Mar 31, 2015
1 We haVe audited the accompanying financial statements of AZURE EXIM
SERVICES LIMIEED which comprise the Balance Sheet as a, 31st March,
2015, the Statement of profit and Loss for the year then ended and a
summary of significant accounting policies and other explanatory
information.
Management's Responsibility for the Finaneial Statements
2. The management and Board of Directors of the Company are responsible
for the matters in section 134(5) 0f the Companies Act. 2013 ('the act')
with respect to the preparation of these financial statements that give
a true and fair view of the financial post ton, financal performance 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 Companies (Accounts) Rules,
2014. This responsibility includes maintenance of adequate accounting
records in accordance with the provisions of the Ac. for safeguarding
and application of appropriate accounting policies- making judgments and
estimates that are reasonable and prudent: design, implementation' and
maintenance of adequate internal financial control, that are 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 espress an °pinion on these financial
statements based on our
4 We have taken into the provisi°ins °f the Act, the accouning and
auditing standards and matters which arc required to be included in the
audit, report under the provisions of the Act and the Rules made there
under.
5. We have conducted our audit in accordance with the Standards on
Auditing specified un cr section 143(10) of the Act. Those Standards
require that we comply with ethical requirements and plan and perfom,
the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
6. An audit involves performing procedures to obtain audit evidence
about the amounts and in the financial statements. The procedures
selected auditor's judgment. including the assessment of the risks of
material misstatement of the financial statements, whether due fraud or
error. making those risk the auditor considers internal financial
control relevant to the Company's preparation of the financial
Statement, that g,ve 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 controls 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 estimats made by Company's management
and Board of Directors, as well as evaluating the overall presentation
of the financial statements.
7 We belive that the audit evidence we have obtained iS sufficient and
appropriate provide a basis for our audit opinion on the financial
statements.
Opinion
8. In our opinion and the best of our information and according the
explanations given to us, the aforesaid financial statements the
information required by the Ac, in the manner so required and give a
true and fair view in conformity with the accounting March 2015, its
less in India of the state of affairs °f company as at31st March 2015,
its loss for the year ended on that date.
Report on Other Legal and Regulatory Requirements
9. As required by the companies (Auditors Report) Order, 2015 issued by
the Central of SUb section (11) °f section 143 °f the Act (hereinafter
red as the Order and on the basis of such cheeks of the books and
records of the company we considered appropriate and to the information
and explanation we give in the Annexure a on the matters apecified in
paragraphs 3 and 4 of the Order. pardgraPhs 3
10. As required by section 143(3) of the Act we report that:
(a) We have sought and obtained all the information and explanation
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 and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of accounts;
(d) in our opinion , the aforesaid financial statements comply with the
Accounting standards specified under section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules 2014;
(e) on the basis of written representations received from the directors
as on 31st March, 2015 and taken on record by the Board of Directors,
none of the directors is' disqualified as on 31st March, 2015, from
being appointed as a director in term of Section 164(2) of the Act.
(f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
II of the Companies (Audit and Auditors) Rules, 2014:
(i) The Company does not have any pending litigations which would
impact its financial position in its financial statements.
(ii) The Company did not have any long-term contracts including
derivative contracts; as such the question of commenting on any
material foreseeable losses thereon does not arise.
iii) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the investor Education and
Protection Fund. The question of delay in transferring such sums does
not arise.
Annexure referred to in paragraph 9 of Our Report of even date to the
members of M/s. AZURE EXIM SERVICES LIMITED, on the accounts of the
Company for the year ended 31st March, 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of the
audit, we report 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. fixed assets have been physically verified by
the management at regular intervals, as informed to us no material
discrepancies were noticed on such verification.
2. The nature of business of the Company does not require it to have any
inventory. Hence, the requirement of clause (ii) of paragraph 3 of the
said order is not applicable to the Company.
3. The Company has not granted loans to companies, firms or other
parties listed in the register maintained under Section 189 of the
Companies Act, 2013 and the terms and conditions were not prejudicial
to the interest of the Company.
4. In our opinion and according to the information and explanation
given to us. there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business and for the sale of services. Further, on the basis of our
examination of the books and records of the Company and according to
the information and explanations given to us. no major weakness has
been noticed or reported.
5. The Company has not accepted any deposit from the public covered
under Section 73 to 76 of the Companies Act, 2013.
6. As informed to us, the Central Government has not prescribed
maintenance of cost records under sub-section (I) of section 148 of the
Act
7. (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 un- disputed statutory dues, including
Provident Fund, Employees State Insurance, Income-tax, Sales Tax, Wealth
Tax, Service Tax, Custom Duty. Excise Duty and other material statutory
dues, as applicable, with the appropriate authorities in India;
(b) According to the information and explanations given to us and based
on the records of the Company examined by us. there are no dues of
Income Tax. Service Tax. Wealth Tax, Custom Duty. Excise Duty and which
have not been deposited on account of any disputes.
(c) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investors Education and
Protection Fund. The question of reporting delay in transferring such
sums does not arise.
8. The Company has accumulated losses at the end of the financial year
and it has incurred cash losses in the current year.
9. According to the records of the Company examined by us and as per the
ingornation and explanations given to us, the Company has not availed of
any loan from any financial institution or banks and has not issued
debentures.
10. In our opinion and according to the information and explanations
given to us that company has not not given any guarantee for loan taken
by others from bank or financial institution
11. In our opinion and according to the information and explanations
given to us, the Company has not raised any term loan during the year.
12. During the course of our examination of the books and records of the
Company carried in accordance with the auditing standards generally
accepted in India, we have neither come across any instance of fraud on
or by the Company noticed or reported during the course of our audit nor
have been informed of any such instance by the Management.
For K. R. TIWARI & Co.
CHARTERED ACCOUNTANTS
FIRM REGISTRATION NO. 111003W
K.R. TIWARI
Proprietor
MEMBERSHIP NO. 043003
Place: Mumbai
Date: 30-05-2015
Mar 31, 2014
We have audited the accompanying financial statements of Azure Exim
Services Limited ("the Company"), 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.
* 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 and
financial performance and Cash Flow of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 read with General Circular 15/2013 dated 13
September, 2013 of the Ministry of Corporate Affairs in respect of
section 133 of the Companies Act 2013. 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 arid perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances but not for the
purpose of expressing an opinion on the effectiveness of the Company's
Internal Control. An audit also includes evaluating the appropriateness
of accounting policies used and the. reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provided basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations give to us the financial statements give the information
required by the Act in the manner so required and
Head Office : 4, Atlanta, Ever shine Nagar, Malad (West), Mumbai - 400
064.
Email: [email protected] / [email protected] Branches
At: Borivali - Kolkata - Website: www.guptasaharia.com
give, a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2014;
(b) in the case of the Profit and Loss Account, of the loss for the
year ended on that date.
(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, issued
by the Central Government of India in terms of Sub-section (4A) of
Section 227 of the Companies Act, 1956 we give in the Annexure a
statement on the matters specified in paragraph 4 & 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 where necessary for the purpose of our
audit.
B. In our opinion proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of the
books.
BB. Since the Company does not have any branches, the report on the
account of the Branch offices audited by other auditor u/s 228(3)(c) of
the Companies Act, 1956 is not applicable.
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
sub-section (3C) of section 211 of the Companies Act, 1956 read with
General Circular 15/2013 dated 13 September, 2013 of the Ministry of
Corporate Affairs in respect of section 133 of the Companies Act 2013;
and
E. On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of Section 274(1 )(g) of
the Act.
Referred to in paragraph 2 of our report of even date 1. In respect of
its fixed assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information,
b) As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c) In our opinion, the Company has not disposed of fixed assets during
the year, the going concern status of the company is not affected.
2. In respect of its inventories:
The Company does not have any inventories accordingly clause (ii) of
the paragraph 4 of the Order is not applicable.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/from the Companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
a) The Company has not accepted unsecured loans from members, Directors
& their relatives.
b) In our opinion and according to the information and explanations
given to us, the rate of interest, wherever applicable and other terms
and conditions are not prima facie prejudicial to the interest of the
Company.
c) The Company has not granted any loan to any of the parties referred
herein above.
a) There is no overdue amount in respect of loans taken by the Company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with size of the Company and nature of its business for
the purchase of inventory, fixed assets and also for the sale of goods.
During the courses of our audit, we have not observed any major
weaknesses in internal controls.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956
a) In our opinion and according to the information and explanations
given to, TO US THE transactions made in pursuance of contracts or
arrangements, that needed to entered into in 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 explanation
given to us, there are no transactions in pursuance or contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 aggregation during the year to Rs. 500000/-
(Five Lacs only) or more in respect of any party.
6. The Company has not accepted any deposits from the public in
contravention of Section 58 A of the Companies Act.
7. In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
8. The Central Government has not prescribed maintenance of Cost
Records under Section 209(l)(d) of the Companies Act, 1956 in respect of
manufacturing activities carried on by the Company.
9. In respect of statutory dues.
a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Employees' State Insurance, Income Tax, Sales
Tax, Customs Duty, Excise Duty and other statutory dues have been
generally regularly deposited with the appropriate authorities. Except
the case stated below, there are no undisputed statutory dues payable
which were outstanding at the end of the year for a period of more than
six months from the date they become payable :-
Name of the statute Nature of the dues Amount
The Income Tax Act, 1961 TDS 4412/-
b) As informed to us the company does not have any disputed Statutory
liabilities
10. The Company has no accumulated losses and the Company has not
incurred cash losses during the financial year and in the immediately
preceding financial year covered by our audit.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions, bank or
debenture holders.
12. 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, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4 (xiii) of the Companies
(Auditor's Report) order 2003 is not applicable to the Company.
14. In our opinion, the Company has dealt in shares and proper records
of the name have been kept by the Company.
15. The Company has not given guarantees for loans taken by others
from banks or financial institutions.
16., The Company has not raised term loan from any financial
institution.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the Company has not utilized short term funds towards
repayment of long-term borrowing and acquisition of fixed assets.
18. During the year, the Company has not made preferential allotment
of shares to parties and companies covered in the Register maintained
under Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures.
20. During the Financial year, the Company has not raised any money by
public issues.
21. In our opinion and according to the information and explanations
given to the us, no fraud on or by the Company has been noticed or
reported during the year, that caused the financial statements to be
materially misstate.
FOR GUPTA SAHARIA & CO
CHARTERED ACCOUNTANTS
CA SURESH SAHARIA
PARTNER
M.NO. 040180
FRN: 103446W
Place: MUMBAI
Date: 30th May, 2014
Mar 31, 2013
We have audited the accompanying financial statements of Azure Exim
Services Limited ("the Company"), which comprise the Balance Sheet as
at March 31, 203 3. and the Statement of Profit and Loss for the year
then ended, and a summary of significant accounting policies and other
explanatory information,
Managtments Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and lair view of the financial position and
financial performance 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 of interna] 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 out 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 che 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 (he 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 lair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness " a"ÂnUn* Pollies used and the reasonableness of the
accounting estimates made by management, as well as cvaluattag the
ovend I presentation of the frnarc ial 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 in conformity with
the accounting principles generally accepted in India.
(a ) in the case of the Balance Sheer, of the state of affairs of the
Company as at March 2013
(b) to the case of die Profit and Loss Account, of the profit for the
year ended on the date
Report on Other Legal and Regulatory Requirements
1. The Companies (AuditorÂs Report) Order, 2003 issued by the Central
Government of India in terms of Sub-section (4A) of Section 227 of the
Companies Act, 1956 is applicable to the Company.
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 where necessary for the purpose of our
audit.
B In our opinion proper books of accounts as required by law have been
kept by the Company so far as appears from our examination of the
books.
C. The Balance Sheet and the Statement of Profit and Loss dealt with
by this report are in agreement with the books of account.
D. In our opinion, the Balance Sheet and the Statement of Profit and
Loss 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 3l March, 2013 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2013
from being appointed as a director in terms of Section 274(1 )(g) of
the Act.
Annexure to AuditorÂs Report
Referred to in paragraph 2 of our report of even date
1 - In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information,
b) As explained to us, tire fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification,
c) In our opinion, the Company has not disposed of fixed assets during
the year, the going concern status of the company is not affected,
2. In respect of its inventories:
The Company does not have any inventories accordingly clause (ii) of
the paragraph 4 of the Order is not applicable.
3. In respect of loans, scoured or unsecured, granted or taken by the
Company to/from the Companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
a) The Company has not accepted unsecured loans from members, Directors
& their relatives.
b) In our opinion and according to the information and explanations
given to US, the rate of interest, wherever applicable and other terms
and conditions are not prima facie prejudicial to the interest of the
Company,
c) The Company has not granted any loan to any of the parties referred
herein above.
a) There is no overdue amount in respect of loans taken by the Company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with size of the Company and nature of its business for
the purchase of inventory, fixed assets and also for the sale of goods.
During the courses of our audit, we have not observed any major
weaknesses in internal controls.
5, In respect of transactions covered under Section 301 of the
Companies Act, 1956,
a) In our opinion and according to the information and explanations
given to us, (he transactions made in pursuance of contracts or
arrangements* that needed to be entered into in 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 explanation
given to us, there are no transactions in pursuance or contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 aggregation during the year to Rs, 5O0OQG/-
(Five Lacs only) or more in respect of any party.
6, The Company has not accepted any deposits from the public in
contravention of Section 58 A of the Companies Act,
7, In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business,
8 The Central Government has not prescribed maintenance of Cost Records
under Section 209(1 )(d) of the Companies Act, 1956 in respect of
manufacturing activities earned on by the Company
9. In respect of statutory dues.
tt) .According to the records of the Company, undisputed statutory dues
including Provident Fund, Employees' State Insurance, Income Tax, Sales
Tax, Customs Duty, Excise Duly and other statutory dues have been
generally regularly deposited with the appropriate authorities. Except
the case stated below, there are no undisputed statutory dues payable
which were outstanding at the end of the year for a period of more than
six months from the date they become payable:-
Name of the statute Nature of the dues Amount
The Income Tax Act, 1961 TPS 4412/-
b) As informed to us the company is having disputed Statutory
liabilities as below:
Name of Statue Nature Of Amount in Rs. Period to Forum
Dues which the where
amount matter is
related pending
Income Tax Income tax 4,17,28,190/- A,Y, CIT
Act 2009-10 (Appeal)
Indore
10. The Company has no accumulated losses and the Company has not
ineumed cash losses during the financial year covered by our audit
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions, bank or
debenture holders.
12. 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, debentures and other
securities.
13. In our opinion, the Company is not a chit fond or a nidhi/mutual
benefit fond/society. Therefore, clause 4 (xiii) of the Companies
(Auditor's Report) order 2003 is not applicable to the Company.
14. In our opinion, the Company has dealt in shares and proper records
of the name have been kept by the Company.
15. The Company has not given guarantees for loans taken by others
from banks or financial institutions.
16. The Company has not raised term loan from any financial
institution.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the Company has not utilized short term funds towards
repayment of long-term borrowing and acquisition of fixed assets,
18. During the year, the Company has not made preferential allotment
of shares to parties and companies covered in the Register maintained
under Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures.
20. During the Financial year, the Company has not raised any money by
public issues.
21. In our opinion and according to the information and explanations
given to the us, no fraud on or by the Company has been noticed or
reported during the year, that caused the financial statements to be
materially misstate.
AS PER REPORT OF EVEN DATE ANNEXED
FOR GUPTA SAHAR1A & CO
CHARTERED ACCOUNTANTS
CA SURESH SAHARIA MUMBAI
PARTNER
M.NO. 040180
FRN: 103446W
Place: MUMBAI
Date: 30th may 2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of Azure Exim Services
Limited, as at 31st March, 2012, the Statement of Profit and Loss and
the Cash Flow Statement for the year ended on that date annexed
thereto, all of 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 prepared in all material respects, in
accordance with an identified financial reporting framework and 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 and
amendments thereto, issued by the Central Government of India in terms
of Section 227(4A) of the Companies Act, 1956, we annex hereto a
statement on the matters specified in the paragraphs 4 & 5 of the said
Order, to the extent applicable to the Company.
4. 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 accounts as required by law
have been kept by the Company as it appears from our examination of
those books.
c) The said Balance Sheet & the Statement of Profit & Loss and the Cash
Flow Statement dealt with by this report are in agreement with the
books of accounts.
d) In our opinion, the Balance sheet, Statement of Profit and loss and
the Cash Flow Statement dealt with bv this report comply with the
accounting standard referred to in sub-sectLori-QC) of section 211 of
the Companies Act, 1956.
e) On the basis of written representations received from the directors
as on 31st March, 2012 and taken on records by the Board, 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) ofjsubsection (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 financial statements, read
together with notes appearing thereon, give the information required by
the Act in the prescribed manner, also 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, 2012,
ii) In the case of Statement of Profit and Loss, of the loss for the
year ended on that date. iii) In the case of Cash Flow Statement, of
the cash flows for the year ended on that date.
Annexure referred to in Paragraph 3 of the Auditors Report ofAzure Exim
Services Limited, for the year ended 31st March 2012.
As required by the Companies (Auditors Report) Order, 2003 and
amendments thereto and according to the information and explanations
given to us during the course of the audit and on the basis of
such checks of the books and records as were considered appropriate we
report that:
(i) a) The Company has maintained proper records showing full
particulars, including quantitative details and situations of fixed
assets.
b) All the assets have been physically verified by the management in
accordance with a phased programmed of verification, which in our
opinion is reasonable, considering the size of the company and the
nature of business. The frequency of verification is reasonable and no
material discrepancies have been noticed on such physical verification.
c) During the year, in our opinion there is no substantial disposal of
Fixed Assets.
(ii) a) As per the information & explanations given to us, inventory
has been physically verified by the Management during the financial
year under Audit.
b) The procedures of physical verification of the inventories 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 has maintained proper records of its inventories and no
material discrepancies were noticed on such verification.
(iii) According to information and explanations given to us the company
has neither granted nor taken any loan, secured or unsecured to and/or
from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.Therefore the
clause 3 of the said order is not applicable to the company.
(iv) 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, fixed assets and for the sale of goods and
services. During the course of our audit, no major weakness has been
noticed in the internal control system in respect of these areas.
(v) a) Based on the audit procedures performed by us, we are of the
opinion that particulars of contracts or arrangements referred to in
Section 301 of the Act, if any, have been entered in the register
required to be maintained in that section.
b) In our opinion and according to the information and explanations
given to us, thereare no transactions that need to be entered into a
register maintained under section301 of the Companies Act, 1956.
(vi) The Company has not accepted any deposits from the Public within
the meamnjrer the sections-. 58A, 58AA of the Companies Act, 1956.
(vii) The company has an adequate internal audit system in commensurate
with the size and nature of its business,
(viii) As explained to us Central Government has not prescribed for
maintenance of cost records under Section 209 (1) (d) of the Companies
Act, 1956 for the products of the Company.
(ix) a) The Company is regular in depositing undisputed statutory dues
including provident fund, sales tax, service tax, income tax, wealth
tax, custom duty, excise duty, cess and other statutory dues with
appropriate authorities. There are no arrears of outstanding statutory
dues as at the last day of the financial year for a period of more than
six months from the date they became payable.
b) As per the records of the Company, there are no disputed dues of
Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty and Cess which have not been deposited with the related
authorities.
(x) The company has no accumulated losses at the end of the financial
year and has not incurred cash losses in the current financial year and
in the immediately preceding financial year.
(xi) In our opinion and according to the information and explanation
given to us the company has not defaulted in repayment of dues to
financial institutions and banks.
(xii) In our opinion the Company has not granted any loans and advances
on the basis of security by way of pledge of shares, debentures and
other securities.
(xiii) In our opinion the Company is not a Chit Fund, Nidhi or Mutual
Benefit Fund/Society. Therefore the provisions of clause 4 (xiii) of
the Companies (Auditor''s Report) Order 2003 are not applicable to the
Company.
(xiv) a) In our opinion and according to the information and
explanations given to us, the Company is maintaining proper records of
the transactions and contracts of dealing or trading in shares,
securities, debentures and other investments and that timely entries
have been made in these records.
b) In our opinion and according to the information and explanations
given to us, the shares, securities, debentures and other investments
have been held by the company in its own name,
(xv) In our opinion the Company has not given any guarantee for loans
taken by others from banks or financial institutions during the year.
(xv/) As per the information and explanations given to us, the Company
has not raised any new term loans during the year.
(xvii) According to the information and explanations given to us no
funds raised oa-fiSttQEB-''hasis have been used for long-term
investment. No long-term funds have been usfe#fgr1manc-''"sljo.rt terms
assets except permanent working capital.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Companies Act, 1956.
(xix) According to the information and explanations given to us during
the period covered by our audit report, the company has not issued any
debenture of the Company
(xx) The Company has not raised any money by way of public issue during
the year under the audit.
(xxi) 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, we have not come across any instance of
material fraud on or by the company, noticed or reported during the
year.
For Agarwal Desai & Shah
Chartered Accountants
Firm''s J & eistratian
No.: 12485AW
Rishi Sekhri
Place : Mumbai Partner
Date . August 14, 2012 Membership No.: 126656
Mar 31, 2010
1. We have audited the attached Balance Sheet of HINDUSTAN CONTINENTAL
LIMITED as at 31st March, 2010, the annexed Profit and Loss Account and
Cash Flow Statement for the year ended on that date with . 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 materials
r 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 of India in terms of Section 227 (4A) of the
Companies Act, 1956, we annex hereto a statement on the matters
specified in the paragraphs 4 and 5 of the said Order, to the extent
applicable to the Company.
4. 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 accounts as required by law have
been kept by the Company as it appears from our examination of such
books.
c. The Companys Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts.
d. In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet, the Profit and
Loss Account and Cash Flow Statement comply in all material aspects
with the Accounting Standards referred to in Section 211 (3C) of the
Companies Act, 1956.
e. On the basis of written representation received from the 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
subsection (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 together with
other notes thereon give the information required by the Companies Act
in the manner so required and give a true and fair view :
i. In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010 and
ii. In the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date.
iii. In the case of Cash Flow Statement, of the cash flows for the
year ended on that.
Annexure referred to in Paragraph 3 of the Auditors Report to the
members of HINDUSTAN CONTINENTAL LIMITED for the year ended 31st March,
2010.
As required by the Companies [Auditors Report] Order, 2003 and
amendments thereto and according to the information and explanations
given to us during the course of the audit and on the basis of such
checks of the books and records as were considered appropriate we
report that:
1. a. The Company has generally maintained proper records showing
full particulars including quantitative details and situation of fixed
assets.
b. All the fixed assets have been physically verified by the
management in accordance with a phased programmed of verification,
which in our opinion is reasonable, considering the size and the nature
of business. The frequency of verification is reasonable and no
material discrepancies have been noticed on such physical verification.
c. No substantial part of fixed assets was disposed off during the
year, which has bearing on the going concern assumption.
2. a. In ourVpinion and according to the information and Explanations
given to us, Inventories were physically verified during the year by
the management at reasonable intervals.
b. The procedures of physical verification of inventories followed by
the management were reasonable and adequate in relation to the size of
the company and the nature of its business
c. The company has maintained proper records of its inventories and no
material discrepancies were noticed on physical verification.
3. According to information and explanations given to us the company
has neither granted nor taken any loan, secured or unsecured to and/or
from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956. Therefore the
clause 3 of the said order is not applicable to the company.
4. In our opinion and according to the information and explanation
given to us there is adequate internal control system commensurate with
the size of the company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of ouraudit,wehavenotobservedany continuing
failure to correct major weaknesses in internal control systems.
5. a. Based on the audit procedures performed by us, we are of the
opinion that particulars of contracts or arrangements that need 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 are no transactions that need to be entered into a
register maintained under section 301 of the Companies Act, 1956.
6. The Company has not accepted any deposits from the public within
the meaning of sections 58A, 58AA or any other relevant provisions of
the Act and the rules framed there under and directives issued by the
Reserve Bank of India. No order in relation thereto has been passed by
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any court or any other Tribunal.
7. The Company has an adequate internal audit system commensurate with
its size and natures of its business.
8. We are informed by the management that the Central Government has
not prescribed for maintenance of Cost Records under section 209 (1)
(d) of the Companies Act, 1956 for the products of the Company.
9. a. According to the records of the Company, the undisputed
statutory dues including Provident Fund, Income tax, Sales tax, Wealth
tax, Service tax, Customs Duty, Excise duty and Cess have generally
been regularly deposited with the appropriate authorities. There are no
undisputed amount payable in respect of such statutory dues which have
remained outstanding as at 31st March, 2010 for a period more than six
months from the date they became payable.
b. According to the information and explanations given to us, the
Company has no dues of Income Tax, Sales Tax, Wealth Tax, Serv^e Tax,
Custom Duty, Excise Duty and Cess which have not been deposited on
account of disputes with the related authorities.
10.The company has no accumulated losses at the end of the financial
year and has not incurred cash losses in the current financial year and
in the immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us the Company has not defaulted in repayment of its dues to
banks and financial institutions.
12.The company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures or other securities.
13.The provisions of any Special Statute applicable to Chit Fund, Nidhi
or Mutual Benefit Fund / Societies are not applicable to the company.
14. a. In our opinion and according to the information and explanations
given to us, the company is maintaining proper records of the
transactions and contracts of dealing or trading in shares, securities,
debentures and other investments and that timely entries have been made
in these records.
b. In our opinion and according to the information and explanations
given to us, the shares, securities, debentures and other investments
have been held by the company in its own name.
15. According to the information and explanations given to us, the
company has not given any guarantees for loans taken by others from
banks or financial institutions.
16. As per the information and explanations given to us, the Company
has not raised any new term loans during the year.
17. On an overall examination of the balance sheet of the company, we
report that no funds raised on Short-term basis have been used for Long
term investments.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. On the basis of our examination and according to the information
and explanation given to us, no fraud, on or by the Company, has been
noticed or reported during the year.
For M/s. Churiwala & Co.
Chartered Accountants
Sd/-
[Mukesh Jhunjhunwala]
Partner
Membership No. 125511
Firm Regn. No. 119223W
Place: Mumbai
Date : September 1, 2010