Mar 31, 2015
We have audited the accompanying financial statements of M/s SHALINI
HOLDINGS LIMITED which comprise the Balance Sheet as at March 31, 2015
and the Statement of Profit and Loss, 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 Management is responsible for the matters in section
134(5) of the Companies Act, 2013 (the Act) with respect to 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
the Companies Act, 2013 read with rule 7 of Companies (Accounts) Rules,
2014. This responsibility also includes the maintenance of adequate
accounting records in accordance with the provision of the act for the
safeguarding of Assets of the company and for preventing and detecting
the frauds and other irregularities, selection and application of
appropriate accounting policies, making judgments and estimated that
are reasonable and prudent and design, implementation and maintenance
of internal financial control, that were operating effectively for
ensuring the accuracy and completeness pf the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the act, the accounting and Auditing standards and matter
which are required to be included in the audit report under the
provision of the act and the rules made thereunder. We conducted our
audit in accordance with the Standards on Auditing specified under
section 143 (10) of the act. Those Standards require that we comply
with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and 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 on the financial
statements.
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 31st March, 2015;
(b) In the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date;
(C) In the case of the Cash Flow Statement, of the Cash Inflows for the
year ended on that date;
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
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
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
book;
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 aforesaid Financial Statements, comply with the
Accounting Standards specified under section 133 of the act, read with
7 of Companies (Accounts) Rules, 2014.
e) on the basis of written representations received from the directors
as on 31st March, 2015, and 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 'I' TO THE AUDITOR'S REPORT
The Annexure referred to in our report of even date to the members of
Company named as at and for the year ended 31st March, 2015, we report
that:
1. There is no Fixed Assets in the company.
2. The company does not have any inventories as at the date of the
Balance Sheet because all its purchases of shares etc. has been shown
in under the head of Investments.
3. (a) In our opinion and according to the information and
explanations given to us, the company has not granted any unsecured
loans to the companies, firms or other parties covered in the register
maintained under section 189 of the Companies Act, 2013.
(b) In View of the facts mentioned in Point No- a, above the provisions
of clause regarding reasonableness of interest charges or paid are not
applicable to the company during the year under report.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of stock-in-trade of shares,
debentures, commodities and other similar securities, fixed assets and
for the sale of such stock-in-trade and services. Further, on the basis
of our examination of 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 weaknesses in the aforesaid internal control system.
5. In our opinion and according to the information and explanations
given to us , the company has not accepted deposits as the company is a
non banking Financial company the provision of section 73 & 74 are not
applicable.
6. We have been informed that maintenance of cost records has not been
prescribed by the Central Government of the Companies Act, for the year
under review.
7. (a) The company is generally regular in depositing undisputed
statutory dues including Provident Fund, Employees State Insurance,
Income Tax, Sales Tax, Service Tax, and any other statutory dues with
the Appropriate Authorities.
(b) There is no pending disputed of any Authority said above.
8. The Company has no accumulated losses. The company has not incurred
cash losses during the financial year covered by our audit, as well as
in the immediately preceding financial year.
9. Since the company has neither taken any loans from a financial
institution or a bank nor issued any debentures, hence the provisions
of paragraph 4 (xi) of the order regarding default in repayment of dues
to a financial institution or bank or debenture holders doesn't arise.
10. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from a
bank or financial institution.
11. According to the information and explanations given to us, We
report that the company has not raised any term loans during the year.
12. Based on the audit procedures performed and the information and
explanations given to us, We report that no fraud on or by the Company
has been noticed or reported during the year, nor have We been informed
of such case by the management.
FOR A A S G & CO.
(CHARTERED ACCOUNTANTS)
FRN : 025660N
CA. AMIT AGARWAL
(Partner)
M.NO. 518399
Place: Delhi
Date : 27.05.2015
Mar 31, 2013
We have audited the accompanying financial statements of SHALINI
HOLDINGS LIMITED , 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's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India including
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956. 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 mis-statement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) in the case of the 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
("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( 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.
Annexure referred to in paragraph [3] of our report of even date
TO MEMBERS OF SHALINI HOLDINGS LIMITED.
1. The Company do not have any fixed assets therefore Paragraph 4(i)
of the Company's Auditor Report Order 2003 is not applicable.
2. Paragraph 4(ii) of the Company's Auditor Report Order 2003 is not
applicable.Since the company is not doing any trading and manufacturing
activity and do not have any inventories.
3. a. As informed to us , the company has during the year not granted
any loans , secured or unsecured to companies , firms or other parties
covered in the register maintained under section 301 of the companies
Act, 1956 and accordingly paragraph 4(iii)(a)(b)(c) & (d) of the Order
are not applicable.
b. As informed to us, the company has not taken loans, secured or
unsecured during the year from companies firms or other parties covered
in the register maintained under section 301 of the companies Act,
1956.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business. During the course of our audit, no major weakness has been
noticed in the internal controls.
5. Based on the audit procedures applied by us and according to the
information and explanations provided by the management, that
transactions is required to be entered into the register maintained
under section 301, transactions with parties with whom transaction
exceeding value of Rupees five lakhs have been entered into the
register during the financial year.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. We are of the opinion that the maintenance of cost records are not
applicable as per rules framed by Central government for the
maintenance of cost records under section 209(1 )(d) of the Companies
Act, 1956.
9. According to the records of the Company, the Company is generally
regular in depositing undisputed statutory dues including provident
fund, Investor Education and protection fund, Employee's state
insurance, sales tax, cess and other statutory dues applicable to it
except income tax with the appropriate authorities though there has
been delay in a few cases payment which were not in arrears at the end
of the financial year.
10. The company has accumulated losses at the end of the financial year
and are less than the net worth of the company till last year. It has
incurred cash oss Rs. 4.91 lakhs during the current financial year. The
Company has accumulated losses to the tune of Rs.54.36 Lac as on
31.03.2013.
11. Based on audit procedures and on the information and explanation
given by the management, we are of the opinion that the Company has not
taken any loan from any financial institution and bank during the year.
The Company does not have any borrowing by way of debentures.
12. Based on our examination of documents and records, the Company has
not granted loans and advances on the basis of security by way of
shares, debentures and other securities.
13. In our opinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special status applicable to chit fund and nidhi/ mutual benefit
fund/ societies.
14. In respect of dealing in securities and other investment, in our
opinion and according to the information and explanation given to us,
proper records have been maintained of the transactions and contracts
and timely entries have been made therein. The security and other
investment have been held by the Company in its own name except few
shares.
15. According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by its subsidiaries
and associates from bank or financial institutions.
16. During the year, the Company has not taken any term loan from the
bank or financial institutions.
17. We have been informed by the management that the no funds raised on
short- term basis have not been used for long- term investment and
vice-versa.
18. The Company did not have any outstanding debenture during the year.
19. The Company has not raised any money through a public issue during
the year
20. Based upon the audit procedures performed and information and
explanation given by the management, we report that no fraud on or by
the Company has been noticed or reported during the course of our audit
during the year ended on 31.03.2013.
For Anuj Garg & Company,
Chartered Accountants
Place: New Delhi
Dated: 13.05.2013
(ANUJ GARG)
Proprietor
M.No. 082422
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