Mar 31, 2014
We have audited the accompanying financial statements of Tarrif Cine &
Finance Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2014, the Statement of Profit and Loss and 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 Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with the General Circular
No. 15/2013 dated September 13, 2013 of the Ministry of Corporate
Affairs in respect of Section 133 of the Companies Act, 2013. This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
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 the internal control relevant to the
entity''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 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 pririciples generally accepted
in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 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 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 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, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 the Companies Act, 1956
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 the written representations received from the
directors as on 31st March, 2014 and taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
Annexure to Auditors'' Report
(Referred to in paragraph 1 of our report of even date)
1. The Company does not have any fixed assets and hence the question
of maintaining records, physical verification & disposal of the same
does not arise.
2. a) Shares & debentures in custody of the Company have been
physically verified by the management at reasonable intervals. For
shares held -with the custodian and depository participant & for units
of mutual funds, statement from them has been obtained on a regular
basis.
b) The procedures of verification of inventory 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
discrepancies have been noticed on reconciliation of physical
inventories & with the custodian and depository participant as compared
to the book records.
3. (a) The Company has, during the year, not granted any loans, secured
or unsecured, to companies, firms or other parties covered in the
register maintained u/s.301 of the Companies Act, 1956. Accordingly,
clause 4(iii) (a) to (d) of the Order are not applicable.
(b)The Company has, during the year, not taken any loans, secured or
unsecured, from companies, firms or other parties covered in the
register maintained u/s.301 of the Companies Act, 1956. Accordingly,
clause 4(iii) (e) to (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 with regard to purchase of inventory and for the sale of
goods. The Company does not provide any services. During the course of
our audit no major weakness have been observed in the internal
controls.
5. According to the information and explanations given to us, we are
of the opinion that there were no transactions that needed to be
entered into the register maintained under section 301 of the Companies
Act, 1956.
6. The Company has not accepted any deposits from the public and
consequently the provisions of Section 58 A, 58 AA or any other
relevant provisions of the Companies Act, 1956, and the rules framed
there under and the directives issued by RBI are not applicable.
7. The Company does not have a formal system of internal audit but
there are adequate checks & control at all levels.
8. The provisions of section 209(1) (d) of the Companies Act, 1956
regarding maintenance of Cost records is not applicable to the Company.
9. (a)In our opinion and according to the information and explanations
given to us, the Company has been regular in depositing undisputed
statutory dues applicable to it with the appropriate authorities.
(b) In our opinion and according to the information & explanations
given to us, there are no statutory dues which have not been deposited
on account of any dispute.
10. The Company does not have accumulated losses as at the end of the
financial year and has not incurred cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.
11. In our opinion & according to the information & explanation given
to us, the Company has not taken any loans from financial institution
or bank or through issue of debentures. Therefore, the question of
repayment or default does not arise.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures & other securities &
therefore, the question of maintenance of adequate documents & records
does not arise.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund /society. Therefore, the provisions of clause 4(xiii) of
CARO, 2003 are not applicable to the Company.
14. In respect of Company''s activity for dealing in shares,
securities, debentures and other investments, proper records have been
maintained in regard to the transactions and contracts and timely
entries have been made therein. The shares & other investments have
been held by the Company in its own name except to the extent of
exemption granted under section 49 of the Act.
15. In our opinion & according to explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. The Company has not taken any term loan & therefore, provisions of
clause (xvi) of CARO 2003 are not applicable to the Company.
17. According to the information and explanations given to us and on
an overall examination of balance sheet of the Company, we report that
the Company has not raised any funds on short-term basis.
18. The Company has not made any preferential allotment of shares to
any parties & companies covered in the register maintained u/s 301 of
the Companies Act, 1956.
19. The Company did not have any outstanding debentures during the
year.
20. The Company has not raised any money by public issues during the
year.
21. According to the information and explanations giben to us and to
the best of our knowledge & belief, no fraud on or by the Company has
been noticed or reported by the Company during the course of audit.
For K K Khadaria & CO
Chartered Accountants
Firm Regn No: 105013W
Ajay Daga
Partner
Mem. No: 044162
Place: Mumbai
Dated: 24th May, 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Tarrif Cine &
Finance Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2013, the Statement of Profit and Loss and 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 Financial Statements
Management is responsible for the preparation of these financial
statements that give a true andfair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit We conducted our audit in accordance with
the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
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 the 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 the 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, ofthe state of affairs of the
Company as at oi« March, 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") issued1 by '' the Central Government of India in terms of
sub-section (4A) of section 227 of the Act we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the 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, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and the 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 the written representations received from the
directors as on 31* March 2013 and taken on record by the Board of
Directors, none of the directors is-disqualified as on 31st March, 2013
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
Annexure Auditors9 Report Referred to of even date)
1 The Company does not have any fixed assets and hence the question of
maintaining '' records? physical verification & disposal of the same
does not arise.
2. Shares ft debentures in custody from them have heen obtained on
a regular basis. business. participant as compared to the book records.
3 a, The Company has duing of the Order are not applicable.
4. in our opinion and according to the adequate nternal control
nventory. The Company been observed in the internal controls.
5 According to the information and explanations given to us, we are
of the opinion fhat Ire were no transactions that needed to be
entered into the register maintained under section 301 of the
Companies Act, 1956.
6. The under and One directives issued by *B1 are not applicable.
7. The Company does not have a formal system of internal audit but
there are adequate checks & control at all levels.
8 The provisions of section 209(l|(d) of the Companies Act, 1956
regarding maintenance '' of Cost records is not applicable to die
Company. with the appropriate authorities.
10 The Company does not have accumulated losses as at the end of the
financial year and ''has not incurred cash losses during the current and
in the immediately preceding financial year.
11 In our opinion & according to the information & explanation given to
us, the Company ''has not taken any loans from financial institution or
bank or through issue of debentures. Therefore, the question of
repayment or default does not arise.
12 The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures & other securities &
therefore, the question of maintenance of adequate documents & records
does not arise.
13 In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund '' /society. Therefore, the provisions of clause 4(xiii) of
CARO, 2003 are not applicable to the Company.
14 In respect of Company''s activity for dealing in shares and other
investments, proper ''records have been maintained in regard to the
transactions and contracts and timely entries have been made therein.
The shares & other investments have been held by the Company in its own
name except to the extent of exemption granted under section 49 of the
Act.
15 In our opinion & according to explanations given to us, the Company
has not given any guarantee for loans taken by others from bank or
financial institutions.
16. The Company has not taken any term loan & therefore, provisions of
clause (xvi) of CARO 2003 is not applicable to the Company.
17 According to the information and explanations given to us and on an
overall ''examination of balance sheet of the Company, we report that
the Company has not raised any funds on short-term basis.
18 The Company has not made any preferential allotment of shares to any
parties & '' companies covered in the register maintained u/s 301 of the
Companies Act, 1956.
19. The Company did not have any outstanding debentures during the
year.
20. The Company has not raised any money by public issues during the
year.
21 According to the information and explanations given to us and to the
best of our '' knowledge & belief, no fraud on or by the Company has
been noticed or reported by the Company during the course of audit.
For K K KHADARIA & CO
CHARTERED ACCOUNTANTS
(Firm Regn. No. 105013W)
PLACE : Mumbai
DATED: 30st May, 2013 M No.44162
Mar 31, 2012
We have audited the attached Balance Sheet of TARRIF CINE & FINANCE
LIMITED as at 31st March, 2012 and the related Statement of Profit and
Loss and Cash Flow Statement 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. Those 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 (Auditor's Report) Order, 2003 as
amended by Companies (Auditor's Report) (Amendment) Order, 2004 issued
by the Department of Company Affairs, in terms of Section 227(4A) of
the Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in the paragraphs 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 account as required by law have been
kept by the Company so far as appears from our examination of the
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 & Loss and
Cash Flow Statement dealt with by this report comply with thër
Accounting Standards referred to in subsection (3C) of Section 211 of
the Companies Act, 1956;
e) On the basis of the 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 a director in terms of Clause
(g) of sub-section 1 of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
explanations given to us, the said accounts, read together with the
notes thereon give the information required by the Companies Act, 1956,
in the manner so required, and give a true and fair view, in conformity
with accounting principles generally accepted in India;
i) in the case of Balance Sheet, of the state of affairs of the Company
as at 31st March 2012,
ii) in the case of Statement of Profit and Loss, of the profit of the
Company for the year ended on that date, and
iii) in the case of Cash Flow Statement, of the cash flows for die year
ended on that date.
(referred to in paragraph 1 of our report of even date)
1. The Company does not have any fixed assets and hence the question
oi maintairiing records, physical verification & disposal of the same
does not arise.
2. a) Shares & debentures in custody of the Company J rve been
physically verified
by the management at reasonable intervals. For shares held with the
custodian and depository participant & for units of mutual funds,
statement from them have been obtained on a regular basis.
b) The procedures of verification of inventory 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
discrepancies have been noticed on reconciliation of physical
inventories & with the custodian and depository participant as compared
to the book records.
3.(a) The Company has, during the year, not granted any loans, secured
or unsecured, to companies, firms or other parties covered in the
register maintained u/s.301 of the Companies Act, 1956. Accordingly,
clause 4(iii)(a) to (d) of the Order are not applicable.
(b)The Company has, during the year, not taken any loans, secured or
unsecured, from companies, firms or other parries covered in the
register maintained u/s.301 of the Companies Act, 1956. Accordingly,
clause 4(iii)(e) to (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 with regard to purcnase ana sate oi inventory, The Company
does not provide any services. During the course of our audit no major
weakness have been observed in the internal controls.
5. According to the information and explanations given to us, we are
of the opinion that there were no transactions that needed to be
entered into the register maintained under section 301 of the Companies
Act, 1956.
6. The Company has not accepted any deposits from the public and
consequently the provisions of Section 58 A, 58 AA or any other
relevant provisions of the Companies Act, 1956, and the rules framed
thereunder and the directives issued by RBI are not applicable.
7. The Company does not have a formal system of internal audit but
there are adequate checks & control at all levels.
8. The provisions of section 209(l)(d) of the Companies Act, 1956
regarding maintenance of Cost records is not applicable to the Company.
9. (a)) In our opinion and according to the information and
explanations given to us, the Company has been regular in depositing
undisputed statutory dues applicable to it with the appropriate
authorities.
(b) In our opinion and according to the information & explanations
given to us, there are no statutory dues which have not been deposited
on account of any dispute.
10. The Company does not have accumulated losses as at the end of the
financial year and has not incurred cash losses during the current and
in the immediately preceding financial year.
11. In our opinion & according to the information & explanation given
to us, the Company has not taken any loans from financial institution
or bank or through issue of debentures. Therefore, the question of
repayment or default does not arise.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures & other securities &
therefore, the question of maintenance of adequate documents & records
does not arise.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund /society. Therefore, the provisions of clause 4(xiii) of
CARO, 2003 are not applicable to the Company.
14. In respect of Company's activity for dealing in shares and other
investments, proper records have been maintained in regard to the
transactions and contracts and timely entries have been made therein.
The shares & other investments have been held by the Company in its own
name except to the extent of exemption granted under section 49 of the
Act.
15. In our opinion & according to explanations given to us, the Company
has not given any guarantee for loans taken by others from bank or
financial institutions.
16. The Company has not taken any term loan & therefore, provisions of
clause (xvi) of CARO 2003 is not applicable to the Company.
17. According to the information and explanations gjjre-i to us and on
an overall examination of balance sheet of the Company, we report that
the Company has not raised any funds on short-term basis.
18. The Company has not made any preferential allotment of shares to
any parties & companies covered in the register maintained u/s 301 of
the Companies Act, 1956.
19. The Company did not have any outstanding debentures during the
year.
20. The Company has not raised any money by public issues during the
year.
21. According to the information and explanations given to us and to
the best of our knowledge & belief, no fraud on or by the Company has
been noticed or reported by the Company during the course of audit.
For K K KHADARIA & CO
CHARTERED ACCOUNTANTS
(Firm Regn. No,.105013W)
PLACE : Mumbai AJAY DAgA.
DATED : 31st August, 2012 PARTNER
M.No.44162
Mar 31, 2010
We have audited the attached Balance Sheet of TARRIF CINE & FINANCE
LIMITED as at 31st March, 2010, Profit and Loss Account and also Cash
Flow Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material 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 issued
by the Central Government of India in terms Subsection 4A of Section
227(4A) of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 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 account as required by law have been
kept by the Company so far as appears from our examination of the
books;
c) The Balance Sheet, Profit and Loss Account & the Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss account & the Cash
Flow Statement dealt with by thisreport comply with the Accounting
Standards referred to in subsection (3C) of Section 211 of the
Companies Act, 1956;
e) On the basis of the 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 directors is disqualified as on
31st March, 2010 from being appointed as a director in terms of Clause
(g) of sub-section 1 of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
explanations given to us, the said accounts, read together with the
notes thereon give the information required by the Companies Act, 1956,
in the manner so required, and give a true and fair view, in conformity
with accounting principles generally accepted in India;
i) in the case of Balance Sheet, of the state of affairs of the Company
as at 31st March 2010,
ii) in the case of Profit and Loss Account, of the profit of the
Company for the year ended on that date,
and
iii) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Annexure to Auditors Report (referred to in paragraph-1 of our report
of even date)
1. The Company does not have any fixed assets and hence the question
of maintaining records, physical verification & disposal of the same
does not arise.
2. a) Shares & debentures in custody of the Company have been
physically verified by the management at reasonable intervals. For
shares held with the custodian and depository participant & for units
of mutual funds, statement from them have been obtained on a regular
basis.
b) The procedures of verification of inventory 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
discrepancies have been noticed on reconciliation of physical
inventories & with the custodian and depository participant as compared
to the book records.
3.(a) The Company has, during the year, not granted any loans, secured
or unsecured, to companies, firms or other parties covered in the
register maintained u/s.301 of the Companies Act, 1956. Accordingly,
clause 4(iii)(a) to (d) of the Order are not applicable.
(b)The Company has, during the year, not taken any loans, secured or
unsecured, from companies, firms or other parties covered in the
register maintained u/s.301 of the Companies Act, 1956. Accordingly,
clause 4(iii)(e) to (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 with regard to purchase and sale of inventory. The Company
does not provide any services. During the course of our audit no major
weakness have been observed in the internal controls.
5. a. In our opinion and according to the information and explanations
given to us, the contract or arrangement that needed 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, there are no transactions made in pursuance of contracts
or arrangements entered into the register maintained under Section 301
of the Companies Act, 1956 & exceeding the value of Rs.5,00,000/- or
more in respect of any party.
6. The Company has not accepted any deposits from the public and
consequently the provisions of Section 58 A, 58 AA or any other
relevant provisions of the Companies Act, 1956, and the rules framed
thereunder and the directives issued by RBI are not applicable.
7. The Company does not have a formal system of internal audit but
there are adequate checks & control at all levels.
8. The provisions of section 209(l)(d) of the Companies Act, 1956
regarding maintenance of Cost records is not applicable to the Company.
9. (a)) In our opinion and according to the information and
explanations given to us, the Company has been regular in depositing
undisputed statutory dues applicable to it with the appropriate
authorities.
(b) In our opinion and according to the information & explanations
given to us, there are no statutory dues which have not been deposited
on account of any dispute.
10. The Company does not have accumulated losses as at the end of the
financial year and has not incurred cash losses during the current and
in the immediately preceding financial year.
11. In our opinion & according to the information & explanation given
to us, the Company has not taken any loans from financial institution
or bank or through issue of debentures. Therefore, the question of
repayment or default does not arise.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures & other securities &
therefore, the question of maintenance of adequate documents & records
does not arise.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund /society. Therefore, the provisions of clause 4(xiii) of
CARO, 2003 are not applicable to the Company.
14. In respect of Companys activity for dealing in shares and other
investments, proper records have been maintained in regard to the
transactions and contracts and timely entries have been made therein.
The shares & other investments have been held by the Company in its own
name except to the extent of exemption granted under section_49-of the
Act.
15. In our opinion & according to explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. The Company has not taken any term loan & therefore, provisions of
clause (xvi) of CARO 2003 is not applicable to the Company.
17. According to the information and explanations given to us and on
an overall examination of balance sheet of the Company, we report that
the Company has not raised any funds on short-term basis.
18. The Company has not made any preferential allotment of shares to
any parties & companies covered in the register maintained u/s 301 of
the Companies Act, 1956.
19. The Company did not have any outstanding debentures during the
year.
20. The Company has not raised any money by public issues during the
year.
21. According to the information and explanations given to us and to
the best of our knowledge & belief, no fraud on or by the Company has
been noticed or reported by the Company during the course of audit.
For K K KHADARIA & CO
CHARTERED ACCOUNTANTS
(Firm Regn.No. 105013W)
PLACE : MUMBAI AJAY DAG
DATED : 30th August,2010 PARTNER
M. No. 44162
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article