Mar 31, 2018
Report on the Standalone Ind AS Financial Statements:
We have audited the accompanying standalone financial statements of ARYAMAN FINANCIAL SERVICES LIMITED (âthe Companyâ), which comprise the Standalone Balance Sheet as at 31st March, 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash flows, the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as âStandalone Ind AS Financial Statementsâ).
Managementâs Responsibility for the Standalone Ind AS Financial Statements:
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these Standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance (including other comprehensive income), cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act and relevant rules thereunder.
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 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 Standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility:
Our responsibility is to express an opinion on these Standalone Ind AS financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Standalone Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Standalone Ind AS financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the Standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the Standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances.
An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the Standalone Ind AS 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 Standalone Ind AS financial statements.
Opinion:
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Ind AS financial statements give the information required by the Act, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2018 and its profit (including other comprehensive income), its cash flows and changes in equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements:
As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the âAnnexure Aâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
(c) The Standalone Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income), Statement of Changes in Equity 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 Ind AS financial statements comply with the Ind AS 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, 2018 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018, from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Bâ.
(g) With respect to other matter to be included in the Auditor''s Report in accordance with the 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 REFERRED TO IN PARAGRAPH âREPORT ON OTHER LEGAL AND REGUALTORY REQUIREMENTSâ OF OUR REPORT TO THE MEMBERS OF âTHE COMPANYâFOR THE YEAR ENDED 31st MARCH, 2018
On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of our audit, we state that:
1. a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
b) As explained to us, all the fixed assets have been physically verified by the Management at the year end. In our opinion, the frequency of verification is reasonable, considering the size of the Company and nature of its fixed assets. There were no material discrepancies were noticed on such verification.
c) Based on the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
2. The physical verification of inventory has been conducted at reasonable intervals by the Management during the year. There were no discrepancies noticed with the books of accounts.
3. The Company has not granted any loans, secured or unsecured, to companies, firms, and limited liability partnerships or other parties covered in the register maintained under Section 189 of the Act. Accordingly, the provisions of clause 3(iii) of the Order are not applicable to the Company.
4. In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 185 and I86 of the Companies Act, 2013 In respect of loans, investments, guarantees, and security.
5. No deposits within the meaning of directives issued by RBI (Reserve Bank of India) and Sections 73 to 76 or any other relevant provisions of the Act and rules framed there under have been accepted by the Company.
6. According to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of Section 148 of the Act in respect of Companyâs products/services. Accordingly, the provisions of clause 3(vi) of the Order are not applicable to 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, the Company is generally regular in depositing undisputed statutory dues including income- tax, goods & service tax, sales-tax, service tax, duty of customs, duty of excise, value added tax and other statutory dues applicable to the Company with appropriate authorities. No undisputed amounts in respect of the aforesaid statutory dues were outstanding as at the last day of the financial year for a period of more than six months from the date they became payable.
b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, there are no dues of income tax, goods & service tax, sales tax, service tax, duty of customs, duty of excise and value added tax which have not been deposited on account of any dispute.
8. The Company has not defaulted in repayment of loans or borrowings to banks during the year. The Company has not taken any loans or borrowings from financial institution, government and debenture holders during the year.
9. The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) or term loan during the year. Accordingly, the provisions of clause 3 (ix) of the Order are not applicable to the Company.
10. 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 by or on the Company by its officers or employees, noticed or reported during the year, nor have we been informed of such case by the management.
11. According to the information and explanations given to us and based on examination of records of the Company, managerial remuneration has been paid or provided for during the year is in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V of the Act.
12. In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company. Therefore, the provisions of clause 3(xii) of the Order are not applicable to the Company.
13. 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, all transactions with the related party are in compliance with Section 177 and 188 of the Act and the details have been disclosed as required by the applicable Ind AS in Note 28 to the Standalone Ind AS Financial Statements.
14. The Company has not made preferential allotment or private placement of shares during the year and has complied with the provisions of Section 42 of the Act.
15. Based on the information and explanations given to us, the Company has not entered into any non-cash transactions prescribed under Section 192 of the Act with directors or persons connected with them during the year. Therefore, the provisions of clause 3(xv) of the Order are not applicable to the Company.
16. In our opinion, the Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Therefore, the provisions of clause 3(xvi) of the Order are not applicable to the Company.
Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section 143 of the Act
We have audited the internal financial controls over financial reporting of ARYAMAN FINANCIAL SERVICES LIMITED (âthe Companyâ) as of March 31, 2018 in conjunction with our audit of the Standalone Ind AS Financial Statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing issued by ICAI and deemed to be prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the Standalone Ind AS financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A Company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on âthe internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
FOR V.N. PUROHIT & CO.
Chartered Accountants
Firm Registration No: 304040E
Sd/-
O.P. Pareek
Mumbai Partner
May 30, 2018 Membership No. 014238
Mar 31, 2015
1. We have audited the accompanying financial statements of Aryaman
Financial Services Limited ("the Company"), which comprise the
Balance Sheet as at March 31, 2015, 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
2. The Company's Board of Directors are responsible for the matters
stated in Section 134(5) of the Companies Act, 2013 (Âthe act')
with respect to the preparation of these financial statements that
give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; 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
3. Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included
in the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements, that give
a true and fair view, in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of
expressing an opinion on whether the company has in place an adequate
internal financial control system over financial reporting and the
operating effectiveness of such controls. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by the Company's
Directors, as well as evaluating the overall presentation of the
financial statements
5. 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
6. In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid financial statements give
the information required by the Act in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March 2015, its profit and its cash flows for the year ended
on that date
Report on Other Legal and Regulatory Requirements
7. 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 section143 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 3 and 4 of the
Order.
8. 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 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
applicable 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, and 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 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) As per the best estimates made by the management on the basis of
opinion taken, the Company is of the view that the ongoing litigations
as at the reporting date would not have a material impact on its
financial position;
ii) Based upon the assessment made by the company, there are no
material foreseeable losses on its long term contracts that may
require any provisioning.
iii) In view of there being no amount(s) required to be transferred to
the Investor Education and Protection Fund for the year under audit
the reporting under this clause is not applicable.
Annexure to Auditors' report
Referred to in our report of even date on the accounts of Aryaman
Financial Services Limited. for the year ended on 31st March 2015
(i) a) In our opinion and according to the information and
explanations given to us, the company has maintained proper records
showing full particulars including quantitative details and situation
of fixed assets.
b) There is a phased programme for verification of fixed assets, which
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. According to the information and
explanation given to us, no material discrepancies were noticed on
such verification.
(ii) In our opinion, and according to the information and explanations
given to us, the Company does not carry any Inventory. Hence, the
reporting requirements under clause (ii) of paragraph 3 of the Order
are not applicable to the Company.
(iii) In our opinion, and according to the information and explanation
given to us, the company has not granted any loan, secured or
unsecured to companies, firms or other parties covered in the register
maintained pursuant to section 189 of the Act. Hence, the reporting
requirements under sub-clause (a) and (b) of clause (iii) of paragraph
3 of the order are not applicable.
(iv) In our opinion, and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business, for
purchase of fixed assets and for the sale of services. During the
course of our audit, we have neither observed nor been informed by the
management of any continuing failure to correct major weaknesses in
internal controls.
(v) In our opinion, and according to the information and explanations
given to us, the company has not accepted any deposits during the
period under audit. Consequently, the directives issued by Reserve
Bank of India and the provisions of Sections 73 to 76 of the Act and
the rules framed there under are not applicable.
(vi) We have been informed that the Central Government has not
prescribed maintenance of cost records under Section148(1) of the
companies Act 2013 .
(vii) a) According to the information and explanations given to us and
based on the records of the company examined by us, the company is
regular in depositing the undisputed statutory dues, including
Provident Fund, Employees' State Insurance, Income-tax, Sales-tax,
Service Tax and other material statutory dues, as applicable, with the
appropriate authorities in India;
b) According to the information and explanations given to us, there
are no applicable statutory dues which have not been deposited on
account of any dispute.
c) In view of there being no amount(s) required to be transferred to
the Investor Education and Protection Fund for the year under audit
the reporting under this clause is not applicable.
(viii) The accumulated losses of the company as at the Balance sheet
date are less than fifty percent of its net worth. Further, the
company has not incurred cash losses during the financial year as well
as in the immediately preceding financial year.
(ix) Based upon the audit procedures carried out by us and on the
basis of the information and explanations provided by the management
we are of the opinion that the company has not defaulted in repayment
of dues to banks or financial institutions or debenture holders.
(x) In our opinion, and according to the information and explanations
given to us, the company has not given guarantees for loans taken by
others from banks or financial institutions. Therefore, the reporting
requirements under clause (x) of paragraph 3 of the order are not
applicable to the company.
(xi) In our opinion, and according to the information and explanations
given to us, company has not obtained any term loans. Hence the
reporting requirement under clause(XI) of paragraph 3 of the Order are
not applicable to the company.
(xii) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as
per the information and explanations 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.
For Thakur Vaidyanath Aiyar & Co,
Chartered Accountants
Firm's Regn No. 000038N
Sd/-
C.V. Parameswar
Partner
M. No. 11541
Place: Mumbai,
Date: 29.05.2015
Mar 31, 2014
We have audited the accompanying financial statements of ARYAMAN
FINANCIAL SERVICES LIMITED, which comprise the Balance Sheet as at
March 31, 2014, 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.
ManagementâÂÂs 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 Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditorâÂÂs 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 CompanyâÂÂs
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 Statement of 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 flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (AuditorâÂÂs Report) Order, 2003
(âÂÂthe OrderâÂÂ) 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, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
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.
ANNEXURE TO INDEPENDENT AUDITORS REPORT REFERRED TO IN PARAGRAPH 1
UNDER THE HEADING OF âÂÂREPORT ON OTHER LEGAL AND REGULATORYâ OF
OUR REPORT OF EVEN DATE.
i. In respect of Fixed Assets
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b) As explained to us, the fixed assets have been physically verified
by the management during the year and no material discrepancy was
noticed on such verification.
c) In our opinion, the Company has not disposed off a substantial part
of fixed assets during the year and the going concern status of the
Company is not affected.
ii. In respect of inventories
The company is in the business of providing financial services and in
view of this Para 4 (ii) (a), (b) & (c) of the said Order are not
applicable to the Company.
iii. In respect of loans, secured and unsecured, granted or taken by
the company to or from Companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956 :
a) The Company has not granted any loan to Companies, Firms or other
parties listed in the register maintained under section 301 of The
Companies Act, 1956.
b) In view of our comment in (a) above the clauses 4(iii) (b), (c) and
(d) are not applicable to the Company.
c) The Company has not taken any loan from Companies, Firms or other
parties listed in the register maintained under section 301 of The
Companies Act, 1956.
d) In view of our comment in (c) above the clauses 4(iii)(f), and (g)
are not applicable to the Company.
iv. In our opinion and according to 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
purchase of fixed assets and sale of services. During the course of our
audit we have not observed any continuing failure to correct major
weakness in the aforesaid internal control system.
v. 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 transactions that need to be entered into the register
maintained under Section 301 of the Act, have been so entered.
b) As per the information and explanations given to us, no transactions
of purchase and sales of services have been made in pursuance of
contracts or arrangements entered in the register maintained under
Section 301 of the Companies Act, 1956 aggregating during the year to
Rs 5 Lakhs or more in respect of each party.
vi. As per the information and explanations given to us, the Company
has not accepted any deposits from the public within the meaning of
section 58A and 58AA of the Act and rules framed there under.
vii. In our opinion, the company has an internal audit system, which is
commensurate with the size and nature of its business.
viii. We have been informed that the Central Government has not
prescribed maintenance of cost records under Section 209(1)(d) of the
Companies Act,1956.
ix. In respect of statutory dues
a) The company has been generally regular in depositing undisputed
statutory dues including Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other statutory dues with the appropriate
authorities. According to the information and explanation given to us,
no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March 2014 for a period of more than six months
from the date they became payable.
b) Based on the information made available to us and explanations given
to us, the details of dues which have not been deposited on account of
dispute are given below:
Particulars Assessment Year Forum where Amount
For which the matter dispute is (Rs. In Lakhs)
Pertains to pending
Income Tax 1997-98 CIT (Appeals) 20.10
x. The CompanyâÂÂs accumulated losses at the end of the financial year
are less than fifty percent of its net worth. The Company has not
incurred cash loss in the current financial year.
xi. According to information & explanation given to us, in our opinion,
the term loans availed by the company were, prima facie, applied by the
company for the purpose for which the loans were obtained.
xii. In our opinion and according to the information and explanations
given to us no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debenture & other
securities.
xiii. The Company is not a chit fund or a nidhi / mutual benefit funds
/ society. Therefore Para 4 (xiii) is not applicable to the Company.
xiv. Based on information and explanation given to us, the Company is
not dealing or trading in shares, securities, debentures and other
investments and hence the requirements of para 4 (xiv) of the Order are
not applicable to the Company.
xv. In our opinion and according to the information and explanation
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions.
xvi. According to information & explanation given to us, in our
opinion, term loans availed by the company were, prima facie, applied
by the company for the purpose for which the loans were obtained by the
Company.
xvii. On the basis of an overall examination of the balance sheet of
the Company, in our opinion and according to the information and
explanations given to us, there are no fund raised on a short term
basis which have been used for long term investment.
xviii. The Company has not made preferential allotment of shares during
the year to parties and companies covered in the register maintained
under section 301 of the Companies Act, 1956.
xix. The Company has not issued any debentures during the year and
therefore Para 4 (xix) of the Order is not applicable to the Company.
xx. The Company has not raised any money by way public issue during the
year.
xxi. During the course of our examination of the books and records of
the Company carried out in accordance with generally accepted auditing
practices in India and according to information and explanation given
to us we have neither come across any instance of fraud on or by the
Company during the year, nor have we been informed of such case by the
management.
For Thakur, Vaidyanath Aiyar & Co.
Chartered Accountants
Firm Regn. No. 000038N
Place: - Mumbai (C.V. Parameswar)
Partner
Dated:-May 26, 2014 Membership No.11541
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of ARYAMAN
FINANCIAL SERVICES 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 Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion:
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) in the case of the Statement of 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 flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements:
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
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.
ANNEXURE TO INDEPENDENT AUDITORS REPORT
REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING OF "REPORT ON OTHER LEGAL
AND REGULATORY" OF OUR REPORT OF EVEN DATE.
i. In respect of Fixed Assets
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets
b) As explained to us, the fixed assets have been physically verified
by the management during the year and no material discrepancy was
noticed on such verification.
c) In our opinion, the Company has not disposed off a substantial part
of fixed assets during the year and the going concern status of the
Company is not affected.
ii. In respect of inventories
The company is in the business of providing financial services and in
view of this Para 4 (ii) (a), (b) & (c) of the said Order are not
applicable to the Company.
iii. In respect of loans, secured and unsecured, granted or taken by
the company to / from Companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956:
Based on the audit procedures applied by us and according to the
information and explanations given to us:
a) The Company has granted unsecured loan to one Company listed in the
Register maintained under Section 301 of the Companies Act, 1956. The
maximum amount involved during the year Rs.260.33 lacs and the yearend
balance was Rs.80.55 lacs.
b) As per the information and explanations given to us, rate of
interest and the terms and conditions of the said loans taken are not
prime facie prejudicial to the interest of the Company.
c) As explained to us no amount of principle has become due during the
year.
d) Company has not taken unsecured loan from any Companies listed in
the Register maintained under Section 301 of the Companies Act, 1956.
e) In view of our comment in para 4 (iii) (d) clauses (e) and (f) of
the order are not applicable to the company.
iv. In our opinion and according to 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
purchase of fixed assets and sale of services. During the course of our
audit we have not observed any continuing failure to correct major
weakness in the aforesaid internal control system.
v. 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 transactions that need to be entered into the register
maintained under Section 301 of the Act, have been so entered.
b) As per the information and explanations given to us, no transactions
of purchase and sales of services have been made in pursuance of
contracts or arrangements entered in the register maintained under
Section 301 of the Companies Act,1956 aggregating during the year to Rs.5
lacs or more in respect of each party.
vi. As per the information and explanations given to us, the Company
has not accepted any deposits from the public within the meaning of
section 58A and 58AA of the Act and rules framed there under.
vii. In our opinion, the company has an internal audit system, which is
commensurate with the size and nature of its business.
viii. We have been informed that the Central Government has not
prescribed maintenance of cost records under Section 209(1) (d) of the
Companies Act,1956.
ix. The company has been generally regular in depositing undisputed
statutory dues. There are no undisputed statutory dues payable as at
31.3.13 for a period of more than six months from the date they became
payable.
x. The Company''s accumulated losses at the end of the financial year
are less than fifty percent of its net worth. The Company has not
incurred cash loss in the current financial year.
xi. According to information & explanation given to us, the Company
has not availed any term loan.
xii. In our opinion and according to the information and explanations
given to us no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debenture & other
securities.
xiii. The Company is not a chit fund or a nidhi / mutual benefit funds
/ society. Therefore Para 4 (xiii) is not applicable to the Company.
xiv. In our opinion the Company has maintained proper records of
transactions and contracts relating to dealing in shares, securities,
debentures and other investments during the year and timely entries
have been made therein.
xv. In our opinion and according to the information and explanation
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions.
xvi. The Company has not raised any money by way public issue during
the year.
xvii. On the basis of an overall examination of the balance sheet of
the Company, in our opinion and according to the information and
explanations given to us, there are no fund raised on a short term
basis which has been used for long term investment.
xviii. The Company has not made preferential allotment of shares
during the year to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
xix. The Company has not issued any debentures during the year and
therefore Para 4 (xix) of the Order is not applicable to the Company.
xx. The Company has not raised any money by way public issue during
the year.
xxi. During the course of our examination of the books and records of
the Company carried out in accordance with generally accepted auditing
practices in India and according to information and explanation given
to us we have neither come across any instance of fraud on or by the
Company during the year, nor have we been informed of such case by the
management.
For THAKUR VAIDYANATH AIYAR & CO.
CHARTERED ACCOUNTANTS
Firm Reg. No. 380000N
C V Parameswar
Date: 29.05.2013 Partner
Place: Mumbai M. No. 11541
Mar 31, 2012
We have audited the attached Balance Sheet of ARYAMAN FINANCIAL
SERVICES LTD as at March 31, 2012, the Statement of Profit and Loss for
the year ended March 31, 2012 and the Cash Flow Statement for the year
ended on that date annexed thereto. These Financial Statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these Financial Statements based on our audit.
We have conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
Financial Statements are free of material 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 (as
amended), issued by the Central Government in terms of subsection (4A)
of Section 227 of the Companies Act, 1956, and on the basis of such
checks as we considered appropriate and as per information and
explanations given during the course of our audit, we enclose in the
Annexure a statement on the matter specified in paragraph 4 and 5 of
the said order.
Further to our comments in the Annexure referred to above, we report
that:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) The Balance Sheet, Statement of Profit 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
the Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in subsection (3C) of section 211 of
the Companies Act, 1956; to the extent applicable.
e) On the basis of the written representations received from the
directors, as on March 31, 2012, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2012, from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
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, 2012;
b. In the case of Statement of Profit and Loss, of the Profit for the
year ended on March 31, 2012; and
c. In the case of Cash Flow Statement, of the cash flow for the year
ended on March 31, 2012.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE ON THE
ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2012.
i. In respect of Fixed Assets.
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets. ;
b) As explained to u$, the fixed assets have been physically verified
by the management during the year and no material discrepancy was
noticed on such verification.
ii. In respect of inventories -
The company is in the business of providing financial services and in
view of this Para 4 (ii) (a), (b) & (c) of the said Order are not
applicable to the Company.
iii. In respect of loans, secured and unsecured, granted or taken by
the company to I from Companies, firms or other parties listed in the
register maintained under Section 301 of,the Companies Act, 1956 :
a) the Company has not granted any loan to Companies, Firms or other
parties listed in the register maintained under section 301 of The
Companies Act, 1956. .
b) In view of our comment in (a) above the clauses 4(iii) (b), (c) and
(d) are not applicable to the Company.
c) The Company has not taken loan from Companies, Firms or other
parties listed in the register maintained under section 301 of The
Companies Act, 1956.
d) In view of our comment in (c) above the clauses 4(iii)(f), and (g)
are not applicable to the Company.
iv. In our opinion and according to 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
purchase of fixed assets and sale of services. During the course of our
audit we have not observed any continuing failure to correct major
weakness in the aforesaid internal control system.
v. 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 transactions that , need to be entered into the
register maintained under Section 301 of the Act, have been so entered.
b) As per the information and explanations given to us, no transactions
of purchase and sales of services have been made in pursuance of
contracts or arrangements entered in the register maintained under
Section 301 of the Companies Act, 1956 aggregating during the year to
Rs 5 Lakhs or more in respect of each party.
vi. As per the information and explanations given to us, the Company
has not accepted any deposits from the public within the meaning of
section 58A and 58AA of the Act and rules framed there under.
vii. In our opinion, the company has an internal audit system, which is
commensurate with the size and nature of its business.
viii. We have been informed that the Central Government has not
prescribed maintenance of cost records under Section 209(1 )(d) of the
Companies Act, 1956.
ix. In respect of statutory dues
a) The company has been generally regular in depositing undisputed
statutory dues including Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other statutory dues with the appropriate
authorities. According to the information and explanation given to us,
no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31" March 2012 for a period of more than six months
from the date they became payable.
b) Based on the information made available to us and explanations given
to us, the details of dues which have not been deposited on account of
dispute are given below:
Assessment
year for
Particulars which the
matter Forum where dispute is Amount
(Rs. In Lacs)
pertains to pending
Income Tax 1997-98 CIT (Appeals) 20.10
x. The Company's accumulated losses at the end of the financial year
are less than fifty percent of its net worth. The Company has not
incurred cash loss in the current financial year.
xi. Based on our audit procedures and according to the information and
explanation given to us the Company has not borrowed any money from
financial institutions or banks nor has the Company issued any
debentures.
xii. In our opinion and according to the information and explanations
given to us no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debenture & other
securities.
xiii. The Company is not a chit fund or a nidhi / mutual benefit funds
/ society. Therefore Para 4 (xiii) is not applicable to the Company.
xiv. Based on information and explanation given to us, the Company is
not dealing or trading in shares, securities, debentures and other
investments and hence the requirements of para 4 (xiv) of the Order are
not applicable to the Company.
xv. In our opinion and according to the information and explanation
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions.
xvi. The Company has not raised any term loans during the year.
xvii. On the basis of an overall examination of the balance sheet of
the Company, in our opinion and according to the information and
explanations given to us, there are no fund raised on a short term
basis which have been used for long term investment.
xviii. The Company has not made preferential allotment of shares
during the year to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
xix. The Company has not issued any debentures during the year and
therefore Para 4 (xix) of the Order is not applicable to the Company.
xx. The Company has not raised any money by way public issue during
the year.
xxi. During the course of our examination of the books and records of
the Company carried out in accordance with generally accepted auditing
practices in India and according to information and explanation given
to us we have neither come across any instance of fraud on or by the
Company during the year, nor have we been informed of such case by the
management. ,
For Thakur, Vaidyanath Aiyar & Co.
Chartered Accountants
Firm Regn. No. 000038N
(C.V. Parameswar)
Place: Mumbai Partner
Dated: August 04, 2012 Membership No. 11541
Mar 31, 2011
We have audited the attached Balance Sheet of ARYAMAN FINANCIAL
SERVICES LTD as at March 31, 2011 and the Profit and Loss Account for
the year ended March 31, 2011 and the Cash Flow Statement for the year
ended on that date annexed thereto. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We have conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material 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 as amended
by the Central Government of India in terms of subsection (4A) of
Section 227 of the Companies Act, 1956, and on the basis of such checks
as we considered appropriate and as per information and explanations
given during the course our audit, we enclose in the Annexure a
statement on the matter specified in paragraph 4 and 5 of the said
order.
Further to our comments in the Annexure referred to above, we report
that:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) The Balance Sheet, the Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, the Profit and Loss Account and
the Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
e) On the basis of the written representations received from the
directors, as on March 31, 2011, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2011, from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
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, 2011; and
b. In the case of the Profit and Loss Account, of the profit for the
year ended on March 31, 2011.
c. In the case of the Cash Flow Statement, of the cash flow for the
year ended on March 31, 2011.
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE ON THE
ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2011.
i. In respect of Fixed Assets
a) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b) As explained to us, the fixed assets have been physically verified
by the management during the year and no material discrepancy was
noticed on such verification.
ii. In respect of inventories
The company is in the business of providing financial services and in
view of this Para 4 (ii) (a), (b) & (c) of the said order are not
applicable to the company.
iii. In respect of loans, Secured and unsecured, Granted or taken by
the company to / from Companies, firms or other parties listed in the
register maintained under Section 301 of the companies Act. 1956 :
a) The company has not granted any loan to Companies, Firms or other
parties listed in the register maintained under section 301 of The
Companies Act, 1956.
b) In view of our comment in Para 4 (iii) (a) the clauses (b), (c) and
(d) are not applicable to the company.
c) The company has not taken any loan from Companies, Firms or other
parties listed in the register maintained under section 301 of The
Companies Act, 1956.
d) In view of our comment in Para 4 (iii) (c) the clauses (f) and (g)
are not applicable to the company.
iv. In our opinion and according to 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
purchase of fixed assets and sale of services. During the course of our
audit we have not observed any continuing failure to correct major
weakness in the aforesaid internal control system.
v. 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 transactions that need to be entered into the register
maintained under Section 301 of the Act, have been so entered.
b) As per the information and explanations given to us, there are no
transactions of purchase and sales of services have been made in
pursuance of contracts or arrangements entered in the register
maintained under Section 301 of the companies Act.1956 aggregating
during the year to Rs. 5 Lakhs or more in respect of any party.
vi. As per the information and explanations given to us, the company
has not accepted any deposits from the public within the meaning of
Section 58A and 58AA of the Act and rules framed there under.
vii. In our opinion, the company has an internal audit system, which is
commensurate with the size and nature of its business.
viii. We have been informed that the central government has not
prescribed maintenance of cost records under Section 209(1)(d) of the
Companies Act,1956.
ix. In respect of statutory dues
a) The company has been generally regular in depositing undisputed
statutory dues including Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other statutory dues with the
appropriate authorities. According to the information and explanation
given to us, no undisputed amounts payable in respect of the aforesaid
dues were outstanding as at 31st March, 2011 for a period of more than
six months from the date they became payable except statutory dues
aggregating of Rs. 21,02,364/-.
b) Based on the information made available to us and explanation given
to us, the details of dues which have not been deposited on account of
dispute are given below :
Particulars Assessment year Forum where dispute is Amount
for which the pending (Rs. In
matter pertains Lacs)
to
Income Tax 1997 - 98 CIT (Appeals) 20.10
x. The Company's accumulated losses at the end of the financial year
are less than fifty percent of its
net worth. The Company has not incurred cash loss in the current
financial year.
xi. 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 repayments of dues to the financial institution, banks or
debenture holders.
xii. In our opinion and according to the information and explanations
given to us no loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debenture & other
securities.
xiii. The company is not a chit fund or a nidhi / mutual benefit funds
/ society. Therefore Para 4 (xiii) is not applicable to the company.
xiv. Based on information and explanation given to us, the company is
not dealing or trading in shares, securities, debentures and other
investments and hence the requirements of Para 4 (xiv) of the order are
not applicable to the company.
xv. In our opinion and according to the information & explanation given
to us, the company has not given any guarantee for loans taken by
others from banks or financial institutions.
xvi. The company has not raised any term loans during the year.
xvii. On the basis of overall examination of balance sheet of the
company, in our opinion and according to the information and
explanation given to us, there are no fund raised on a short term basis
which has been used for long term investment.
xviii. The company has not made preferential allotment of shares
during the year to parties and companies covered in the register
maintained under section 301 of the companies Act, 1956.
xix. The company has not issued any debentures during the year and
therefore Para 4 (xix) of the order is not applicable to the company.
xx. The company has not raised any money by way public issue during
the year.
xxi. During the course of our examination of the books and records of
the company carried out in accordance with generally accepted auditing
practices in India and according to information and explanation given
to us we have neither come across any instance of fraud on or by the
company during the year, nor have we been informed of such case by the
management.
For Thakur, Vaidyanath Aiyar & Co.
Chartered Accountants
Firm Regn.No.000038N
(C. V. Parameswar)
Place: Mumbai Partner
Dated: August 24, 2011 Membership No. 11541
Mar 31, 2010
We have audited the attached Balance Sheet of ARYAMAN FINANCIAL
SERVICES LTD as at March 31, 2010 and the Profit and Loss Account for
the year ended March 31, 2010 and the Cash Flow Statement for the
period 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 have conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material 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 as amended
by the Central Government of India in terms of subsection (4A) of
Section 227 of the Companies Act, 1956, and on the basis of such checks
as we considered appropriate and as per information and explanations
given during the course our audit, we enclose in the Annexure a
statement on the matter specified in paragraph 4 and 5 of the said
order.
Further to our comments in the Annexure referred to above, we report
that:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) The Balance Sheet, the Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, the Profit and Loss Account and
the Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
e) On the basis of the written representations received from the
directors, as on March 31, 2010, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2010, from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
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, 2010; and
b. In the case of the Profit and Loss Account, of the profit for the
period ended on March 31, 2010.
c. In the case of the Cash Flow Statement, of the cash flow for the
period ended on March 31, 2010.
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE ON THE
ACCOUNTS FOR THE PERIOD ENDED MARCH 31, 2010.
i. In respect of Fixed Assets
a) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b) As explained to us, the fixed assets have been physically verified
by the management during the year and no material discrepancy was
noticed on such verification.
ii. In respect of inventories
The company is in the business of providing financial services and in
view of this Para 4 (ii) (a), (b) & (c) of the said order are not
applicable to the company.
iii. In respect of loans, Secured and unsecured, Granted or taken by
the company to / from Companies, firms or other parties listed in the
register maintained under Section 301 of the companies Act. 1956 :
a) The company has not granted any loan to Companies, Firms or other
parties listed in the register maintained under section 301 of The
Companies Act, 1956.
b) In view of our comment in Para 4 (iii) (a) the clauses (b), (c) and
(d) are not applicable to the company.
e) The company has not taken any loan from Companies, Firms or other
parties listed in the register maintained under section 301 of The
Companies Act, 1956.
f) In view of our comment in Para 4 (iii) (c) the clauses (f) and (g)
are not applicable to the company.
iv. In our opinion and according to 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
purchase of fixed assets and sale of services. During the course of our
audit we have not observed any continuing failure to correct major
weakness in the aforesaid internal control system.
v. 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 transactions that need to be entered into the register
maintained under Section 301 of the Act, have been so entered.
b) As per the information and explanations given to us, there are no
transactions of purchase and sales of services have been made in
pursuance of contracts or arrangements entered in the register
maintained under Section 301 of the companies Act.1956 aggregating
during the year to Rs. 5 Lakhs or more in respect of each party.
vi. As per the information and explanations given to us, the company
has not accepted any deposits from the public within the meaning of
Section 58A and 58AA of the Act and rules framed there under.
vii. In our opinion, the company has an internal audit system, which is
commensurate with the size and nature of its business.
viii. We have been informed that the central government has not
prescribed maintenance of cost records under Section 209(1)(d) of the
Companies Act,1956.
ix. In respect of statutory dues
a) The company has been generally regular in depositing undisputed
statutory dues including Provident fund, Investors education and
Protection fund, Employees state insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other
statutory dues with the appropriate authorities. According to the
information and explanation given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31st March,
2010 for a period of more than six months from the date they became
payable except Income Tax (TDS Payable) of Rs. 24,047/- and Fringe
Benefit Tax of Rs. 24,272/- and Service Tax Rs. 16,16,112/-.
b) Based on the information made available to us and explanation given
to us, the details of dues which have not been deposited on account of
dispute are given below :
Assessment year
for which Forum where dispute is Amount
particulars the matter
pertajns to pending (Rs In Lacs)
Income Tax 1997-98 CIT (Appeals) 20.10
x. The Companys accumulated losses at the end of the financial year
are less than fifty percent of its net worth. The Company has not
incurred cash loss in the current financial year but has incurred cash
loss in the immediately preceding financial year.
xi. 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 repayments of dues to the financial institution, banks or
debenture holders.
xii. In our opinion and according to the information and explanations
given to us no loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debenture & other
securities.
xiii. The company is not a chit fund or a nidhi / mutual benefit funds
/ society. Therefore para 4 (xiii) is not applicable to the company.
xiv. Based on information and explanation given to us, the company is
not dealing or trading in shares, securities, debentures and other
investments and hence the requirements of para 4 (xiv) of the order are
not applicable to the company.
xv. In our opinion and according to the information & explanation given
to us, the company has not given any guarantee for loans taken by
others from banks or financial institutions.
xvi. The company has not raised any term loans during the year.
xvii. On the basis of our examination of balance sheet it appears that
the funds raised on short term basis are not used for long term
investment basis and vice versa.
xviii. The company has made preferential allotment of shares during
the year to parties and companies covered in the register maintained
under section 301 of the companies Act, 1956.
xix. The company has not issued any debentures during the year and
therefore para 4 (xix) of the order is not applicable to the company.
xx. The company has not raised any money by way public issue during the
year.
xxi. During the course of our examination of the books and records of
the company carried out in accordance with generally accepted auditing
practices in India and according to information and explanation given
to us we have neither come across any instance of fraud on or by the
company during the year, nor have we been informed of such case by the
management.
For Thakur Vaidyanath Aiyar & Co.
Chartered Accountants
Firm Regn. No. 000038N
Place: Mumbai (C.V. Parameswar)
Dated : August 25,2010 Partner
M. No. 11541