Mar 31, 2015
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of Yash
Management & Satellite Limited ('the Company'), which comprise the
Balance Sheet as at March 31, 2015, the Profit and Loss Statement, the
Cash Flow Statement for the year then ended and a summary of
significant accounting policies and other explanatory information.
MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company's Board of Directors is responsible for the matters stated
in section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these 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 the
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 the 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 internal financial controls, that
were operating effectively for ensuring the accuracy and completeness
of the accounting records, relevant to the preparation and presentation
of the financial statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error.
AUDITORS' RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatements.
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 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 systems over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of 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 31st March, 2015, and its loss and its cash flows for the year ended
on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of Section
143(11) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit;
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books.
c) The Balance Sheet, the Profit and Loss Statement, 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 March 31, 2015, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2015,
from being appointed as a director in terms of Section 164 (2)of the
Act.
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
I. The Company does not have any pending litigations which would
impact its financial position.
II. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
III. There were no amounts which required to be transferred, to the
Investor Education and Protection Fund by the Company.
(Referred to in paragraph 1 under "Report on Other Legal and Regulatory
Requirements" section of our report of even date on the financial
statements of Yash Management & Satellite Ltd for the Year ended March
31, 2015)
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, all the fixed assets have been physically
verified by the management 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.
2. In respect of its inventories:
a) The Inventories to the extent not dematerialized have been
physically verified during the year by the management. In our opinion,
the frequency of verification is reasonable. For stocks lying in
dematerialized form, have been verified from the relevant statement
received from the depositories.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) The Company has maintained proper records of inventories. As per the
information and explanation given to us, no material discrepancies were
noticed on 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 189 of the Companies Act, 2013. Accordingly the
provisions of clause 3 (iii) (a) and 3 (iii) (b) of the order are not
applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, the Company has an adequate internal control system
commensurate with its size and the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed and
continuing failure to correct major weaknesses in such internal control
system.
5. According to the information and explanations given to us, the
Company has not accepted any deposits from the public. Therefore, the
provisions of Clause (v) of paragraph 3 of the CARO 2015 are not
applicable to the Company.
6. Maintenance of cost records as prescribed by the Central Government
under sub-section (1) of section 148 of the Act are not applicable to
the company.
7. In respect of statutory dues:
(a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Employees' State Insurance, Income Tax, Sales
Tax, Wealth Tax, Service Tax, duty of Customs, Duty of Excise, Value
Added Tax, Cess and other material statutory dues have been generally
regularly deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at March 31, 2015
for a period of more than six months from the date of becoming payable.
(b) No Dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, duty of
Customs, Duty of Excise, Value Added Tax, and Cess are pending to be
paid as on March 31, 2015.
8. The company has accumulated losses as per the Balance Sheet as at
the end of the financial year. The company has not incurred any cash
losses during the financial year however company has incurred cash
losses in the immediately preceding financial year.
9. The Company avails of overdraft facility against the lien of its
own fixed deposits with banks. The Company has not defaulted in
repayment of its dues in this regard.
10. The Company has not given guarantees for loans taken by others
from banks and financial institutions.
11. The Company has not raised any term loans during the year and
hence clause 4(xvi) is not applicable to the Company.
12. In our opinion and according to the information and explanations
given to us, no fraud by the Company and material fraud on the Company
has been noticed or reported during the year.
For Bansal Bansal & Co.
Chartered Accountants
(Registration No: 100986W)
Jatin Bansal
Partner
Membership No.:135399
Mumbai
Date: May 18, 2015
Mar 31, 2014
We have audited the accompanying financial statements of "Yash
Management & Satellite Ltd." which comprise the Balance Sheet as at
March 31, 2014, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards notified under the Companies
Act, 1956 (the Act) (which continue to be applicable in respect of
Section 133 of the Companies Act, 2013 in terms of General Circular
15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs
and in accordance with the accounting principles generally accepted in
India. This responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) In the case of the Statement of Profit and Loss Account, of the loss
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 Section 227(4A) of the Act, we give in
the Annexure a statement onthe matters specified in paragraphs 4 and 5
of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with Accounting Standards notified
under the Act (which continue to be applicable in respect of Section
133 of the Companies Act, 2013 in terms of General Circular 15/2013
dated 13th September, 2013 of the Ministry of Corporate Affairs).
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 section 274 (1)(g) of the Act.
THE ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT (Referred to in
paragraph 1 under Report on Other Legal and Regulatory Requirements
section of our report of even date)
i. (a) The company has maintaining proper records showing full
particulars, including quantitative details and situation of Fixed
Assets.
(b) The Fixed Assets of the company have been physically verified by
the Management during the year in accordance with the regular programme
which in our opinion is reasonable having regard to the size of the
Company and the nature of its assets. No material discrepancies were
reportedly noticed on such verification.
(c) In our opinion, the company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
company is not affected.
ii. (a) The Inventory have been physically verified by the management.
In our opinion the frequency of
verification is reasonable. For stocks lying in dematerialized form
have been verified from the relevant statement received from the
depositories.
(b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of Inventories
followed by the management is reasonable and adequate in relation to
the size of the Company and nature of its business.
(c) In our opinion, the Company is maintaining proper records of
inventory and no material discrepancies were noticed on such physical
verification of Inventories as compared to book records.
iii. (a) The Company has not granted any loans, secured or unsecured,
to companies, firms or other
parties listed in the register maintained under Section 301 of the
Companies Act, 1956. Consequently, the provisions of clauses iii (b)
(c) and (d) of the order are not applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
iv. In our opinion and according to information and explanations given
to us, there is an adequate internal control system commensurate with
the size of the company and nature of its business for the purchase of
inventory and fixed Assets and for the sale of goods and services.
v. (a) Based on the audit procedures applied by us and according to the
information and explanations
provided by the management, we are of the opinion that the particulars
of contracts or arrangements that need to be entered into the register
maintained under Section 301 have been so entered
(b) In our opinion and according to the information and explanations
given to us, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act 1956 exceeding the value of Five Lakh Rupees in
respect of any party during the year.
vi. In our opinion and according to the information and explanations
given to us the company has not accepted any deposits from public
during the year as stated in the provisions of Section 58A, 58AA or any
other relevant provisions of the Companies Act 1956 or the rules framed
there under.
vii. The Company has an internal audit system commensurate with the
size of the company and nature of its business.
viii. Maintenance of cost records as prescribed by the Central
Government under clause (d) of sub- section (1) of section 209 of the
Act is not applicable to the company.
ix. (a) According to the information and explanations given to us, the
Company is generally regular in
depositing with appropriate authorities undisputed material statutory
dues including Income Tax and other statutory dues and there are no
undisputed statutory dues outstanding as at 31st March 2014, for a
period of more than six months from the date they became payable.
(b) According to the information and explanations given to us and the
records of the company examined by us there are no disputed amounts in
respect of various statues which have not been deposited.
x. The company has accumulated losses as per the Balance Sheet as at
the end of the financial year. The company has incurred cash losses
during the financial year as well as in the immediately preceding
financial year.
xi. The Company avails of overdraft facility against the lien of its
own fixed deposits with banks. The Company has not defaulted in
repayment of its dues in this regard.
xii. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
xiii. The Company is not a chit fund or a nidhi /mutual benefit
fund/society.
xiv. The company has maintained proper records of the transactions and
contracts of its trading or dealing in securities and other investments
and timely entries have been made therein. All securities have been
held by the company in its own name except to the extent of exemption
granted under Section 49 of the Companies Act, 1956.
xv. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from
banks or financial institutions.
xvi. The Company has not raised any term loan during the year and hence
clause 4(xvi) is not applicable to the Company.
xvii. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment by the Company.
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, during the year.
xix. The Company has not issued any debentures during the year and does
not have any debentures outstanding as at the beginning of the year and
at the year end.
xx. The Company has not raised any money by public issue during the
year.
xxi. As per the information and explanations given to us, no fraud on
or by the Company has been noticed or reported during the year
For Bansal Bansal & Co.
Chartered Accountants
FRN: 100986W
Jatin Bansal
Partner
M. No. : 135399
Mumbai, dated 27th May 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of " Yash
Management & Satellite Ltd." which comprise the Balance Sheet as at
March 31, 2013, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information, which we have
signed under reference to this report.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in section 211(3C)
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the accompanying financial statements give
the information required by the Act in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) In the case of the Statement of Profit and Loss Account, of the loss
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, as
amended by "the Companies (Auditors Report) (Amendment) Order, 2004",
issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the Act (hereinafter referred to as the "Order"), we
give in the Annexure a statement on the matters specified in paragraphs
4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in subsection (3C) of section 211 of
the Act.
e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Yash Management & Satellite Ltd. on the financial
statements of the company for the year ended March 31, 2013.
i. (a) The company has maintaining proper records showing full
particulars, including quantitative details and situation of Fixed
Assets.
(b) The Fixed Assets of the company have been physically verified by
the Management during the year in accordance with the regular programme
which in our opinion is reasonable having regard to the size of the
Company and the nature of its assets. No material discrepancies were
reportedly noticed on such verification.
(c) In our opinion, the company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
company is not affected.
ii. (a) The Inventory have been physically verified by the management.
In our opinion the frequency of verification is reasonable. For stocks
lying in dematerialized form have been verified from the relevant
statement received from the depositories.
(b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of Inventories
followed by the management is reasonable and adequate in relation to
the size of the Company and nature of its business.
(c) In our opinion, the Company is maintaining proper records of
inventory and no material discrepancies were noticed on such physical
verification of Inventories as compared to book records.
iii. (a) The Company has not granted any loans, secured or unsecured,
to companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act, 1956. Consequently, the
provisions of clauses iii (b) (c) and (d) of the order are not
applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
iv. In our opinion and according to information and explanations given
to us, there is an adequate internal control system commensurate with
the size of the company and nature of its business for the purchase of
inventory and fixed Assets and for the sale of goods and services.
v. (a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the particulars of contracts or arrangements that need to
be entered into the register maintained under Section 301 have been so
entered
(b) In our opinion and according to the information and explanations
given to us, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act 1956 exceeding the value of Five Lakh Rupees in
respect of any party during the year.
vi. In our opinion and according to the information and explanations
given to us the company has not accepted any deposits from public
during the year as stated in the provisions of Section 58A, 58AA or any
other relevant provisions of the Companies Act 1956 or the rules framed
there under.
vii. The Company has an internal audit system commensurate with the
size of the company and nature of its business.
viii. Maintenance of cost records as prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act is not applicable to the company.
ix. (a) According to the information and explanations given to us, the
Company is generally regular in depositing with appropriate authorities
undisputed material statutory dues including Income Tax and other
statutory dues and there are no undisputed statutory dues outstanding
as at 31st March 2013, for a period of more than six months from the
date they became payable
(b) According to the information and explanations given to us and the
records of the company examined by us there are no disputed amounts in
respect of various statues which have not been deposited.
x. The company has accumulated losses as per the Balance Sheet as at
the end of the financial year. The company has incurred cash losses
during the financial year however company has not incurred any cash
losses in the immediately preceding financial year.
xi. The Company avails of overdraft facility against the lien of its
own fixed deposits with banks. The Company has not defaulted in
repayment of its dues in this regard.
xii. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
xiii. The Company is not a chit fund or a nidhi /mutual benefit
fund/society.
xiv. The company has maintained proper records of the transactions and
contracts of its trading or dealing in securities and other investments
and timely entries have been made therein. All securities have been
held by the company in its own name except to the extent of exemption
granted under Section 49 of the Companies Act, 1956.
xv. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from
banks or financial institutions.
xvi. The Company has not raised any term loan during the year and hence
clause 4(xvi) is not applicable to the Company.
xvii. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment by the Company.
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, during the year.
xix. The Company has not issued any debentures during the year and does
not have any debentures outstanding as at the beginning of the year and
at the year end.
xx. The Company has not raised any money by public issue during the
year.
xxi. As per the information and explanations given to us, no fraud on
or by the Company has been noticed or reported during the year
For Bansal Bansal & Co.
Chartered Accountants
FRN:100986W
Jatin Bansal
Partner
M. No. : 135399
Place: Mumbai
Date: 29/05/2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of "YASH MANAGEMENT &
SATELLITE LTD." as at 31st March 2012 and also the Statement of Profit
& Loss Account 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.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement. An audit also
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.
3. As required by the Companies (Auditor's Report) Order, 2003 (as
amended) 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, to the extent applicable to the company.
4. 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 purpose of our
audit;
b. In our opinion, proper books of account, as required by law, have
been kept by the Company, so far as appears from our examination of
those books;
c. The Balance Sheet, Statement of Profit & Loss Account 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
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
of the company and taken on record by the Board of Directors, none of
the directors of the company is prime facie as at 31.03.2012
disqualified from being appointed as director of the company under
section 274 (1) (g) of the Companies Act, 1956;
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, read together with
notes thereon, give the information as required under the Companies
Act, 1956 in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India;
i) In the case of Balance Sheet of the state of affairs of the company
as at 31st March 2012.
ii) In the case of Statement of Profit & Loss Account, of the profit
for the year ended on that date.
iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
Referred to in paragraph 3 of our report of even date on the accounts
of "YASH MANAGEMENT & SATELLITE LTD." For the year ended 31st March
2012.
1. (a) The company has maintaining proper records showing full
particulars, including quantitative details and situation of Fixed
Assets.
(b) The Fixed Assets of the company have been physically verified by
the Management during the year in accordance with the regular programme
which in our opinion is reasonable having regard to the size of the
Company and the nature of its assets. No material discrepancies were
reportedly noticed on such verification.
(c) In our opinion, the company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
company is not affected.
2. (a) The Inventory have been physically verified by the management.
In our opinion the frequency of verification is reasonable. For stocks
lying in dematerialized form have been verified from the relevant
statement received from the depositories.
(b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of Inventories
followed by the management is reasonable and adequate in relation to
the size of the Company and nature of its business.
(c) In our opinion, the Company is maintaining proper records of
inventory and no material discrepancies were noticed on such physical
verification of Inventories as compared to book records.
3. The company has not granted or taken any loans, secured or
unsecured to/from Companies, firms or other parties listed in the
register maintained under Section 301 of the companies Act, 1956.
4. In our opinion and according to information and explanations given
to us, there is an adequate internal control system commensurate with
the size of the company and nature of its business for the purchase of
inventory and fixed Assets and for the sale of goods and services.
5. (a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the particulars of contracts or arrangements that need to
be entered into the register maintained under Section 301 have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act 1956 exceeding the value of Five Lakh Rupees in
respect of any party during the year.
6. In our opinion and according to the information and explanations
given to us the company has not accepted any deposits from public
during the year as stated in the provisions of Section 58A, 58AA or any
other relevant provisions of the Companies Act 1956. Or the rules
framed there under.
7. The Company has an internal audit system commensurate with the size
of the company and nature of its business.
8. The maintenance of cost records under Section 209 of the Companies
Act, 1956 is not applicable to the Company.
9. (a) According to the information and explanations given to us, the
Company is generally regular in depositing with appropriate authorities
undisputed material statutory dues including Income Tax and other
statutory dues and there are no undisputed statutory dues outstanding
as at 31st March 2012, for a period of more than six months from the
date they became payable.
(b) According to the information and explanations given to us and the
records of the company examined by us there are no disputed amounts in
respect of various statues which have not been deposited.
10. As per records of the Company, the accumulated losses of the
Company are not more than fifty percent of its net worth as on 31st
March 2012. 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. The Company avails of overdraft facility against the lien of its
own fixed deposits with Banks. During the year under reference the
company has not defaulted in repayment of its dues in this regard.
12. As explained to us the company during the year has not granted any
loans against securities or pledge of shares, debentures or other
securities.
13. The Company is not a chit fund or a nidhi/ mutual benefit fund or
a society.
14. The company has maintained proper records of the transactions and
contracts of its trading or dealing in securities and other investments
and timely entries have been made therein. All securities have been
held by the company in its own name except to the extent of exemption
granted under Section 49 of the Companies Act, 1956.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from bank
or financial institutions.
16. The Company has not raised any term loan during the year and hence
clause 4(xvi) 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, we report
that the Company has used no funds raised on short- term basis for
long-term investment.
18. 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, during the year.
19. During the year covered by our audit report the Company has not
issued any debenture.
20. The Company has not raised any money by public issues during the
year covered by our report.
21. As per the information and explanations given to us, no fraud on
or by the Company has been noticed or reported during the year.
For Bansal Bansal & Co.
Firm Reg No. 100986W
Chartered Accountants
Manoj Kumar Agarwal
Partner
Mumbai, 30th June 2012 M. No. 107624
Mar 31, 2010
1. We have audited the attached Balance Sheet of "YASH MANAGEMENT &
SATELLITE LTD." as at 31st March 2010 and also the Profit & Loss Account
and 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.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement. An audit also
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.
3. As required by the Companies (Auditors Report) Order, 2003 (as
amended) 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, to the extent applicable to the company.
4. 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 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, Profit & Loss Account and Cash Flow Statement
dealt with by this report, are in agreement with the books of Account;
d. 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 me
Companies Act, 1956.
e. On the basis of written representation received from the directors
of the company and taken on record by the Board of Directors, none of
the directors of the company is prime facie as at 31.03.2010
disqualified from being appointed as director of the company under
section 274 (1) (g) of the Companies Act, 1956;
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, read together with
notes thereon, give the information as required under the Companies
Act, 1956 in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India;
i) In the case of Balance Sheet of the state of affairs of the company
as at 31st March 2010.
ii) In the case of Profit & Loss Account, of the profit for the year
ended on that date.
iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Referred to in paragraph 3 of our report of even date on the accounts
of "YASH MANAGEMENT & SATELLITE LTD." For the year ended 31Jt March
2010.
l.(a) The company has maintaining proper records showing full
particulars, including quantitative details and situation of Fixed
Assets.
(b) The Fixed Assets of the company have been physically verified by
the Management during the year in accordance with the regular programme
which in our opinion is reasonable having regard to the size of the
Company and the nature of its assets. No material discrepancies were
reportedly noticed on such verification.
(c) In our opinion, the company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
company is not affected.
2. (a) The Stock in trade of shares and securities held in the physical
form has been physically verified and those held in the dematerialized
form have been verified from the relevant statement received from the
depository, during the year, by the Management. In our opinion having
regard to the nature of stocks, the frequency of the verification is
reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of stock of shares
and securities followed by the management is reasonable and adequate in
relation to the size of the Company and nature of its business.
(c) In our opinion, the Company is maintaining proper records of
inventory and no material discrepancies were noticed on such physical
verification of stock of shares and securities as compared to book
records except some shares, which are received as security, pending
disbursal of loans.
3. The company has not granted or taken any loans, secured or
unsecured to/from Companies, firms or other parties listed in the
register maintained under Section 301 of the companies Act, 1956.
4. In our opinion and according to information and explanations given
to us, there is an adequate internal control system commensurate with
the size of the company and nature of its business for the purchase of
inventory and fixed Assets and for the sale of goods and services.
5. (a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the particulars of contracts or arrangements that need to
be entered into the register maintained under Section 301 have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act 1956 exceeding the value of Five Lakh Rupees in
respect of any party during the year.
6. In our opinion and according to die information and explanations
given to us the company has not accepted any deposits from public
during the year as stated in the provisions of Section 58A, 58AA or any
other relevant provisions of the Companies Act 1956. Or the rules
framed there under.
7. The Company has an internal audit system commensurate with the size
of the company and nature of its business.
8. The maintenance of cost records under Section 209 of the Companies
Act, 1956 is not applicable to the Company.
9. (a) According to the information and explanations given to us, the
Company is generally regular in depositing with appropriate authorities
undisputed material statutory dues including Income Tax and other
statutory dues and there are no undisputed statutory dues outstanding
as at 31" March 2010, for a period of more than six months from the
date they became payable.
(b) According to the information and explanations given to us and the
records of the company examined by us there are no disputed amounts in
respect of various statues which have not been deposited.
10. As per records of the Company, the accumulated losses of the
Company are not more than fifty percent of its net worth as on 31st
March 2010. The Company has not incurred any cash losses during the
financial year covered by our audit. However Company had incurred cash
losses of Rs.5,785,259/- during the immediately preceding financial
year.
11. The Company avails of overdraft facility against the lien of its
own fixed deposits with Banks. During the year under reference the
company has not defaulted in repayment of its dues in this regard.
12. As explained to us the company during the year has not granted any
loans against securities or pledge of shares, debentures or other
securities.
13. The Company is not a chit fund or a nidhi/ mutual benefit fund or
a society.
14. The company has maintained proper records of the transactions and
contracts of its trading or dealing in securities and other investments
and timely entries have been made therein. All securities have been
held by the company in its own name except to the extent of exemption
granted under Section 49 of the Companies Act, 1956.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from bank
or financial institutions.
16. The Company has not raised any term loan during the year and hence
clause 4(xvi) 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, we report
that the Company has used no funds raised on short- term basis for
long-term investment.
18. 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, during the year.
19. During the year covered by our audit report the Company has not
issued any debenture.
20. The Company has not raised any money by public issues during the
year covered by our report.
21. As per the information and explanations given to us, no fraud on
or by the Company has been noticed or reported during the year.
For Bansal, Bansal & Co.
Chartered Accountants
Manoj Kumar Agarwal
Mumbai, 18th August 2010 Partner