Mar 31, 2014
1. We have audited the accompanying financial statements of ASEEM
GLOBAL LIMITED ("the Company"), which comprises the Balance Sheet as at
March 31, 2014 and the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements -
2. The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in 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
3. 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.
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 control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances but not for the purpose of expressing an opinion on the
effectiveness of the entity''s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by management, as well
as evaluating the overall presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
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:-
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 Statement of Profit and Loss, of the Profit of the
Company for the year ended on that date; and .
c) In the case of Cash Flow Statement, of the 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, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act 1956 (the Act), we
give in the Annexure a statement on the matters specified in paragraphs
4 and 5 of the Order.
8. 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 purposes of our
audit;
b) In our opinion, proper books of account as required by law have been
kept by the Compan y, so far as appears from our examination of those
books;
c) The Balance Sheet, Statement of Profit & 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 & Loss, and
Cash Flow Statement comply with the Accounting- Standards, referred to
in sub section (3C) of Section 211 of the Act; &
e) On the basis of the written representations received from the
Directors as on 31 March, 2014, and taken on record by the Board of
Directors, none of the Directors is disqualified as on 31 March, 2014
from being appointed as a Director in terms of Clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in paragraph 7 under the heading "Report on Other Legal &
Regulatory Requirements" of the Independent Auditor''s report of even
date to the matters of ASEEM GLOBAL LIMITED ("the Company") on the
financial statements for the year ended March 31, 2014.
i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As per the information and explanation given to us, physical
verification of fixed assets has been carried out by the Management
during the year and no discrepancy was noticed on such verification.
(c) During the year the Company has not disposed off any substantial/
major part of fixed assets.
ii) (a) As per the information furnished, the inventories have been
physically verified during the year by the
management. In our opinion, having regard to the nature and location of
stock, the frequency of the physical verification is reasonable. -
(b) In our opinion and according to the information and explanations
given to us, procedures of physical verification of inventory followed
by the management are reasonable and adequate in relation to the size
of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. In our
opinion, no major discrepancy was noticed on physical verification of
the said stocks.
iii) In The Company has not granted any loans secured or unsecured to
companies, firms or the other parties covered in the register
maintained under section 301 of the Act. Therefore, the provisions of
paragraph 4(iii)(b), (c) & (d) are not applicable.
(b) The Company has taken unsecured loan from two promoters and also
three relatives of promoters covered in the register maintained under
Section 301 of the Companies Act, 1956. The maximum amount involved
during the year was Rs. 155.45 lakhs and the year end balance of
loans taken from such party was Rs. 145.07 lakhs. In our opinion,
the rate of interest and other terms and conditions on which loans
have been taken from company, listed in the register maintained
under section 301 of the Companies Act, 1956 are not prima facie,
prejudicial '' to the interest of the Company, further, the company
is regular in repaying the principal amounts as stipulated and
has been regular in the payment of interest.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business with regard
to purchase of inventory, investments and fixed assets and for the sale
of goods. During the course of our audit, we have not observed any
major weakness in the aforesaid internal controls systems.
v} (a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transaction that needed to be entered into the
register maintained under Section 301 of the Companies Act, 1956 have
been so entered.
(b) in our opinion and according to the information and explanations
given to us, there was no transaction in pursuance of contracts or
arrangements under section 301 of the Companies Act, 1956 and exceeding
the value of rupees five Lakhs in respect of any party during the year
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant times and wherever
comparatives are available.
vi) In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of Sections
58-A & 58-AA and other relevant provisions of the Act and the Companies
(Acceptance of Deposits) Rules, 1975 with regard to the deposits
accepted from the public. No order has been passed by the Company Law
Board or National Company Law Tribunal or Reserve Bank of India or any
court or any other Tribunal, on the Company in respect of deposits
accepted.
vii) In our opinion, the internal audit functions carried out during
the year by an external agency appointed by he Management have been
commensurate with the size and nature of the business of the Company.
viii) The Central Government has not prescribed maintenance of the cost
records under section 209(l)(d) of the Companies Act, 1956 for the type
of business in which the Company is engaged in.
ix) (a) According to the information''s and explanations given to us and
records examined by us, the company is generally regular in depositing
with appropriate authorities undisputed statutory dues including income
tax , wealth tax, service tax, cess and other statutory dues wherever applicable. According to the information and explanations given to us,
no undisputed arrears of statutory dues were outstanding as at 31st
March, 2014 for a period of more than six months from the date they
became payable.
(b) According to the records of the Company, there were no dues of
income-tax, wealth-tax, service tax, cess which have not been deposited
on account of disputes, except the following for which necessary
details are given hereunder:
Name of the Nature of Dues Amount Period to which
Statute in Rs it Relates
Income Tax Income Tax on account of 9,407 Assessment year
Act, 1961 Disallowance of deduction u/s 2002-03
80 HHC & Income Tax on account
of Disallowance of expenses
Delhi Value Disallowance of VAT Input 3,13,161 Financial year
Added Tax credit on revised filing of 2008-09
monthly return. Input VAT
credit was inadvertently not
claimed in the original return.
Rajasthan Imposition of penalty by VAT 5,36,122 Financial year
Value Added officers on the ground of 2009-10
Tax incomplete documents with
the motor lorry carrying the
goods.
Name of the States Forum where the Dispute is pending
Income Tax Act 1961 The Appeal has been decided in company''s
favour. Rectification is pending.
Delhi Value Added Tax Value Added Tax Demand under Appeal with Add.
Comm., Special Zone, Department of Trade &
Taxes, Delhi
Rajasthan Value Added Value Added Tax Demand under Appeal with
Rajasthan Tax Board, Ajmer
x) There are no accumulated losses of the Company as on 31st March
2014. The company has not incurred cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.
xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of duestb Bank.
xii} Based on our examination of the records and the information and
explanations given to us, the Company has not granted loans and/ or
advances on the basis of security by way of pledge of shares,
debentures and other securities.
xiii) Clause (xiii) of the Order is not applicable to the Company as
the company is not a Chit Fund Company or Nidhi /mutual benefit fund/
society.
xiv) On the basis of our examination of the Company''s records, we are
of opinion that the Company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, paragraph 4
(xiv) of the Order is not applicable.
xv) According to the information and explanations given to us, Company
has not given any guarantees for loans taken by others from bank or
financial institutions.
xvi) According to the information and explanations given to us and
records examined by us, the term loans have generally been applied for
the purpose for which they were raised.
xvii) According to the information and explanations given to us and on
an overall examination of Balance Sheet of the Company, we report that
no funds raised on short term basis have been used for long term
investment.
xviii) The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
xix) According to information and explanations given to us, during the
period covered by our audit report, the company has not issued any
debenture.
xx) The Company has not raised any money by public issues during the
year covered by our report.
xxi) Based upon the audit procedures performed and as per the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
PLACE: NEW DELHI For K. N. GUTGUTIA & COMPANY
DATE: May 30, 2014 CHARTERED ACCOUNTANTS
FRN:304153E
Sd/
(B. R. GOYAL)
Partner
M. No: 012172
Mar 31, 2013
Report on the Financial Statements
1. We have audited the accompanying financial statement of ASEEM
GLOBAL LIMITED ("the Company"), which comprises the Balance Sheet as at
March 31, 2013 and the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, andasummaryof significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
2. Management is responsible for the preparation of these financial
statements thatgive 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
3. 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.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the 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
the accounting policies used and the reasonableness of the accounting
estimates made by the Management, 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.
Opinion
6. In our opinion and to the best of our information and according to
the explanations given to us, 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 31,2013;
b) In the case of Statement of Profit and Loss, of the Profit of the
Company for the year ended on that date; and
c) In the case of Cash Flow Statement, of the Cash Flows of the Company
for the year ended on that date.
Report on Other Legal and Regulatory Requirements *
7. 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 Companies Act 1956 (the Act), we
give in the Annexure a statement on the matters specified in paragraphs
4 and 5 of the Order.
8. 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 forthe 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 appears from our examination of those
books; ,
c) The Balance Sheet, Statement of Profit & 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 & Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of Section 211 of the Act; &
e) On the basis of the 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;
(Referred to paragraph 7 under ''Report on Other Legal and Regulatory
Requirements'' section of our report of even date)
i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As per the information and explanation given to us, physical
verification of fixed assets has been carried out by the Management
during the year and no discrepancy was noticed on such verification.
(c) During the year the Company has not disposed off any substantial/
major part of fixed assets.
ii) (a) As per the information furnished, the inventories have been
physically verified during the year by the management. In our opinion,
having regard to the nature and location of stock, the frequency of the
physical verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, procedures of physical verification of inventory followed
by the management are reasonable and adequate in relation to the size
of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. In our
opinion, no major discrepancy was noticed on physical verification of
the said stocks.
iii) (a) The Company has not granted any loans secured or unsecured to
companies, firms or the other parties covered in the register
maintained under section 301 of the Act. Therefore, the provisions of
paragraph 4(iii)(b), (c) & (d) are not applicable.
(b) The Company has taken unsecured loan from one company and also from
three promoters covered in the register maintained under Section 301of
the Companies Act, 1956. The maximum amount involved during the year
was Rs. 34.39 lakhs and the year-end balance of loans taken from such
party was Rs. 34.94 lakhs. In our opinion, the rate of interest and other
terms and conditions on which loans have been taken from company,
listed in the register maintained under section 301 of the Companies
Act, 1956 are not prima facie, prejudicial to the interest of the
Company. Further, the company is regular in repaying the principal
amounts as stipulated and has been regular in the payment of interest.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business with regard
to purchase of inventory, investments and fixed assets and for the sale
of goods. During the course of our audit, we have not observed any
major weakness in the aforesaid internal controls systems.
v) (a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transaction that needed to be entered into the
register maintained under Section 301 of the Companies Act, 1956 have
been so entered.
(b) In our opinion and according to the information and explanations
given to us, there was no transaction in pursuance of contracts or
arrangements under section 301 of the Companies Act, 1956 and exceeding
the value of rupees five Lakhs in respect of any party during the year
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant times and wherever
comparatives are available.
vi) In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of Sections
58-A & 58-AA and other relevant provisions of the Act and the Companies
(Acceptance of Deposits) Rules, 1975 with regard to the deposits
accepted from the public. No order has been passed by the Company Law
Board or National Company Law Tribunal or Reserve Bank of India or any
court or any other Tribunal, on the Company in respect of deposits
accepted.
vii) In our opinion, the internal audit functions carried out during
the year by an external agency appointed by the Management have been
commensurate with the size of the Company and the nature of its
business.
viii) The Central Government has not prescribed maintenance of the cost
records under section 209(l)(d) of the Companies Act, 1956 for the type
of business in which the Company is engaged in.
ix) (a) According to the information''s and explanations given to us and
records examined by us, the company is generally regular in depositing
with appropriate authorities undisputed statutory dues including income
tax , wealth tax, service tax, cess and other statutory dues wherever
applicable. According to the information and explanations given to us,
no undisputed arrears of statutory dues were outstanding as at March
31, 2013 for a period of more than six months from the date they became
payable.
(b) According to the records of the Company, there were no dues of
income-tax, wealth-tax, service tax, cess which have not been deposited
on account of disputes, except thefollowingfor which necessary details
are given hereunder:-
Name of Nature of Dues Amount Period to Forum where the
Dispute is
the
Statute which it pending
relates
Income Tax Income Tax on
account of Rs.9,407 Assessment The Appeal has
been decided in
Act, 1961 Disallowance
of deduction year 2002- company''s favour.
Rectification
u/s 80 HHC &
Income Tax on 03 is pending. ,
account of
Disallowance
of expenses
Delhi
Value Disallowance
of VAT Input Rs.3,13,161 Financial Value Added
Tax Demand
Added Tax credit on
revised
filing of year 2008- under Appeal
with Add.
monthly
return.
Input VAT 09 Comm., Special
Zone,
credit was
inadver
tently not Department of
Trade & Taxes,
claimed in
the original Delhi
return.
Rajasthan Imposition
of penalty
by Rs.5,36,122 Financial Value Added Tax
Demand
Value VAT officers
on the ground year 2009- under Appeal with
Rajasthan
Added Tax of incomplete
documents 10 Tax Board, Ajmer
with the motor
lorry carrying
the goods.
Uttar Imposition of
penalty by Rs.9,85,300 Financial Value Added Tax
Penalty
Pradesh VAT officers
on the ground year 2012- Demand under Appeal
with
Value non-deposit
of tax due
till 13 ACIT, Noida and
the appeal
Added
Tax the date on
which notice
of order has been
passed in
demand was
served on
the favour of the
assesse on April 2,
assesse. 2013
Uttar Imposition of
penalty by Rs.2,13,922 Financial Value Added Tax
Penalty
Pradesh VAT officers
on the ground year 2012- Demand under
Appeal with
Value non-deposit
of tax due
till 13 ACIT, Noida and
the appeal
Added Tax the date on
which notice
of order has been
passed in
demand was
served on the favour of the
assesse on April 2,
assesse. 2013
x) There are no accumulated losses of the Company as on March 31, 2013.
The company has not incurred cash losses during the financial year
covered by our audit and in the immediately preceding financial year.
xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
Bank.
xii) Based on our examination of the records and the information and
explanations given to us, the Company has not granted loans and/ or
advances on the basis of security by way of pledge of shares,
debentures and other securities.
xiii) Clause (xiii) of the Order is not applicable to the Company as
the company is not a Chit Fund Company or Nidhi /mutual benefit
fund/society.
xiv) On the basis of our examination of the Company''s records, we are
of opinion that the Company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, paragraph 4
(xiv) of the Order is not applicable.
xv) According to the information and explanations given to us, Company
has not given any guarantees for loans taken by others from bank
orfinancial institutions.
xvi) According to the information and explanations given to us and
records examined by us, the term loans have generally been applied for
the purpose for which they were raised.
xvii) According to the information and explanations given to us and on
an overall examination of Balance Sheet of the Company, we report that
no funds raised on short term basis have been used for long term
investment.
xviii) The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
xix) According to information and explanations given to us, during the
period covered by our audit report, the company has not issued any
debenture.
xx) The Company has not raised any money by public issues during the
year covered by our report.
xxi) Based upon the audit procedures performed and as per the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
For K. N. GUTGUTIA & COMPANY
CHARTERED ACCOUNTANTS
FRN: 304153E
PLACE: NEW DELHI Sd/-
(B. R. GOYAL)
DATE: May 25,2013 Partner
M. No:012172
Mar 31, 2012
1. We have audited the attached Balance Sheet of ASEEM GLOBAL LTD. as
at 31st March, 2012, the related Statement of Profit and Loss for the
year ended on that date annexed thereto, and the Cash Flow Statement of
the Company for the year ended on that date, which we have signed under
reference to this report. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally acce pted 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.
3. As required by the Companies (Auditors' Report) Order, 2003 issued
by the Central Government in terms of Section 227 (4A) of the Companies
Act, 1956, and on the basis of such checks as considered appropriate
and according to the information and explanation given to us during the
course of our audit, we enclose in the Annexure here to a statement on
the matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments mentioned in the Annexure refer red to in
above paragraph 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 account as required by law have been
kept by the Company so far as appears from our examination of the books
of the Company;
c) The Balance Sheet, Statement of Profit and Loss and the Cash Flow
Statement dealt with by the report are in agreement with the Books of
Account of the Company;
d) In our opinion, the Statement of Profit & Loss , Balance Sheet and
Cash Flow Statement comply with the mandatory Accounting Standards
referred to in Sub Section 3 (c) of Section 211 of the Companies Act,
1956;
e) According to the information and explanation given to us and on the
basis of written representations received from the Directors as on 31st
March, 2012, of the Company and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March, 2012, from being appointed as a Director in terms of clause
(g) of Sub Section (1) of Section 274 of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the financial statement read with the
Accounting Policies and Notes to the 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:
(i) In the case of the Balance Sheet, of the state of affairs of t he
company as at 31st March 2012.
(ii) In the case of the Statement of Profit and Loss, of the Profit of
the Company for the year ended on that date;
and
(iii) In the case of the Cash flow statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT Referred to in paragraph 3 of our
report of even date.
I) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As per the information and explanation given to us, physical
verification of fixed assets has been carried out by the Management
during the year and no discrepancy was noticed on such verification.
(c) During the year the Company has not disposed off any substantial/
major part of fixed assets.
ii) (a) As per the information furnished, the inventories have been
physically verified during the year by themanagement . In our opinion,
having regard to the nature and location of stock, the frequency of the
physical verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, procedures of physical verification of inventory followed
by the management are reasonable and adequate in relation to the size
of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. In our
opinion, no major discrepancy was noticed on physical verification of
the said stocks.
iii) (a) The Company has not granted any loans secured or unsecured to
companies, firms or the other parties covered in the register
maintained under section 301 of the Act. Therefore, the provisions of
paragraph 4(iii)(b), (c) & (d) arenot applicable.
(b) The Company has taken unsecured loan from one company and also from
three promoters covered in the register maintained under Section 301of
the Companies Act, 1956. The maximum amount involved during the year
was Rs. 134.67 lakhs and the year-end balance of loans taken from such
party was Rs. 30.92 lakhs. In our opinion, the rate of interest and other
terms and conditions on which loans have been taken from company,
listed in the register maintained under section 301 of the Companies
Act, 19 56 are not prima facie, prejudicial to the interest of the
Company. Further, the company is regular in repaying the principal
amounts as stipulated and has been regular in the payment of interest.
iv) In our opinion and according to the informatioand explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business with regard
to purchase of inventory, investments and fixed assets and for the sale
of goods. During the cour se of our audit, we have not observed any
major weakness in the aforesaid internal controls systems.
v) (a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transaction that needed to be entered into the
register maintained under Section 301 of the Companies Act, 1956 have
been so entered.
(b) In our opinion and according to the information and explanations
given to us, there was no transaction in pursuance of contracts or
arrangements under section 301 of the Companies Act, 1956 and exceeding
the value of rupees five Lakhs in respect of any party during the year
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant times and wherever
comparatives are available.
vi) In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of Sections
58 -A & 58 -AA and other relevant provisions of the Act and the
Companies (Acceptance of Deposits) Rules, 1975 with regard to the
deposits accepted from the public. No order has been passed by the
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any court or any other Tribunal, on the Company in respect of
deposits accepted.
vii) In our opinion and according to information given, the company has
adequate internal audit system commensurate with the size and nature of
the business of the Company.
viii) The Central Governme nt has not prescribed maintenance of the
cost records under section 209(1)(d) of the Companies Act, 1956 for the
type of business in which the Company is engaged in.
ix) (a) According to the information's and explanations given to us and
records examined by us , the company is generally regular in depositing
with appropriate authorities undisputed statutory dues including income
tax , wealth tax, service tax, cess and other statutory dues wherever
applicable. According to the information and expla nations given to us,
no undisputed arrears of statutory dues were outstanding as at 31st
March, 2012 for a period of more than six months from the date they
became payable.
(b) According to the records of the Company, there were no dues of
income -tax, wealth-tax, service tax, cess which have not been
deposited on account of disputes, except the following for which
necessary details are given hereunder: -
Name of the
Statute Nature of Dues Amount
Income Tax Act, 1961 Income Tax on account of Rs. 9407
Disallowance of deduction
u/s 80 HHC & Income Tax
on account of
Disallowance of expenses
Delhi Value Added Disallowance of VAT Input Rs.3 13 161
Tax credit on revised filing of
monthly return. Input VAT
credit was inadvertently
not claimed in the original
return.
Rajasthan Value Imposition of penalty by Rs. 5 36 122
Added Tax VAT officers on the ground
of incomplete documents
with the motor lorry
carrying the goods.
Name of the Sttaue Period to which Forum where the Dispute is
it relates pending
Income Tax Act, 1961 Assessment year The Appeal has been decided
2002-03 in Company's favour.
Rectification is pending.
Delhi Value Added
Tax Financial year Value Added Tax Demand
2008-09 under Appeal with Add.
Comm., Special Zone,
Department of Trade & Taxes,
Delhi
Rajasthan Value
Added Tax Financial year Value Added Tax Demand
2009-10 under Appeal with Rajasthan
Tax Board, Ajmer
x) There are no accumulated losses of the Company as on 31st March,
2012. The Company has not incurred cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.
xi) In our opinio n and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
Bank.
xii) Based on our examination of the records and the information and
explanations given to us, the Company has not granted loans and/ or
advances on the basis of security by way of pledge of shares,
debentures and other securities.
xiii) Clause (xiii) of the Order is not applicable to the Company as
the company is not a Chit Fund Company or Nidhi /mutual benefit fund/
society.
xiv) On the basis of our examination of the Company's records, we are
of opinion that the Company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, paragraph 4
(xiv) of the Order is not applicable.
xv) According to the information and explanations given to us, Company
has not given any guarantees for loans taken by others from bank or
financial institutions.
xvi) According to the information and explanations given to us and
records examined by us, the term loans have generally been applied for
the purpose for which they were raised.
xvii) According to the information and explanations given to us and on
an overall examination of Balance Sheet of the Company, we report that
no funds raised on short term basis hav e been used for long term
investment.
xviii) The Company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
xix) According to information and explanations given to us , during the
period covered by our audit report, the Company has not issued any
debenture.
xx) The Company has not raised any money by public issues during the
year covered by our report.
xxi) Based upon the audit procedures performed and as per the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
For K.N. GUTGUTIA & COMPANY
CHARTERED ACCOUNTANTS
ICAI Firm Registration no: 304153E
Sd/-
(B.R. GOYAL)
Date : 14th August, 2012 PARTNER
Place: Delhi Membership No. 12172
Mar 31, 2011
1. We have audited the attached Balance Sheet of ASEEM GLOBAL LTD. as
at 31st March 2011, the related Profit and Loss Account for the year
ended on that date annexed there to, and the Cash Flow Statement of the
company for the year ended on that date, which we have signed under
reference to this report. These financial statements are the
responsibility of the Companys management . Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free 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.
3. As required by the Companies (Auditors Report) Order, 2003
issued by the Central Government in terms of Section 227 (4A) of the
Companies Act, 1956, and on the basis of such checks as considered
appropriate and according to the information and explanation given to
us during the course of our audit, we enclose in the Annexure hereto a
statement on the matters specified in paragraphs 4 a nd 5 of the said
Order.
4. Further to our comments mentioned in the Annexure referred to in
above paragraph 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 o ur opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of the books
of the Company;
c) The Balance Sheet, Profit and Loss Account and the Cash Flow
Statement dealt with by the report are in agreement with the Books of
Account of the Company;
d) In our opinion, the Profit & Loss Account, Balance Sheet and Cash
Flow Statement comply with the mandatory Accounting Standards referred
to in Sub-Section 3 (c) of Section 211 of the Companies Act, 1956;
e) According to the information and explanation given to us and on the
basis of written representations received from the Directors as on 31st
March 2011, of the Company and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March 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; read with the
Accounting Policies and Notes to the 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:
(i) In the case of the Balance Sheet, of the state of affairs of the
company as at 31st March 2011.
(ii) In the case of the Profit and Loss Account, of the Profit of the
Company for the year ended on that date;
and
(iii) In the case of the Cash flow statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT Re: ASEEM GLOBAL LIMITED (FORMERLY
(GUNJA INTERNATIONAL LIMITED)
Referred to in paragraph 3 of our report of even date.
i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As per the information and explanation given to us, physical
verification of fixed assets has been carried out by the Management
during the year and no discrepancy was noticed on such verification.
(c) During the year the Company has not disposed off any substantial/
major part of fixed assets.
ii) (a) As per the information furnished, the inventories have been
physically verified during the year by the management . In our opinion,
having regard to the nature and location of stock, the frequency of the
physical verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, procedures of physical verification of inventory followed
by the management are reasonable and adequate in relation to the size
of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. In our
opinion, no major discrepancy was noticed on physical verification of
the said stocks.
iii) The Company has not granted any loans secured or unsecured to
companies, firms or the other parties covered in the register
maintained under section 301 of the Act. Therefore, the provisions of
paragraph 4(iii)(b), (c) & (d) are not applicable. The Company has
taken unsecured loan from one company and also from three promoters
covered in the register maintained under Section 301of the Companies
Act, 1956. The maximum amount involved during the year was Rs. 97 79
lakhs and the yearend balance of loans taken from such party was Rs.
95.16 lakhs. In our opinion, the rate of interest and other terms and
conditions on which loans have been taken from company, listed in the
register maintained under section 301 of the Companies Act, 1956 are
not prima facie, prejudicial to the interest of the Company. Further,
the company is regular in repaying the principal amounts as stipulated
and has been regular in the payment of interest.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business with regard
to purchase of inventory, investments and fixed assets and for the sale
of goods. During the course of our audit, we have not observed any
major weakness in the aforesaid internal controls systems.
v) (a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transaction that needed to be entered into the
register maintained under Section 301 of the Companies Act, 1956 have
been so entered.
(b) In our opinion and according to the information and explanations
given to us, there was no transaction in pursuance of contracts or
arrangements under section 301 of the Companies Act, 1956 and exceeding
the value of rupees five Lakhs in respect of any party during the year
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant times and wherever
comparatives are available.
vi) In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of Sections
58-A & 58 -AA and other relevant provisions of the Act and the
Companies (Acceptance of Deposits) Rules, 1975 with regard to the
deposits accepted from the public. No order has been passed by the
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any court or any other Tribunal, on the Company in respect of
deposits accepted.
vii) In our opinion and according to information given, the company has
adequate internal audit system commensurate with the size and nature of
the business of the Company.
viii) The Central Government has not prescribed maintenance of the cost
records under section 209(1)(d) of the Companies Act, 1956.
ix) (a) According to the informations and explanations given to us
and records examined by us , the company is generally regular in
depositing with appropriate authorities undisputed statutory dues
including income tax , wealth tax, service tax, cess and other
statutory dues wherever applicable. According to the information and
explanations given to us, no undisputed arrears of statutory dues were
outstanding as at 31st March, 2011 for a period of more than six months
from the date they became payable.
(b) According to the records of the Company, there were no dues of
income-tax, wealth- tax, servic e tax, cess which have not been
deposited on account of disputes, except the following for which
necessary details are given hereunder:
Name of the Nature of Dues Amount
Statute
Income Tax Income Tax on account of Rs. 9407
Act, 1961 Disallowance of deduction
u/s 80 HHC & Income Tax on account
of Disallowance of expenses
Delhi Value Disallowance of VAT Rs. 3,13,161
Added Tax Input credit on revised filing of
monthly return. Input VAT credit
was inadvertently not claimed
in the original return.
Rajasthan Imposition of penalty by Rs. 5,36,122
Value Added VAT officers on the
Tax ground of incomplete documents with
the motor lorry carrying the goods.
Name of the Period to which Forum where
Statute it relates Dispute is pendii
Income Tax Act,1961 Assessment year The Appeal has been
2002-03 decided in companys
favour. Rectifications is
pending.
Delhi Value Added Tax Financial year Value added Tax
2008-09 Demand under Appeal with
Add. Comm., Special Zone,
Department of Trade &
Taxes Delhi
Rajasthan Value
Added Tax Financial year Value added Tax
2009-10 Demand under Appeal with
Rajasthan Tax Board, Ajmer
x) There are no accumulated losses of the Company as on 31 st March
2011. The company has not incurred cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.
xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
Bank.
xii) Based on our examination of the records and the information and
explanations given to us, the Company has not granted loans and/ or
advances on the basis of security by way of pledge of shares,
debentures and other securities.
xiii) Clause (xiii) of the Order is not applicable to the Company as
the company is not a Chit Fund Company or Nidhi /mutual benefit fund/
society.
xiv) On the basis of our examination of the Companys records, we are
of opinion that the Company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, paragraph 4
(xiv) of the Order is not applicable.
xv) According to the information and explanations given to us, Company
has not given any guarantees for loans taken by others from bank or
financial institutions.
xvi) According to the information and explanations given to us and
records examined by us, the term loans have generally been applied for
the purpose for which they were raised.
xvii) According to the information and explanations given to us and on
an overall examination of Balance Sheet of the Company, we report that
no funds raised on short term basis have been used for long term
investment.
xviii) The company has made preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Act. The company has allotted 15,56,200 Equity Shares of face value
of Rs.10/ - each at a premium of Rs.25 /- per Equity Share on October
13, 20 10, to the promoters and the price at which the same were issued
is prima facie, not prejudicial to the interest of the Company as the
same was in accordance with SEB I Rules and Regulation.
xix) According to information and explanations given to us, during the
period covered by our audit report, the company has not issued any
debenture.
xx) The Company has not raised any money by public issues during the
year covered by our report.
xxi) Based upon the audit procedures performed and as per the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
for K.N. GUTGUTIA & COMPANY
CHARTERED ACCOUNTANTS
Sd/-
(B.R. GOYAL)
PARTNER
Place: New Delhi M.NO. 12172
Date: 23.05.2011 ICAIS FRN-304153E
Mar 31, 2010
1. We have audited the attached Balance Sheet of ASEEM GLOBAL LTD.
(formerly Gunja International Ltd) as at 31st March 2010, the related
Profit and Loss Account for the year ended on that date annexed
thereto, and the Cash Flow Statement of the company for the year ended
on that date, which we have signed under reference to this report.
These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free 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.
3. As required by the Companies (Auditors' Report) Order, 2003
issued by the Central Government in terms of Section 227 (4A) of the
Companies Act, 1956, and on the basis of such checks as considered
appropriate and according to the information and explanation given to
us during the course of our audit, we enclose in the Annexure hereto a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments mentioned in the Annexure referred to in
above paragraph 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 account as required by law have been
kept by the Company so far as appears from our examination of the books
of the Company;
c) The Balance Sheet, Profit and Loss Account and the Cash Flow
Statement dealt with by the report are in agreement with the Books of
Account of the Company;
d) In our opinion, the Profit & Loss Account, Balance Sheet and Cash
Flow Statement comply with the mandatory Accounting Standards referred
to in Sub-Section 3 (c) of Section 211 of the Companies Act, 1956;
e) According to the information and explanation given to us and on the
basis of written representations received from the Directors as on 31st
March 2010, of the Company and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March 2010, from being appointed as a Director in terms of clause
(g) of Sub Section (1) of Section 274 of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said Accounts; read with the
Accounting Policies and Notes to the 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:
(i) In the case of the Balance Sheet, of the state of affairs of the
company as at 31st March 2009.
(ii) In the case of the Profit and Loss Account, of the Profit of the
Company for the year ended on that date;
And
(iii) In the case of the Cash flow statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT Re: ASEEM GLOBAL LIMITED (FORMERLY
(GUNJA INTERNATIONAL LIMITED)
Referred to in paragraph 3 of our report of even date.
i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As per the information and explanation given to us, physical
verification of fixed assets has been carried out by the Management
during the year and no discrepancy was noticed on such verification.
(c) During the year the Company has not disposed off any substantial/
major part of fixed assets.
ii) (a) As per the information furnished, the inventories have been
physically verified during the year by the management . In our opinion,
having regard to the nature and location of stock, the frequency of the
physical verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, procedures of physical verification of inventory followed
by the management are reasonable and adequate in relation to the size
of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. In our
opinion, no major discrepancy was noticed on physical verification of
the said stocks.
iii) The Company has neither given nor taken any loan to/from any
Company covered in the register maintained under section 301 of the
Companies Act 1956, and accordingly clause (iii) of Para 4 of the Order
is not applicable to it.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business with regard
to purchase of inventory, investments and fixed assets and for the sale
of goods. During the course of our audit, we have not observed any
major weakness in the aforesaid internal controls systems.
v) (a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transaction that needed to be entered into the
register maintained under Section 301 of the Companies Act, 1956 have
been so entered.
(b) In our opinion and according to the information and explanations
given to us, there was no transaction in pursuance of contracts or
arrangements under section 301 of the Companies Act, 1956 and exceeding
the value of rupees five Lakhs in respect of any party during the year
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant times and wherever
comparatives are available.
vi) The company has not accepted any public deposits.
vii) In our opinion and according to information given, the company has
adequate internal audit system commensurate with the size and nature of
the business of the Company.
viii) The Central Government has not prescribed maintenance of the cost
records under section 209(1)(d) of the Companies Act, 1956.
ix) (a) According to the information's and explanations given to us and
records examined by us , the company is generally regular in depositing
with appropriate authorities undisputed statutory dues including income
tax , wealth tax, service tax, cess and other statutory dues wherever
applicable. According to the information and explanations given to us,
no undisputed arrears of statutory dues were outstanding as at 31st
March, 2010 for a period of more than six months from the date they
became payable except that the deposition of Rs.3,77,410/- as advance
tax installment payable on 15.09.2009 was overdue by more than six
months.
(b) According to the records of the Company, there were no dues of
income-tax, wealth-tax, service tax, cess which have not been deposited
on account of disputes, except the following for which necessary
details are given hereunder: -
Name of the Nature of Dues Amount Period to which Forum where the
Statute it relates Dispute is pending
Income Tax Income Tax on
account of Rs. 9407 Assessment year The Appeal has
been
Act, 1961 Disallowance
of deduction 2002-03 decided in
company's
u/s 80 HHC &
Income Tax favour.,.
Rectification
is
on account of pending.
Disallowance of
expenses
x) There are no accumulated losses of the Company as on 31st March
2010. The company has not incurred cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.
xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
Bank.
xii) Based on our examination of the records and the information and
explanations given to us, the Company has not granted loans and/ or
advances on the basis of security by way of pledge of shares,
debentures and other securities.
xiii) Clause (xiii) of the Order is not applicable to the Company as
the company is not a Chit Fund Company or Nidhi /mutual benefit fund/
society.
xiv) On the basis of our examination of the Company's records, we are
of opinion that the Company is maintaining adequate records regarding
transactions and contracts regarding its trading activities in
securities and Shares and timely entries have been made in these
records. The Shares and Securities held as Investments are by the
Company in its own name.
xv) According to the information and explanations given to us, Company
has not given any guarantees for loans taken by others from bank or
financial institutions.
xvi) According to the information and explanations given to us, no term
loans were raised during the year.
xvii) According to the information & explanation given to us and on an
overall examination of the balance sheet of the company, we report that
the no funds raised on short-term basis have been used for long term
investments.
xviii) The Company has not made any preferential allotment of shares
during the year.
xix) During the year covered by our audit report the Company has not
issued secured debentures.
xx) The Company has not raised any money by public issues during the
year covered by our report.
xxi) Based upon the audit procedures performed and as per the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
Place: New Delhi for K.N. GUTGUTIA & COMPANY
Date: 29.05.2010 CHARTERED ACCOUNTANTS
(B.R. GOYAL)
PARTNER
M.NO. 12172 ICAI'S FRN-304153E
Mar 31, 2009
1. We have audited the attached Balance Sheet of ASEEM GLOBAL LTD.
(formerly Gunja International Ltd) as at 31st March 2009, the related
Profit and Loss Account for the year ended on that date annexed
thereto, and the Cash Flow Statement of the company for the year ended
on that date, which we have signed under reference to this report.
These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free 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.
3. As required by the Companies (Auditors' Report) Order, 2003
issued by the Central Government in terms of Section 227 (4A) of the
Companies Act, 1956, and on the basis of such checks as considered
appropriate and according to the information and explanation given to
us during the course of our audit, we enclose in the Annexure hereto a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments mentioned in the Annexure referred to in
above paragraph 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 account as required by law have been
kept by the Company so far as appears from our examination of the books
of the Company;
c) The Balance Sheet, Profit and Loss Account and the Cash Flow
Statement dealt with by the report are in agreement with the Books of
Account of the Company;
d) In our opinion, the Profit & Loss Account, Balance Sheet and Cash
Flow Statement comply with the mandatory Accounting Standards referred
to in Sub-Section 3 (c) of Section 211 of the Companies Act, 1956;
e) According to the information and explanation given to us and on the
basis of written representations received from the Directors as on 31st
March 2009 of the Company and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
3151 March 2009, 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; read with the
Accounting Policies and Notes to the 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:
(i) In the case of the Balance Sheet, of the state of affairs of the
company as at 31st March 2009.
(ii) In the case of the Profit and Loss Account, of the Profit of the
Company for the year ended on that date;
And
(iii) In the case of the Cash flow statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT Re: ASEEM GLOBAL LIMITED (FORMERLY
(CUNJA INTERNATIONAL LIMITED)
Referred to in paragraph 3 of our report of even date.
i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As per the information and explanation given to us, physical
verification of fixed assets has been carried out by the Management
during the year and no discrepancy was noticed on such verification.
(c) During the year the Company has not disposed off any substantial/
major part of fixed assets.
ii) (a) As per the information furnished, the inventories have been
physically verified during the year by the management. In our opinion,
having regard to the nature and location of stock, the frequency of the
physical verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, procedures of physical verification of inventory followed
by the management are reasonable and adequate in relation to the size
of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. In our
opinion, no major discrepancy was noticed on physical verification of
the said stocks.
iii) The Company has neither given nor taken any loan to/from any
Company covered in the register maintained under section 301 of the
Companies Act 1956, and accordingly clause (iii) of Para 4 of the Order
is not applicable to it.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business with regard
to purchase of inventory, investments and fixed assets and for the sale
of goods. During the course of our audit, we have not observed any
major weakness in internal controls.
v) (a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transaction that needed to be entered into the
register maintained under Section 301 of the Companies Act, 1956 have
been so entered.
(b) In our opinion and according to the information and explanations
given to us, there was no transaction in pursuance of contracts or
arrangements under section 301 of the Companies Act, 1956 and exceeding
the value of rupees five lakhs in respect of any party during the year'
H vi) The company has not accepted any public deposits.
vii) In our opinion, the company did not have adequate internal audit
system, during the year under report, commensurate with the size and
nature of the business of the Company.
viii) The Central Government has not prescribed maintenance of the cost
records under section 209( 1 )(d) of the Companies Act, 1956.
ix) (a) According to the information's and explanations given to us and
records examined by us , the company is generally regular in depositing
with appropriate authorities undisputed statutory dues including income
tax , wealth tax, service tax, cess and other statutory dues wherever
applicable. According to the information and explanations given to us,
no undisputed arrears of statutory dues were outstanding as at 31s1
March. 2009 for a period of more than six months from the date they
became payable.
(b) According to the records of the Company, there were no dues of
income-tax, wealth-tax, service tax, cess which have not been deposited
on account of disputes, except the following for which necessary
details are given hereunder: -
Name of the Nature of Dues Amount of Period to which Forum
where the
Statute Disallowance it relates Dispute
is
pending
Income Tax Income Tax on
account of 44,96,077 Assessment year Hon'ble
ITAT, Delhi
Act, 1961 Disallowance of
deduction 2001-02
"G" Bench
has, vide
its
u/s 80 HHC &
Income Tax order No.
IT A/1154
on account of (DEL) 2006
Dated
Disallowance of
expenses 03.08.2006
allowed the
deduction
as clainicd
by the
Assessee,
however
the appeal
effect of
the Order
is yet to
be received
from the
department.
x) There are no accumulated losses of the Company as on 3151 March
2009. The company has not incurred cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.
xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
Bank.
xii) Based on our examination of the records and the information and
explanations given to us, the Company has not granted loans and/ or
advances on the basis of security by way of pledge of shares,
debentures and other securities.
xiii) Clause (xiii) of the Order is not applicable to the Company as
the company is not a Chit Fund Company orNidhi /mutual benefit fund/
society.
xiv) On the basis of our examination of the Company's records, we are
of opinion that the Company is maintaining adequate records regarding
transactions and contracts regarding its trading activities in
securities and Shares and timely entries have been made in these
records. The Shares and Securities held as Investments are by the
Company in its own name.
xv) According to the information and explanations given to us, Company
has not given any guarantees for loans taken by others from bank or
financial institutions.
xvi) According to the information and explanations given to us, no term
loans were raised during the year.
xvii) According to the information & explanation given to us and on an
overall examination of the balance sheet of the company, we report that
the no funds raised on short-term basis have been used for long term
investments.
xviii) The Company has not made any preferential allotment of shares
during the year.
xix) During the year covered by our audit report the Company has not
issued secured debentures.
xx) The Company has not raised any money by public issues during the
year covered by our report.
xxi) Based upon the audit procedures performed and as per the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
FOR K.N. GUTGUTIA & COMPANY
Place: New Delhi
Date: 30.06.2009 (B.R.GOYAL)
PARTNER
CHARTERED ACCOUNTANTS
MEMBERSHIP NO. 12172