Mar 31, 2015
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of ADINATH EXIM
RESOURCES LIMITED ("the Company"), which comprise the Balance Sheet as
at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow
Statement, and a summary of the 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 standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
preparation of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
AUDITORS' RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement. An audit involves performing
procedures to obtain audit evidence about the amounts and the
disclosures in the financial statements. The procedures selected depend
on the auditor's judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud
or error. In making those risk assessments, the auditor considers
internal financial control relevant to the Company's preparation of the
financial statements that give a true and fair view in order to design
audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on whether the Company has in
place an adequate internal financial control 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 qualified 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,
(a) In the case of the Balance Sheet of the state of affairs of the
company's at March 31,2015;
(b) In the case of the Profit and Loss, of the profit for the year
ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flow 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"), as issued by Central Government of India in terms of sub
section (11) of section 143 of Companies Act, 2013 we give in the
Annexure a statement on the matters specified in paragraph 3 and 4 of
the order.
2. As required by Section 143 (3) of the Act, we report that:
(a) 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 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. the Company 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 were required to be transferred to the
Investor Education and Protection Fund by the Company.
ANNEXURE TO THE AUDITORS' REPORT
The Annexure referred to in our Independent Auditors' Report to the
members of the ADINATH EXIM RESOURCES LIMITED on the financial
statements for the year ended 31 March 2015, We report that:
1. a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) As explained to us, a substantial portion of the Fix Assets have
been physically verified by the management during the year and no
material discrepancies have been noticed on such verification.
2. The Company does not hold any physical inventories. Hence the
question of physical verification and proper maintenance of inventory
records does not arise.
3. According to the information and explanation given to us the
Company has not granted any loans, Secured or unsecured to companies,
firms or other parties listed in the register maintained under section
189 of the Companies Act, 2013.
4. 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 disbursement and recovery of loans under micro finance program and
for purchase of fixed assets. We have not observed any major weakness
in the internal control system during the course of the audit.
5. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits during the year
and consequently directives issued by Reserve Bank of India and
Provisions of section 73 to 76 or any other relevant provision of the
Companies Act and rules framed there under are not applicable to the
company.
6. The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act, for any of the services
rendered by the Company.
7. 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 income tax, and other material statutory dues
have been regularly deposited during the year by the Company with the
appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax 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 Income tax which have not been deposited with the
appropriate authorities on account of any dispute.
c) According to the information and explanations given to us there are
no amounts payable 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.
8. The Company does not have any accumulated losses as at the end of
the financial year and has not incurred cash losses in the financial
year and in the immediately preceding financial year.
9. In our opinion and according to the information and the
explanations given to us, the Company has not defaulted in repayment of
dues to financial institution/banks during the year.
10. 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 which are
prejudicial to the interest of the company.
11. To the best of our knowledge and belief and according to the
information and explanation given to us, in our opinion, the Company
has not taken any term loans & other facilities, so question of its
proper application for the purpose for which it was taken does not
arise.
12. 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 on or by the company, noticed or reported during the year, nor
have we been informed of such case by the management.
For Shailesh C. Parikh & CO.
Chartered Accountants
FRN :109858W
Place : Ahmadabad (Shailesh Parikh)
Date : 11/05/2015 Proprietor
Mem. No. : 039254
Mar 31, 2014
We have audited the accompanying financial statements of ADINATH EXIM
RESOURCES LIMITED ("the Company"), which comprise the Balance Sheet as
at March 31, 2014, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
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) read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 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, of the profit of
the Company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company 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 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, 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 Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with Accounting Standards notified
under the Act read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
e. On the basis of the written representations received from the
directors as on March 31, 2014, 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.
Annexure referred to in paragraph 1 of our Auditor''s Report of even
date on the accounts of Adinath Exim Resources Limited, for the year
ended on 31st March, 2014
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
b) The assets have been physically verified by the management during
the year. According to the information and explanations given to us, no
discrepancy was noticed on such physical verification as compared to
the book records.
c) In our opinion and according to the information and explanations
given to us, no substantial part of fixed assets has been disposed off
by the Company during the year.
2. a) The company does not have inventories, so question of its
physical verification and its frequency of verification does not arise.
b) This clause is not applicable as the company does not have any
inventories.
c) This clause is not applicable as the company does not have any
inventories.
3. a) The company has not taken/given any loans from Companies, firms
and other parties covered in the register maintained under section 301
of the Companies Act, 1956.
b) The rate of interest and other terms and conditions of loans given
by the company are prima facie not prejudicial to the interest of the
company.
c) This clause is not applicable as company has not given/taken any
loans to parties covered in the register maintained under section 301
of the Act.
d) This clause 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, fixed assets and for sale of
goods. Further on the basis of our examination of the books and records
of the company and according to the information and explanations given
to us, we have neither come across nor have been informed of any
continuing failure to correct major weakness in the aforesaid internal
control procedures.
5. a) In our opinion and according to the information and explanations
given to us, the transactions that need to be entered into the register
in pursuance to section 301 of the Companies Act, 1956 have been so
entered.
b) In our opinion and according to the information and explanations
given to us, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of Rupees five lacs in
respect of any party during the year have been made.
c) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposit within the
meaning of the provisions of section 58A and 58AA of the companies Act,
1956 and the rules made there under.
6. In our opinion and as per the information and explanations given to
us there is reasonable internal control procedure commensurate with the
size and nature of its business.
7. In our opinion this company being finance company, the maintenance
of cost records have been not prescribed by the Central Government
under clause (d) of sub-section (1) of section 209 of the Act.
8. a) According to the records of the Company, the Company is regular
in depositing with appropriate authorities undisputed statutory dues
including Income-Tax, Sales-Tax and other statutory dues applicable to
it with the appropriate authorities. The provision of provident fund is
not applicable to the Company.
b) According to the information and explanations given to us and the
records of the Company examined by us, we are of the opinion that there
are no disputed dues of Income-Tax, Sales- Tax, Wealth-Tax, Custom
Duty, Excise Duty and cess as at 31st March, 2014 which have not been
deposited on account of a dispute.
9. The Company has no accumulated losses as at 31st March, 2014 and has
not incurred any cash losses during the financial year ended on that
date or in the immediately preceding financial year.
10. According to the records of the Company examined by us and the
information and explanations given by the management, the Company has
not taken any loans from financial institutions and banks so question
of default in its repayment does not arise.
11. The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
12. The provisions of any special statute applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
Company.
13. In our opinion, the Company has maintained proper records
pertaining to its share trading transactions and contracts and timely
entries have been made therein. The Company has held its investments in
shares and securities in its own name.
14. According to the information and explanations given to us, the
terms & conditions of the guarantees given by the company, for loans
taken by others from bank or financial institutions are not prejudicial
to the interest of the company.
15. The company has not taken any loans, so question of its proper
application for the purpose for which it was taken does not arise.
16. Based on information and explanations given to us and on an overall
examination of Balance Sheet of the company, in our opinion, funds
raised on a long-term basis have not been used for short-term
investments.
17. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
18. The company has not issued any debenture, so question of creation
of security for the same does not arise.
19. The company has not raised any money by public issues during the
year.
20. 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 notices or reported during the year, nor
have we been informed of such case by the management.
For Shailesh C. Parikh & CO.
Chartered Accountants
(Registration No. 109858W)
Place : Ahmedabad (Shailesh Parikh)
Date : 28-05-2014 Proprietor
Mem. No. : 039254
Mar 31, 2013
We have audited the accompanying financial statements of Adinath Exim
Resources 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 then ended, and a summary of significant
accounting policies and other explanatory information.
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
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.
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) in the case of the Statement of Profit and Loss Account, of the
profit for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
1. As required by the Companies (Auditor''s Report) Order, 2003
("theOrder") 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, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the 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.
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
b) The assets have been physically verified by the management during
the year. According to the information and explanations given to us, no
discrepancy was noticed on such physical verification as compared to
the book records.
c) In our opinion and according to the information and explanations
given to us, no substantial part of fixed assets has been disposed off
by the Company during the year.
2. a) The company does not have inventories, so question of its
physical verification and its frequency of verification does not arise.
b) This clause is not applicable as the company does not have any
inventories.
c) This clause is not applicable as the company does not have any
inventories.
3. a) The company has not taken/given any loans from Companies, firms
and other parties covered in the register maintained under section 301
of the Companies Act, 1956.
b) The rate of interest and other terms and conditions of loans given
by the company are prima facie not prejudicial to the interest of the
company.
c) This clause is not applicable as company has not given/taken any
loans to parties covered in the register maintained under section 301
of the Act.
d) This clause 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, fixed assets and for sale of
goods. Further on the basis of our examination of the books and records
of the company and according to the information and explanations given
to us, we have neither come across nor have been informed of any
continuing failure to correct major weakness in the aforesaid internal
control procedures.
5. a) In our opinion and according to the information and explanations
given to us, the transactions that need to be entered into the register
in pursuance to section 301 of the Companies Act, 1961 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 and exceeding the value of Rupees five lacs in
respect of any party during the year have been made.
c) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposit within the
meaning of the provisions of section 58A and 58AA of the companies Act,
1956 and the rules made there under.
6. In our opinion and as per the information and explanations given to
us there is reasonable internal control procedure commensurate with the
size and nature of its business.
7. In our opinion this company being finance company, the maintenance
of cost records have been not prescribed by the Central Government
under clause (d) of sub-section (1) of section 209 of the Act.
8. a) According to the records of the Company, the Company is regular
in depositing with appropriate authorities undisputed statutory dues
including Income-Tax, Sales-Tax and other statutory dues applicable to
it with the appropriate authorities. The provision of provident fund is
not applicable to the Company.
b) According to the information and explanations given to us and the
records of the Company examined by us, we are of the opinion that there
are no disputed dues of Income-Tax, Sales- Tax, Wealth-Tax, Custom
Duty, Excise Duty and cess as at 31st March, 2013 which have not been
deposited on account of a dispute.
9. The Company has no accumulated losses as at 31st March, 2013 and
has not incurred any cash losses during the financial year ended on
that date or in the immediately preceding financial year.
10. According to the records of the Company examined by us and the
information and explanations given by the management, the Company has
not taken any loans from financial institutions and banks so question
of default in its repayment does not arise.
11. The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
12. The provisions of any special statute applicable to chit
fund/nidhi/ mutual benefit fund/ societies are not applicable to the
Company.
13. In our opinion, the Company has maintained proper records
pertaining to its share trading transactions and contracts and timely
entries have been made therein. The Company has held its investments in
shares and securities in its own name.
14. According to the information and explanations given to us, the
terms & conditions of the guarantees given by the company, for loans
taken by others from bank or financial institutions are not prejudicial
to the interest of the company.
15. The company has not taken any loans, so question of its proper
application for the purpose for which it was taken does not arise.
16. Based on information and explanations given to us and on an
overall examination of Balance Sheet of the company, in our opinion,
funds raised on a long-term basis have not been used for short-term
investments.
17. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
18. The company has not issued any debenture, so question of creation
of security for the same does not arise.
19. The company has not raised any money by public issues during the
year.
20. 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 notices or reported during the year, nor
have we been informed of such case by the management.
For Shailesh C. Parikh & CO.
Chartered Accountants
(Registration No. 109858W)
Place : Ahmedabad (Shailesh Parikh)
Date : 23-05-2013 Proprietor
Mem. No. : 039254
Mar 31, 2012
We have audited the attached Balance Sheet of Adinath Exim Resources
Ltd. as at 31st March, 2012 and also Statement of Profit and Loss and
Cash Flow Statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Company's
Management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditor's Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
Further to our comments in the annexure referred to above, we report
that :
(i) We have obtained all the information and explanation, 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 dealt
with by this report are in agreement with the books of account of the
company;
(iv) In our opinion, the balance sheet, statement of profit & loss and
cash flow statement dealt with by this report comply with the
accounting standard referred to in section 211(3c) of the companies
act, 1956 to the extent applicable.
(v) On the basis of written representation received from directors and
taken on record by the board of directors, we report that none of the
directors is disqualified as on 31st March, 2012 from being appointed
as a director in terms of clause (g) of sub-section (1) of section 274
of the companies act, 1956,
(vi) In our opinion and to the best of our information and according to
the explanations given to us the said accounts read with the notes
thereon, give the information required by the companies act, 1956, in
the manner so required and give a true and fair view in conformity with
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, 2012 and,
(b) in the case of Statement of Profit and Loss of the Profit for the
year ended on that date.
(c) in the case of Cash Flow Statement, of the cash flow for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR AUDITOR'S REPORT OF EVEN
DATE ON THE accounts of Adinath Exim Resources Limited, for the year
ended on 31st March, 2012.
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
b) The assets have been physically verified by the management during
the year.
According to the information and explanations given to us, no
discrepancy was noticed on such physical verification as compared to
the book records.
c) In our opinion and according to the information and explanations
given to us, no substantial part of fixed assets has been disposed off
by the Company the year.
2. a) The company does not have inventories, so question of its
physical verification and its frequency of verification does not arise.
b) This clause is not applicable as the company does not have any
inventories.
c) This clause is not applicable as the company does not have any
inventories.
3. a) The company has not taken/given any loans from Companies, firms
and other parties covered in the register maintained under section 301
of the Companies Act, 1956.
b) The rate of interest and other terms and conditions of loans given
by the company are prima facie not prejudicial to the interest of the
company.
c) This clause is not applicable as company has not given/taken any
loans to parties covered in the register maintained under section 301
of the Act.
d) This clause 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, fixed assets and for sale of
goods. Further on the basis of our examination of the books and records
of the company and according to the information and explanations given
to us, we have neither come across nor have been informed of any
continuing failure to correct major weakness in the aforesaid internal
control procedures.
5. a) In our opinion and according to the information and explanations
given to us, the transactions that need to be entered into the register
in pursuance to section 301 of the Companies Act, 1961 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 and exceeding the value of Rupees five lacs in
respect of any party during the year have been made.
c) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposit within the
meaning of the provisions of section 58A and 58AA of the companies Act,
1956 and the rules made there under.
6. In our opinion and as per the information and explanations given to
us there is reasonable internal control procedure commensurate with the
size and nature of its business.
7. In our opinion this company being finance company, the maintenance
of cost records have been not prescribed by the Central Government
under clause (d) of sub-section (1) of section 209 of the Act.
8. a) According to the records of the Company, the Company is regular
in depositing with appropriate authorities undisputed statutory dues
including Income-Tax, Sales-Tax and other statutory dues applicable to
it with the appropriate authorities. The provision of provident fund is
not applicable to the Company.
b) According to the information and explanations given to us and the
records of the Company examined by us, we are of the opinion that there
are no disputed dues of Income-Tax, Sales- Tax, Wealth-Tax, Custom
Duty, Excise Duty and cess as at 31st March, 2012 which have not been
deposited on account of a dispute.
9. The Company has no accumulated losses as at 31st March, 2012 and
has not incurred any cash losses during the financial year ended on
that date or in the immediately preceding financial year.
10. According to the records of the Company examined by us and the
information and explanations given by the management, the Company has
not taken any loans from financial institutions and banks so question
of default in its repayment does not arise.
11. The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
12. The provisions of any special statute applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
Company.
13. In our opinion, the Company has maintained proper records
pertaining to its share trading transactions and contracts and timely
entries have been made therein. The Company has held its investments in
shares and securities in its own name.
14. According to the information and explanations given to us, the
terms & conditions of the guarantees given by the company, for loans
taken by others from bank or financial institutions are not prejudicial
to the interest of the company.
15. The company has not taken any loans, so question of its proper
application for the purpose for which it was taken does not arise.
16. Based on information and explanations given to us and on an
overall examination of Balance Sheet of the company, in our opinion,
funds raised on a long-term basis have not been used for short-term
investments.
17. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
18. The company has not issued any debenture, so question of creation
of security for the same does not arise.
19. The company has not raised any money by public issues during the
year.
20. 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 notices or reported during the year, nor
have we been informed of such case by the management.
For Shailesh C. Parikh & Co.
Chartered Accountants
(Registration No. 109858W)
(Shailesh Parikh)
Proprietor
Mem No.: 039254
Place : Ahmedabad
Date : 31/08/2012
Mar 31, 2010
We have audited the attached Balance Sheet of ADINATH EXIM RESOURCES
LIMITED as at 31st March, 2010 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.
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, 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 above, we report
that:
(i) We have obtained all the information and explanation, which to the
best our knowledge and belief were necessary for the purpose 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 & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account of
the Company ;
(iv) In our opinion, the Balance sheet, Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting standard referred to in Section 211 (3c) of the Companies
Act, 1956 to the extent applicable;
(v) On the basis of written representation received from directors and
taken on record by the Board of Directors, we report that none of the
directors is disqualified as on 31st March 2010 from being appointed as
a director in terms of clause (g) of sub-section (1) of section 274 of
the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the notes
thereon, give the information required by the Companies Act, 1956, in
the manner so required and give a true and fair view in conformity with
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 Profit and Loss Account of the Loss for the year
ended on that date.
iii. In the case of 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 the Auditors Report of even date on the
accounts of Adinath Exim Resources Limited, for the year ended 31st
March, 2010.)
1. (a) The Company has maintained records showing full particulars
including quantitative details and situation of its fixed assets.
(b) The assets have been physically verified by the management during
the year. According to the information and explanations given to us, no
discrepancy was noticed on such verification as compared to the book
records.
(c) In our opinion and according to the information and explanations
given to us, no substantial part of fixed assets has been disposed off
by the Company during the year.
2. (a) The company does not have inventories, so question of its
physical verification and its frequency of verification does not arise.
(b) This clause is not applicable as the company does not have any
inventories.
(c) This clause is not applicable as the company does not have any
inventories.
3. (a) The Company has not taken any loans from Companies, firms and
other parties covered in the register maintained under section 301 of
the Companies Act, 1956. The company has given advance for office
booking to the company covered in the register maintained under section
301 of the Companies Act, 1956. The details pertaining to the said
company and amount granted is given below :
Name of the Party Amount as on 31-03-2010 Maximum Balance
S. P. Organisers Pvt. Ltd. Rs. Nil Rs. 147,20,417
(b) The rate of interest and other terms and conditions of loans given
by the company are prima facie not prejudicial to the interest of the
company.
(c) All to whom loans are granted by the company and covered in the
register maintained under section 301 of the Act are regular in
interest payment and repayment of loan wherever stipulated.
(d) There is no overdue amount more than Rs. One Lac, so question of
taking reasonable steps for its recovery does not arise.
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 afore the purchase of inventory, fixed assets and for sale of
goods. Further on the basis of our examination of the books and records
of the company and according to the information and explanations given
to us, we have neither come across nor have been informed of any
continuing failure to correct major weakness in the aforesaid internal
control procedures.
5. (a) In our opinion and according to the information and
explanations given to us, the transactions that need to be entered into
the register in pursuance to Section 301 of the Companies Act, 1956
have been so entered.
(b) In our opinion and according to the information and explanations
given to us, these transactions in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of Rupees five lacs in
respect of any party during the year have been made at prices which are
reasonable having regard to the prevailing market prices at the
relevant time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposit within the
meaning of the provisions of section 58A and 58AA of the companies Act,
1956 and the rules made there under.
7. In our opinion and as per the information and explanations given to
us there is reasonable internal control procedure commensurate with the
size and nature of the business.
8. In our opinion this company being finance company, the maintenance
of cost records have been not prescribed by the Central Government
under clause (d) of sub-section (1) of section 209 of the Act.
9. (a) According to the records of the Company, the Company is regular
in depositing with appropriate authorities undisputed statutory dues
including Income-Tax, Sales-Tax and other statutory dues applicable to
it with the appropriate authorities. The provision of provided fund is
not applicable to the Company.
(b) According to the information and explanations given to us and the
records of the Company examined by us, we are of the opinion that there
are no disputed dues of Income-Tax, Sales-Tax, Wealth-Tax, Custom Duty,
Excise Duty and cess as at 31st March, 2010 which have not been
deposited on account of such a dispute
10. The Company has no accumulated losses as at 31st March, 2010 and
has not incurred any cash losses during the financial year ended on
that date or in the immediately preceding financial year.
11. According to the records of the Company examined by us and the
information and explanations given by the management, the Company has
not taken any loans from financial institutions and books so question
of default in its repayment does not arise.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute applicable to chit fund /
nidhi /mutual benefit fund/ societies are not applicable to the
Company.
14. In our opinion, the Company has maintained proper records
pertaining to its share trading transactions and contracts and timely
entries have been made therein. The Company has held its investments in
shares and securities in its own name.
15. According to the information and explanations given to us, the
terms & conditions of the guarantees given by the company, for loans
taken by others from bank or Financial Institutions are not prejudicial
to the interest of the Company.
16. The company has not taken any loans, so question of its proper
application for the purpose for which it was taken does not arise.
17. Based on information and explanations given to us and on an
overall examination of Balance Sheet of the company, in our opinion,
funds raised on a long-term have not been used for short-term
investments.
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, 1956.
19. The Company has not issued any debenture, so question of creation
of security for the same does not arise.
20. The Company has not raised any money by public issue during the
year.
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 Shailesh C. Parikh & CO.
Chartered Accountants
(Registration No. 109858W)
Place : Ahmedabad (Shailesh Parikh)
Date : 16-08-2010 Proprietor
Mem. No. : 039254
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