Mar 31, 2015
We have audited the accompanying financial statements of Amamath
Securities Limited which comprise the Balance Sheet as at March 31,
2015, and the Statement of Profit 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 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 Companies Act, 2013 read with Rule 7 of the Companies
(Accounts) Rules, 2014. This responsibility also includes maintenance
of adequate accounting records in accordance with the provisions of the
Act for safeguarding of the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgements and
estimates that are reasonable and prudent; and design, implementation
and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
issued by the Institute of Chartered Accountants of India. Those
Standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
(b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date;
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended as on that date.
Report on Other Legal and Regulatory Requirements
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
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 standalone 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 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:
a. the Company did not have any pending litigations;
b. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
c. There were no amounts which were required to be transferred to
Investor Education and Protection Fund by the Company.
ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT
i) 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) According to the information and explanations given to us, the fixed
assets have been physically verified by the management during the year.
ii) The Company does not hold inventory at the end of the year.
Therefore, the said clause is not applicable to the Company.
iii) We are informed that during the year, 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.
iv) In our opinion, and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of fixed assets and for the sale of goods and services. In our
opinion and according to the information and explanation given to us,
the is no continuing failure to correct major weakness in such internal
control systems
v) According to the information and explanation given to us, the
Company has not accepted deposits from the public within the meaning of
Sections 73 or 76 of the Companies Act, 2013.
vi) The Central Government of India has not prescribed maintenance of
cost records under subsection (1) of Section 148 of the Companies Act,
2013 for any of the product of the company.
vii) According to the information and explanations given to us and the
records of the Company examined us by us, in our opinion, the Company
is generally regular in depositing undisputed statutory dues in the
respect of provident fund, employees' state insurance and service tax
and is regular in depositing undisputed statutory dues in respect of
investor education and protection fund, sales tax, income tax, wealth
tax, customs duty, excise duty and other material statutory dues, as
applicable with the appropriate authorities. There are no disputed
statutory liabilities payable.
viii) The Company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the financial year
ended on the date or in the immediately preceding financial year.
ix) According to the information and explanation given to us, the
Company has not defaulted in repayment of dues to banks and financial
institutions.
x) To the best of our knowledge and belief and according to the
information and explanations given to us, the Company has not given any
guarantee for loans taken by others from banks or financial
institutions.
xi) To the best of our knowledge and belief and according to the
information and explanations given to us, term loans availed by the
company during the year have been used for the purpose for which they
are obtained.
xii) To the best of our knowledge and according to the information and
explanations given to us, no material fraud by the Company and no
material fraud on the Company has been noticed or reported during the
year.
For A N A M & Associates
Chartered Accountants
Firm Registration no: 005496S
Sd/-
CA. Nazim F Rajaiwala
Place : Ahmedabad Partner
Date : 09th May 2015 Membership no: 131829
Mar 31, 2014
We have audited the accompanying financial statements of Amarnath
Securities Limited which comprise the Balance Sheet as at March 31,
2014, and the Statement of Profit 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 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 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.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment
of the risks of material misstatement of the financial statements,
whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the Company''s
preparation and fair presentation of the financial statements in order
to design audit procedures that are appropriate in the circumstances.
An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made
by management, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date;
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended as on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
("the Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
-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.
-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.
-The balance sheet and statement of profit and loss and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
-In our opinion, the Balance Sheet and statement of Profit and Loss,
and Cash Flow Statement comply with the accounting standards notified
under the Companies Act, 1956 read with the General Circular 15/2013
dated 13 th September, 2013 of Ministry of Corporate Affairs in respect
of Section 133 of Companies Act, 2013.
-On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the board of directors,
none of the directors is disqualified as on march 31, 2014, from being
appointed as a director in terms of clause (g) of sub - section of
section 274 of the companies act, 1956.
i) In respect of its Fixed Assets:
a) The Company has maintained proper records showing full particulars
including quantities details and situation of fixed assets on the basis
of available information.
b) According to the information and explanations given to us, the fixed
assets have been physically verified by the management during the year.
c) During the year the Company has not disposed off substantial part of
its fixed assets so as to affect its going concern status.
ii) The Company does not hold inventory at the end of the year.
Therefore, the said clause is not applicable to the Company.
iii) We are informed that during the year, the Company has not granted
any loans, secured or unsecured to companies, firms or other parties
covered in the register maintained under section 301 of the Companies
Act, 1956.
iv) In our opinion, and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of fixed assets and for the sale of goods and services. In our
opinion and according to the information and explanation given to us,
the is no continuing failure to correct major weakness in such internal
control systems
v) To the best of our knowledge and belief and according to information
and explanation given to us and on examination of records the
particulars of contracts or arrangements referred to in section 301 of
the Companies Act, 1956, the Company has maintained register under
section.
vi) According to the information and explanation given to us, the
Company has not accepted deposits from the public within the meaning of
Sections 58A, 58AA of the Companies Act, 1956.
vii) In our opinion, the internal audit function of the company is
commensurate with the size and nature of its business.
viii) The Central Government of India has not prescribed maintenance of
cost records under clause (d) of sub-section (1) of Section 209 of the
Companies Act, 1956 for any of the product of the company.
ix) According to the information and explanations given to us and the
records of the Company examined us by us, in our opinion, the Company
is generally regular in depositing undisputed statutory dues in the
respect of provident fund, employees'' state insurance and service tax
and is regular in depositing undisputed statutory dues in respect of
investor education and protection fund, sales tax, income tax, wealth
tax, customs duty, excise duty and other material statutory dues, as
applicable with the appropriate authorities. There are no disputed
statutory liabilities payable.
x) The Company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the financial year
ended on the date or in the immediately preceding financial year.
xi) According to the information and explanation given to us, the
Company has not defaulted in repayment of dues to banks and financial
institutions.
xii) In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of Shares, debentures and other
securities.
xiii) In our opinion, the company is not a chit fund or a nidhi or
mutual benefit fund/society. Therefore, the provisions of clause
4(xiii) of the order are not applicable to the company.
xiv) In our opinion and according to the information and explanations
given to us, the Company is not dealing in or trading in shares,
securities, debentures and other investments. Therefore, the provisions
of the said clause of the order, are not applicable to the Company.
xv) To the best of our knowledge and belief and according to the
information and explanations given to us, the Company has not given any
guarantee for loans taken by others from banks or financial
institutions.
xvi) To the best of our knowledge and belief and according to the
information and explanations given to us, term loans availed by the
company during the year have been used for the purpose for which they
are obtained.
xvii) According to cash Flow Statement and other records examined by us
and the information and explanations given to us, on an overall basis,
funds raised on short term basis, have prima facie, have not been used
during the year for long term investments.
xviii) According to the information and explanations given to us, no
preferential allotment of shares has been made by the Company to
companies, firms or other parties listed in the register maintained
under section 301 of Companies Act.
xix) The Company has not issued any secured debentures and accordingly
the provisions of clause 4(xix) of the order are not applicable.
xx) The Company has not raised any money through public issue during
the year.
xxi) To the best of our knowledge and according to the information and
explanations given to us, no material fraud by the Company and no
material fraud on the Company has been noticed or reported during the
year.
For A N A M & Associates
Chartered Accountants
Firm Registration no: 005496S
S/d-
CA. Nazim F Rajaiwala
Partner
Membership no: 131829
Place : Ahmedabad
Date : 30th May 2014
Mar 31, 2013
We have audited the accompanying financial statements of AMARNATH
SECURITIES 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 RESPONSIBILITY FOR THE FINANCIAL STATEMENT
Management is responsiblefor the preparation of thesefinancial
statements that give a true andfair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true andfair view and arefreefrom material
misstatement, whether due to fraud or error.
AUDITORÂS RESPONSIBILITY
Our responsibility is to express an opinion on thesefinancial
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 ofmaterial misstatement ofthefinancial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation
andfair 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
ofthefinancial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basisfor 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 ofthe Balance Sheet, ofthe state ofaffairs ofthe Company
as at March 31, 2013;
b) In the case ofthe Profit and Loss Account, ofthe loss for the year
ended on that date; and
c) In the case ofthe Cash Flow Statement, ofthe cash flowsfor the year
ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor''s Report) Order, 2003 (Âthe
OrderÂ) 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 ofthe Order.
2. As required by section 227(3) ofthe Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessaryfor the purpose ofour
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 and Profit and Loss Account dealt
with by this report comply with the mandatory Accounting Standards
referred to in sub-section (3C) of Section 211 of the Companies Act,
1956.
e) On the basis of written representation receivedfrom the Directors,
as on 31st March, 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) ofsub-section (1) of
Section 274 ofthe Act;
Referred to in Paragraph 2 of our report of even date
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 ofavailable information.
b. As explained to us, thefixed assets have been physically verified by
the management during the year in a phased manner, which in our opinion
is reasonable, having regard to the size of the Company and nature of
its assets.
c. In our opinion, the company has not disposed ofsubstantial part of
fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of Inventories
The Company has no Inventory, hence not applicable.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/from companies, firms or otherparties covered in the
register maintained under Section 301 of the Companies Act, 1956.
a. As informed to us, the company has not granted any loans, secured or
unsecured to companies, firms or other parties covered in the register
maintained under section 301 of the Act. However, year end Balance of
Loan taken from relatives of director is Rs. Nil.
b. The company had no taken loan from any other companies coverred in
the register maintained under section 301 of the Companies Act,1956.
And the year end balance of loans taken from such parties was Rs. Nil.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control system commensurate
with the size of the Company and the nature of its business During the
course of our audit we have not observed any continuing failure to
correct major weaknesses in internal control system.
5. In respect oftransactions covered under Section 301 ofthe Companies
Act, 1956.
In our opinion and according to the information and explanations given
to us, the particulars of contracts or arrangements referred to in
Section 301 ofthe Companies Act, 1956 have been entered in the register
required to be maintained under that section; and
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from public, and
therefore directives issued by Reserve Bank ofIndia and the provisions
of Section 58A, 58AA or any other relevant provisions of the Act are
not applicable to the Company.
7. In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
8. According to the information and explanations given to us the
Central Government has not prescribed maintenance of Cost Records under
Section 209(1)(d) of the Companies Act, 1956.
9. In respect of statutory dues
According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-Tax, Sales-Tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Cess and other 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 31st March, 2013 for a period ofmore than six
monthsfrom the date of becoming payable Nil.
10. The Company has no accumulated losses and has not incurred any cash
losses during the financial year covered by our audit or in the
immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment ofdues to financial institutions, banks or
debenture holders.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit / society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) Order 2003 is not applicable to the Company.
14. According to the information and explanations given to us, the
Company is dealing or trading in shares, securities, debentures and
other investments. Accordingly, the provisions of clause 4 (xiv) of the
companies (Auditor''s Report) Order 2003 is applicable to the company.
a. All records regarding transactions and contracts are maintained,
b. Timely entries have been made in such records;
c. All the investments are in the company''s own name.
15. According to the information and explanations given to us the
company has not given any guarantee for loans taken by others from
banks orfinancial institutions.
16. According to the information and explanations given to us and based
on our examination of documents and records, the company has not
accepted/taken any fresh term loans during thefinancial year.
17. According to the information and explanations given to us and on an
overall examinations of the Balance Sheet of the Company, we are of the
opinion of that no funds raised on short term basis have been usedfor
long term investment.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 ofthe Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way ofpublic issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
For,
A N A M & Associates
Chartered Accountants
Firm Reg. No. 005496S
Sd/-
Nazim F. Rajaiwala
(Partner)
Membership No.131829
Place : Ahmedabad
Date: 17th August'' 2013
Mar 31, 2012
We have audited the attached Balance Sheet of AMARNATH SECURITIES
LIMITED as at 31st March, 2012 and also the annexed Profit and
Loss Account of the Company 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.
1. 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.
2. 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
hereto a statement on the matters specified in the paragraphs 4 and 5
of the said order.
3. Further to our comments in the Annexure referred to in paragraph 2
above, we report that :
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
b) In our opinion, proper books of accounts as required by law have
been kept by the company so far as it appears from our examination of
those books.
c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account.
d) In our opinion the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the mandatory Accounting Standards
referred to in sub-section (3C) of Section 211 of the Companies Act,
1956.
e) On the basis of written representation received from the Directors,
as on 31st March, 2012 and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2011 from being
appointed as a Director in terms of Clause (g) of sub-section (1) of
Section 274 of the Act;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements read
together with the significant Accounting Policies and other notes
thereon give the information required by the Companies Act, 1956 in the
manner so required and present a true and fair view in conformity with
the accounting principles generally accepted in India.
i. In so far as it relates to Balance Sheet of the state of affairs of
the Company as at 31st March, 2012.
ii. In so far as it relates to Profit & Loss A/c. of the profit of the
Company for the year ended on that date.
iii. In so far as it relates to Cash Flow statement of the company for
the year ended on that date.
Annexure to Auditors'' Report (Referred to in Paragraph 2 of our report
of even date)
1. In respect of its fixed assets
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b) As explained to us, the fixed assets have been physically verified
by the management during the year in a phased manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets.
c) In our opinion, the company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of Inventories
a) The Company has no Inventory, hence not applicable.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
a) As informed to us, the company has not granted any loans, secured or
unsecured to companies, firms or other parties covered in the register
maintained under section 301 of the Act. However, year end Balance of
Loan taken from relatives of director is Rs. Nil.
b) The company had no taken loan from any other companies covered in
the register maintained under section 301 of the Companies Act,1956.
And the year end balance of loans taken from such parties was Rs. Nil.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control system commensurate
with the size of the Company and the nature of its business During the
course of our audit we have not observed any continuing failure to
correct major weaknesses in internal control system.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956
a) In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements referred to
in Section 301 of the Companies Act, 1956 have been entered in the
register required to be maintained under that section; and
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from public, and
therefore directives issued by Reserve Bank of India and the provisions
of Section 58A, 58AA or any other relevant provisions of the Act are
not applicable to the Company.
7. In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
8. According to the information and explanations given to us the
Central Government has not prescribed maintenance of Cost Records under
Section 209(1)(d) of the Companies Act, 1956.
9. In respect of statutory dues
a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-Tax, Sales-Tax, Wealth Tax,
Service Tax, Customs Duty, Excise Duty, Cess and other 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 31st March, 2012 for a period
of more than six months from the date of becoming payable Nil.
10. The Company has no accumulated losses and has not incurred any cash
losses during the financial year covered by our audit or in the
immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit / society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) Order 2003 is not applicable to the Company.
14. According to the information and explanations given to us, the
Company is dealing or trading in shares, securities, debentures and
other investments. Accordingly, the provisions of clause 4 (xiv) of the
companies (Auditor''s Report) Order 2003 is applicable to the company.
a) All records regarding transactions and contracts are maintained,
b) Timely entries have been made in such records;
c) All the investments are in the company''s own name.
15. According to the information and explanations given to us the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. According to the information and explanations given to us and based
on our examination of documents and records, the company has not
accepted/taken any fresh term loans during the financial year.
17. According to the information and explanations given to us and on an
overall examinations of the Balance Sheet of the Company, we are of the
opinion of that no funds raised on short term basis have been used for
long term investment.
18. During the year, 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 debentures during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
For Rajaiwala & Associates
Chartered Accountants
Sd/-
(Nazim F.Rajaiwala)
Place : Ahmedabad Proprietor
Date : 22.08.2012 M No : 131829