A, 58AAof Companies Act, 1956
and rules made thereunder.Asexplained and informed to us no order
against the company has been passed by Company Law Board, National
Company Law Tribunal or Reserve Bank India or any Tribunal or Court.
7) As explained and informed to us,the company has its own system for
internal Audit, which seems to be reasonable looking the size and
nature of its business.
8) As informed to us, the Central Government has not prescribed the
maintenance of cost record U/s 209 (1) (d) of the CompaniesAct,1956.
9) IN RESPECT OF STATUTORY DUES:
a) According to information and explanations given to us, there are no
undisputed statutory dues in respect of Provident Fund, Employee''s
State Insurance, Income Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty & Cess, Investor Education and Protection Fund, which are
outstanding for a period of more than 6 months as at the last date of
financial yearfrom the date they became payable, excepttothefollowing:
S.no. Particulars Amounting
1 Income Tax on Assessment
(AY. 2008-09 & 2009-10) 3,94,000/-
b) As informed and explained to us, that all the dues towards Sales
Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty & Cess, if any,
are properly accounted in the books.
The detail of disputed demand is as under:-
Name of the Forum where Period to Which the Amount in
Statute Dispute is Amounts Relates Rs.
Pending
Income Tax
Act ITAT FY 2006-07 (AY 2007-08) 93,375/-
Finance Act,
1944 C.C., CE & ST, FY 2005-06 to FY 2007-08 30,89,019/-
(for Service Indore
Tax)
SEBI Act, 1992 Securities 10/10/2008 to 20/11/2008 700,000/-
Appellate
Tribunal (SAT)
10) As informed and explained to us there is no accumulated cash losses
of the company. Further, the Company has not incurred any cash losses
during the period covered by the report and immediately preceding the
financial year.
11) Based on our audit and on the information and explanations given by
the management, we are of the opinion that the companyhasnotdefaulted
in repaymentof any loanfrom Financial Institutions or Banks.
12) According to the information and explanation given to us, the
Company has not given any loans and advances on the basis of security
byway ofPledge of Shares, debentures and othersecurities.
13) In our opinion, the Company is not a chit/nidhi/mutual benefit
fund/society. Therefore, the provisions of clause(xiii) of paragraph of
the Order are not applicable to the Company.
14) According to the information and explanations given to us, the
company is dealing or trading in share, securities, debentures and
other investments. In our opinion, proper records have been maintained
of the transactions and contracts and timely entries have been made
therein. The shares, securities, debentures and other securities have
been held by the company, in its own name as per the provisions of
section 49 of the Act.
15) According to the information and explanation given to us, the
Company has not given any guarantee in respect of loan taken by others
from any banks or financial institutions.
16) According to the information and explanations given to us, the
company has not taken any term loan during the period covered under
audit. Accordingly, the provisions of clause 4(xvi) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
17) According to the information and explanations given to us, and
based on documents provided to us, we are of theopinion that
noshort-termfund has been utilizedfor Long Term Investment.
18) We are informed that, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained u/s 301 of the Act.
19) According to the information and explanations given to us and
records examined by us, the Company has not issued debentures and hence
regarding creation of securities in respect of debentures issued does
not arise.
20) The Company has not raised any money by public issue of shares
during the period.
21) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the period.
For:R.S.BANSAL&CO.
Chartered Accountants
FRN:000939C
Place: Indore
Date : 14.05.2013 Vijay Bansal
Partner
Membership No: 075344
Mar 31, 2012
We have audited the attached Balance-Sheet of SWASTIKA INVESTMART LTD.
as at 31-03-2012 and also the statement of Profit & Loss and Cash Flow
statement of the Company for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's Management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We 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 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 (CARO)
issued by Central Government under Section 227(4A) of the Companies
Act, 1956 (here-in-after referred to as the Act), 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 audit, we
give in the Annexure a statement to the matters specified in Paragraph
4 and 5 of the said order to the extent applicable to company.
2) Further to our comments in the Annexure referred to paragraph 1
above we report that:
a) We have obtained all the information and explanations, which to the
best of our knowledge & beliefs were necessary for the purpose of our
audit.
b) In our opinion, proper books of accounts 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, Statement of Profit & Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts of the Company.
d) In our opinion, the Balance Sheet, Statement of Profit & Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
Sub-Section (3C) of Section 211 of the Companies Act, 1956 to the extent
applicable.
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 directors is disqualified as on 31st March,
2012 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
notes to accounts, gives the information required by the Companies Act,
1956 in the manner so required and give a true and fair view in
conformity with the Accounting principles generally accepted in India:
i. In the case of Balance Sheet, of the State of Affairs of the Company
as at March 31st, 2012.
ii. In the case of Statement of Profit and Loss, of the PROFIT for the
year ended on that date.
AND
iii. In the case of the Cash Flow Statement, of the Cash Flows for the
year ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT AS REFERRED IN PARAGRAPH ONE OF REPORT
OF EVEN DATE TO THE MEMBERS OF SWASTIKA INVESTMART LTD., MUMBAI FOR THE
YEAR ENDED ON 31-03-2012
As required by the Companies Auditor's Report Order, 2003 issued by the
Central Government in terms of Section 227(4A) of the Companies Act,
1956, we further report that
1) IN RESPECTOF ITS FIXED ASSETS:
a) As informed to us, the company has maintained proper records, on
yearly basis, showing full particulars, including quantitative details
and situation of fixed assets. The records have been maintained on
computer system.
b) As informed to us, the company has physically verified fixed assets
during the year. According to information and explanation given to us
no material discrepancies were noticed on such verification.
c) In our opinion and according to the information and explanation
given to us, the company has not disposed off substantial assets during
the year which has affected its status as going concern.
2) IN RESPECT OF ITS INVENTORIES:
a) The inventory of the company comprising of shares and securities,
which have been physically verified during the year by the management
at regular interval.
b) In our opinion and according to the information and explanation
given to us, the procedure of physical verification of inventories
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of its business.
c) In our opinion and according to the information and explanation
given to us, the company has maintained proper records of its
inventories. No material discrepancies have been noticed on physical
verification of stock as compared to book records.
3) IN RESPECT OF LOANS SECURED OR UNSECURED GRANTED OR TAKEN BYTHE
COMPANY:
a) As per information and explanation given to us, the Company has not
granted any loan, secured or unsecured, to companies, firms or other
parties covered in the register maintained under section 301 of the
Act. Hence this clause is not applicable.
b) As per information and explanation given to us, the Company has not
taken any loan, secured or unsecured, from companies, firms or other
parties covered in the register maintained under section 301 of the
Act. Hence this clause is not applicable.
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, for the purchase of inventory and fixed assets and for the
sale of goods.
5) As explained & informed to us Company has entered all transactions,
which are required to be entered in the register maintained in
pursuant of the Section 301 of the Companies Act, 1956.
6) In our opinion and according to the information and explanations
given to us, the Company neither accepted nor invited any deposits from
public within the provision of Section 58A, 58AAof Companies Act, 1956
and rules made there under. As explained and informed to us no order
against the company has been passed by Company Law Board, National
Company Law Tribunal or Reserve Bank India or any Tribunal or Court.
7) As explained and informed to us, the company has its own system for
Internal Audit, which seems to be reasonable looking the size and
nature of its business.
8) As informed to us, the Central Government has not prescribed the
maintenance of cost record U/s 209 (1) (d) of the Companies Act, 1956.
9) IN RESPECT OF STATUTORY DUES:
a) According to information and explanations given to us, there are no
undisputed statutory dues in respect of Provident Fund, Employee's
State Insurance, Income Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty and Cess, Investor Education and Protection Fund, which are
outstanding for a period of more than 6 months as at the last date of
financial year from the date they became payable.
b) As informed and explained to us, that all the dues towards Sales
Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty & Cess, if any,
are properly accounted in the books.
The detail of disputed demand is as under
Name of the
Statue Forum where Dispute Period to Which the Amount
inRs.
is Pending Amounts Relates
Income Tax Act ITAT FY 2006-07
(AY 2007-08) 93,375/-
Income Tax Act ACIT, Mumbai FY2008-09 (AY2009-10) 1,516,800/-
Finance
Act,1944 Commissioner of
Central FY 2005-06 to
FY 2007-08 3,089,019/-
(for Service
Tax) Excise (Appeals),
Indore
Finance Act,
1944 Commissioner of
Central FY 2005-06 to
FY 2008-09 745,400/-
(for Service
Tax) Excise (Appeals),
Indore
SEBI Act, 1992 Securities Appellate 10/10/2008 to
20/11/2008 700,000/-
Tribunal (SAT) Tribunal (SAT)
10) As informed and explained to us there is no accumulated cash losses
of the company. Further, the Company has not incurred any cash losses
during the period covered by the report and immediately preceding the
financial year.
11) Based on our audit and on the information and explanations given by
the management, we are of the opinion that the company has not defaulted
in repayment of any loan from Financial Institutions or Banks.
12) According to the information and explanation given to us, the
Company has not given 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/nidhi/mutual benefit
fund/society. Therefore, the provisions of clause(xiii) of paragraph
of the Order are not applicable to the Company.
14) According to the information and explanations given to us, the
company is dealing or trading in share, securities, debentures and
other investments. In our opinion, proper records have been maintained
of the transactions and contracts and timely entries have been made
therein. The shares, securities, debentures and other securities have
been held by the company, in its own name as per the provisions of
section 49 of the Act.
15) According to the information and explanation given to us, the
Company has not given any guarantee in respect of loan taken by others
from any banks or financial institutions.
16) According to the information and explanations given to us, the
company has not taken any term loan during the period covered under
audit. Accordingly, the provisions of clause 4(xvi) of the Companies
(Auditor's Report) Order, 2003 are not applicable to the company.
17) According to the information and explanations given to us, and
based on documents provided to us, we are of the opinion that no
short-term fund has been utilized for Long Term Investment.
18) We are informed that, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained u/s 301 of the Act.
19) According to the information and explanations given to us and
records examined by us, the Company has not issued debentures and hence
regarding creation of securities in respect of debentures issued does
not arise.
20) The Company has not raised any money by public issue of shares
during the period.
21) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the period.
For: R.S. BANSAL & CO.
Chartered Accountants
FRN:000939C
Place: Indore
Date : 28.05.2012
Vijay Bansal
Partner
Membership No: 075344
Mar 31, 2010
We have audited the attached Balance Sheet of SWASTIKA INVESTMART LTD.
as at 31 st March 2010 and also the Profit and Loss Account for the
period ended on that date annexed thereto. These financial statements
are responsibility of the Companys 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 required 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 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
ouropinion.
We report as follows:
1) As required by the Companies (Auditors Report) Order 2003 (as
amended) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956, we enclose
in the annexure a statement on the manner specified in paragraph 4 & 5
of the said order.
2) Further to our comments in the Annexure referred to in paragraph 1
above, we report that:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
b) In our opinion, proper books of accounts 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 and Profit and Loss Account and Cash Flow
Statements dealt with by this report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet and Profit and Loss Account and
Cash Flow Statements comply with the accounting standards referred to
in sub-section (3C) of section 211 of the Companies Act, 1956 to the
extent they are applicable to the company.
e) On the basis of written representations received from the directors
as on 31st March, 2010 and taken on record by the Board of Directors,
we report that none of the director is disqualified as on 31st March,
2010 from being appointed as a directors 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 give the information
required by 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 the case of the Balance Sheet of the state of affairs of the
Company as at 31 st March 2010.
ii. In the case of Profit and Loss Account of the Profit for the Year
ended on that date and
iii. In the case of the Cash Flow Statement of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT (Referred to in Para 1 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 during the year, and no material
discrepancies were noticed on such verification.
(c) During the year the company has not disposed off a substantial part
of its fixed assets so it does not affect the going concern assumption.
2) (a) The inventory of the company comprises of shares and securities,
which have been physically verified during the year by the management
at regular intervals.
(b) 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) The company is maintaining proper records of inventory. No material
discrepancies have been noticed on physical verification of stock as
compared to book records.
3) (a) The company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under section 301 of the Act and accordingly, paragraphs iii(b), iii(c)
and iii(d) of the order, are not applicable.
(b) The company has not taken any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under section 301 of the Act and accordingly, paragraphs iii(f) and
iii(g) of the order, are not applicable.
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, for the purchase of inventory and fixed assets. During the
course of audit, no major weakness has been noticed in these internal
controls.
5) According to the information and explanations given to us, there
have been no contracts or arrangements referred to in section 301 of
the Act during the period to be entered in the register required to be
maintained under that section. Accordingly the question of commenting
on transactions made in pursuance of such contracts or arrangements
does notarise.
6) The Company has not accepted any public deposit, hence the
provisions of sections 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 framed thereunder, are
not applicable to the company.
7) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8) Maintenance of Cost Records under section 209(1 )(d) of the
Companies Act, 1956 has not been prescribed by the central government
for the company.
9) (a) The Company is generally regular in depositing with the
appropriate authorities statutory dues including Investor Education and
Protection Fund, Employees State Insurance, Provident fund Act,
Income-tax, Sales -tax, Wealth Tax, Custom Duty, Excise Duty, Service
Tax, Cess and other material Statutory Dues applicable to it.
(b) There were no arrears as at 31st March 2010 for a period of more
than six months from the date they became payable.
(c) According to the information & explanations given to us, there is
no amount pending deposit on account of any dispute, in respect of
sales tax, income tax, customs duty, excise duty, service tax, cess. j
10) The Company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the current or in the
immediately preceding financial year.
11) According to the information and explanations given to us, the
Company has not defaulted in repayment of dues to financial
institutions or banks, The company has no outstanding Debentures.
12) According to the information and explanations 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) The company is not a chit fund or a nidhi mutual benefit fund/
society. Therefore, the provisions of clause 4 (xiii) of the Companies
(Auditors Report) Order 2003 are not applicable to the company.
14) According to the information and explanations given to us, the
Company is dealing or trading in shares, securities, debentures and
other investments. In our opinion, proper records have been maintained
of the transactions and contracts and timely entries have been made
therein. Shares, securities, debentures and other securities have been
held by the company, in its own name as per the provisions of section
49 of the Companies Act, 1956.
15) According to the information and explanations given to us, the
company has not given guarantees for loans taken by others from banks
or financial institutions.
16) In our opinion and according to the information and explanations
given to us, the company has not taken any term loan during the period
covered by our report. Accordingly, the provisions of clause 4(xvi) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
company.
17) In our opinion and 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 investment and vice-versa.
18) According to the information and explanations given to us, 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.
19) In our opinion and according to the information and explanations
given to us, the Company has not issued any secured debentures during
the period covered by our report. Accordingly, the provisions of clause
4 (xix) of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company.
20) During the period covered by our audit report the Company has not
raised any money by public issues.
21) To the best of our knowledge and belief and 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 LADHA & CO.
Chartered Accountants
Reg. No. 105503W
Mukesh Ladha
Place: Mumbai Proprietor
Date: 29.05.2010 Membership No:35544