Mar 31, 2015
We have audited the accompanying financial statements of Tilak Finance
Limited (Formerly known as Out of City Travel Solutions Limited)("the
Company"), which comprise the balance sheet as at 31st March, 2015, the
statement of profit and loss and the cashflow statement for the year
the ended, and a summary of significant accounting policies and other
explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation of these financial statements that
give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes 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.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made 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, 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 financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31 March 2015 and its profit and its cash flows for the year ended
on that date.
Emphasis of Matter
1. The financial assets of the company constitute more than 50% of the
total assets of the company. During the year, the company has started a
new business of trading in Textile, the income from which is
approximately 50% of the gross income of the company. Hence, the
company fulfills the NBFC criterion prescribed in terms of section
45-IA of the RBI Act, 1934 in the current financial year (as was
applicable last year) and is liable for obtaining NBFC Certificate of
registration (CoR). However, in the coming future the management is
confident of expanding the textile business, the income from which will
be more than 50% of gross income of the company. Hence, the NBFC
criterion will not be fulfilled and the company won't be liable to
obtain NBFC Certificate of Registration (CoR).
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
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
(a) we have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) in our opinion proper books of account as required by law have been
kept by the Company so far as 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 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 31 March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
(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 no. 21 to
the financial statements;
ii. the Company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. The company is not liable to transfer any amounts to the Investor
Education and Protection Fund. Therefore, there has been no delay in
transferring amounts, required to be transferred, to the Investor
Education and Protection Fund by the Company.
Annexure to the Independent Auditors' Report
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the
standalone financial statements for the year ended 31 March 2015, we
report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The company has a regular programme of physical verification of
fixed assets. The fixed assets were verified in a phased manner during
the year; in certain assets it was noticed that their useful life had
expired. These assets have been suitably written off in the books of
accounts. In our opinion, the periodicity of physical verification is
reasonable having regard to the size of the Company and the nature of
its assets.
(ii) As informed to us, the equity shares held as inventories in
dematerialized form have been verified by the management with
supportive evidence during the year. And for other unquoted equity
shares held as inventories the procedures performed by the management
for physical verification were found to be satisfactory.
(iii) (a) The Company has not granted loans to any parties covered in
the register maintained under
section 189 of the Companies Act, 2013 ('the Act'). Accordingly,
paragraph 3(iii) (a) of the Order is not applicable to the Company.
(b) In the case of the loans granted to any parties in the register
maintained under section 189 of the Act, the borrowers have been
regular in the payment of the interest as stipulated. The terms of
arrangements do not stipulate any repayment schedule and the loans are
repayable on demand. Not applicable as the Company has not granted
loans to any parties covered in the register maintained under section
189 of the Companies Act, 2013.
(c) There are no overdue amounts of more than rupees one lakh in
respect of the loans granted to the bodies corporate listed in the
register maintained under section 189 of the Act. Not applicable as the
Company has not granted loans to any parties covered in the register
maintained under section 189 of the Companies Act, 2013.
(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 with regard
to purchase of inventory and fixed assets and for sale of goods and
services. We have not observed any major weaknesses in the internal
control system during the course of the audit.
(v) During the year Company has not accepted any deposits from the
public.
(vi) The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act, for any of the activities of
the Company.
(vii) (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, amounts
deducted/ accrued in the books of account in respect of undisputed
statutory dues including provident fund, income tax, sales tax, wealth
tax, service tax, duty of customs, value added tax, cess and other
material statutory dues have been regularly deposited during the year by
the Company with the appropriate authorities. As explained to us, the
Company did not have any dues on account of employees' state insurance
and duty of excise.
According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
sales tax, wealth tax, service tax, duty of customs, value added tax,
cess and other material statutory dues were in arrears as at 31 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 material dues of wealth tax, duty of customs and cess which have
not been deposited with the appropriate authorities on account of any
dispute.
However, according to the information and explanation given to us, the
following dues of Income Tax and Professional Tax have not been
deposited by the Company. (Also refer note no. 21 to the financial
statements)
Name of the Nature of dues Amount (in Rs.) Period to which
statute the amount
relates
Income Tax Income Tax 5,910 Assessment Year
and Interest 2008-09
Name of the Forum where
statute dispute is
pending
Income Tax Assessing Officer,
Income Tax
(c) According to the information and explanations given to us the
amounts which were required to be transferred to the investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules there under has been
transferred to such fund within time. The Company is not required to
transfer any amount to the investor education and protection fund,
accordingly paragraph (vii) (c) of the Order is not applicable to the
Company
(viii) Accumulated losses of the Company as at 31st March, 2015 do not
exceed fifty percent of its net worth at the end of the financial year.
The Company has incurred cash losses amounting to Rs. 355.02 lakhs in
the financial year covered by our audit and has also incurred cash
losses amounting to Rs. 24.49 lakhs in the immediately preceding
financial year.
(ix) The Company did not have any outstanding dues to financial
institutions, banks or debenture holders during the year.
(x) In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
(xi) The Company did not have any term loans outstanding during the
year.
(xii) According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For Pravin Chandak & Associates
Chartered Accountants
Firm's registration number: 116627W
Sd/-
Pravin Chandak
(Partner)
Membership number: 049391
Place: Mumbai
Date: 29th May 2015
Mar 31, 2014
We have audited the accompanying financial statements of Tilak Finance
Limited (Formerly known as Out of City Travel Solutions 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
ended 2014, 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 in accordance with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Companies Act,
1956 ("the Act"). This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March, 2014.
(b) in the case of the Profit and Loss Account, of the loss for the
year ended March, 2014.
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended March, 2014.
Emphasis of Matter
The company has initiated process for application for Certification of
Registration to carry on NBFC business to RBI in current Financial Year
to regularize its NBFC Business which is being carried on. However, the
Certification of Registration is not received till reporting date. We
have directly informed to Reserve Bank of India in compliance of
Non-Banking Financial Companies Auditor''s Report (Reserve Bank)
Directions, 2008 about this matter.
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 purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c. the Balance Sheet and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account
d. in our opinion, the Balance Sheet, Statement of Profit and Loss,
comply with the Accounting Standards referred to in sub-section (3C) of
section 211 of Companies Act, 1956 read with the General Circular
15/2013 dated 13 September 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 Companies Act, 1956.
ANNEXURE TO THE AUDITOR''S REPORT ON THE FINANCIAL STATEMENT FOR THE
YEAR ENDED 31ST MARCH, 2014
(Referred to in point 1 of "Report on Other Legal and Regulatory
Requirements" of our Report of even date to the members of Tilak
Finance Limited (formerly known as Out of City Travel Solutions
Limited) on the financial statements for the year ended 31st March,
2014)
1. In respect of its fixed assets:
a. The Company has maintained records showing particulars including
quantitative details of fixed assets in fixed assets registered.
However, fixed asset register is in process of reconciliation.
b. As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c. In our opinion, the Company has not disposed of any part of fixed
assets during the year and the going concern status of the Company is
not affected.
2. As informed to us, the inventories held in dematerialized form,
have been verified by the management with supportive evidence during
the year. In our opinion the frequency of verification is reasonable.
In our opinion, the procedures for physical 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. On the basis
of our examination of the records of inventory, we are of the opinion
that Company is maintaining proper records of inventory. We are
informed that no discrepancies were noticed on physical verification.
3. (a) The Company has granted unsecured loans to 3 parties covered in
the register maintained under Section 301 of the Companies Act, 1956.
The maximum amount outstanding at any time during the year was
Rs. 0.90 crores and the yearend balance is Rs. NIL
(b) In our opinion and according to the information and explanations
given to us, the terms and conditions of the loans given by the Company
are not prima facie prejudicial to the interest of the Company.
(c) No stipulations have been made for the recovery of the loans hence
clause 4 (iii) (c) is not applicable to the company.
(d) No stipulations have been made for recovery of the loans given by
the company hence clause 4(iii) (d) is not applicable to the company.
(e) The Company has taken interest free unsecured loans from 5 parties
covered in the register maintained under Section 301 of the Companies
Act 1956, the maximum amount outstanding at any time during the year
was Rs. 0.83 crores and the yearend balance is Rs. NIL.
(f) In our opinion and according to the information and explanations
given to us, the terms and conditions of the loans taken by the Company
are not prima facie prejudicial to the interest of the Company.
(g) No stipulations have been made for the repayment of the loans hence
clause 4(iii) (g) is not applicable to the company.
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 fixed assets and for the sale of goods. In
our opinion and according to the information and explanations given to
us, there is no continuing failure to correct major weaknesses in
internal control.
5. According to the information and explanations given to us, we are
of the opinion that the company has not entered into any contracts or
arrangements referred to in section 301 of the Companies Act, 1956.
6. No deposits, within the meaning of Section 58A and 58AA or any
other relevant provisions of the Companies Act, 1956 and rules framed
there under have been accepted by the Company.
7. The company does not have adequate internal audit system
commensurate with size of the Company and nature of its business.
8. According to the information and explanation given to us the
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Companies Act, 1956 for any of the activities of the company.
9. (a) The Company is regular in depositing undisputed statutory dues
including Investor Education and Protection Fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty, cess and other material statutory dues applicable to the
company with the appropriate authorities. No undisputed amounts payable
in respect of the aforesaid statutory dues were outstanding as at the
last day of the financial year for a period of more than six months
from the date they became payable.
10. Accumulated losses of the company as at 31st March, 2014 do not
exceed fifty percent of its net worth at the end of the financial year.
The company has incurred cash loss amounting to Rs.24,48,765/- during
the financial year covered by our audit and had not incurred any cash
losses during the immediately preceding financial year.
11. According to the records made available to us and information and
explanations given to us by the management, the company has not taken
any financial assistance from any financial institutions or banks.
Accordingly Clause 4(xi) of Companies (Auditor''s Report) Order, 2003 is
not applicable.
12. According to the information 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. Therefore, the provisions of clause 4 (xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
14. The Company has maintained proper records of the transactions and
contracts for dealing or trading in shares, securities, debentures and
other investments and timely entries have been made therein. All
shares, securities, debentures and other investment have been held by
the company, in its own name except to the extent of the exemption
granted under section 49 of the Companies Act, 1956.
15. In our Opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from Banks or Financial Institutions during the year.
16. As per the information and records furnished to us, the Company
has not accepted any term loans. Accordingly Clause 4(xvi) of the
Companies (Auditor''s Report) Order, 2003 is not applicable to the
company.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, in our
opinion, the funds raised on short-term basis have, prima facie, not
been used for long-term investment.
18. According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
19. During the financial year, company had not issued any debenture.
Accordingly Clause 4(xviii) of Companies (Auditor''s Report) Order, 2003
is not applicable.
20. The Company has not raised any money by way of public issue during
the year. Accordingly Clause 4(xx) of Companies (Auditor''s Report)
Order, 2003 is not applicable.
21. 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
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For Pravin Chandak and Associates
(Chartered Accountants)
Firm Registration No: 116627W
Sd/-
Pravin Chandak
(Partner)
Membership Number: 049391
Place: Mumbai
Date: 30th May, 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Out of City
Travels Solutions 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 year ended March 2013, 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 in accordance with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Companies Act,
1956 ("the Act"). This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment
of the risks of material misstatement of the financial statements,
whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the Company''s
preparation and fair presentation of the financial statements in order
to design audit procedures that are appropriate in the circumstances.
An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made
by management, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March,2013.
(b) in the case Statement of Profit and Loss Account, of the loss for
the year ended March,2013 and
(c) in the case of Cash Flow Statement, of the cash flows for the year
ended March,2013.
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 purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c. the Balance Sheet and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account
d. in our opinion, the Balance Sheet, Statement of Profit and Loss,
comply with the Accounting Standards referred to in sub-section (3C) of
section 211 of Companies Act, 1956.
e. on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
(Referred to in point 1 of "Report on Other Legal and Regulatory
Requirements" of our Report of even date to the members of Out of
City Travel Solutions Limited on the financial statements for the year
ended 31st March, 2013)
1. In respect of its fixed assets:
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b. As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c. In our opinion, the Company has not disposed of any part of fixed
assets during the year and the going concern status of the Company is
not affected.
2. As informed to us, the inventories held in dematerialized form,
have been verified by the management with supportive evidence during
the year. In our opinion the frequency of verification is reasonable.
In our opinion, the procedures for physical 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. On the basis of
our examination the records of inventory, we are of the opinion that
Company is maintaining proper records of inventory. We are informed
that no discrepancies were noticed on physical verification.
3. (a) The Company has granted unsecured loans to 6 parties covered in
the register maintained under Section 301 of the Companies Act, 1956,
the maximum amount outstanding at any time during the year was Rs. 4.19
crores and the yearend balance is Rs. NIL.
(b) In our opinion and according to the information and explanations
given to us, the terms and conditions of the loans given by the Company
are not prima facie prejudicial to the interest of the Company.
(c) No stipulations have been made for the recovery of the loans hence
clause 4 (iii) (c) is not applicable to the company.
(d) No stipulations have been made for recovery of the loans given by
the company hence clause 4(iii) (d) is not applicable to the company.
(e) The Company has taken interest free unsecured loans from 3 parties
covered in the register maintained under Section 301 of the Companies
Act 1956, the maximum amount outstanding at any time during the year
was Rs. 71.73 lakhs and the yearend balance is Rs. NIL.
(f) In our opinion and according to the information and explanations
given to us, the terms and conditions of the loans taken by the Company
are not prima facie prejudicial to the interest of the Company.
(g) No stipulations have been made for the repayment of the loans hence
clause 4(iii) (g) is not applicable to the company.
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 (Shares), Fixed Assets and for
the sale of goods. In our opinion and according to the information and
explanations given to us, there is no continuing failure to correct
major weaknesses in internal control.
5. According to the information and explanations given to us, we are
of the opinion that the company has not entered into any contracts or
arrangements referred to in section 301 of the Companies Act, 1956.
6. No deposits, within the meaning of Section 58A and 58AA or any
other relevant provisions of the Companies Act, 1956 and rules framed
there under have been accepted by the Company.
7. In our opinion and according to information and explanation given
to us, the company has adequate internal audit system commensurate with
size of the Company and nature of its business.
8. According to the information and explanation given to us the
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Companies Act, 1956 for any of the activities of the company.
9. (a) The Company is regular in depositing undisputed statutory dues
including Investor Education and Protection Fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty, cess and other material statutory dues applicable to the
company with the appropriate authorities. No undisputed amounts payable
in respect of the aforesaid statutory dues were outstanding as at the
last day of the financial year for a period of more than six months
from the date they became payable.
b) According to the records of the Company, there are no dues of Income
Tax, Sales Tax, Service Tax, Customs Duty, Wealth Tax, Excise Duty,
cess which have not been deposited on account of any dispute.
10. Accumulated losses of the company as at 31st March, 2013 do not
exceed fifty percent of its net worth at the end of the financial year.
The company has not incurred any cash losses during the financial year
covered by our audit and had not incurred any cash losses during the
immediately preceding financial year.
11. According to the records made available to us and information and
explanations given to us by the management, the company has not taken
any financial assistance from any financial institutions or banks.
Accordingly Clause 4(xi) of Companies (Auditor''s Report) Order, 2003
is not applicable.
12. According to the information 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. Therefore, the provisions of clause 4 (xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to
the company.
14. The Company has maintained proper records of the transactions and
contracts for dealing or trading in shares, securities, debentures and
other investments and timely entries have been made therein. All
shares, securities, debentures and other investment have been held by
the company, in its own name except to the extent of the exemption
granted under section 49 of the Companies Act, 1956.
15. In our Opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from Banks or Financial Institutions during the year.
16. As per the information and records furnished to us, the Company
has not accepted any term loans. Accordingly Clause 4(xvi) of the
Companies (Auditor''s Report) Order, 2003 is not applicable to the
company.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, in our
opinion, the funds raised on short-term basis have, prima facie, not
been used for long-term investment.
18. According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
19. During the financial year, company had not issued any debenture.
Accordingly Clause 4(xviii) of Companies (Auditor''s Report) Order,
2003 is not applicable.
20. The Company has not raised any money by way of public issue during
the year. Accordingly Clause 4(xx) of Companies (Auditor''s Report)
Order, 2003 is not applicable.
21. 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
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For Pravin Chandak & Associates
Chartered Accountants
Firm Registration No: 116627W
Sd/-
Pravin Chandak
Partner
M.No.049391
Place: Mumbai.
Dated: 30/05/2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of Out Of City Travel
Solutions Limited as at March 31.2012 and also the Statement of Profit
and Loss and the Cash Flow Statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Company's management. Dur responsibility is to express an opinion
on these financial 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
financial statements are free of material mis-statements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation, We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditors' Report) Order, 2D03 as
amended by the Companies (Auditors' Report) (Amendment) Order, 2004,
issued by the Central Government of India in terms of Section 227 (4A)
of the Companies Act, 1056 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 specified in paragraphs 4
and 5 of the said Order.
4. Further to our comments in Annexure referred to in paragraph 3
ebove, 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
those books:
c. The Balance Sheet and the 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 Companies Act, 1955 and/or Companies (Accounting Standards)
Amendment Rules, 2008:
e. On the basis of written representation received from the directors
of the Company as on March 31,2012 and taken on record by the Board of
Directors, we report that none of the directors are disqualified as at
March 31, 2DI2 from being appointed as director in terms of clause (g)
of sub Section (I) of Section 274 of the Companies Act I95B;
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
Significant Accounting Policies and Notes to Accounts, give the
information as required by the Companies Act, I95B, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India: In case of
I. the Balance Sheet, of the state of affairs of the Company as at
March 31,2012:
II. the Statement of Profit and Loss, of the Loss fur the year ended
on that date: and
III. the Cash Flow Statement of the cash flows for the year ended an
that date.
i. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) We have been informed that, the fixed assets have been physically
verified by the Management at reasonable intervals. In our opinion the
frequency of verification is reasonable with regard to the size of the
company and nature of assets. According to information and explanations
given to us by the management, no material discrepancy was noticed on
such verification,
(c) During the year the company has not disposed off a substantial part
of its fixed assets and accordingly it has no effect on the going
concern of the company.
ii. (a) As informed to us, the inventories have been verified by the
management with the supportive evidence during the year. In 3 our
opinion the frequency of verification is reasonable.
(b) In Dur opinion, the procedures for physical 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) On the basis of our examination the records uf inventory, we are of
the opinion that Company is maintaining proper records of inventory. We
are informed that no discrepancies were noticed on physical
verification.
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 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
of services. During the course of our audit, no major weakness has been
noticed in the internal control system,
v. As informed, the particulars of Companies or arrangements referred
to in Section 301 of the Act, that need to be entered into the register
maintained u/s 30l,has been so entered.
vi. There are no public deposit accepted by the Company within the
meaning of Section 58A and 58AA of the Companies Act, 1056 and
therefore clause 4(vi) of the order is not applicable.
vii. In Dur 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 2D9(l)(d) of the Companies Act,l95G 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 on March 31, 2DI2 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. Accumulated losses of the company at the end of the financial year
is in not in excess of 50% of Networth of the company and it has not
incurred cash loss in the current and immediately preceding financial
year.
xi. The Company has not borrowed any fund from financial 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 benefit 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 financial 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. According to the information and explanations given to us and on
an overall examination of the cash flow statements and balance sheet of
the company, in our opinion, the funds raised on short-term basis have,
prima facie, not 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 Companies Act, I35B 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 during
the year. Accordingly Clause 4(xx) of Companies (Auditor's Report)
Order, 2003 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 ths order is not applicable.
For Pravin Chandak & Associates
Chartered Accountants - (Firm
Registration No.llG627W)
Sd/-
Pravin Chandak
Partner
Membership No. 43391
Place: Mumbai
Date:23/08/2012
Mar 31, 2011
1) We have audited the attached Balance Sheet of M/s Tilak Finance
Limited as at 31st March 2011, the Profit & Loss Account and also the
Cash Flow Statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2) We conducted our audit in accordance with auditing standard
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial Statements are free of material misstatements. An audit
includes examining, on test basis, evidence supporting the amounts and
disclosure in the Financial Statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the Management, as well as evaluating the overall Financial
Statement presentation. We believe that our audit provides reasonable
basis for our opinion.
3) As required by the Companies (Auditor's Report) Order, 2003, as
amended, issued by 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 matters specified in paragraph 4 and 5 of
the said order.
4) Further to our comments in the Annexure referred to above, we state
that
a) We have obtained all the information and explanation which, to the
best of our knowledge and belief, were necessary for the purpose of our
audit.
b) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet, Profit & Loss Account 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
Companies Act, 1956.
e) On the basis of written representation received from the directors,
as on March 31, 2011 and taken on record by the Board of Directors, we
report that none of the Directors is disqualified as on March 31, 2011
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
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required and give
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 31st March, 2011
(ii) In the case of the Profit & 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 AUDITOR'S REPORT ON THE ACCOUNTS FOR THE YEAR
ENDED 31ST MARCH, 2011
Referred to in paragraph 3 of Auditor's Report of even date on the
financial statements as at and for the year ended 31st March, 2011.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of
audit, we state that:- 1) a) The Company has maintained proper records
showing full particulars, including quantitative details and situation
of fixed assets.
b) We have been informed that, the fixed assets have been physically
verified by the Management at reasonable intervals. In our opinion the
frequency of verification is reasonable with regard to the size of the
company and nature of assets. According to information and explanations
given to us by the management, no material discrepancy was noticed on
such verification.
c) During the year the company has not disposed off a substantial part
of its fixed assets and accordingly it has no effect on the going
concern of the company.
2) a) As informed to us, the inventories have been verified by the
management with the supporting evidence during the year. In our opinion
the frequency of verification is reasonable.
b) In our opinion, the procedures for physical 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) On the basis of our examination the records of inventory, we are of
the opinion that Company is maintaining proper records of inventory. We
are informed that no discrepancies were noticed on physical
verification.
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 Companies Act, 1956.
b) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties 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 for the purchase of inventory and fixed assets and for the
sale of goods. In our opinion and according to the information and
explanations given to us, there is no continuing failure to correct
major weaknesses in internal control.
5) According to the information and explanations given to us, we are of
the opinion that the company has not entered into any contracts or
arrangements referred to in section 301 of the Companies Act, 1956.
6) No deposits, within the meaning of Section 58A and 58AA or any other
relevant provisions of the Companies Act, 1956 and rules framed
thereunder have been accepted by the Company.
7) In our opinion and according to information and explanation given to
us, the company has adequate internal audit system commensurate with
size of the Company and nature of its business.
8) According to the information and explanation given to us the
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Companies Act, 1956 for any of the activities of the company.
9) a) The Company is regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess and other material statutory dues
applicable to the company with the appropriate authorities. No
undisputed amounts payable in respect of the aforesaid statutory dues
were outstanding as at the last day of the financial year for a period
of more than six months from the date they became payable.
b) According to the records of the Company, there are no dues of Income
Tax, Sales Tax, Service Tax, Customs Duty, Wealth Tax, Excise Duty,
cess which have not been deposited on account of any dispute.
10) The Company has no accumulated losses as at 31st March, 2011. The
company has not incurred any cash losses during the financial year
covered by our audit as well as during the immediately preceding
financial year.
11) According to the records made available to us and information and
explanations given to us by the Management, the Company has not taken
any financial assistance from bank or financial institution.
Accordingly clause 4(xi) of Companies (Auditor's Report) Order, 2003 is
not applicable.
12) According to the information and explanation 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. Therefore, the provisions of clause 4 (xiii) of
the Companies (Auditor's Report) Order, 2003 are not applicable to the
company.
14) The Company has maintained proper records of the transactions and
contracts for dealing or trading in shares, securities, debentures and
other investments and timely entries have been made therein. All
shares, securities, debentures and other investment have been held by
the company, in its own name except to the extent of the exemption
granted under section 49 of the Companies Act, 1956.
15) In our Opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from Banks or Financial Institutions during the year.
16) As per the information and records furnished before us, the Company
has not accepted any term loans. According Clause 4(xvi) of Companies
(Auditor's Report) Order, 2003 is not applicable.
17) According to the information and explanations given to us and on an
overall examination of the cash flow statements and balance sheet of
the company, in our opinion, the funds raised on short-term basis have,
prima facie, not been used for long-term investment.
18) During the period the company has made allotment of shares on
preferential basis as per SEBI (Issue of Capital and Disclosure
Requirements) Regulations, 2009. As per explanation and information
provided to us price at which allotment is made is not prejudicial to
the interest of the company.
19) During the financial year, company had not issued any debenture.
Accordingly Clause 4(xviii) of Companies (Auditor's Report) Order, 2003
is not applicable.
20) The Company has not raised any money by way of public issue during
the year under audit. Accordingly Clause 4(xx) of Companies (Auditor's
Report) Order, 2003 is not applicable.
21) 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
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For Pravin Chandak & Associates
Chartered Accountants
Sd/-
Pravin Chandak
Partner
M.No.049391
Place : Mumbai.
Date : 30/05/2011
Mar 31, 2010
We have audited the attached Balance Sheet of TILAK FINANCE LIMITED as
at 31st March 2010 and the Profit & Loss Account for the year ended on
that date annexed hereto and the Cash Flow statement for the year ended
on that date which we have signed under reference to this report.
These financial statements are the responsibility of the CompanyÃs
Management. Our responsibility is to express our opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. 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.
We report that:
As required by the Companies (Auditorsà Report) Order, 2003 issued by
the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
Further to our comments in the Annexure referred to in paragraph above:
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 the Companies
Act, 1956 (as amended) have been kept by the Company so far as appears
from our examination of such books.
c) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of account.
d) In our opinion the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with this report comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956.
e) On the basis of our examination of the books and records of the
Company and the information furnished to us we state that no director
of the Company is disqualified from being appointed as a director under
clause (g) of the Sub - section (1) of Section 274 of the Companies
Act, 1956 with reference to the matter relating to the Company.
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 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 the Balance Sheet of the state of affairs of the
Company as at 31st March, 2010 and
ii) In the case of the Profit & Loss Account, of the Loss for the year
ended on that day.
iii) In the case of Cash Flow Statement, of the Cash Flows for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE ON THE
ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2010 OF
TILAK FINANCE LIMITED.
On the basis of the information and explanations furnished to us and
the books & records examined by us in the normal course of audit and to
the best of our knowledge and belief, we report that:
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its Fixed
Assets.
b) According to the information and explanations given to us, the
management during the year has physically verified the Fixed Assets,
and no material discrepancies were noticed on such verifications with
book records. Also, in view of the new project records are being
updated.
c) During the year, the Company has not disposed off any major part of
the Fixed Assets, so as to affect its going concern.
2. a) The inventory has been physically verified by the management at
reasonable intervals during the year.
b) In our opinion, the procedures for physical 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. The
discrepancies noticed on verification between the physical stocks and
book records were not material.
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 Companies Act, 1956.
b) 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 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.
5. a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
that need to be entered into the register, pursuance of section 301 of
the Companies Act, 1956 have been so entered.
b) In our opinion and according to the information & explanations given
to us, the transactions made in pursuance of contracts or arrangement
entered in the register maintained under Section 301 of the Companies
Act, 1956 and exceeding the value of rupees five lakhs in respect of
any party during the year have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with its size and the nature of its business.
8. As informed to us by the Company the maintenance of cost records
has not been prescribed by the Central Government Under Section
209(1)(d) of the Companies Act, 1956.
9. (a) The Company is regular in depositing undisputed statutory dues
including Provident Fund,
Investor Education and Protection Fund, Employeesà State Insurance,
Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty, cess and other material statutory dues applicable to the company
with the appropriate authorities. No undisputed amounts payable in
respect of the aforesaid statutory dues were outstanding as at the last
day of the financial year for a period of more than six months from the
date they became payable.
(b) According to the records of the Company, there are no dues of
Income Tax, Sales Tax, Service Tax, Customs Duty, Wealth Tax, Excise
Duty, cess which have not been deposited on account of any dispute.
10. The Company neither has accumulated losses at the end of the
financial year nor has incurred cash losses, both in the financial year
under report and in the immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
12. According to the information and explanation 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. Therefore, the provisions of clause 4 (xiii) of
the Companies (AuditorÃs Report) order, 2003 are not applicable to the
Company.
14. In respect of shares, securities, or other investments dealt in or
traded by the Company, proper records are the maintained in respect of
the transactions and contracts, and timely entries have been made
therein. All the investments are held by the company in its own name.
15. According to the information and explanation given to us, the
Company has not given guarantees for loans taken by others from banks
or financial institutions.
16. The Company has not obtained the term loans during the year .
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, in our
opinion no funds raised on short-term basis have been used for
long-term purposes .
18. According to the information and explanations given to us, the
Company has not made preferential allotment of shares to parties and
Companies covered in the register maintained under Section 301 of the
Act.
19. According to the information and explanations given to us, during
the year of audit report, the Company has not issued debentures.
20. The Company has not raised any money by, public issues during the
year.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the auditing standards
generally accepted in India, we have neither come across any instance
of fraud by the Company, noticed or reported during the year, nor have
we been informed of such case by the management.
FOR R. SONY AND COMPANY
CHARTERED ACCOUNTANTS
RAJESH SONI
Place : Mumbai PARTNER
Date : 15th June, 2010. Membership No. 133240
FRN No. 130349W
Mar 31, 2009
We have audited the attached Balance Sheet of TILAK FINANCE LIMITED as
at 31st March, 2009 and also Profit and Loss Account and the 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 of sub-section (4A) of
section 227 of the Companies Act. 1956, I enclose in the Annexure, a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
2. 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 purposes of our
audit;
(ii) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit and Loss Account and cash flow
statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the Balance Sheet, Profit and Loss Account 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 Companies Act, 1956;
(v) On the basis of written representations received from the
directors, as on 31st March, 2009, and taken on record by me Board of
Directors, We report that none of the directors is disqualified as on
31st March 2009 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
true and fair view in conformity with the accounting principles
generally accepted in India;
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2009; and
(b) in case of the Profit and Loss Account, of the LOSS for the year
ended on that date.
(c) In the case of cash flow statement, of the cash flows for the year
ended in that date.
ANNEXURE AS REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE FOR
THE YEAR ENDED 31ST MARCH, 2009
i) The Company does not have any fixed asset, the question of reporting
under this Para does not arise.
ii) The Company does not have any inventory. Therefore the provisions
of clauses 4 (ii) of the Companies (Auditors Report) Order, 2003 are
not applicable to the Company.
iii) 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. Consequently, provisions of para (a),
(b), (c) & (d) are not applicable.
e) The Company does not have any fresh loans from parties covered in
the register maintained under section 301 of the Companies Act 1956 as
under:-
f) The unsecured Loans taken by the company are interest free and other
terms & conditions are prima facie, not prejudicial to the interest of
the Company.
g) There are no stipulations as to repayment of loans.
iv) 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 purchases of inventory and with regard to the
sale of goods. During the course of our audit, We have not observed
any continuing failure to correct major weaknesses in internal
controls.
v) a) According to the information and explanations given to us, In our
opinion there are no transactions which need to be entered into the
register maintained under section 301 of the Companies Act,
1956.Consequently, this Para is not applicable.
b) In our opinion and according to the information and explanations
given to us, as there are no transactions that need be entered into the
register maintained u/s301 of the Companies Act, 1956 para(v) (b) or,
the order is not applicable
vi) In our opinion and according to the information and explanations
given to us, as the Company has not accepted any deposits from public,
the question of reporting under this para does not arise.
vii) The Company does not have an internal audit system during the year
under review.
viii) Maintenance of cost records has not been prescribed by the
Central Government under section 209 (1) (d) of the Companies Act.
ix) a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including Income Tax, Sales Tax
and other material statutory dues applicable to it. There are no
arrears of outstanding statutory dues at the last day of the financial
year.
b) According to the information and explanations given to us, there are
no dues of Income tax / Sales Tax etc., which have not been deposited
on account of any dispute.
x) In our opinion, the accumulated losses of the Company are not more
than fifty percent of its net worth. For the current year the company
is in profits, prior year the company incurred cash losses.
xi) As Company has not taken any loans from financial institutions,
banks, or debenture holders, the question of reporting under this para
does not arise.
xii) As Company has not granted any advances on basis of security of
shares, question of reporting under this para does not arise.
xiii) In our opinion, the Company is not a chit fund or a nidhi /
mutual benefits fund / society. Therefore, the provisions of clause
4(xiii) of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company.
xiv) In our opinion, the Company has maintained proper records with
respect to its investments. All the investments are held in the name of
the company.
xv) According to information and explanations given to us, the Company
has not given any guarantees for loans taken by others from banks or
financial institution.
xvi) As Company has not taken any term loans, question of reporting
under this para does not arise.
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 haven been used for
loan-term investment.
xviii) The Company has not made any preferential allotment of shares
for the year under review.
xix) As Company has not issued any debentures, question of reporting
under this para does not arise.
xx) The Company has not raised any money by public issues during the
year.
xxi) 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 PHIRODIA BAFNA & ASSOCIATES
CHARTERED ACCOUNTANTS
RAMESH PHIRODIA
PARTNER
CHARTERED ACCOUNTANT
MEMBERSHIP NO.: 11429
PLACE: MUMBAI.
DATED: 30 JUN 2009
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